重要事项：

1. 这是一份重要协议。客户应该明白，当客户委任公平证劵有限公司以获授权人的身份代办事情，公平证劵有限公司将会成为客户的代理人及／或經紀。客户更应该明白此等授权会引致若干风险和法律后果，客户谨此承担这一切有关风险和法律后果。

2.倘若客户未知晓或不完全明白同意本协议之后果，请客户不要同意这份协议。客户应该先就客户在本协议下享有的权利、义务和补救方法，取得独立的法律意见，并澄清所有疑问之后，才同意本协议。

保證金客戶協議書

本協議由以下雙方於客戶開戶執行表格所列之日期簽署：
(1) 公平證券有限公司（“本公司”），為一間在香港註冊成立的公司，其註冊及主要營業地址為香港九龍九龍灣宏光道一號億京中心B座八樓D室，並為根據《證券及期貨條例》就第一類受規管活動（證券交易）獲發牌的持牌法團（中央編號：AVW221），及聯合交易所有限公司交易所參與者；及
(2)當事方（“客戶”），其名稱、地址和相關資料列於開戶表格中。
鑒於本公司諮詢客戶要求開立及持續運作一個或多個保證金證券買賣帳戶（“帳戶”）給客戶，又鑒於本公司同意作為客戶的代理或經紀，執行各式及各類證券買賣交易指示，客戶茲同意根據下列本協議書的條件進行交易（“協議書”）：

1. 釋義

1.1 本合約中，除文意另有所指外：

(1) “客戶”一詞，若指本協議簽署人是個人者，則包括其本人、其遺囑執行人及遺產管理人；若指眾人，則包括眾人及各自之遺囑執行人及遺產管理人；若指有限公司，包括有限公司之繼承人及受讓人。
(2) “抵押品”是指客戶現在或將來任何時候存放於、轉移或令致其轉移往本公司或其聯營公司或代名人的，或由本公司或其聯營公司或代名人持有的，或於本公司或其聯營公司接受作為在協議之下客戶債務的擔保的情況下，轉移往任何其他人士或由任何其他人士持有的所有款項和證券。該等抵押品將包括本公司或其聯營公司不時為任何目的而持有、托管或控制的款項及證券（包括任何額外或被替代的證券，及就該等證券或額外的或被替代的證券的累計或在任何時間透過贖回、分紅、優先股、認購權或其他形式所提供的所有已支付或需支付的股息或利息、供股權、權益、款項或財產）。
(3) “登入號碼”指識別客戶身份的名稱，須配合密碼一起使用以接達有關互聯網證券交易服務。
(4) “資訊”指與證券及證券市場有關之任何交易或市場資料、買入及賣出價、新聞報導、第三者分析員的報告、研究資料及其他資訊。
(5) “指示”指由客戶或其授權人士根據本協議第9.1條規定向本公司發出任何指示或買賣盤。
(6) “互聯網證券交易服務” 指由本公司向客戶提供互聯網交易服務，令客戶可透過使用相容之個人、家庭或小型電腦，包括裝有解調器之互聯網設備、可接駁電訊網絡之終端機或網絡電腦，以電腦或電話傳遞方式發出互聯網證券交易指示並獲取報價及其他資訊。
(7) “密碼”指客戶的密碼，須配合登入號碼一起使用以接達有關互聯網證券交易服務。
(8) “證券”指各類普遍認為是證券的工具，包括但不限於股份、股票（上市及非上市者），認股權證、債票、信託基金、互惠單位基金、債券或票據由註冊團體、非註冊團體或政府或當地政府發行，由本公司可不時提供來交易者。
(9) 若本合約簽署人由兩名或以上之個人組成，則本合約涉及本合約簽署人之責任，須由此等人士個別及共同承擔責任。
(10) 凡表示單數之字眼包括複數含義，反之亦然；凡表示陽性之字眼亦包括陰性及中性含義。
(11) 字義上所指的“人” （若適用）亦包括有限公司（本港者或海外者）。

1.2 本協議中提及的「指示」將被視為包括通過互聯網證券交易服務發出的互聯網證券交易指示。

2. 帳戶

2.1 客戶確認「開戶表格」所載的資料均屬完整及正確。倘該等資料有任何重要變更，客戶將會通知本公司。客戶特此授權本公司對客戶的財政信用進行查詢，以核實上述表格所載資料。

2.2 本公司將會對客戶帳戶的有關資料予以保密，但本公司可以根據香港聯合交易所有限公司（"聯交所"），香港中央結算有限公司（"中央結算"）及證券及期貨事務監察委員會（"證監會"）及其他監管機構的規定或應其要求，將該等資料提供予以上機構，本公司亦可以在無需通知客戶或徵求客戶同意下，將該等資料提供予本公司任何分行或聯營公司。

2.3 本公司將會對客戶進行之證券買賣提供信貸安排，而本公司對客戶開立以記錄該等買賣之帳戶稱為保證金證券買賣帳戶（下稱“保證金帳戶”）。

2.4 本公司同意開立及維持該（等）保證金帳戶，並以客戶之代理人身份，根據本合約之條款，進行證券買賣。

2.5 此項融資將按照本保證金客戶協議、本公司提供給客戶的任何收費表內所訂定之條款（統稱為”孖展融資條款”）而提供給客戶。

2.6 客戶須應本公司之要求，或按本公司所屬之任何交易所或市場之規則，以現金、股票或其他與本公司議定之價值支付按金或保證金。本公司將授與客戶信貸額達到由本公司持有抵押品市值的不時議定的百份率的孖展融資。

2.7 如客戶未能於本公司要求之限期前繳付按金或保證金，或任何本合約規定須付予本公司之款項，或未有遵守本合約之任何條款，在不影響本公司可能享有的任何其他權利的情況下，本公司有權無須通知客戶而結束保證金帳戶，並處置任何一切為或代表客戶持有之證券，將出售所得款項及任何現金、按金，用以清償一切未付還本公司之餘數，而清償後之餘款須退還予客戶。

3. 法例及規則

3.1 本公司按客戶的指示而進行的一切證券交易（"交易"），須根據適用於本公司的一切法例、規則和監管指示的規定而進行。這方面的規定包括證監會、聯交所及中央結算的規則。本公司根據該等法例、規則及指示而採取的所有行動均對客戶具有法律約束力。

3.2 倘客戶向本公司發出任何指令的地點為香港以外的地方（不論是否以互聯網交易方式進行），客戶同意確保及表明該等指令的發出將遵從於客戶發出指令的有關司法管轄區的任何及一切適用法律，而客戶更同意遇有疑問時，應向有關司法管轄區咨詢或取得法律及專業意見。客戶同意支付就有關任何指示可能須繳付稅項或收費，本公司並不須就該等費用負上任何責任。

4. 授權

4.1 客戶（此處指公司客戶）授權予獲授權人士在與本公司進行的所有交易事務中代表客戶，及代表客戶簽署與帳戶及其操作相關的所有協議和文件。所有這類文件和指示對客戶有絕對的、最終的約束力。客戶同意本公司有權依據獲授權人士的指示行動，直到客戶書面通知本公司撤銷或變更該授權為止。

4.2 如果客戶（此處指個人客戶）要指定獲授權人士，則客戶在填寫完開戶表格之外，還要以本公司規定或可接受的格式向本公司提交正式簽署的授權書或類似的委任文件。客戶同意本公司有權依據獲授權人士的指示行動，直到客戶書面通知本公司撤銷或變更該授權為止。為免生疑問，客戶同意及承認本公司有權拒絕任何由客戶給予的第三者授權而無須給予任何理由。

4.3 客戶承認並同意，客戶對所有交易負有全部的責任及本公司只是對交易的執行、結算和進行交易負責，本公司對於與帳戶或交易有關的介紹公司、投資顧問或其他第三方的任何操守、行動、陳述或聲明概不承擔義務和責任。客戶進行的交易不是本公司推薦或誘導的結果，本公司不會對客戶進行的交易的合適性承擔責任。本公司亦不會對任何交易的盈利、稅項、法律和會計的後果承擔責任。

4.4 由本公司、本公司的董事、高級職員、僱員或代理人提供的任何意見或資料（不論是否被要求的）都不應構成進行交易的要約或投資的建議。客戶應獨立地並且不依賴本公司，作出其本身的交易的判斷，客戶並確認交易的決定是由客戶決定並承受有關風險。

4.5 有關客戶執行的交易或由本公司根據客戶指示的交易或代客戶的交易，客戶明白及同意：

(i) 本公司沒有承擔給予意見或推介的責任；
(ii) 本公司將不對客戶負上就任何交易提供利好性或適合性的意見；
(iii) 如本公司及／或其代表完全因為進行證券交易的活動而作出任何證券提議及／或意見或發出有關分析或報告，本公司對客戶的投資組合或任何投資或任何完全交易均不承擔任何責任；及
(iv) 至於客戶所進行的所有交易，客戶將被視為已有取得到獨立的法律、財務及投資顧問的意見。

5. 互聯網證券交易服務的使用

5.1 當本公司向客戶發出登入號碼及密碼後，互聯網證券交易服務將被啟動，同時本公司將向客戶發出相應通知。

5.2 本公司有權要求客戶按本公司不時的通知，在執行其任何指示前存入現金和／或證券。

5.3 客戶同意：

(i) 客戶將只按照本協議及本公司不時於本公司網站提供客戶，所規定的各種指示及程序使用互聯網證券交易服務；
(ii) 客戶本人是互聯網證券交易服務的唯一獲授權用戶；
(iii) 客戶應對其登入號碼及密碼的保密及使用承擔責任；
(iv) 客戶應對利用登入號碼及密碼而透過互聯網證券交易服務所輸入的所有指示完全負責，本公司收到的任何指示將被視為由客戶於本公司收到的時間及以收到的形式發出；
(v) 如發現登入號碼及密碼有任何遺失，被竊或未經授權使用，客戶應立刻知會本公司；
(vi) 客戶需向本公司提供電郵地址及立刻通知本公司客戶的互聯網證券交易郵件地址有任何改動，並於客戶指定的互聯網證券交易電郵地址接受本公司的互聯網證券交易通訊；
(vii) 本公司可有絕對酌情權，對可透過互聯網證券交易服務發出的指示之種類及指示之價格範圍預以限制；
(viii) 客戶同意支付因本公司提供互聯網證券交易服務而須收取的所有訂購費、服務和用戶費（如有的話），並授權本公司可從客戶帳戶中扣除該類款項；
(ix) 客戶應受任何透過互聯網證券交易服務給予本公司，並同意本公司只通過互聯網證券交易服務來只以電郵向其提供任何通知、日結及月結單及其他通訊的同意所約束；
(x) 客戶在完成每次互聯網證券交易服務時段後，應立即登出互聯網證券交易服務系統；
(xi) 客戶不得使用或容許使用資訊或其任何部分作任何非法用途；
(xii) 客戶不得向第三者散播資訊，只容許客戶作本身的用途或在本身業務的正常過程中使用。

5.4 在不限制上述的概括性原則下，客戶確認並同意，一旦通過互聯網證券交易服務發出的指示後，未必能夠修改或取消，及指示只有在尚未被本公司執行時方有可能修改或取消，在這種情況下，本公司將盡可能修改或取消指示，但是，儘管本公司已確認有關修改或取消指示，也並不能保證該修改或取消一定會發生，如果該修改或取消沒有發生，客戶仍然要對其最初作出的指示負責。

5.5 如果互聯網證券交易服務未能使用，客戶將根據客戶協議第9.1條之規定發出指示。

5.6 電子交易的設施是以電腦組成系統來進行交易指示傳遞、執行、配對、登記或交易結算。然而，所有設施及系統均有可能會暫時中斷或失靈，而客戶就此所能獲得的賠償或會受制於系統供應商、市場、結算公司及／或參與者商號就其所承擔的責任所施加的限制。由於這些責任限制可以各有不同，客戶應向為客戶進行交易的商號查詢這方面的詳情。

6. 資訊的提供

6.1 本公司可通過互聯網證券交易服務向客戶傳遞資訊，客戶可能會被收取從交易所、市場及其他傳輸資訊的第三方（統稱為“資訊供應者”）獲得並提供給客戶使用的資訊的一定費用。

6.2 資訊乃是本公司、資訊供應者或其他人士的財產，受版權保護，客戶應：

(i) 在未獲得這些權利擁有人的同意前，不得上載、貼上、複製或分發任受版權或其他知識產權（以及公開權及私穩權）所保障的任何資訊、軟件或其他資料；及
(ii) 不得將資訊或其中的任何或任何部分用於並非其本身用途或並非其本身日常業務之用途。

6.3 客戶同意不會：

(i) 在未獲得本公司和有關資訊供應者的明確書面同意之前，以任何方式複製、再發、傳播、出售、分發、出版、廣播、傳閱或在商業用途利用資訊；
(ii) 將資訊用於任何非法目的；
(iii) 將資訊或其中的任何部份用於建立、維持或提供、或用於協助建立、維持或提供一個買賣在聯交所上市的證券的交易平台或交易服務。

6.4 客戶同意將遵守本公司的合理書面要求，以保護資訊供應者及本公司各自在資訊和互聯網證券交易服務中的權利。

6.5 客戶將遵守本公司不時作出的有關允許使用資訊的合理指示。

6.6 客戶授權本公司可將提供給客戶的互聯網證券交易服務資訊提供給香港聯合交易所資訊服務有限公司（“資訊服務公司”），從而使本公司能夠遵守資訊服務公司與本公司簽訂的有關市場數據傳送專線許可證協議。

7. 知識產權

7.1 客戶承認，互聯網證券交易服務及其中包括的任何軟件乃屬本公司專有。

7.2 客戶保證並承諾，將不會以任何方式試圖篡改、修改、解編、倒序製造、或以其他任何方法改動該等軟件，亦不會試圖在未經授權下接逹互聯網證券交易服務或內裏包含的軟件的任何部分，客戶同意，若客戶在任何時候違反了此保證及和承諾，或若本公司在任何時候有合理理由懷疑客戶已違反了此保證及和承諾，本公司將有權終止本互聯網交易協議。

7.3 客戶保證如知道有任何人作出上述第7.2條款之行動時，會即時通知本公司。

8. 交易

8.1 除非本公司在結單或其他確認單據內註明以自己本身名義進行交易外，本公司將以客戶的代理人身份進行交易。為免生疑問，有關外地證券的交易中，本公司將與業務代理設立綜合帳戶。

8.2 客戶同意只會就客戶當時實際擁有的證券向本公司發出沾售指令。

8.3 客戶會就所有交易支付本公司通知客戶的佣金和所有收費，繳付證監會、聯交所、中央結算的適用交易徵費、交易費及結算費，並繳納所有有關的印花稅。本公司可以從帳戶中扣除該等佣金、收費、交易徵費、交易費、結算費及印花稅項。

8.4 除非另行議定，客戶同意於本公司經已代客戶進行一項買入或賣出交易時，客戶將於到期交收日期，向本公司支付有關帳戶買入證券所需之款項，或者交出有關帳戶賣出之證券（視具體情況而定）。

8.5 除非另行議定，客戶同意，倘若於上述到期交收日期，客戶未支付該等款項或者交出證券，本公司有權進行：

- 若為賣出交易，借入及／或買入該等賣出之證券，以償還客戶欠本公司之證券；或
- 若為買入交易，將任何該等買入之證券轉讓或出售，以償還客戶拖欠本公司之款項。

8.6 客戶將會承擔本公司因客戶未能進行交收而引起的任何損失及開支。

8.7 客戶同意為自己獲得的融資支付利息，及利息將逐日計算，利息率應為一個高於本公司資金成本的百分率，並將會隨當前的貨幣市場狀況改變及由本公司不時通知客戶。該利息費用可由本公司從客戶在本公司或其聯營公司開立的保證金帳戶或任何其他帳戶中扣除。

8.8 客戶同意就所有逾期未付款項（包括對客戶裁定的欠付債務所引起的利息），按本公司不時在本公司網站通知客戶的利率及其他條款支付利息。

8.9 就買入交易而言，倘賣方經紀未能於交收日內交付證券，導致本公司須買入證券進行交收，客戶無須為買入該等證券的費用向本公司負責。

9. 買賣指示及記錄買賣指示

9.1 本公司可接納客戶（或其授權人士）用互聯網證券服務或電話方式指示買賣。本公司亦可接納客戶親臨本公司辦公室填寫本公司的買賣證券指示表格。全部的指示，本公司將以其次序前後蓋上時間印章或以電子方式記錄。為免生疑問，客戶同意客戶應首先以互聯網證券服務方式下盤。客戶明白及承認當互聯網證券服務因任何原因而未能提供，客戶將以電話方式下盤。為免生疑問，客戶有權可透過電話或親身在本公司下盤。

9.2 倘若本公司收到互相抵觸的指示時，本公司可拒絕執行任何此等指示，直至接到明確的指示為止。

9.3 本公司有絕對酌情權決定拒絕客戶的指示而無須對此作出解釋，並且無須在任何情況下對此拒絕所引致客戶失去的盈利、損失、經濟責任、支出或費用作出負責。

9.4 客戶同意本公司可由本公司的電話錄音系統記錄電話交談中有關買賣指示。客戶承認該記錄由本公司擁有，並接受如有糾紛時，此錄音為最後及最終之証據。

9.5 凡經電話或其他方式發出的指示，包括後來以書面發出的指示在意義上有差異時，則須以本公司的電話錄音指示記錄為準。

9.6 為免生疑問，本公司只有責任將電話記錄存放至有關香港所指定的存放期。

10. 沽空

10.1 除借貨沽空外，客戶承諾不會通過本公司進行任何沽空指示。

11. 利益衝突

11.1 客戶承認並同意本公司及其董事、高級職員或僱員及其業務代理可以為其本身帳戶或聯營公司帳戶進行交易。

11.2 本公司有權（不論本公司是作自行買賣或代表聯營公司或其他客戶）買入、賣出、持有或買賣任何證券、或採納與客戶指示對立的倉盤買賣。

11.3 本公司有權將客戶指示與其他客戶的指示進行對盤。

11.4 本公司有權對本公司或其聯營公司有持倉或就該證券作為包銷商、保薦人或其他身份的證券進行交易。

11.5 在本條款中提及的任何情況下，本公司都不負有對客戶說明所有得利潤或利益的義務。

12. 客戶身份／最終受益人

12.1 在符合本協議書中條文的規定下，凡有關客戶並非以主事人或最終受益人之身份進行的交易，客戶將應本公司的要求即時向證監會及／或聯交所提供受益人下列資料：-

(i) 最終負責引發有關交易的指示的人士或實體的身份、地址及聯絡詳情；及
(ii) 會獲取有關交易的商業或經濟利益或須承擔其商業或經濟風險的人士或實體的身份、地址及聯絡詳情， 並且，如實體者是投資基金或帳戶，則提供該投資基金或帳戶的經理人資料。

12.2 客戶茲聲明如若客戶不是帳戶的主事人或最終受益人，客戶須在開戶表格填寫詳情及資料。

13. 證券抵押品的存放

13.1 寄存本公司或本公司的有聯繫實體妥為保管的任何證券抵押品，本公司可以酌情決定：-

(i) 存放於本公司或本公司的有聯繫實體在中央結算、認可財務機構、獲香港證券及期貨事務監察委員會核准的保管人或另一獲發牌進行證券交易的中介人處開立的獨立帳戶作穩妥保管，而該帳戶是指定為信託帳戶或客戶帳戶並由本公司或本公司的有聯繫實體為持有本公司的證券抵押品目的而在香港開立及維持的；
(ii) 存放於以本公司或本公司的有連繫實體（視屬何情況而定）的名稱在認可財務機構、獲香港證券及期貨事務監察委員會核准的保管人、或另一獲發牌進行證券交易的中介人所開立的帳戶；或
(iii) （如屬可註冊證券）以客戶的名稱或以本公司或本公司的有聯繫實體名稱登記。

13.2 倘證券未以客戶的名義登記，本公司於收到該等證券所獲派的任何股息或其他利益時，須按客戶與本公司的協議存記入客戶的帳戶或支付予或轉賬予客戶。倘該等證券屬於本公司代客戶持有較大數量的同一證券的一部份，客戶有權按客戶所佔的比例獲得該等證券的利益。

13.3 當客戶另行簽署授權書後，客戶根據【證券及期貨條例】第148條以書面授權本公司：-

(i) 將客戶的任何證券存放在認可財務機構，作為本公司所獲墊支或貸款的抵押品，或者存放在中央結算，作為履行本公司在結算系統下之責任的抵押品；
(ii) 借貸客戶的任何證券；及／或
(iii) 基於任何目的以其他方式放棄客戶的任何證券之持有權（交由客戶持有或按客戶的指示放棄持有權除外）。

13.4 為免生疑問，如客戶未有根據上述第13.3條簽署授權書，本公司將不會將客戶的任何證券存放於認可財務機構。

13.5 本公司交回客戶的證券，其編號無須與轉讓予客戶的證券編號相符，只要該等證券是同類型，而值相等及其權益與原本轉讓予客戶的證券相同，當然除了受其間資本重組另有規定外。

14. 抵押

14.1 客戶以實益擁有人的身份，以第一固定抵押方式向本公司抵押所有客戶於抵押品的各種權利、所有權、利益及權益，以作為持續的抵押品（“抵押”），以便客戶在接獲要求後償付客戶可能欠本公司或其聯營公司的所有款項及債項（絕對或或有的），及客戶在現時或將來履行孖展融資條款下可能到期、所欠或招致的義務，或客戶不論於任何帳戶或以何種形式而欠本公司或其聯營公司的債項（不論是單獨或與任何其他人士一起，及不論以何種名稱形式或商號），連同由作出還款要求日期至付還日期期間的利息，以及在本公司或其聯營公司記錄中所列的任何佣金、法律或其他費用、收費及開支。

14.2 即使客戶向本公司和／或其聯營公司作出任何中期支付或結清帳戶，或清還全部或部分欠款；及即使客戶結束在本公司開立的任何帳戶，並在隨後由客戶獨自或與其他人隨後共同在本公司重開或再開立任何帳戶，該抵押將仍屬一項連續的抵押，並將會涵蓋現時客戶於本公司或其聯營公司的任何帳戶構成結餘欠款的所有或任何款項，或其他地方顯示出客戶欠本公司或其聯營公司的結餘欠款。

14.3 客戶聲明並保證，抵押品乃是客戶本人合法及實益擁有，客戶有權將抵押品存放於本公司或其聯營公司，所存放的抵押品在現時或將來都不受任何類型的留置權、抵押或處置權所約束，並且構成抵押品的任何股票、股份和其他證券現時已全數繳足股款及將會全數繳足股款。

14.4 當客戶不可撤銷地全數付清根據現金客戶協議之下所有可能應支付或成為應支付的款項，及已全部履行客戶在孖展融資條款之下的義務後，本公司將會在客戶要求下及支付所需費用後，向客戶發還本公司對抵押品的所有權利、所有權和權益，並會就客戶為妥善處理該項發還而要求其作出的指令和指示而行事。

14.5 在該抵押成為可強制執行之前，（i）本公司只須向客戶發出通知後，便有權行使與抵押品有關的權利，以保障抵押品的價值；及（ii）除非在本保證金客戶協議另有規定，否則客戶可指示行使附於或與抵押品有關的其他權利，但此舉不得與客戶在孖展融資條款之下的義務有所矛盾，或在任何形式下可能損害本公司就抵押品的權利。

15. 授權書

15.1 客戶可以擔保的方式，不可撤銷地任命本公司作為客戶的受托代表人，代表客戶並以客戶的名義行事，及簽署、蓋章、執行、交付、完善及訂立所有契約、文書、文件、作為或事物，以履行根據孖展融資條款施加於客戶的義務，及在整體上令本公司行使根據孖展融資條款或根據法律而賦予本公司的權利和權力，包括（但不限於）：

(i) 就任何抵押品簽立任何轉讓契或擔保；
(ii) 就任何抵押品完善其所有權；
(iii) 就任何抵押品之下或所產生的到期或變成到期的任何及所有款項和索償而作出查詢、規定、要求、接收、和解及作出良好的解除；
(iv) 就任何抵押品發出有效的收據和解除及背書任何支票或其他票據或匯票；及
(v) 就為著本公司認為有必要或有利於保護根據孖展融資條款下產生的抵押品起見，一般而言作出任何索償、或採取任何法律行動或進行任何訴訟程序。

16. 帳戶中的款項

16.1 由本公司代客戶在香港收取或持有的任何現金，除了本公司收取客戶的現金作為交易的交收之用或轉付予客戶之外，須存入在認可財務機構或監察委員會批准的任何其他人士處所開立的一個或多於一個的獨立帳戶內，而每個該等帳戶均須指定為信託帳戶或客戶帳戶並在香港開立及維持。除非雙方另有共同協議外，無須支付此帳戶內產生的利息款項。

16.2 本公司支付入帳戶的款項得作為達到對客戶款項支付的目的。

17. 抵銷及留置權

17.1 在不損害本公司依照法律或本協議所附加應享有之一般留置權、抵銷權或相類權利前提下，對於客戶交由本公司代管或在本公司內存放之所有證券、應收賬、款項及其他財產（不論是客戶個人或與其他人士聯名所有）權益，本公司均享有一般留置權，作為持續的抵押，用以抵銷及履行客戶因進行證券買賣而對本公司負上的所有責任。

18. 一般規定

18.1 所有客戶戶口內的證券均受制於本公司的全面處置權，以確保客戶履行本公司代客戶買賣證券而產生的責任。本公司可於任何時間而無須通知客戶，運用客戶於本公司開設之任何戶口的任何幣值結餘（包括應向客戶因賣出證券而需支付的款項）抵銷任何客戶對本公司之負債（包括客戶因買入證券而應向本公司支付的款項）。

18.2 倘本公司沒有依照本協議書的規定履行對客戶的責任，客戶有權向根據【證券及期貨條例】成立的投資者賠償基金索償，惟須受投資者賠償基金不時的條款制約。

18.3 若客戶開展買賣美國證券，客戶承認及確認客戶將會詳細閱讀聯交所發出予客戶參照的美國證券交易試驗計劃簡介。

18.4 客戶確認客戶已詳閱並同意本協議書的條款，而且該等條款已經以客戶明白的語言（英文或中文）向客戶解釋。

18.5 客戶清楚同意及承認（無論交易是否以互聯網交易服務的方式進行或其他）所有由本公司發出的交易的確認書（日結單）及月結單只會以開戶表格上所載或其後書面所提供的電郵地址給予客戶。

18.6 客戶在收到有關該帳戶的買賣單、日結單及月結單或其他另類方式的通知之後，倘若客戶沒有在本公司發出後14天之內以書面提出異議，則該日結單及月結單或另類方式通知成為不可推翻，並對客戶有約束力。

18.7 本協議書所指的開戶表格為本協議書的整體部份。

18.8 若客戶用非香港貨幣進行證券買賣，客戶須按本公司的通知，即時支付本公司的外匯兌換損失（如有）及銀行服務費及任何因找換外匯成香港貨幣所引致的其他費用，找換外匯是以當日有關交易的外匯匯率計算。為免生疑問，客戶同意及確認本公司可採用由外地交易所及／或結算所指定的兌換率。

18.9 本協議書之中英文本文義，如有歧義，將以英文本為準。

19. 責任及彌償

19.1 本公司或本公司的任何董事、行政人員、僱員或代理人，均不需負責因客戶或涉及任何關乎本協議書範圍內之任務的操作或疏漏操作而蒙受的任何直接、間接或後果性損失或損害，除非此等損失或損害是得到証實為上述人士之欺詐、嚴重疏忽或故意失當行為而引起者。

19.2 客戶承擔彌償本公司及本公司的董事、高級人員、僱員及代理人根據客戶指示處理在本協議書範圍內的交易或任何任務而招致的所有針對本公司及上述人士的申索、訴訟、法律程序、損害賠償、或損失、訟費及費用、而並不影響本公司可行使的留置權、抵銷權利或其他權利。

20. 重要變化

20.1 客戶承諾以書信方式通知本公司客戶開戶表格的重要變化，而本公司亦承諾以書信方式通知客戶有關本公司會影響對客戶服務的公司資料，在證監會的註冊身份，可提供客戶的服務、酬勞費用及業務等變化。

21. 個人資料（保密）

21.1 雖然客戶預期本公司將予該帳戶有關之事情保密，客戶謹此明確同意如應證監會或聯交所或中央結算或監管機構之要求，本公司可向彼等提供帳戶之詳細資料，以便協助彼等進行的調查或詢問。

21.2 客戶在此承認客戶已詳閱本公司根據個人資料（私隱）條例發出附於本協議書的個人資料收集聲明，並完全同意其條款。客戶明白及承認本公司擬把客戶的資料使用於直接促銷及本公司須收到客戶對該擬進行的使用的同意，否則不得如此使用該資料。客戶清楚明白、承認及同意除非客戶決定以填寫及簽署於個人資料收集聲明所載的附錄甲的直接促銷 - 同意／拒絕要求表格或根據個人資料收集聲明所載隨時通知本公司，本公司將根據個人資料收集聲明所載的附錄甲的同意使用客戶的資料於直接促銷。

22. 有效期

22.1 本協議書在本公司接受客戶已簽署的開戶表格及本公司分配其帳戶號碼之日期起開始生效、有效期持續至該帳戶按照第23條款之規定被終止。

23. 終止

23.1 不論任何原因，任何一方一旦遵照第15條款之規定向對方發出書面通知，帳戶即時結束。惟所有本公司在任何一方收到此書面結束通知前已依據客戶之指示而執行之任務，仍然有效及對客戶有約束力。

23.2 一旦本協議書終止，所有客戶欠負的債項即時變為到期應付。在繳清此等債項後，本公司獲授權在合理切實可執行範圍內，盡速將該帳戶內以本公司（或其代理人或代名人）名義持有之證券，交付客戶。

24. 通告

24.1 所有涉及或與客戶帳戶有關而須由本公司發給客戶或客戶發給本公司之通知書、追索書及其他傳訊及文件，均可以用書信、圖文傳真、電郵或電話方式發送到該地址或適用號碼。

24.2 所有以上述形式由本公司發出給客戶之通知書、追索書、通訊及文件，如屬使用電話通訊，則電話被接聽或留言予代接聽人，應被視為收到；如屬本地郵件，應被視為在交付郵遞後之翌日收到；如屬海外郵遞，則在發送後72小時後收到；如屬圖文傳真或電郵，則在發送時收到。

24.3 所有由客戶發出的通知書、追索書及其他傳訊及文件，由本公司實際接收到始生效。

25. 修改

25.1 本公司有權對本協議書作出認為必須的修改、增補、刪除或變更。而此等修改、增補、刪除或變更由該通知發送給客戶起生效。

25.2 本公司對本協議書之條款所作之修改，及客戶向本公司提供的關於本協議書之資料的修改，例如，開戶表格，均不影響任何修改前未完成之指示或買賣或已產生的法定權利或責任。

26. 局限應用

26.1 本合約中之條款、規定、條文、承擔，有對某一裁判權而言，為非法、無效、禁止實施或不能實施者，則在此等非法、無效、禁止實施或不能實施，只局限於該裁判權範圍內，本合約之其他餘下者仍然有效。再且，上述情況不會導致此等條款、規定、條文、承擔等在另一裁判權範圍內為非法、無效、禁止實施或不能實施。

27. 轉讓

27.1 本協議書範圍內之權益及責任，只屬於客戶本身的權益及責任，未經本公司同意，客戶不得將其轉讓予他人。

27.2 客戶同意本公司可轉讓在本協議書下的權利和義務而不須取得客戶的同意。

28. 風險披露聲明書

28.1 客戶明白及承認：-

(1) 有關證券買賣，證券價格可能及必定會波動，任何個別證券的價格皆可上升或下跌，甚至可能變成毫無價值。買賣證券不一定獲利，而且存在著可能損失的風險，客戶願意承擔此等風險；
(2) 藉存放抵押品而為交易取得融資的虧損風險可能極大。客戶所蒙受的虧蝕可能會超過客戶存放於本公司作為抵押品的現金及任何其他資產。市場情況可能使備用買賣指示，例如“止蝕”，或“限價”指示無法執行。客戶可能會在短時間內被要求存入額外的保證金款項或繳付利息。假如客戶未能在指定的時間內支付所需的保證金款項或利息，客戶的抵押品可能會在未經客戶的同意下被出售。此外，客戶將要為客戶的帳戶內因此而出現的任何短欠數額及需繳付的利息負責。因此，客戶應根據本身的財政狀況及投資目標，仔細考慮這種融資安排是否適合客戶；
(3) 有關買賣創業板股份：-
(i) 此等創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低。客戶會在審慎及仔細考慮後，才作出有關的投資決定；
(ii) 創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者；
(iii) 現時有關創業板股份的資料只可以在聯交所操作的互聯網網站上找到。創業板上市公司一般無須在憲報指定的報章刊登付費公告；
(iv) 假如客戶對本風險披露聲明的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業意見；
(4) 存放款項或其他財產與本公司保管可能存在風險，若是本公司持有該款項或財產而無力償債時，客戶將有機會被延誤回收該等款項或財產，並可能須受限於具體法例規定或當地的規則〈若是存放在香港以外〉，而當地法例或規則不同於<證券及期貨條例>（第571章），只可收回按比例分配得來的款項或其他財產；
(5) 如上(4)所述，本公司在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》（第571章）及根據該條例制定的規則可能有所不同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障。
(6) 有關提供客戶的證券抵押品等再質押的授權書（如有者）：-
(i) 客戶向本公司提供授權書，容許本公司根據將不時修定之證券及期貨（客戶證券） 規則第7條及有關規則及規例，將客戶的證券借出予或存放於第三方，存在一定風險。該項允許僅限於客戶已就此給予書面同意的情況下方為有效。上述書面同意必須指明有效期，而該段有效期不得超逾12個月；
(ii) 現時並無任何法例規定客戶必須簽署這些授權書。然而，本公司可能需要授權書，以便例如向客戶提供保證金貸款或獲許將有關客戶的證券借出予第三方或作為抵押品存放於第三方。本公司應向客戶闡釋將為何種目的而使用授權書；
(iii) 倘若客戶簽署授權書，而客戶的證券巳借出予或存放於第三方，該等證券第三方將對客戶的證券具有留置權或作出押記。雖然本公司根據該授權書而借出或存放屬於客戶的證券須對客戶負責，但本公司的失責行為可能會導致客戶損失客戶的證券；
(iv) 本公司亦提供不涉及證券借貸的現金帳戶。假如客戶無需使用保證金貸款，或不希望本身證券被借出或遭抵押，客戶只開立該等現金帳戶；
(7) 有關聯交所買賣納斯達克，按照納斯達克-美國證券交易所試驗計劃（試驗計劃）掛牌買賣的證券是為熟悉投資技巧的投資者而設的。客戶在買賣該項試驗計劃的證券之前，會先諮詢持牌人或註冊人的意見和熟悉該項試驗計劃。客戶知悉，按照該項試驗計劃掛牌買賣的證券並非以聯交所的主板或創業板作第一或第二上市的證券類別加以監管；及
(8) 在開始交易之前，客戶先要消楚瞭解客戶必須繳付的所有佣金、費用或其他收費。這些費用將直接影響客戶可獲得的淨利潤（如有）或增加客戶的虧損。

28.2 有關互聯網交易的風險，客戶明白：-

(1) 由於無法預計互聯網的通訊量，故屬一個存在不可靠因素的通訊媒介，而該等不可靠因素亦非本公司所能控制，互聯網的通訊有可能中斷、延誤或被未經授權各方取得的風險。雖然本公司採取措施將此一風險減至最低限度，但對於客戶因上述中斷、延誤或未經授權取得的結果而使客戶招致任何損失，本公司不承擔任何責任。倘若客戶不準備接受上述風險，客戶不應在互聯網向本公司作出任何指示。
(2) 透過某個互聯網證券交易系統進行買賣，可能會與透過其他互聯網證券交易系統進行買賣有所不同。如果客戶透過某個互聯網證券交易系統進行買賣，便須承受該系統帶來的風險，包括有關系統硬件或軟件可能會失靈的風險。系統失靈可能會導致客戶的交易指示不能根據指示執行、甚至完全不獲執行。
(3) 本公司、香港聯合交易所有限公司（“聯交所”）、香港中央結算所有限公司（“中央結算所”）及所有有關人士致力確保該系統所提供資料的準確性及可靠性，惟資料的準確性及可靠性並無保證、且本公司、聯交所、中央結算及所有有關人士慨不須就任何因不準確或錯漏所產生的任何損失或損毀承擔任何責任（不論以文本或合約）

29. 法律

29.1 本協議書受香港特別行政區法律管轄及以其作解釋，而雙方不得撤銷接受香港特別行政區法院的專屬司法管轄。

 

公平證券有限公司 （“本公司”）

個人資料收集聲明

此聲明是依照香港特別行政區法例第486章個人資料 （私隱） 條例 （"條例"） 作出的。它是關於客戶在本公司開立或持續操作帳戶（"帳戶"）以作證券買賣及有關服務時向本公司提供個人資料的聲明。

1. 收集目的

1.1 客戶因在本公司開設或持續操作帳戶而向本公司及在任何文件所提供的個人資料將被本公司作為下列用途：-

(a) 與處理客戶申請開設及持續操作帳戶有關事宜，包括但不限於透過本港及海外的信貸報告或處理客戶向本公司申請給予信貸或「孖展」的安排（如適用）；
(b) 代購買、出售、投資、交易、收購、保管、處置及辦理各種證券等有關事宜；
(c) 保存有關資料，以符合本港所制訂有關證券交易的條例及附屬規例、證券及期貨事務監察委員會〈“證監會”〉的守則，以及香港聯合交易所有限公司〈“聯交所”〉、香港中央結算有限公司〈“中央結算”〉的規則及規例；及
(d) 在以下第4段所述的直接促銷及／或交叉銷售本公司及／或其他任何聯繫公司（“本集團”） 的財務及／或投資產品及服務。

2. 提供個人資料的責任

2.1 客戶有責任向本公司提供所需的個人資料。如客戶未有提供所需個人資料，本公司可拒絕為客戶開設或持續操作帳戶或提供有關的服務。

2.2 鑒於客戶在條例下的責任，當向本公司提供個人資料時，客戶須確認所提供的資料正確。

3. 資料的披露

3.1 本公司如認為有需要，可向處理證券、期貨及期權結算的代理人或代名人、聯系人、個人或法團及本公司的核數師披露客戶開設帳戶的資料以運作客戶帳戶或執行上述1（b） 所提及的事宜。

3.2 為符合本港所制定有關證券交易的條例及附屬規例，證監會的守則，以及聯交所及中央結算的規則，客戶所提供個人資料，本公司可向聯交所及中央結算，證監會及條例所界定的財經監管機構，根據法律有權查閱該等資料的政府部門，其他監管機構、個人或法團等披露。

4. 在直接促銷中使用資料

4.1 本公司擬把客人的資料用於直接促銷，而本公司為該用途須獲得客人同意（包括表示不反對）。就此，請注意：

(i) 本公司將不時持有客戶的姓名、聯絡資料、財務背景及人口統計數據用於直接促銷；
(ii) 可用作促銷下列類別的服務、產品及項目：財務、投資及相關服務與產品；
(iii) 上述服務、產品及項目或會由本公司及／或任何其他本集團成員（包括但不限於公平期貨有限公司及公平資產管理有限公司）提供或徵求；及
(iv) 除促銷上述服務、產品及項目之外，本公司亦擬將以上(i)段所述的資料提供予以上(iii)段所述的全部或任何人士，以供該等人士用作促銷該等服務、產品及項目，而本公司為此用途須獲得客戶書面同意（包括表示不反對）。
如客戶不欲本公司如上述將其資料用於或提供予其他人士作直接促銷用途，客戶可隨時通知本公司以行使其拒絕直接促銷的權利，此安排並不收取任何費用。
若客戶不欲本公司將客戶的資料用於或提供予其他人士作直接促銷用途，客戶可填妥附錄甲的表格並交回該表格。此項要求適用於客戶在本公司開設的所有個人帳戶。

5. 查閱個人資料／拒絕使用作直銷推廣

5.1 根據條例的規定，客戶可向本公司要求查閱及更改不正確的個人資料。本公司有權向客戶收取合理費用以便處理有關要求；及

5.2 客戶可以隨時在不收費下通知本公司拒絕客戶的個人資料被用作直接促銷之用及該等通知生效日期為以本公司真正收到該等通知後之3個營業日起生效。

6. 查詢

6.1 如客戶對向本公司提供的個人資料有任何疑問，包括查閱及改正該等個人資料，可致函：

資料保護主任收
公平證券有限公司
總部地址：香港九龍九龍灣宏光道一號億京中心B座八樓D室

 

MARGIN CLIENT'S AGREEMENT

THIS AGREEMENT is made the date stated in the Account Opening Execution Form

BETWEEN

(1) Gong Ping Securities Limited, a company incorporated in Hong Kong with its registered office and principal business address at Unit D, 8/F, Tower B, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Hong Kong and a licensed corporation [CE No. AVW221] for Type 1 regulated (dealing in securities) under the Securities and Futures Ordinance and an exchange participant of The Stock Exchange of Hong Kong (“the Company”); and

(2) The party whose name, address and details are set out in the Account Opening Form (“the Client”).

In consideration of the Company’s opening and maintaining at the Client’s request one or more cash securities trading account(s) ("the Account") for the Client and the Company’s agreeing to act as the Client’s agent or broker for the execution of orders for the purchase or sale of securities of every type and description, the Client hereby agrees to effect Transactions as hereinafter defined subject to the following terms and conditions of this Cash Client's Agreement ("the Agreement" ):-

1. Interpretation

1.1 In this Agreement unless the context otherwise requires:-

(12) The expression "the Client" or "the Client’s" wherever used shall in the case where the undersigned is an individual(s) include the undersigned and his executors and administrators where the undersigned are several individuals, include the several individuals and their respective executors and administrators and where the undersigned is a company include such company and its successors and assigns.
(13) “Collateral” means all monies and Securities of the Client which are now or which shall at any time hereafter be deposited with, transferred or caused to be transferred to or held by the Company or its Associates or nominees, or transferred to or held by any other person in circumstances where the Company accepts the same as security for the Client’s obligations under the Agreement. The Collateral shall include those monies and securities that shall come into the possession, custody or control of the Company or its Associates from time to time for any purpose whatsoever (which shall include any additional or substituted securities and all dividends or interest paid or payable, rights, interest, monies or property accruing at any time by way of redemption, bonus, preference, options or otherwise on or in respect of any such Securities or additional or substituted Securities).
(14) “Customer ID” means the Client’s identification, used in conjunction with the Password, to gain access to the Internet Securities Trading Service;
(15) “Information” means any transaction or market data, bid and ask quotations, news reports, third party analysts’ reports, research and other information relating to securities and the securities markets;
(16) “Instructions” means any instructions or orders communicated by the Client or its Authorized Persons to the Company in accordance with Clause 9.1 below.
(17) “Internet Securities Trading Service” means the Internet Trading Services provided by the Company to the Client which enables the Client to give Internet Securities Trading Instructions and to obtain quotations and other information via computer or telephonic transmission for use on compatible personal, home or small business computers, including internet appliance with modems, terminals or network computers that can connect to a telecommunication network.
(18) “Password” means the Client’s password, used in conjunction with the Customer ID, to gain access to the Internet Securities Trading Service.
(19) "Securities" means all kinds of instruments commonly known as securities including, but not limited to, stocks, shares (listed or otherwise), warrants, debentures, unit trusts, mutual funds, exchange traded funds, options, derivatives, bonds or notes of, or issued by, any body, whether incorporated or unincorporated, or of any government or local government authority, as the Company may at the Company’s absolute discretion from time to time offer to deal in.
(20) Where the undersigned consists of more than one individual, the agreements by and the liabilities of the undersigned hereunder shall be joint and several of such individuals.
(21) Words importing the singular number shall include the plural number and vice versa and words importing the masculine gender shall include the feminine gender and the neuter gender.
(22) Words importing "persons" shall include limited company (including local and foreign).

1.2 References to “Instructions” in this Agreement are deemed to include Internet Securities Trading instructions given by means of Internet Securities Trading Service.

2. The Account

2.1 The Client confirms that the information provided in the Account Opening Form is complete and accurate. The Client will undertake to inform the Company of any material changes to that information. The Company is authorized to conduct credit enquiries on the Client to verify the information provided.

2.2 The Company will keep information relating to the Client’s Account confidential, but may provide any such information to The Stock Exchange of Hong Kong Limited ("Exchange"), Hong Kong Securities Clearing Company Limited ("the Clearing House"), Securities and Futures Commission ("SFC") and other regulators to comply with their requirements or requests for information, and to any of the company’s branches and Associates, without any consent from or notification to the Client.

2.3 The Company will provide the Client with credit facilities in respect of transactions in securities effected by the Company on behalf of the Client, the account which the Company establishes with the Client to record such transactions is said to be a margin securities trading account ("margin account").

2.4 The Company agrees that the Company will open and maintain such margin account(s) and act as an agent for the Client in the purchase and sale of securities subject to the terms and conditions of this agreement.

2.5 The credit facilities are extended to the Client in accordance with the terms and conditions set out in this Agreement (“margin facilities”). The Client agrees to pay interest at such rates and/or, any fees and charges in relation to margin facilities on such terms as the Company has notified the Client at the Company’s website from time to time.

2.6 The Client shall on demand from the Company makes payments of deposits or margins in cash, securities or otherwise in amounts agreed with the Company or which may be required by the rules of any exchange or market of which the Company is a member. The Client shall be granted credit facilities up to such percentage as may be agreed from time to time of the market value of the collateral maintained with the Company.

2.7 If the Client commits a default in payment on demand of the deposits or margins or any other sums payable to the Company hereunder, on the due date therefor, or otherwise fails to comply with any of the terms herein contained, without prejudice to any other rights the Company may have, the Company shall have the right to close the margin account(s) without notice to the Client and to dispose of any or all securities held for or on behalf of the Client and to apply the proceeds thereof and any cash deposit(s) to pay the Company all outstanding balances owing to the Company. Any monies remaining after such application shall be refunded to the Client.

3. Laws and rules

3.1 All transactions in securities which the Company effects on the Client’s instructions ("Transaction") shall be effected in accordance with all laws, rules and regulatory directions applying to the Company. This includes the rules and codes of SFC and the Exchange and of the Clearing House. All actions taken by the Company in accordance with such laws, rules, codes and directions shall be legally binding on the Client.

3.2 If the Client places any orders to the Company outside Hong Kong (irrespective of whether such orders would be placed by way of Internet Securities Trading Services), the Client agrees to ensure and represents that such orders will have been given in compliance with any and all applicable law of the relevant jurisdiction from which the Client’s orders are given. The Client further agrees that when in doubt, the Client shall consult with legal advisers of the relevant jurisdiction. The Client accepts that there may be taxes or charges payable to relevant authorities in respect of any instructions and that the Company shall not be liable for any of such cost.

4. Authority

4.1 The Client (in the case of a corporation) authorizes the Authorized Persons to represent the Client in all matters in relation to all Transactions with the Company and to sign on the Client’s behalf all Agreements and documents relating to the Account and its operation, including this Agreement. All such documents and Instructions shall be absolutely and conclusively binding on the Client. The Client agrees that the Company is entitled to act on the Instructions of the Authorized Persons until the Client notifies the Company in writing that the authorization has been revoked or varied.

4.2 If the Client (in the case of an individual) wishes to appoint Authorized Persons, the Client shall in addition to completing the Account Opening Form, furnish to the Company a duly executed power of attorney or other similar instrument of appointment in a form prescribed by or acceptable to the Company. The Client agrees that the Company is entitled to act on the Instructions of the Authorized Person until the Client notifies the Company in writing that the power of attorney has been revoked or varied. For the avoidance of doubt, the Client agrees and acknowledges that the Company is entitled to refuse any third party authorization given by the Client for operating the Client’s account without assigning any reason therefor.

4.3 The Client acknowledges and agrees that the Client retains full responsibility for all Transactions and the Company is responsible only for the execution, clearing and carrying of Transactions and has no responsibility or obligation regarding any conduct, action, representation or statement of any introducing firm, investment advisor or other third party in connection with the Account or any Transaction therein. In relation to Transactions entered by the Client not as a result of the Company’s recommendation or solicitation, the Company is not responsible to the Client with respect to the suitability of the Transaction. Nor is the Company responsible for the profitability, tax, legal or accounting consequences of any Transactions.

4.4 Any advice or information provided by the Company, its directors, officers, employees or agents, whether or not solicited, shall not constitute an offer to enter into a transaction, or an investment recommendation. The Client independently and without reliance on the Company, makes its own judgments on Transactions.

4.5 In respect of all transactions entered into by the Client or by the Company on the Client’s Instructions or on Client’s behalf, the Client understands and agrees that:-

(i) the Company assumes no duty to give advice or make recommendations;
(ii) the Company shall not owe the Client any duty to advise on the merits or suitability of any Transaction;
(iii) if the Company and/or its representatives give any suggestions and/or advice on securities or issued such analyses or reports wholly incidental to carrying on of dealing in securities, they assume no responsibility for the Client’s portfolio or for any investments or transactions made; and
(iv) in respect of all trades the Client may effect, the Client is deemed to have obtained independent advice from the Client’s legal, financial and investment advisers.

5. Using Internet Securities Trading Service

5.1 On the issuance by the Company to the Client of its Customer ID and Password, the Internet Securities Trading Service shall be activated and the Company shall notify the Client.

5.2 The Company is entitled to require the Client to place cash and/or Securities deposit prior to execution of any Instructions as will be informed by the Company from time to time.

5.3 The Client hereby agrees that :

(i) the Client shall use the Internet Securities Trading Service only in accordance with this Agreement and the instructions and procedures as set out at the Company’s website which is supplied to the Client from time to time;
(ii) the Client shall be the only authorized user of the Internet Securities Trading Service;
(iii) the Client shall be responsible for the confidentiality and use of its Customer ID and Password;
(iv) the Client shall be solely responsible for all Instructions entered through the Internet Securities Trading Service using its Customer ID and Password and any Instructions so received by the Company shall be deemed to be made by the Client at the time received by the Company and in the form received;
(v) the Client shall immediately inform the Company if the Client becomes aware of any loss, theft or unauthorized use of the Client’s Customer ID or Password, or the Internet Securities Service or any Information;
(vi) the Client shall provide the Company with the Client’s e-mail address, and promptly provide the Company with any changes to the Client’s e-mail address, and to accept Internet Securities Trading communications from the Company at the e-mail address as the Client has specified;
(vii) the Company may in its absolute discretion impose restrictions on the types of orders, and the range of prices for orders which can be placed through the Internet Securities Trading Service;
(viii) the Client agrees to pay all subscription, service and user fees as notified by the Company at the Company’s website from time to time, if any, that the Company charges for the Internet Securities Trading Service and authorizes the Company to debit the Client’s Account with the same;
(ix) that the Client shall be bound by any consent the Client gives through the Internet Securities Trading Service for the Company to provide any notices, daily and monthly statements and other communications to the Client solely by emails sent by the Company;
(x) that the Client shall logoff the Internet Securities Trading Service immediately following the completion of each Internet Securities Trading Service session;
(xi) that the Client shall not use or permit the use of the Information or any part thereof for any illegal purpose;
(xii) that the Client shall not disseminate the Information to third parties, and shall solely use the Information or any part thereof for its own use or in the ordinary course of its own business.

5.4 Without limiting the generality of the foregoing, the Client acknowledges and agrees that it may not be possible to amend or cancel an Instruction after the Client has been given through the Internet Securities Trading Service and that an Instruction may only be amended or cancelled if it has not been executed by the Company. In such circumstances the Company will use its best efforts to amend or cancel the Instruction but, notwithstanding an acknowledgement by the Company in relation to the amendment or cancellation, there is no guarantee that the amendment or cancellation will occur. If the amendment or cancellation does not occur, the Client shall remain liable for the original Instruction.

5.5 In the case the Internet Securities Trading Service is not available, the Client shall place its Instructions in accordance with the Clause 9.1 of the Client Agreement(s).

5.6 Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. The Client’s ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary, the Client should ask the firm with which the Client deals for details in this respect.

6. Provision of Information

6.1 The Company may convey Information to the Client by Internet Securities Trading Service. The Client may be charged a fee for Information the Company provides that has been obtained from Exchanges, markets and from other third-parties that transmit Information (collectively referred to ”Information Providers”) and such fee will be notified by the Company to the Client at the Company’s website from to time.

6.2 The Information is the property of the Company, the Information Providers or others and is protected by copyright. The Client shall:

(i) not upload, post, reproduce or distribute any Information, software or other material protected by copyright or other intellectual property right (as well as rights of publicity and privacy) without first obtaining the permission of the owner of such rights; and
(ii) not use the Information or any part thereof other than for its own use or in the ordinary course of its own business.

6.3 The Client agrees not to:

(i) reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the Information in any manner without the express written consent of the Company and the relevant Information Provider(s);
(ii) use the Information for any unlawful purpose;
(iii) use the Information or any part thereof to establish, maintain or provide or to assist in establishing, maintaining or providing a trading floor or dealing service for trading in securities listed on the Exchange.

6.4 The Client agrees to comply with reasonable written requests by the Company to protect the Information Providers’ and the Company’s respective rights in the Information and the Internet Securities Trading Service;

6.5 The Clients shall comply with such reasonable directions as the Company may give from time to time concerning permitted use of the Information.

6.6 The Client authorizes the Company to provide information on the Internet Securities Trading Service supplied to the Client hereunder to the Information/Service Provider to enable the Company to comply with the licence agreement between the Information/Service Provider and the Company relating to market data feeds.

7. Intellectual Property Rights

7.1 The Client acknowledges that the Internet Securities Trading Service, and any software comprised in it, is proprietary to the Company.

7.2 The Client warrants and undertakes that it shall not, and shall not attempt to, tamper with, modify, decompile, reverse engineer or otherwise after in any way, and shall not attempt to gain unauthorized access to, any part of the Internet Securities Trading Service or any of the software comprised in it. The Client agrees that the Company shall be entitled to terminate this Internet Trading Agreement if at any time the Client breaches, or if the Company at any time reasonably suspects that the Client has breached, this warranty and undertaking.

7.3 The Client undertakes to notify the Company immediately if the Client becomes aware that any of the action described in Clause 7.2 hereinabove is being perpetrated by any other person.

8. Transaction

8.1 The Company will act as the Client’s agent in effecting Transaction unless the Company indicates in the statement or confirmation relevant to such Transaction that the Company is acting as principal.

8.2 The Client agrees that the Client will only place sale orders with the Company in respect of securities which the Client presently own.

8.3 On all Transaction, the Client will pay the Company’s fee, commissions, charges and disbursements incurred by the Company, as notified to the Client at the Company’s website from time to time, as well as applicable levies, trading fee and clearing fee imposed by the SFC, the Exchange and the Clearing House, as the case may be, and all applicable stamp duties. The Company may deduct such commissions, charges, levies, trading fee and clearing fee and stamp duties from the Account.

8.4 Unless otherwise agreed, the Client agrees that when the Company has executed a purchase or sale transaction on the Client’s behalf, the Client will be the due settlement date make payment to the Company against delivery of credit to the Company’s account for purchased securities, or make good delivery of sold securities to the Company against payment, as the case may be.

8.5 Unless otherwise agreed, the Client agrees that should the Cleint fail to make such payment or delivery of securities by the due date as mentioned above, the Company is hereby authorized to:

- in the case of a purchase Transaction, transfer or sell any such purchased securities to satisfy the Client’s obligations to the Company; or
- in the case of a sale Transaction, to borrow and/or purchase such sold securities to satisfy the Client’s obligations to the Company.

8.6 The Client will be responsible to the Company for any losses and expenses resulting from the Client’s settlement failures.

8.7 The Client agrees to pay interest on a daily basis on the amount of margin facilities extended to the Client. The interest rate shall be at a percentage above the Company’s cost of funds which will vary according to the prevailing money market situation and as notified to the Client by the Company from time to time. Such interest charges may be deducted by the Company from the Margin Account or any other account of the Client with the Company or its Associates.

8.8 The Client agrees to pay interest on all overdue balance (including interest arising after a judgment debt is obtained against the Client) at such rates and on such other terms as the Company has notified the Client at the Company’s website from time to time.

8.9 In the case of a purchase Transaction, if the selling broker fails to deliver on the settlement date and the Company has to purchase securities to settle the Transaction, the Client shall not be responsible to the Company for the costs of such purchase.

9. Order and Order Recording

9.1 The Company may accept instructions from the Client (or its Authorized Person) for order of Transaction through Internet Securities Trading Service or by telephone. The Company may also accept instructions in the Company’s prescribed order form signed by the Client in the Company’s presence. In all cases, the Company shall time-stamp or record by electronic means such instructions in the order as they are received. For the avoidance of doubt, the Client agrees that the Client would place orders to the Company primarily through the Internet Securities Trading Service. The Client understands and acknowledges that whenever the Internet Securities Trading Service is not available due to whatever reason(s), the Client would place orders by telephone. For the avoidance of doubt, the Client is entitled to place orders or give instructions by phone or in person at the office of the Company.

9.2 In the event of receipt of conflicting instructions the Company may refuse to act on any of the instructions until the Company has received unequivocal instructions.

9.3 The Company may, in the Company’s absolute discretion, refuse to accept instructions without giving any reason therefor, but shall not in any circumstances whatsoever be liable for loss of profit, damages, liability, cost or expenses suffered or incurred by the Client arising out of such refusal.

9.4 The Company may record telephone conversation in connection with receiving orders and instructions through the Company’s telephone recording system. The Client acknowledges that such records are the Company’s sole property and it will be accepted as final and conclusive evidence of the orders or instructions given in case of disputes.

9.5 Where a discrepancy occurs between instructions given by telephone or any other means, including any subsequent written confirmation, the Company’s record of the telephone instruction shall prevail.

9.6 For the avoidance of doubt, the Company is only obliged to keep the telephone recordings up to the retention period in accordance with regulatory requirements in Hong Kong.

10. Short Selling

10.1 Save and except for the covered short selling, the Client undertakes that the Client will not effect any short selling order through the Company.

11. Conflict of Interest

11.1 The Client acknowledges and agrees that the Company, its directors, officers or employees may trade on its/their own account or on the account of an Associate.

11.2 The Company is authorized to buy, sell, hold or deal in any Securities or take the opposite position to the Client’s order whether it is on the Company’s own account or on behalf of an Associate or its Clients.

11.3 The Company is authorized to match the Client’s orders with those of other Clients.

11.4 The Company is authorized to effect Transactions in Securities where the Company or its Associate has a position in the Securities or is involved with those Securities as underwriter, sponsor or otherwise.

11.5 In any of the situations referred to in this Clause the Company shall not be obliged to account to the Client for any profits or benefits obtained.

12. Client Identity/Ultimate Beneficiary

12.1 Subject to the provisions herein, the Client shall, in respect of transaction in which the Client is not acting as principal, immediately upon demand by the Company informs SFC and/or the Exchange of the identity, address and contact details of: -

(i) the person or entity ultimately responsible for originating the instruction in relation to the relevant transaction; and
(ii) the person or entity that stands to gain the commercial or economic benefit of the relevant transaction and/or bear its commercial or economic risk,
and, in case of an entity, the investment fund or account, the manager of that entity, the investment fund or account.

12.2 The Client hereby declares that if the Client is not the true owner/ultimate beneficiary or originator of instructions of the Account, the Client will complete the detailed information in the Account Opening Form.

13. Depositing of Securities Collateral

13.1 Any securities which are held by the Company or the Company’s associated entity as collateral may, at the Company’s discretion:-

(iv) be deposited in safe custody in a segregated account which is designated as a trust account or client account and established and maintained in Hong Kong by the Company or the Company’s associated entity for the purpose of holding securities collateral with the Clearing House, an authorized financial institution, a custodian approved by the SFC or another intermediaries licensed for dealing in securities;
(v) be deposited in an account in the name of the Company or the Company’s associated entity (as the case may be) with an authorized financial institution, a custodian approved by the SFC or another intermediary licensed for dealing in securities; or
(vi) in the case of registrable securities, be registered in the Client’s name or in the name of the Company or the Company’s associated entity.

13.2 Where securities are not registered in the Client’s name, any dividends or other benefits arising in respect of such securities shall, when received by the Company, be credited to the Client’s Account or paid or transferred to the Client, as agreed with the Company. Where the securities form part of a larger holding of identical securities held for the Company’s clients, the Client shall be entitled to the same share of the benefits arising on the holding as the Client’s share of the total holding.

13.3 Upon signing the prescribed “Letter of Authorization ” by the Client separately, the Company has the Client’s written authority under section 148 of the Securities and Futures Ordinance to:-

(iv) deposit any of the Client’s securities with an authorized financial institution as collateral for an advance or loan made to the Company, or with the Clearing House as collateral for the discharge of the Company’s obligations under the clearing system;
(v) borrow or lend any of the Client’s securities, and/or
(vi) otherwise part with possession (except to the Client or on the Client’s instructions) of any of the Client’s securities for any purpose.

13.4 For the avoidance of doubt, if the Client does not sign the Letter of Authorization as stipulated in Clause13.3 above, the Company shall not repledge the Client’s securities with any authorized financial institution.

13.5 Still for the avoidance of doubt, if the Client has signed the Letter of Authorization as stipulated in Clause 13.3 above, the Client acknowledges, confirms and agrees that the said Letter of Authorization shall be valid until it is revoked by the Client and shall be subject to renew on an annually basis as stipulated in the said Letter of Authorization.

13.6 The Company is not bound to deliver securities belonging to the Client bearing serial numbers identical with those transferred to the Client so long as the securities delivered are of the same class, nominal amount and rank pari passu with those originally transferred subject always to any capital re-organization which may have occurred in the meantime.

14. Charge

14.1 The Client, as beneficial owner, charges in favour of the Company by way of first fixed charge all the Client’s respective rights, title, benefit and interests in and to all Collateral as a continuing security (“Charge”) for the payment and satisfaction on demand of all monies and liabilities (absolute or contingent) and performance of all obligations under the terms of margin facilities which are now or at any time hereafter may be due, owing or incurred from or by the Client to the Company or its Associates, or for which the Client may be or become liable to the Company or its Associates on any account or in any manner whatsoever (whether alone or jointly with any other person and in whatever name style or firm) together with interest from the date of demand to the date of repayment, and any commission, legal and other costs, charges and expenses as they appear in the records of the Company or its Associates.

14.2 The Charge shall be a continuing security notwithstanding any intermediate payment or settlement of account or satisfaction of the whole or any part of any sum owing by the Client to the Company and/or its Associates and notwithstanding the closing of any of the Client’s accounts with the Company and which are subsequently reopened or the subsequent opening of any account by the Client either alone or jointly with others and shall extend to cover all or any sum of monies which shall for the time being constitute the balance due from the Client to the Company or its Associates on any account or otherwise.

14.3 The Client represents and warrants that the Collateral is legally and beneficially owned by the Client, that the Client is entitled to deposit the Collateral with the Company or its Associates, that the same is and will remain free from any lien, charge or encumbrance of any kind, and any stocks, shares and other securities comprised in the Collateral are and will be fully paid up.

14.4 Upon irrevocable payment in full of all sums which may be or become payable under the Cash Client Agreement and the full performance of the Client’s obligations under the terms of margin facilities, the Company will at the Client’s request and expense release to the Client all the rights, title and interest of the Company in the Collateral and will give such Instructions and directions as the Client may require in order to perfect such release.

14.5 Until the Charge becomes enforceable, (i) the Company will have the right, subject only to giving the Client notice, to exercise rights relating to the Collateral to protect the value of the Collateral; and (ii) except as otherwise provided in this Margin Client Agreement, the Client may direct the exercise of other rights attaching to, or connected with, the Collateral, but not in any manner which is inconsistent with the Client’s obligations under the terms of margin facilities, or which in any way may prejudice the Company’s rights in relation to the Collateral.

15. Power of Attorney

15.1 The Client by way of security irrevocably appoints the Company to be the Client’s attorney on the Client’s behalf and in the Client’s name to do all acts and things and to sign, seal, execute, deliver, perfect and do all deeds, instruments, documents, acts and things which may be required for carrying out any obligation imposed on the Client by or pursuant to the terms of margin facilities and generally for enabling the Company to exercise the respective rights and powers conferred on it by or pursuant to the terms of margin facilities or by law including (but without limitation).

(i) to execute any transfer or assurance in respect of any of the Collateral;
(ii) to perfect its title to any of the Collateral;
(iii) to ask, require, demand, receive, compound and give a good discharge for any and all monies and claims for monies due or to become due under or arising out of any of the Collateral;
(iv) to give valid receipts and discharges and to endorse any cheques or other instruments or orders in connection with any of the Collateral; and
(v) generally to file any claims or take any lawful action or institute any proceedings which it considers to be necessary or advisable to protect the security created under the terms of margin facilities.

16. Monies in the Account

16.1 Any cash which are received or held by the Company on the Client’s behalf, other than cash received by the Company in respect of Transaction and which is on-paid for settlement purpose or payable to the Client, shall be credited to one or more segregated accounts, each of which shall be designated as a trust account or client account, established and maintained in Hong Kong with an authorized financial institution or any other person approved by the SFC. Subject to mutual agreement between the parties hereto, no interest is payable.

16.2 Payment to the Account shall constitute payment to the Client for all purposes.

17. Set-off and lien

17.1 In addition and without prejudice to any general liens, rights of set-off or other similar rights to which the Company may be entitled under laws or the Agreement, all securities, receivables, monies and other property of the Client (held by the Client either individually or jointly with others) held by or in the possession of the Company at any time shall be subject to a general lien in the Company’s favour as continuing security to offset and discharge all of the Client’s obligations, arising from the Transaction and/or the Client’s obligations in the Agreement.

18. Miscellaneous

18.1 All securities held for the Client’s Account shall be subject to a general right of disposal in the Company’s favour, for the performance of the Client’s obligations to the Company arising in respect of dealing in securities for the Client. The Company may at any time, without prior notice to the Client, apply any credit balances (including amount payable to the Client arising from sale of securities) in any currencies to which the Client is at any time beneficially entitled on any accounts opened with the Company to set-off against any liabilities owed to the Company (including amount payable to the Company arising from the purchase of securities).

18.2 If the Company fails to meet the Company’s obligations to the Client pursuant to this Agreement, The Client shall have a right to claim under the Investor Compensation Fund established under the Securities and Futures Ordinance, subject to the terms of the Investor Compensation Fund from time to time.

18.3 If the Client embarks on trading US Securities, the Client confirms and acknowledges that the Client has carefully read through the Information Documentation For Clients on Pilot Programme For Trading US Securities issued by the Exchange.

18.4 The Client confirms that the Client has read and agrees to the terms of this Agreement which have been explained to the Client in a language (English or Chinese) that the Client understands.

18.5 The Client expressly agrees and acknowledges that irrespective of whether the transactions would be placed by way of Internet Securities Trading Service or otherwise, all the confirmations of the transactions (Daily Statements) and the Monthly Statements issued by the Company will only be delivered by the Company to the Client by way of email as provided in the Account Opening Form or as provided by the Client in writing subsequently.

18.6 The Client hereby agrees that upon receipt of the relevant contract notes, daily statement, execution report, and monthly statement of the Account, or other advices, such daily statement, execution of order and monthly statement of the Account or advices shall be conclusive and binding on the Client, unless the Client objects to in writing within 14 days from the date of issue of such documents.

18.7 The Account Opening Information, Authorization for Account Opening, Schedules and the Agreement will form one composite agreement.

18.8 If the Client enters into Transaction in securities in a currency other than Hong Kong dollar currency, the Client shall reimburse the Company’s exchange loss (if any) and bank charges fully on demand for all expenses incurred by the Company on converting any foreign currency into Hong Kong dollar currency at the prevailing exchange rate at the time of the relevant Transaction.

18.9 If there is a discrepancy between the English and Chinese versions of this Agreement, the English version shall prevail.

19. Liability and Indemnity

19.1 Neither the Company nor any of the Company’s directors, officers, employees or agents shall be liable to the Client for any direct, indirect or consequential loss or damage suffered by the Client arising out of or connected with any act or omission in relation to Transaction or any matters contemplated by the Agreement unless such loss results from the Company’s fraud, gross negligence or wilful misconduct as proved.

19.2 The Client undertakes to keep the Company and the Company’s directors, officers, employees and agents indemnified against all claims, demands, actions, proceedings, damages, losses, costs and expenses incurred by the Company arising out of anything done or omitted pursuant to any instructions given by the Client or in relation to any Transaction or matters contemplated by the Agreement without prejudice to any lien, right to set-off or other rights which the Company may have.

20. Material Changes

20.1 The Client hereby undertakes to inform the Company in writing of any material changes in the Client’s Account Opening Information and the Company shall also undertake to inform the Client in writing of any material changes in the Company’s corporate particulars registration status, nature of services available, corporate management and the Company’s business which may affect the Company’s services to the Client.

21. Personal Data (Privacy)

21.1 Whilst the Client expects the Company to keep confidential all matters relating to the Account, the Client hereby expressly authorize the Company to provide to the SFC or the Exchange or the Clearing House or any other regulatory authorities in any investigation or enquiry it is undertaking.

21.2 The Client hereby acknowledges that the Client has read the Personal Information Collection Statement provided by the Company as attached to this Agreement hereto pursuant to the Personal Data (Privacy) Ordinance and has agreed to the terms in it. The Client understands and acknowledges that the Company intends to use the Client’s personal data for direct marketing and the Company may not so use the Client’s data unless the Company has received the Client’s consent to such intended use. The Client expressly acknowledges, confirms and agrees that unless the Client decides to opt out the use of his/her personal data for direct marketing by filling and signing the Direct Marketing–Consent/Opt Out Request Form in Appendix A to the Personal Information Collection Statement or by giving notice to the Company at any time as stipulated in the Personal Information Collection Statement, the Company shall use the Client’s personal data for direct marketing as agreed in Appendix A to the Personal Information Collection Statement.

22. Term

22.1 The Agreement will come into effect on the date when the Company accepts the Account Opening Form Signed by the Client and the Account number assigned by the Company. The Account will not be closed unless in accordance with clause 23.

23. Termination

23.1 The Account may be closed by the Company or by the Client at any time and for any reason forthwith upon written notice being given to the other party in accordance with clause 15 hereunder provided that all acts performed by the Company in accordance with the Client’s instructions prior to either party receiving written notice of such termination shall be valid and binding on the Client.

23.2 Upon termination all monies owing from the Client to the Company shall immediately become due and payable and subject to payment of all such monies, the Company is Authorized to deliver as soon as reasonably practicable any securities held in the Company’s or the Company’s agent's or nominee's name to the Client.

24. Notices

24.1 All notices, demands and other communications and documents required to be given by the Company to the Client or by the Client to the Company in relation to the Account or connected therewith may be given by letter, facsimile transmission, e-mail or telephone to the address or appropriate numbers.

24.2 All notices, demands, communications and documents so sent by the Company to the Client shall be deemed to have been received by the Client and in case of telephone call when telephoned or message is left with a person who answered the telephone call at the correct telephone number stated, and, in case by letter sent locally the day following the day deposited in the mail or sent by airmail overseas 72 hours after despatch and in case of facsimile message or e-mail when the same is despatched.

24.3 All notices, demands and other communications and documents sent by the Client to the Company shall not be effective until the same are actually received by the Company.

25. Amendments

25.1 The Company shall be entitled to make such amendments, additions, deletions or variations to the Agreement, as the Company considers necessary, and such amendments, additions, deletions, or variations shall take effect when such notice thereof is despatched to the Client.

25.2 No amendment made by the Company to the Agreement or by the Client to the Company in relation to the information supplied to the Company in the Authorization for Account Opening, herewith, such as Account Opening Information, and the Schedules thereto will affect any outstanding order or Transaction or any legal rights or obligations which may have arisen prior thereto.

26. Severability

26.1 Any term, stipulation, provision, or undertaking in the Agreement which is illegal, void, prohibited or unenforceable in any jurisdiction shall be ineffective only to the extent of such illegality, voidness, prohibition or unenforceability without invalidating the remaining hereof, and any such illegality, voidness, prohibition or unenforceability in any jurisdiction shall not invalidate or render illegal, void or unenforceable any such term, condition, stipulation, provision, covenant or undertaking in any other jurisdiction.

27. Assignment

27.1 The benefit and burden of the Agreement is personal to the Client and shall not be capable of assignment by the Client without the Company’s consent.

27.2 We agree that the Company may transfer the Company’s rights and obligations under the Agreement without the Client’s consent.

28. Risk Disclosure Statement

28.1 The Client hereby understand and acknowledges:-

(1) that in respect of securities trading, the prices of securities can and does fluctuate, sometimes dramatically, and any individual security may experience upwards or downwards movements, and may even become valueless and that there is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling securities;
(2) that in respect of margin financing, the risk of loss in financing a transaction by deposit of collateral is significant. The Client may sustain losses in excess of the Client’s cash and any other assets deposited as collateral with the Company. Market conditions may make it impossible to execute contingent orders, such as "stop-loss" or "stop-limit" orders. The Client may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, the Client’s collateral may be liquidated without the Client’s consent. Moreover, the Client will remain liable for any resulting deficit in the Client’s account and interest charged on the Client’s account. The Client should therefore carefully consider whether such a financing arrangement is suitable in light of the Client’s own financial position and investment objectives;
(3) that in respect of trading Growth Enterprise Market (GEM) stocks:-
(i) such stocks involve a high investment risk and, in particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability and GEM stocks may be very volatile and illiquid and that the Client shall make the decision to invest only after due and careful consideration;
(ii) the greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors;
(iii) the current information on GEM stocks may only be found on the internet website operated by the Exchange and GEM Companies are usually not required to issue paid announcements in gazetted newspapers;
(iv) The Client should seek independent professional advice if the Client is uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks;
(4) that there may be risks in leaving assets in the Company’s safekeeping, for example, if the Company is holding the Client’s assets and the Company becomes insolvent, the Client may experience significant delay in recovering the assets except in accordance with specific legislation or local rules or applicable laws and regulations of the relevant overseas jurisdiction (if held outside Hong Kong) which may be different from the Securities and Futures Ordinance (Cap. 571) and may possible be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall and these are risks that the Client is prepared to accept;
(5) as stated in sub-paragraph (4) above, the Client’s assets received or held by the Company outside Hong Kong are subject to applicable laws and regulations of the relevant jurisdiction which may be different from the Securities and Futures Ordinance (Cap. 571) and the rules made thereafter, consequently, the Client’s assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong;
(6) that in respect of providing an authority to repledge the Client’s securities collateral (if any):-
(i) there are risks if the Client provides the Company with an authority that allows the Company to lends the Client’s securities to or deposit them with certain third parties under section 7 of the Securities and Futures (Client Securities) Rules and the related rules and regulations, as shall be amended from time to time. This is allowed only if the Client consents in writing. The consent must specify the period for which it is current, which cannot exceed 12 months;
(ii) The Client is not required by law to sign these authorities. But an authority may be required by the Company, for example, to facilitate margin lending to me or to allow the Client’s securities to be loaned to or deposited as collateral with third parties. The Company should explain to the Client the purposes for which one of these authorities is to be used;
(iii) if the Client signs one of these authorities and the Client’s securities are lent to or deposited with third parties, those third parties will have a lien or charge on the Client’s securities. Although the Company is responsible to the Client for the Client’s securities lent or deposited under the authority, a default by the Company could result in the loss of the Client’s securities;
(iv) a cash account not involving securities borrowing and lending is also available. If the Client do not require margin facilities or do not wish the Client’s securities to be lent or pledged, the Client will open a cash account;
(7) that in respect of trading Nasdaq-Amex securities at the Exchange, the securities under the Nasdaq-Amex Pilot Program (PP) are aimed at sophisticated investors and that the Client shall consult the Client’s licensed or registered person and become familiarised with the PP before trading in the PP securities since the PP securities are not regulated as a primary or secondary listing on the Main Board or the Growth Enterprise Market of the Exchange; and
(8) that before the Client begin to trade, the Client should obtain a clear explanation of all commission, fees and other charges for which the Client will liable, since these charges will affect the Client’s net profit (if any) or increase the Client’s loss.

28.2 Regarding Internet Trading, the Client hereby understands and acknowledges that:-

(1) Due to unpredictable traffic congestion of the Internet, an inherently unreliable medium of communication and that such unreliability is beyond the Company’s control, there is a risk that communication over the Internet may be interrupted, delayed or accessed by unauthorized parties. Notwithstanding measures taken by the Company to minimize this risk, the Company accepts no responsibility for any loss which may be incurred by the Client as a result of interruptions or delays or unauthorized access. The Client should not place any instruction with the Company over the Internet if the Client is not prepared to accept such risk.
(2) Trading on an Internet Securities Trading system may differ from trading on other Trading systems. If the Client undertakes transactions on an Internet Securities Trading system, the Client will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that the Client’s order is either not executed according to the Client’s instructions or is not executed at all.
(3) While the Company, the Exchange, the Clearing House and all related parties endeavour to ensure the accuracy and reliability of the information provided through the system, there is no guarantee that such information is accurate and reliable and that the Company, the Exchange, the Clearing House and related parties do not accept and liability (whether in text or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

29. Law

29.1 This Agreement is governed and construed in accordance with the laws of Hong Kong Special Administrative Region and the parties hereby irrevocably submit themselves to the exclusive jurisdiction of the Courts of the Hong Kong Special Administrative Region in relation to all matters arising from this Agreement.

 

Gong Ping SECURITIES LIMITED ("the Company")

PERSONAL INFORMATION COLLECTION STATEMENT

This Statement is given pursuant to the Personal Data (Privacy) Ordinance (Cap. 486 of the Laws of Hong Kong Special Administrative Region) ("Ordinance") in relation to the supply of client's personal data to the Company for the opening or maintaining of client account(s) (“the Account”) for securities trading and related services with the Company.

1. Purposes of Collection

1.1 The personal data provided by the Client to the Company and in any documentation which comes into existence as a result of client's opening or maintaining of the Account with the Company, will be used by the Company for the following purposes:-

(e) activities relating to the processing of client's application to open and maintain the Account, including but not limited to conducting credit reporting through credit report agencies both in Hong Kong Special Administrative Region ( "HKSAR" ) and overseas, or the processing of client's application for grant of credit or margin facilities by the Company or the maintaining and the review of such credit or margin facilities (if applicable);
(f) activities relating to purchasing, selling, investing, exchanging, acquiring, holding, disposing of and generally dealing in and with all kinds of securities on behalf of client;
(g) maintenance of particulars and data in compliance with the statutes and subsidiary legislation which are enacted and effective in HKSAR relating to securities business and transactions and also in compliance with the codes of the Securities and Futures Commission ("SFC"), the rules and regulations of The Stock Exchange of Hong Kong Limited ("the Exchange" ) and Hong Kong Securities Clearing Company Limited ("the Clearing House" ); and
(h) direct marketing and/or cross-selling of the financial products and services provided by the Company and/or any of its direct or indirect holding companies, subsidiaries of such holding companies or affiliated companies (the “Group”) as stated under Paragraph 4 hereinbelow.

2. The Obligation to Provide Personal Data

2.1 It is obligatory for client to supply the personal data as required by the Company. If client fails to supply the required personal data, the Company may refuse to open or maintain the Account or may refuse to provide services to client.

2.2 When providing any personal data to the Company, please ensure that the data is accurate having regard to client's obligations under the Ordinance.

3. Disclosure of Information

3.1 The Company may, as it deems necessary, disclose to its agents or nominees, associates, individuals or corporations dealing with securities, futures and options clearing and the Company's auditors such information as it requires to operate client's account or execute client's orders relating to the activities described in 1(b) above.

3.2 In compliance with any statute and subsidiary legislation which are enacted and effective in HKSAR relating to securities business and transactions and also in compliance with the codes of SFC, the rules and regulations of the Exchange and the Clearing House, the personal data provided by client may be disclosed to the Exchange and the Clearing House, SFC and any financial regulator as defined in the Ordinance, government bodies, other regulatory authorities, individuals or corporations who have the right to such data and information as prescribed by law.

4. Use Of Data In Direct Marketing

4.1 The Company intends to use the Client’s data in direct marketing and the Company requires the Client’s consent (which includes an indication of no objection) for that purpose. In this connection, please note that:

(v) the name, contact details, products and services portfolio information, transaction pattern and behavior, financial background and demographic data of the Client held by the Company from time to time may be used by the Company in direct marketing;
(vi) the following classes of services, products and subjects may be marketed: financial, investment and related services and products;
(vii) the above services, products and subjects may be provided or solicited by the Company and/or any other member of the Group (including but not limited to Gong Ping Futures Limited and Gong Ping Asset Management Limited); and
(viii) in addition to marketing the above services, products and subjects itself, the Company also intends to provide the data described in paragraph
(i) above to all or any of the persons described in paragraph
(iii) above for use by them in marketing those services, products and subjects, and the Company requires the client’s written consent (which includes an indication of no objection) for that purpose.
If the Client does not wish the Company to use or provide to other persons his/her personal data for use in direct marketing as described above, the Client may exercise his/her opt-out right by notifying the Company at any time and without charge.
To opt-out from the Company using or providing the Client’s data to other persons for use in direct marketing, please fill out the form in Appendix A and return it to the Company. The Client’s request shall apply to all personal account(s) maintained by the Client at the Company.

5. Access to Personal Data/Opt-out for Direct Marketing

5.1 In accordance with the terms of the Ordinance, client may request access to the personal data supplied by client and may request the Company to correct any inaccurate data. The Company shall be entitled to charge a reasonable fee for processing of any data access request (such fee will be notified to the Client upon such request); and

5.2 The Client may opt out his/her personal data to be used for direct marketing at any time by giving notice and without charge to the Company and such notice shall take effect upon the expiry of 3 business days from the date of the Company’s actual receipt for such notice.

6. Enquiries

6.1 Enquiries concerning the personal data provided by client to the Company, including the request for access and correction, should be addressed to:-

Data Protection Officer
Gong Ping Securities Limited
Head Office: Unit D, 8/F, Tower B, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Hong Kong

 

期貨客戶協議書

本協議由以下雙方於客戶開戶執行表格所列之日期簽署：

(1) 公平期貨有限公司（“本公司”），為一間在香港註冊成立的公司，其註冊及主要營業地址為香港九龍九龍灣宏光道一號億京中心B座八樓D室，並為根據《證券及期貨條例》就第二類受規管活動（期貨合約交易）獲發牌的持牌法團（中央編號：AXK956），及期貨所交易所參與者(期貨交易商);及

(2) 當事方（“客戶”），其名稱、地址和相關資料列於開戶表格中。

基於本公司同意讓客戶在本公司開立一個或多個賬戶，以及向客戶提供與商品交易、商品期貨及期權合約買賣有關的服務。客戶同意，本公司為任何賬戶執行的所有交易均受下文所載經不時修訂並通知客戶的本公司標準條款及細則限制，而客戶亦受有關標準條款及細則約束。

1. 釋義與詮釋

1.1 在本協議中，除非文意另有所指，否則以下文字及語句應具以下涵義：

「賬戶」指根據本協議的規定，任何以客戶名義在本公司開立或開立並維持的賬戶；
「開戶表格」指表格(用作於本公司開戶的表格)記錄由客戶提供的客戶資料;
「本協議」指本協議連同開戶表格及風險披露及免責聲明（經不時書面修訂並已通知客戶）；
「資產」指現金、貨幣、證券、投資、存款或可用作完好交付並於交易所買賣的金融工具（包括期貨及期權合約）；
「聯繫人」就本公司而言，指本公司的任何附屬公司或控股公司，或本公司的控股公司的任何附屬公司；而「聯繫人」一詞，應按此詮釋；
「認可金融機構」指香港法例第155章銀行業條例第2(1)條所指的認可機構；
「客戶之受益身分」指任何客戶賬戶的最終受益人，或（如屬公司或法人團體的客戶）屬於該公司或法人團體的股本最終實益擁有人的個人，包括通過代名人或信託持有權益的受益人；
「本公司」指公平期貨有限公司；
「登入號碼」指識別客戶身份的名稱，須配合密碼一起使用以接達有關互聯網期貨交易服務。
「營業日」指香港的持牌銀行一般公開營業的日子（不包括星期六或公眾假期）；
「結算所」指（就期交所而言）期貨結算及（就任何其他交易所而言）任何為有關交易所提供結算服務的結算所；
「結算所保證金」指有關交易所及／或結算所的規則及規例規定本公司向客戶收取作為保證金及／或變價調整（不論其名目）的現金款項或非現金抵押品，以及本公司必須向有關結算所呈報的所有保證金及／或變價調整（不論其名目）款項；
「客戶」一詞，若指本協議簽署人是個人者，則包括其本人、其遺囑執行人及遺產管理人；若指眾人，則包括眾人及各自之遺囑執行人及遺產管理人；若指有限公司，包括有限公司之繼承人及受讓人。
「客戶合約」指本公司與客戶訂立並有條款完全相同（僅有價格及訂約方不同）的合約對盤的期貨合約或期權合約；
「客戶款項規則」指香港法例第571I章證券及期貨（客戶款項）規則；
「客戶證券規則」指香港法例第571H章證券及期貨（客戶證券）規則；
「平倉」指訂立與先前所訂合約相等及相反的合約（每份合約均與某份客戶合約對盤），藉此為各合約的基礎資產或各合約本身訂定同一水平的持倉，從而釐定有關合約（及相應客戶合約）產生的利潤或損失款項；而「平倉」一詞，應按此詮釋；
「準則」指證券及期貨事務監察委員會持牌人或註冊人操守準則；
「賠償資金」指根據證券及期貨條例（香港法例第571章）第236條設立的投資者賠償基金；
「商品期貨」指於香港期交所或任何其他外地期貨交易所買賣之期貨合約或期權合約，或由雙方協議之其他工具之期貨合約或期權合約。商品可包括而不限於貨幣，證券，任何種類指數（無論是否與股票市場有關），利率，匯率，實物資產（包括貴金屬，農產品及石油）或其他投資買賣，或其有關權利或期權的買賣。
「合約」指通過交易商訂立的期貨合約或期權合約；
「交易商」指交易所及／或結算所的會員，即本公司或獲本公司指示在交易所訂立期貨合約或期權合約或進行有關合約結算的該交易所及／或結算所的會員;
「交易所」指期交所及世界各地任何其他地方進行資產買賣的交易所，市場或交易商組織；
「交易所合約」指證監會及期交所核准於某一市場買賣的期貨合約或期權合約，或（如文意有此所指）按照各規則簽訂的期貨合約或期權合約;
「浮動交易損失」指由於市場波動，資產不時產生的價值下降；
「期貨合約」指於任何交易所簽訂的合約，作用如下：
(a) 一方同意於議定的未來時間，按議定價格將議定資產或議定數額的資產交付另一方；或
(b) 各方將會於議定的未來時間進行調整，不論當時議定的資產價值或指數或其他因素（視乎情況而定）高於或低於訂定合約之時議定的價值或水平，而有關差額將按照訂立有關合約的有關交易所的規則釐定：
「期貨結算」指香港期貨結算有限公司；
「期交所」指香港期貨交易所有限公司；
「香港」指中華人民共和國香港特別行政區；
「資訊」指與期貨及期貨市場有關之任何交易或市場資料、買入及賣出價、新聞報導、第三者分析員的報告、研究資料及其他資訊；
「互聯網期貨交易服務」指由本公司向客戶提供互聯網交易服務，令客戶可透過使用相容之個人、家庭或小型電腦，包括裝有解調器之互聯網設備、可接駁電訊網絡之終端機或網絡電腦，以電腦或電話傳遞方式發出互聯網期貨交易指示並獲取報價及其他資訊;
「保證金」指本公司不時向客戶要求而金額不少於有關結算所保證金的現金及／或非現金抵押品，藉以保障本公司免除因現有，未來或預期訂金的合約及／或客戶合約而蒙受損失 （包括浮動交易損失）或承受損失風險（包括產生浮動交易損失的風險）；
「未平倉合約」指尚未平倉的客戶合約或合約；
「期權合約」指任何一方（「第一方」）與另一方（「第二方」）於任何交易所簽訂的合約，據此：
「密碼」指客戶的密碼，須配合登入號碼一起使用以接達有關互聯網期貨交易服務。
「證券及期貨條例」指香港法例第571章證券及期貨條例及任何據其訂立的附屬法例（均經不時修訂或重新制訂）；
「風險披露聲明」指按該準則訂明的格式所作出涉及期貨合約及期權合約交易的風險聲明；
「各規則」指不時有效的期交所規則、規例及程序；
「獨立銀行賬戶」指根據客戶款項規則，以本公司名義在認可金融機構或證監會核准的組織開立或維持的往來或存款賬戶，賬名中應含有「客戶」、「獨立」、「非所方」或其他類似語句；
「證監會」指香港證券及期貨事務監察委員會；
「稅項」指香港或世界各地的各類稅項、稅款、徵稅及定額收費；
「交易」指基於本協議而訂立的客戶合約或合約，將客戶合約或合約平倉、進行交付及／或交收（此用語包括期權合約的行使及分配）。

1.2 在本協議中：

(a) 凡提述條款及分條時，除非另行說明，否則應指本協議的條款及分條；
(b) 凡提述法規或法定條文、應包括經不時修訂、延展或重新制定的法規或法定條文；
(c) 凡屬於單數的文字，其涵義包含複數，反之亦然；
(d) 凡表示一種性別的文字，其涵義包含所有其他性別；
(e) 「人士」一詞，包括任何商號、合夥、組織及法人團體，任何共同行事的有關人士，以及任何有關人士的遺產代理人或所有權承繼人；
(f) 凡屬於兩人或多於兩人組成的客戶、本協議規定的責任及義務、均為共同及個別責任及義務；
(g) 凡提述「書面」時，應包括郵件、電子郵件及傳真；及
(h) 標題只為方便而設，而於詮釋本協議時，可以不理會有關標題。

1.3 本協議中提及的「指示」將被視為包括通過互聯網期貨交易服務發出的互聯網期貨交易指示。

2. 條款及條件之適用範圍

2.1 本協議適用於本公司代表客戶於香港期貨交易所所簽立或將簽立之一切合約，並視為收納於（不論是口頭或書面）本公司與客戶之間所訂立之每份合約內，客戶以書面或其他方式（不論是明示、暗示或按慣例或於交易過程表明）建議或提述之任何其他條款及條件，或本公司與客戶先前已據此訂立合約，均不包括於此適用範圍內。

2.2 於香港期交所訂立之所有合約及本公司與客戶之間之所有交易，均對雙方具約束力，並須依據香港期交所之程序、香港期交所之條文以及規則履行並受其規限。

3. 本公司出任代理人

3.1 除本協議規定或本公司向客戶書面披露者外，否則本公司將出任客戶的代理人。

3.2 客戶授權本公司按照客戶的口頭或書面指示就該賬戶進行交易。

3.3 若客戶以任何其他人士的代表身份依劇本協議向本公司發出指示，則就各種情況及一切義務而言，本公司只會視客戶（而非任何有關人士）為本公司的客戶，而客戶須以本公司的客戶身分承擔有關責任，即使客戶已將其代表任何人士之事宜通知本公司亦然，而有關人士概不被視作「間接客戶」處理。

3.4 對於客戶遵行任何與客戶以受信人身份所作出行為有關的法例及規例事宜（如適用），本公司概不承接擔責任。

4. 遵行法例、規則或交易所等

4.1 所有客戶合約及交易，均須遵行本協議的規定及（就本公司是其會員／參與者的交易所及／或結算所而言）有關交易所及／或結算所的章程、規則、規例、附例、慣例及習慣（及就期交所進行的交易而言，尤其是各規則），以及客戶及／或本公司須遵行的所有適用法例、規則、規例、附例、慣例及習慣，藉此：
(a) 若(i)本協議與(ii)任何有關適用法例、章程、規則、規例、附例、慣例及習慣之間有任何抵觸，則以後者為準；
(b) 本公司可採取或不採取任何其認為適合的行動，藉以確保遵行任何有關法例、章程、規則、規例、附例、慣例及習慣，包括（但不限於）調整任何賬戶，不理會任何尚未執行的買賣盤或撤銷任何已執行的交易，而本公司無須就其作出或不作出有關行動而向客戶承擔任何責任；
(c) 有關適用法例、章程、規則、規例、附例、慣例及習慣、以及所採取的一切有關行動，對客戶均具約束力；
(d) 客戶須負責預先領取及維持任何所需政府或其他同意，藉此讓客戶訂立本協議或任何客戶合約，或讓本公司進行任何與本協議有關的交易；
(e) 在訂立任何合約之前，本公司須向客戶提供合約說明書，保證金程序的詳盡說明，以及無須客戶同意即可將客戶的持倉平倉的情況；及
(f) 若於期交所以外的任何交易所訂立任何合約或交易，則有關合約或交易須遵行有關交易所的規則、規例、附例、慣例及習慣，而客戶於執行交易的不同市場及交易所獲得的保障類別及水平，將會與各規則所提供的保障類別及水平有顯著分別。

4.2 若本協議任何條文與期交所及／或任何交易所或對本協議的主要事務具司法管轄權的任何其他有關當局或機構的任何現有或未來法例、規則、規例、附例、慣例或習慣不相符，則應當作按照任何有關法例、規則、規例、附例、慣例或習慣撤銷或修該有關條文，在所有其他方面，本協議將繼續具有全部效力及作用。

4.3 凡本協議的規定，不具撤除、免除或限制香港不時有效的任何適用法例規定的客戶權利或本公司義務的效力。

4.4 倘客戶向本公司發出任何指令的地點為香港以外的地方 (不論是否以互聯網交易方式進行)，客戶同意確保及表明該等指令的發出將遵從於客戶發出指令的有關司法管轄區的任何及一切適用法律，而客戶更同意遇有疑問時，應向有關司法管轄區咨詢或取得法律及專業意見。客戶同意支付就有關任何指示可能須繳付稅項或收費，本公司並不須就該等費用負上任何責任。

5. 授權

5.1 客戶（此處指公司客戶）授權予獲授權人士在與本公司進行的所有交易事務中代表客戶，及代表客戶簽署與帳戶及其操作相關的所有協議和文件。所有這類文件和指示對客戶有絕對的、最終的約束力。客戶同意本公司有權依據獲授權人士的指示行動，直到客戶書面通知本公司撤銷或變更該授權為止。

5.2 如果客戶（此處指個人客戶）要指定獲授權人士，則客戶在填寫完開戶表格之外，還要以本公司規定或可接受的格式向本公司提交正式簽署的授權書或類似的委任文件。客戶同意本公司有權依據獲授權人士的指示行動，直到客戶書面通知本公司撤銷或變更該授權為止。為免生疑問，客戶同意及承認本公司有權拒絕任何由客戶給予的第三者授權而無須給予任何理由。

5.3 客戶承認並同意，客戶對所有交易負有全部的責任及本公司只對交易的執行、結算和進行交易負責，本公司對於與帳戶或交易有關的介紹公司、投資顧問或其他第三方的任何操守、行動、陳述或聲明概不承擔義務和責任。客戶進行的交易不是本公司推薦或誘導的結果，本公司不會對客戶進行的交易的合適性承擔責任。本公司亦不會對任何交易的盈利、稅項、法律和會計的後果承擔責任。

5.4 由本公司、本公司的董事、高級職員、僱員或代理人提供的任何意見或資料（不論是否被要求的）都不應構成進行交易的要約或投資的建議。客戶應獨立地並且不依賴本公司，作出其本身的交易的判斷，客戶並確認交易的決定是由客戶決定並承受有關風險。

5.5 有關客戶執行的交易或由本公司根據客戶指示的交易或代客戶的交易，客戶明白及同意：
(i) 本公司沒有承擔給予意見或推介的責任；
(ii) 本公司將不對客戶負上就任何交易提供利好性或適合性的意見；
(iii) 如本公司及／或其代表完全因為進行期貨交易的活動而作出任何期貨提議及／或意見或發出有關分析或報告，本公司對客戶的投資組合或任何投資或任何完全交易均不承擔任何責任；及
(iv) 至於客戶所進行的所有交易，客戶將被視為已有取得到獨立的法律、財務及投資顧問的意見。

6. 互聯網期貨交易服務的使用

6.1 當本公司向客戶發出登入號碼及密碼後，互聯網期貨交易服務將被啟動，同時本公司將向客戶發出相應通知。

6.2 本公司有權要求客戶按本公司不時的通知，在執行其任何指示前存入現金。

6.3 客戶同意：
(i) 客戶將只按照本協議及本公司不時於本公司網站提供客戶，所規定的各種指示及程序使用互聯網期貨交易服務；
(ii) 客戶本人是互聯網期貨交易服務的唯一獲授權用戶；
(iii) 客戶應對其登入號碼及密碼的保密及使用承擔責任；
(iv) 客戶應對利用登入號碼及密碼而透過互聯網期貨交易服務所輸入的所有指示完全負責，本公司收到的任何指示將被視為由客戶於本公司收到的時間及以收到的形式發出；
(v) 如發現登入號碼及密碼有任何遺失，被竊或未經授權使用，客戶應立刻知會本公司；
(vi) 客戶需向本公司提供電郵地址及立刻通知本公司客戶的互聯網期貨交易郵件地址有任何改動，並於客戶指定的互聯網期貨交易電郵地址接受本公司的互聯網期貨交易通訊；
(vii) 本公司可有絕對酌情權，對可透過互聯網期貨交易服務發出的指示之種類及指示之價格範圍預以限制；
(viii) 客戶同意支付因本公司提供互聯網期貨交易服務而須收取的所有訂購費、服務和用戶費（如有的話），並授權本公司可從客戶帳戶中扣除該類款項；
(ix) 客戶應受任何透過互聯網期貨交易服務給予本公司，並同意本公司只通過互聯網期貨交易服務來只以電郵向其提供任何通知、日結及月結單及其他通訊的同意所約束；
(x) 客戶在完成每次互聯網期貨交易服務時段後，應立即登出互聯網期貨交易服務系統；
(xi) 客戶不得使用或容許使用資訊或其任何部分作任何非法用途；及
(xii) 客戶不得向第三者散播資訊，同時只容許客戶作本身的用途或在本身業務的正常過程中使用。

6.4 在不限制上述的概括性原則下，客戶確認並同意，一旦通過互聯網期貨交易服務發出的指示後，未必能夠修改或取消，及指示只有在尚未被本公司執行時方有可能修改或取消，在這種情況下，本公司將盡可能修改或取消指示，但是，儘管本公司已確認有關修改或取消指示，也並不能保證該修改或取消一定會發生，如果該修改或取消沒有發生，客戶仍然要對其最初作出的指示負責。

6.5 如果互聯網期貨交易服務未能使用，客戶將根據客戶協議第9.1條之規定發出指示。

6.6 電子交易設施是以電腦組成系統來進行交易指示傳遞、執行、配對、登記或交易結算。然而，所有設施及系統均有可能會暫時中斷或失靈，而客戶就此所能獲得的賠償或會受制於系統供應商、市場、結算公司及／或參與者商號就其所承擔的責任所施加的限制。由於這些責任限制可以各有不同，客戶應向為客戶進行交易的商號查詢這方面的詳情。

7. 資訊的提供

7.1 本公司可通過互聯網期貨交易服務向客戶傳遞資訊，客戶可能會被收取從交易所、市場及其他傳輸資訊的第三方（統稱為“資訊供應者”）獲得並提供給客戶使用的資訊的一定費用。

7.2 資訊乃是本公司、資訊供應者或其他人士的財產，受版權保護，客戶應：
(i) 在未獲得這些權利擁有人的同意前，不得上載、貼上、複製或分發任受版權或其他知識產權（以及公開權及私穩權）所保障的任何資訊、軟件或其他資料；及
(ii) 不得將資訊或其中的任何或任何部分用於並非其本身用途或並非其本身日常業務之用途。

7.3 客戶同意不會：
(i) 在未獲得本公司和有關資訊供應者的明確書面同意之前，以任何方式複製、再發、傳播、出售、分發、出版、廣播、傳閱或在商業用途利用資訊；
(ii) 將資訊用於任何非法目的；
(iii) 將資訊或其中的任何部份用於建立、維持或提供、或用於協助建立、維持或提供一個買賣在聯交所上市的期貨的交易平台或交易服務。

7.4 客戶同意將遵守本公司的合理書面要求，以保護資訊供應者及本公司各自在資訊和互聯網期貨交易服務中的權利。

7.5 客戶將遵守本公司不時作出的有關允許使用資訊的合理指示。

7.6 客戶授權本公司可將提供給客戶的互聯網期貨交易服務資訊提供給香港聯合交易所資訊服務有限公司（“資訊服務公司”），從而使本公司能夠遵守資訊服務公司與本公司簽訂的有關市場數據傳送專線許可證協議。

8. 知識產權

8.1 客戶承認，互聯網期貨交易服務及其中包括的任何軟件乃屬本公司專有。

8.2 客戶保證並承諾，將不會以任何方式試圖篡改、修改、解編、倒序製造、或以其他任何方法改動該等軟件，亦不會試圖在未經授權下接逹互聯網期貨交易服務或內裏包含的軟件的任何部分，客戶同意，若客戶在任何時候違反了此保證及和承諾，或若本公司在任何時候有合理理由懷疑客戶已違反了此保證及和承諾，本公司將有權終止本互聯網交易協議。

8.3 客戶保證如知道有任何人作出上述第8.2條款之行動時，會即時通知本公司。

9. 買賣指示、記錄買賣指示、買賣及結算

9.1 本公司可接納客戶（或其授權人士）用互聯網期貨服務或電話方式指示買賣。本公司亦可接納客戶親臨本公司辦公室填寫本公司的買賣期貨指示表格。全部的指示，本公司將以其次序前後蓋上時間印章或以電子方式記錄。為免生疑問，客戶同意客戶應首先以互聯網期貨服務方式下盤。客戶明白及承認當互聯網期貨服務因任何原因而未能提供，客戶將以電話方式下盤。為免生疑問，客戶有權可透過電話或親身在本公司下盤。

9.2 倘若本公司收到互相抵觸的指示時，本公司可拒絕執行任何此等指示，直至接到明確的指示為止。

9.3 本公司有絕對酌情權決定拒絕客戶的指示而無須對此作出解釋，並且無須在任何情況下對此拒絕所引致客戶失去的盈利、損失、經濟責任、支出或費用作出負責。

9.4 客戶同意本公司可由本公司的電話錄音系統記錄電話交談中有關買賣指示。客戶承認該記錄由本公司擁有，並接受如有糾紛時，此錄音為最後及最終之証據。

9.5 凡經電話或其他方式發出的指示，包括後來以書面發出的指示在意義上有差異時，則須以本公司的電話錄音指示記錄為準。

9.6 為免生疑問，本公司只有責任將電話記錄存放至有關香港所指定的存放期。

9.7 本公司有權（但並無責任）直接或通過交易商按客戶的要求進行任何交易。本公司可絕對酌情決定拒絕客戶的任何買賣盤或指示，並將有關事宜通知客戶，惟於任何情況下，對於客戶因而蒙受或產生的任何利潤損失或得益、損害、債務、申索、費用或支出，本公司概不承擔責任，除按客戶指示進行外，如客戶並無違反本協議，亦無發生違約事件（詳見第12.1條的釋議），則本公司並無責任將任何未平倉合約平倉。本公司可於任何時間不時對任何合約特定類別合約（整體計算）及／或任何賬戶訂定限額（包括持倉限額在內），而客戶同意作出一切所需要作為，藉以確保任何時間均不會超出有關限額。除按客戶指示進行外，在客戶並無違反本協議及並無發生違約事件的情況下，本公司並無責任將任何合約或客戶合約平倉。為免存疑：
(a) 客戶或任何認可人士均可發出任何交易買賣盤及指示，而有關買賣盤及指示應該絕對及確切地對客戶具約束力；
(b) 本公司可（但並無責任）核實或查詢發出買賣盤或指示的人的身分；及
(c) 本公司有權按有關買賣盤或指示行事，亦可倚賴本公司相信由客戶或任何認可人士（如有者）（視乎情況而定）發出的買賣盤或指示。

9.8 由於任何交易所的實質環境限制及資產價格頻密發生極急速變動，在某些情況下可能會引致定價或買賣延誤。本公司或許在指定時間不能按所報出價格或按「最佳價格」或「最佳市場價格」進行買賣。對於未能或不遵行任何代表客戶進行的限價盤的條款，本公司概不承擔責任，若本公司由於任何原因不能完全執行客戶的買賣盤，本公司可自行酌情決定部分執行有關買賣盤。如客戶作出任何執行買賣盤的要求後，客戶在任何情況下均須接受有關結果，並受有關結果約束。

9.9 對於客戶由於本公司進行以下事宜而蒙受的任何支出、損失或損害、本公司概不承擔責任，亦無須向客戶呈報因而產生並歸於本公司的任何利潤或得益： (a) 期貨合約，期權合約或任何合約或客戶合約的基礎資產的交易或買賣；及 (b) 與客戶進行合約或客戶合約買賣。

9.10 客戶特此同意就本公司或其董事、僱員、代理人、代表、聯繫人及代理機構基於本協議而合法作出的任何事項所產生的一切支出、債務、申索及要求而向本公司及其董事、僱員、代理人、代表、聯繫人及代理機構作出彌償，以及維持作出完全彌償。

9.11 本公司及其任何董事、僱員或代表可不時自行在任何交易所或與任何交易商進行買賣，並可不時出任任何合約或客戶合約的交易商。

9.12 在受期貨及期貨條例的條文及任何適用法例限制下，本公司可接受與客戶買賣盤相反的任何交易所買賣的期貨合約及期權合約的持倉，不論作為自用或代表本公司的聯繫人或本公司的其他客戶進行，惟有關買賣須按照各規則在／或通過期交所的設施以競爭方式執行，或按照任何其他交易所的規則及規例在／或通過有關其他交易所的設施以競爭方式執行。

9.13 客戶特此確認及同意，若本公司被暫停或撤銷期交所交易所參與者的權利，結算所可作出一切所需要事項，將本公司代表客戶持有的任何未平倉合約及客戶賬戶貸項任何所記款項及期貨轉移予另一名期交所的交易所參與者。

9.14 客戶確認： (a) 每份交易所合約須繳交投資者賠償基金徵費及證券及期貨條例規定的徵費，兩項費用均由客戶承擔；
(b) 並承諾繳交證券及期貨條例、任何交易所或結算所因任何交易所合約而不時徵收的其他徵費；
(c) 就期交所而言，若因本公司違約而引致客戶蒙受金錢損失，則投資者賠償基金承擔的責任，謹以證券及期貨條例規定的有效申索為限，並以香港法例第571AC章證券及期貨（投資者賠償-賠償上限）規則所載的金額上限為限；因此，概不保證一定能夠從投資者賠償基金全額、部分或肯定收回因有關違約而蒙受的任何損失；及
(d) 就在任何結算所維持的任何本公司賬戶（不論是否完全或部分為代表客戶進行買賣的期貨合約或期權合約而維持有關賬戶，亦不論客戶所付或存放的款項是否已付予或存於有關結算所）而言，在本公司與結算所之間，本公司以主事人身分進行買賣；因此，任何有關賬戶將不含任何客戶受益的信托或其他衡平法權益，而付予結算所的款項因而不含第9.24條規定的信托權益。

9.15 客戶確認本公司受不時有效的各規則約束，藉此於期交所認為客戶積累的倉盤將會危害期交所不時設立營運的特定市場、或將任何有關市場的公平及有秩序運作構成或可能構成不利影響（視乎情況而定），期交所可採取步驟限制有關客戶的持倉，或要求代表有關客戶將合約平倉。

9.16 本公司可自行酌情決定是否接受以電子郵件、郵遞或口頭方式發出的買賣盤，而有關傳送風險、一概由客戶承擔。若由於本公司控制範圍以外原因（包括（但不限於）傳送或電腦延誤、錯漏、罷工及同類工業行動、或任何交易商、交易所或結算所並不履行其義務等）引致本公司未能履行本協議規定的本公司義務，則本公司概不負責。

9.17 客戶確認，不論本公司行事之時，任何賬戶屬貸項或借款結餘，本公司仍獲授權按聲稱由客戶，或依據客戶授權或由認可人士（如有者）發出的任何指示（不論書面或口頭方式發出，亦不論以何種方式傳達）行事，而客戶特此確認及同意，對於一切以客戶名義並聲稱以前述方式作出或訂立的協定、債務及任何其他債項（不論書面或口頭方式作出或訂立，亦不論以何種方式傳達），客戶均須向本公司負責。

9.18 客戶知悉及確認同意本公司可將通過電話，其他媒介或其他方式與顧客的通話錄音，藉此讓本公司核實與任何事務有關的資料。

9.19 凡根據本協議發出可多於一間交易所執行的買賣盤，可於本公司選擇的任何交易所執行。

9.20 若基於任何原因（包括抵銷有關交易所、結算所及／或交易商的本公司持倉），有關交易所、結算所及／或交易商不再承認有任何合約存在，或並不執行任何合約或將其平倉，本公司概不承擔（與客戶合約對盤或其他項目有關的）責任，惟上述不再承認合約存在或不執行合約或將其平倉，將不影響本協議規定客戶須負責與其要求本公司開立而尚未平倉合約有關的義務及責任，或因而產生的其他客戶義務或責任。

9.21 本公司可於任何時間無須預先通知而自行絕對酌情決定採取本公司認為所需或適宜的步驟，藉此遵行或履行、註銷或符合與本公司按客戶指示取得的合約有關而須向有關交易所、結算所及／或交易商承擔的任何義務，包括將任何或所有有關未平倉合約平倉及／或執行有關未平倉合約，而就此而言：
(a) 買入或出售（可按任何方式進行，包括自行買入或出售）任何未平倉合約的基礎資產；及／或
(b) 借取、買入或出售任何貨幣；及／或
(c) 在各種情況下應用任何保證金，藉此本公司所付出的款項超逾本公司代表客戶所持有款項的溢額，應於收到要求後即時付給本公司。

9.22 若於本公司基於客戶賬戶所發出的訂立合約確認書、交收結單及未平倉及／或平倉合約結單傳送（不論以電話、郵遞、電子郵件或其他方式）予客戶後14日內，並不以掛號郵遞方式對有關確認書所載的資料提出書面異議，並送交本公司的辦事處，則有關確認書對客戶而言將不可推翻。就賬戶的借項或貸項所記款項而言，如無明顯錯誤，本公司的有關紀錄應不可推翻，並對客戶具約束力。

9.23 凡本公司基於客戶的賬戶而從客戶或任何其他人士（包括結算所在內）收到的款項及其他財產，應由本公司以受託人身分持有，並與本公司本身資產分開處理，並於切實可行時盡快（惟於任何情況下在收訖後下一個銀行營業日內）存入獨立銀行賬戶，獨立期貨賬戶或獨立債務期貨賬戶，而於無力償債或清盤情況下，本公司按此持有的所有款項或其他財產，將不屬於本公司資產的一部分，惟於本公司的全部或部分業務或資產委任臨時清盤人，清盤人或同類官員之後，須即時退還客戶。凡本公司從客戶或任何其他人士（包括結算所在內）收到的款項，須按照該準則附表4第7至12段所載的方式持有，亦用於應付本公司所欠任何人士的債務，惟有關債務須與代表客戶進行買賣的合約有關或所致。

9.24 就即月到期的未平倉期貨持倉的平倉指示而言，如屬長倉指示，必須於即月最後交易日的上一個營業日下午四時之前發給本公司；如屬空倉指示，必須於即月最後交易日的上一個營業日下午四時之前發給本公司。不然，必須於上文所載期間內將用於收取交付所需的充足及即時可用款項或所需交付文件送交本公司。若本公司並未收到任何有關指示，即時可用款項或文件，本公司可無須通知而按本公司認為可行的條款及方法，代表客戶將客戶的持倉平倉或作出或收取交付。

9.25 (a) 交易所合約有關的交易，須遵照本公司或任何聯繫人代表客戶訂立期貨合約及／或期權合約的有關市場及交易所不時有效的規則、規例及程序（就期交所進行的交易而言，尤其是各規則）進行，而有關規則可載有規定，本公司須應證監會、有關交易所或其他監管機構要求，披露證監會、有關交易所或監管機構要求與客戶及／或賬戶有關的資料（包括但不限於）客戶的姓名／名稱及最終受益身分，以及與客戶有關的其他資料）。客戶特此同意應本公司要求即時（惟於任何情況下必須於兩個營業日內）提供本公司或有關監管機構要求與客戶有關的資料予本公司或直接提交有關監管機構，藉此讓本公司遵行有關規則及要求，而客戶不可撤銷地授權本公司及其聯繫人（無須進一步通知客戶或客戶同意）向有關機構披露一切有關資料，以及向有關機構提供本公司持有的一切有關文件（或其副本），藉此遵行有關規則及要求，不論於本公司及／或其聯繫人向有關機構披露有關資料及文件之時本協議是否終止亦然。
(b) 客戶確認，期交所或證監會可要求本公司披露上文第9.26(a)條提述與客戶有關的資料，並進一步確認，如本公司未能遵行各規則的披露要求，則期交所行政總裁可於其認為適合時，要求將本公司代表客戶持有的任何或所有持倉平倉或對有關持倉收取保證金附加費。
(c) 若由於客戶未能向本公司提供根據第9.26條披露客戶及／或賬戶有關的任何資料或不遵行有關交易所或監管機構的任何要求而產生任何後果，客戶不得以任何方式要求本公司、其代理人或聯繫人承擔責任。客戶須於收到要求後，按完全彌償方式將本公司、其代理人或聯繫人因遵行有關要求而產生的一切損失、損害、費用及支出（包括法律費用）償付予本公司、其代理人或聯繫人。

9.26 客戶確認，根據各規則第632A條的規定（對各類期貨合約及期權合約訂定對沖值持倉限量的規定），任何人所擁有或控制的恒生指數（「恒指」）期貨、恒指期權、小型恒指期貨及小型恒指期權市場（或期交所不時訂明的其他產品）的綜合持倉量，不得超出指定的持倉對沖值（由期交所不時訂明），客戶亦確認，如任何賬戶或多個賬戶合計超逾對沖值持倉限量，期交所行政總裁或其指定人員須要求及指示持有該等賬戶的本公司將所需持倉平倉，藉此將有關賬戶或合計賬戶持倉量回復至符合持倉限量水平。

9.27 客戶確認，根據各規則及證券及期貨（合約限量及須申報的持倉量）規則（「合約限量規則」）及證監會發出的有關指引，如客戶持有或控制的未平倉交易的數量（視乎情況而定）相等或超出合約限量規則訂明的每種合約的須申報水平（「須申報的持倉量」），本公司及客戶均有責任在客戶最先持有或控制須申報的持倉量之日及其後客戶持有或控制須申報的持倉量的每天之後的一個申報日（詳見合約限量規則釋義）內，按訂明格式提交該須申報的持倉量的書面通知予期交所。客戶亦確認，任何人持有或控制的期貨及／或期權合約，不得超出合約限量規則訂明的持倉限量（「訂明限量」），除非所持有或控制超出訂明限量的合約經期交所規則或證監會認可，則作別論。

10. 交收

10.1 客戶同意及確認，每份客戶合約（以及以客戶的賬戶進行的其他交易）擬定按照合約條款（包括任何資產的交收及其付款）具體履行。

11. 保證金／付款方法

11.1 客戶於任何時間均須按照本公司不時要求的金額及形式，在本公司維持超逾客戶因進行買賣或其他情況而所欠本公司的債項或債務的保證金，金額須高於有關交易所及／或結算所釐定的任何有關結算所保證金、變價調整及／或利率現金調整，並可由本公司修改，在向客戶發出有關通知後即時生效。若所存放的規定保證金下降至低於所需維持的保證金水平，交易所規則規定賬戶須再存入額外保證金，藉以回復至最初規定的保證金水平。

11.2 客戶基於本協議而須付的一切款項（包括保證金及變價調整），須於收到要求後到期繳付，並以本公司決定的貨幣支付，惟須遵照本公司代表客戶訂立有關客戶合約或合約的有關交易所及／或有關結算所所訂定的任何限制（如有）進行。保證金及變價調整的繳款通知，必須於24小時內或本公司絕對酌情決定認為所需並通知客戶的較短期間內支付。若有連續兩次追繳保證金通知及／或變價調整未能於本公司指定的期間內繳付，本公司須向期交所及證監會報告全部有關未平倉合約的詳情，並須提供交易所不時要求與賬戶有關的進一步資料，包括客戶的姓名及客戶之受益身分，本公司可要求高於有關交易所及／或結算所指定的保證金或變價調整，亦可無須客戶同意而將本公司指定時間內或於發出有關追繳通知或變價調整要求之時並未繳付任何追繳保證金通知或變價調整要求的客戶未平倉交易平倉。

11.3 凡以保證金方式持有的款項，均以信託方式持有，並按以下目的的應用：
(a) 按本公司認為適合的條款，將本公司須付予有關交易所及／或結算所的所有結算所保證金付予有關交易所及／或結算所，並將任何交易商要求本公司支付的所有保證金付給有關交易商；
(b) 用作清償所有交易產生的一切費用、損害、損失、債務及支出及本公司履行本協議規定的本公司責任或行使本協議規定的本公司權利或權力所產生的一切債務及支出，或用作償付有關費用、損害、損失、債務及支出償付予本公司；及
(c) 除非本公司信納已全額清償、付清或以其他方式發放上文(b)段提述的一切有關費用、損害、損失、債務及支出，否則將本公司全權認為歸屬於有關交易的任何盈餘付還客戶。

11.4 本公司有權按其酌情決定的有關條款及所賺取的回報率，將任何以保證金方式所付的款項投資，變現及／或再投資於本公司認為適合的投資項目、期貨、貨幣或存款；亦不論是否將其存於任何結算所。香港法例第29章受託人條例所載關於投資類別或方法的限制將不適用。本公司無須向客戶呈報從任何有關款項所賺取、取得或產生的任何利息或其他利潤。

11.5 凡客戶基於本協議所支付的款項，均不包括所有稅項。若法例規定須從有關款項預繳任何稅項，則客戶應付的款項須增加所需款額，藉此確保預繳任何有關稅項之後，本公司於到期日所收取的淨款額，應相等於本公司原應收取及留存的款額，猶如並無作出有關扣款一樣。

11.6 凡付給本公司的款項（不論存款或屬何名目），將無權向本公司收取利息。本公司有權將客戶款項所賺取的任何利息留作自用及受益。

11.7 任何在本公司開立的客戶賬戶的借項結餘，將按照本公司不時的利率收取利息，有關利息按日計算，自逾期款項到期日起計至款項全數付清之日為止。有關利息須於每曆月最後營業日或應本公司要求支付。

11.8 客戶確認，本公司可向代理人收取交易佣金的回扣，並同意本公司有權保留有關回扣，而客戶在任何方面均無權獲得有關回扣的利益。

12. 違約

12.1 如發生以下任何事件，應構成違約事件：
(a) 就任何客戶合約而言，客戶未能：
(i) 應要求提供保證金；
(ii) 按有關合約規定交付或接收所交付的任何資產；
(iii) 支付任何購價或其他到期應付款項；
(b) 司法當局宣佈客戶不具能力，或（如客戶屬於個人）客戶身故；
(c) 對客戶或其任何資產提交破產或（視乎情況而定）清盤呈請書，或展開其他同類法律程序，或委任接管人；
(d) 對賬戶發出扣押手令或命令或同等命令，或對任何賬戶實施、強制執行或執行判決；
(e) 客戶並不妥為履行或遵從本協議的任何條款及細則；
(f) 本協議所作或根據本協議或在送交本公司的任何證書、陳述書或其他文件所作任何陳述或保證，在任何重要方面為不確或成為不確；
(g) 客戶訂立本協議所需的任何同意、授權、批准、執照或董事會決議全部或部分被撤銷、撤回、中止或終止，或期限屆滿而不獲續期或未能維持全部效力及作用，或按本公司不能接受的方式修改任何客戶合約；
(h) 客戶（自動或以其他方式）違反本協議所載任何條款或任何交易所或結算所的任何章程、規則、規例、附例、慣例及習慣；
(i) 客戶超越本公司不時訂明的買賣限額；
(j) 本公司獨自認為進行資產買賣的市場出現不尋常波動；
(k) 本公司獨自認為客戶的業務、資產或財政狀況出現重大不利改變；或
(l) 發生任何本公司獨自認為對客戶將來履行本協議所規定義務的能力產生疑問的事件。

12.2 在不損害本公司所享有的任何其他權利或補償的情況下，若發生任何違約事件，在受期貨及期貨條例的規定限制下，本公司有權（但並無責任）絕對酌情決定及無須通知客戶而採取以下一項或多於一項行動：
(a) 運用任何其他存放於本公司的抵押品清償任何客戶所欠本公司的債項或債務；
(b) 出售代表客戶持有或存有的任何或所有長倉客戶合約或資產，或購入代表客戶持有或存有的任何或所有空倉客戶合約或資產；
(c) 取消代表客戶所作出的任何或所有尚未執行買賣盤、合約或任何其他承諾；
(d) 催繳任何抵押（包括（但不限於）已發給或受益人為本公司的任何擔保及信用證)，作為賬戶的抵押；
(e) 合併、綜合及出售所有賬戶；
(f) 無須訴諸其他方法而可將任何或所有客戶合約及任何相應合約平倉；
(g) 借入或買入本公司認為所需或代表客戶進行任何出售項目（包括賣空在內）交付所需的任何財產；
(h) 根據下文第13條行使任何權利；
(i) 中止賬戶；及
(j) 即時結束賬戶及終止本協議；

惟本公司先前提交或發出的原保證金或額外保證金繳款要求或各類追繳通知，或本公司發出的先前或未清償繳款要求或追繳通知，或關於出售或購入項目的日期、時間及地點的通知等，概不當作放棄本協議授予本公司的任何權利或補償處理。

12.3 在扣除採取上文第12.2條提述的任何行動所產生的一切費用及支出後，本公司可應用任何尚餘所得款項用作支付客戶所欠本公司的任何債務；若有關所得款項不敷支付有關債務，客戶須於收到要求後即時（即使尚未到達原定交收日期及時間亦然）將任何因此產生或任何賬戶或客戶合約產生的差額或不敷之數，連同其利息，以及本公司因執行每份客戶合約而產生並按完全彌償基準計算的所有費用（包括（如本公司絕對酌情決定將有關事務提交法律顧問處理）律師及大律師費用）及／或支出（均須由於客戶的賬戶產生，並由本公司從其管有的客戶任何款項中妥為扣除）付給本公司，並就有關差額、不敷之數、利息、費用及／或支出而向本公司作出彌償及保持本公司不受損害。

13. 抵銷

13.1 在附加及不損害本公司根據法例有權享有的任何一般留置權或同類權利，並受證券及期貨條例、其附屬法例及其他適用法例的條文限制下，若客戶在本公司或其任何聯繫人開立超過一個賬戶（不論屬何性質亦然），本公司可於任何時間無須通知客戶而將所有或任何有關賬戶合併或綜合，以及抵銷或轉移任何一個或多個有關賬戶貸項所記款項，用作清償客戶因任何賬戶或任何其他方面而所欠本公司或本公司的聯繫人的任何債務，包括任何融資或安排的未屆滿期限內的有關債務，或與外匯買賣有關的債務，或本公司或本公司的聯繫人按客戶要求而發出或承擔的擔保、彌償或任何其他文書規定的債務，不論有關債務屬於現有或未來債務，又或實際或屬或有債務，又或主要或附屬債務亦然。

13.2 若任何有關抵銷或合併須將一種幣值折算成為另一種幣值，應按照進行有關抵銷或合併時本公司在一般業務過程中所用的有關幣值的匯率（由本公司釐定，並在各方面對客戶均具約束力）計算有關折算事宜。

13.3 在不損害前述各分段賦予本公司的一般抵銷權利的情況下，客戶特此明確同意，如發生以下任何一項或多項事情，即：
(a) 在未得本公司預先明確書面同意及批准的情況下，客戶試圖轉讓及／或押記及／或以其他方式讓與前述任何一個或多個有關賬戶貸項所記全部或部分款項；或
(b) 發生任何本公司獨自認為可危害本公司對任何一個或多個賬戶債項結餘所享權利的事件；或
(c) 發生任何本公司獨自認為對客戶履行本協議所載客戶未來義務的能力產生疑慮的事件；或
(d) 展開客戶破產／清盤或同類法律程序；或
(e) 產權負擔享有人接管客戶的所有或任何經營、財產或資產，或對客戶的所有或任何經營、財產或資產委任接管人。

可立即及無須向客戶發出要求或通知，或於發生第12條提述的違約事件後，如本公司有此決定並向客戶發出通知後，自動及即時當作客戶的所有現存賬戶綜合成一個賬戶，並（連同上文提述的所有客戶債務）當作（如適用）到期處理，以及在一切情況下均須到期繳款，而任何有關賬戶貸項所記的所有款項，須於發生有關事件後即時自動抵銷，並當作轉予本公司處理，用作清償前述或在任何其他方面客戶須向本公司承擔的所有債務。

13.4 本協議的任何規定，並不限制本公司享有的任何一般留置權或其他權利或留置權（不論法例或其他方式規定亦然）的施行，而本協議賦予的抵銷權利，均附加及不損害因法律產生的任何一般抵銷權利，或本協議第12條授予本公司的權利，或本公司現時或此後持有的任何留置權、擔保、匯票、票據，按揭或其他抵押。

14. 不得轉讓、繼承

14.1 客戶不得轉讓本協議或任何客戶合約的任何權利或義務。

14.2 本協議的全部條文，於本公司業務有任何變更或繼承後依然有效，並對（如客戶為法團）客戶的繼承人及（如客戶為合夥）客戶的合夥人及其各自遺產代理人及（ 如客人為個人）客戶的遺產代理人均具約束力。

15. 不當作棄權

15.1 客戶確認，本公司或其任何僱員、傭工、代理人、代表或聯繫人的任何作為、不作為或延期償付，並非或不得當作本公司放棄任何對客戶或本公司持有的保證金或任何其他客戶資產所享有的權利。

16. 收費、費用

16.1 基於本協議而執行的服務有關的收費，將由本公司釐定，並按不時通知客戶的適用收費收取。客戶須將本公司及交易所各自不時訂明並通知客戶的期貨合約及期權合約佣金及交易所費用付給本公司。

16.2 在不損害第16.1條的一般原則下，客戶特此同意，若其任何賬戶的平均貸項結餘低於本公司不時釐定的最低金額，本公司可不時對有關賬戶收取由本公司釐定的最低收費。

16.3 一切銀行費用及穩妥保管費用，將由客戶承擔。

17. 責任與彌償

17.1 若本公司並無不真誠或故意錯失：
(a) 在任何情況下，對於客戶因本公司或其僱員、代理人、代表或聯繫人的任何作為、意見、陳述（明確或隱含陳述）、錯失或不作為而蒙受或產生的任何損失、損害、傷害或債務（不論有關損失、損害、傷害或債務因本公司、其董事、僱員、代理人、代表或聯繫人的違約或任何其他方式所致），本公司概不向客戶承擔任何責任；
(b) 客戶同意就本公司或本公司的董事、僱員、代理人、代表或聯繫人基於本協議所作出任何事項（不論根據客戶或任何認可人士的指示行事或其他方式亦然）或客戶或任何認可人士所作出的任何事項（不論有否客戶授權亦然）而產生的一切支出、債務、申索及要求而向本公司及本公司的董事、僱員、代理人、代表及聯繫人作出彌償，並概不要求本公司或本公司的董事、僱員、代理人、代表或聯繫人承擔責任。

18. 保證與承諾

18.1 客戶特此陳述及保證如下：
(a) 若客戶或任何客戶屬於法人團體（就有關人士而言）：
(i) 客戶是一間正式註冊成立的法團，根據其註冊所在地及其經營業務的各其他地區的法律有效存在；
(ii) 本協議經客戶的有關企業行動有效認可，並於簽訂及交付後，應按照本文的條款構成有效及具約束力的客戶義務；
(iii) 經已送交本公司的客戶註冊或登記證書、特許狀、法規、組織章程大綱與細則或組成或界定其組成的文件及客戶的董事會決議等核證真確副本，均屬真實準確及現仍有效；
(iv) 概無採取或正在採取任何步驟，藉以為客戶的資產委任接管人及／或財產接收管理人或清盤人，或將客戶清盤；及
(v) 除非另行向本公司作出書面披露，否則客戶均以其本身賬戶進行買賣，並非以任何其他人士的代名人或受託人身分進行買賣，亦不存在任何讓客戶以外的任何人士對本協議或據其訂立的任何合約或客戶合約享有權益的安排；
(b) 若客戶或任何客戶屬於個人：
(i) 客戶在法律上有能力有效訂立及履行本協議，並年滿18歲及精神健全及具合法能力，亦非破產人；及
(ii) 客戶均以其本身賬戶進行買賣，並非以任何其他人士的代名人或受託人身分進行買賣，亦不存在任何讓任何其他人士對本協議或據其訂立的任何合約或客戶合約享有任何實益權益的安排；
(c) 若「客戶」一詞包括兩人或多於兩人：
(i) 本文所載每名有關人士的責任及義務，均屬共同及個別性質；
(ii) 除非本公司收到客戶發出與此相反的書面指示，否則任何有關人士具有充分授權發出任何與任何賬戶或任何客戶合約有關的指示，包括（但不限於）買賣或提出溢餘款項；收取各類要求、通知、確認書、報告、結單及其他通訊，惟須同意發給客戶的有關要求、通知、確認書、報告、結單及其他通訊，對各客戶均具約束力，即使並非每名客戶均獲發及收訖有關要求、通知、確認書、報告、結單及其他通訊亦然；基於本文而全面及詳實與本公司進行一般交往，猶如其他聯名賬戶持有人並不享有本文的任何權益一樣等指示；
(iii) 本公司概無責任或義務查究所發出的任何指示的目的或是否恰當，亦無義務監督如何應用客戶基於任何賬戶而交付的任何款項；
(iv) 儘管有關人士之間訂有任何其他安排，尚存者規則應適用於本文規定的聯名賬戶，而於任何有關賬戶持有人身故後，當時有關聯名賬戶貨項所記的款項、期貨及其他財產、以及本公司持有的任何事物，不論作為抵押或出售、保管、收帳或任何其他用途，均應按有關聯名賬戶持有人的尚存者的指示持有；及
(v) 除非另行向本公司作出書面披露，否則客戶均以其本身賬戶進行買賣，並非以任何其他人士的代名人或受託人身分進行買賣，亦不存在任何讓以客戶身分簽署本協議的人以外的任何人士對本協議或據其訂立的任何合約或客戶合約享有任何實益權益的安排；
(d) 就所有客戶而言：
(i) 由客戶或代表客戶發給本公司並與在本公司開立任何賬戶事宜有關的資料 （包括（但不限於）客戶資料陳述書所載的資料 )均屬真實及詳盡，而本公司有權倚賴有關資料，直至本公司收到客戶發出有關資料的任何書面更改通知為止；
(ii) 客戶具有授權及能力訂立及簽訂本協議及任何客戶合約，而客戶以外任何人士對有關賬戶概不享有任何權益；
(iii) 現已採用客戶明白的語言向客戶詳盡解釋本協議的內容，而客戶同意有關內容；
(iv) 除非另行向本公司作出書面披露者，否則客戶以其本身賬戶進行買賣；
(v) 若客戶並非主事人，並出任任何其他人士的代名人或受託人，客戶已向本公司充分及準確披露有關資料及主事人的身分，並立即將所有最終享有賬戶實益權益的人士的身分及有關資料的變更書面通知本公司；
(vi) 賬戶並非綜合戶口（詳見期交所規則有關該詞的釋義）；及
(vii) 現已採用客戶明白的語言向客戶詳盡解釋每份風險披露聲明及免責聲明，而客戶聲明其明白有關聲明及陳述書。

18.2 客戶同意及承諾如下：
(a) 若本協議及／或客戶資料陳述書及／或獲認可發出指示人士申報書（如適用）（現於本協議隨附有關副本）提供的資料有任何重大變更，將會即時通知本公司；
(b) 若客戶的財政狀況有任何重大改變，將會即時通知本公司；
(c) 按本公司要求即時提供客戶財政狀況有關的資料及文件；
(d) 按本公司合理要求即時提供與客戶有關的其他資料；
(e) 若本協議所載任何陳述在各重要方面不再真實正確，將會即時書面通知本公司；及
(f) 於發生任何違約事件後，即時將有關違約事件通知本公司。

18.3 本公司作出承諾，若以下任何項目有任何重大變更，將會即時通知客戶：
(a) 本公司的名稱及註冊辦事處地址；
(b) 本公司在證監會的持牌或註冊地位及本公司的證監會中央編號；
(c) 本公司向客戶所提供服務的性質；
(d) 本公司所收費用及收費率及利息的息率；及
(e) 保證金規定，將會發出追繳保證金通知的情況，以及無須客戶同意即可將客戶持倉平倉的情況。於收到客戶要求後、本公司須向客戶提供本公司所銷售產品的產品說明書及任何銷售章程或其他銷售文件。

19. 貨幣交易

19.1 若客戶指示本公司在任何交易所訂立任何以外幣進行交易的合約：
(a) 由於有關貨幣的匯率波動產生的匯兌盈虧，將全部記入客戶的賬戶內，有關風險概由客戶承擔；
(b) 將會按照本公司獨自酌情決定的貨幣及金額記錄有關保證金；及
(c) 本公司獲授權按照本公司根據當時通行的貨幣市場匯率而獨自酌情釐定的匯率，將任何賬戶的款項轉換成為本公司獨自酌情決定的貨幣，或從有關貨幣轉作賬戶貨幣。

20. 時間乃要素

20.1 在履行本協議所載或有關的所有客戶義務上，時間在各方面均為要素。

20.2 若客戶因賬戶、客戶所作出的任何買賣盤或任何以客戶的賬戶訂立的客戶合約或合約而發送給本公司的任何文件，基於任何原因並未填上日期，則本公司於收訖有關文件之時在有關文件蓋上的日期印章所示日期及時間，應為所述文件的日期及時間的不可推翻證據，而本公司特此獲授權代表客戶按此在有關文件填上有關日期及時間。

21. 全部協議

21.1 本公司之標準章則中所載之風險披露及免責聲明書（經不時修訂），應成為本協議的主體部分，本協議代表各方訂立與賬戶有關的所有協議及諒解，並代替本公司與客戶先前訂立的所有協議或諒解。

22. 風險披露及免責聲明書

22.1 客戶確認以下買賣期貨或衍生工具的風險：-

A. 期貨及期權交易的風險
客戶確認買賣期貨合約或期權的虧蝕風險可以極大。在若干情況下，客戶所蒙受的虧蝕可能會超過最初存入的保證金數額。即使客戶設定了備用指示，例如“止蝕”或“限價”等指示，亦未必能夠避免損失。市場情況可能使該等指示無法執行。客戶可能會在短時間內被要求存入額外的保證金。假如未能在指定的時間內提供所需數額，客戶的未平倉合約可能會被平倉。然而，客戶仍然要對客戶的帳戶內任何因此而出現的短欠數額負責。因此，客戶在買賣前應研究及理解期貨合約及期權，以及根據本身的財政狀況及投資目標，仔細考慮這種買賣是否適合客戶。如果客戶買賣期權，便應熟悉行使期權及期權到期時的程序，以及客戶在行使期權及期權到期時的權利與責任。

B. 關於期貨及期權買賣的額外風險披露

客戶確認本聲明並不涵蓋買賣期貨及期權的所有風險及其他重要事宜。就風險而言，客戶在進行任何上述交易前，應先瞭解將訂立的合約的性質(及有關的合約關係)和客戶就此須承擔的風險程度。期貨及期權買賣對很多公眾投資者都並不適合，客戶應就本身的投資經驗、投資目標、財政資源及其他相關條件，小心衡量自己是否適合參與該等買賣。

C. 期貨

1. “槓桿”效應 期貨交易的風險非常高。由於期貨的開倉保證金的金額較期貨合約本身的價值相對為低，因而能在期貨交易中發揮“槓桿”作用。市場輕微的波動也會對客戶投入或將需要投入的資金造成大比例的影響。所以，對客戶來說，這種槓桿作用可說是利弊參半。因此客戶可能會損失全部開倉保證金及為維持本身的倉盤而向有關商號存入的額外金額。若果市況不利客戶所持倉盤或保證金水平提高，客戶會遭追收保證金，須在短時間內存入額外資金以維持本身倉盤。假如客戶未有在指定時間內繳付額外的資金，客戶可能會被迫在虧蝕情況下平倉，而所有因此出現的短欠數額一概由客戶承擔。

2. 減低風險交易指示或投資策略 即使客戶採用某些旨在預設虧損限額的交易指示(如“止蝕”或“止蝕限價”指示)，也可能作用不大，因為市況可以令這些交易指示無法執行。至於運用不同持倉組合的策略，如“跨期”和“馬鞍式”等組合，所承擔的風險也可能與持有最基本的“長”倉或“短”倉同的高。

D. 期權

1. 不同風險程度
期權交易的風險非常高。投資者不論是購入或出售期權，均應先瞭解其打算買賣的期權類別(即認沽期權或認購期權)以及相關的風險。客戶應計入期權金及所有交易成本，然後計算出期權價值必須增加多少才能獲利。
購入期權的投資者可選擇抵銷或行使期權或任由期權到期。如果期權持有人選擇行使期權，便必須進行現金交收或購入或交付相關的資產。若購入的是期貨產品的期權，期權持有人將獲得期貨倉盤，並附帶相關的保證金責任(參閱上文“期貨”一節)。如所購人的期權在到期時已無任何價值，客戶將損失所有投資金額，當中包括所有的期權金及交易費用。假如客戶擬購入極價外期權，應注意客戶可以從這類期權獲利的機會極微。
出售(“沽出”或“賣出”)期權承受的風險一般較買入期權高得多。賣方雖然能獲得定額期權金，但亦可能會承受遠高於該筆期權金的損失。倘若市況逆轉，期權賣方便須投入額外保證金來補倉。此外，期權賣方還需承擔買方可能會行使期權的風險，即期權賣方在期權買方行使時有責任以現金進行交收或買入或交付相關資產。若賣出的是期貨產品的期權，則期權賣方將獲得期貨倉盤及附帶的保證金責任(參閱上文“期貨”一節)。若期權賣方持有相應數量的相關資產或期貨或其他期權作“備兌”，則所承受的風險或會減少。假如有關期權並無任何“備兌”安排，虧損風險可以是無限大。
某些國家的交易所允許期權買方延遲支付期權金，令買方支付保證金費用的責任不超過期權金。儘管如此，買方最終仍須承受損失期權金及交易費用的風險。在期權被行使又或到期時，買方有需要支付當時尚未繳付的期權金。

E. 期貨及期權其他常見風險

1. 合約的條款及細則
客戶應向替客戶進行交易的商號查詢所買賣的有關期貨或期權合約的條款及細則，以及有關責任(例如在什麼情況下客戶或會有責任就期貨合約的相關資產進行交收，或就期權而言，期權的到期日及行使的時間限制)。交易所或結算公司在某些情況下，或會修改尚未行使的合約的細則(包括期權行使價)，以反映合約的相關資產的變化。

2. 暫停或限制交易及價格關係
市場情況(例如市場流通量不足)及/或某些市場規則的施行(例如因價格限制或“停板”措施而暫停任何合約或合約月份的交易)，都可以增加虧損風險，這是因為投資者屆時將難以或無法執行交易或平掉/抵銷倉盤。如果客戶賣出期權後遇到這種情況，客戶須承受的虧損風險可能會增加。
此外，相關資產與期貨之間以及相關資產與期權之間的正常價格關係可能並不存在。例如，期貨期權所涉及的期貨合約須受價格限制所規限，但期權本身則不受其規限。缺乏相關資產參考價格會導致投資者難以判斷何謂“公平價格”。

3. 存放的現金及財產
如果客戶為在本地或海外進行的交易存放款項或其他財產，客戶應瞭解清楚該等款項或財產會獲得哪些保障，特別是在有關商號破產或無力償債時的保障。至於能追討多少款項或財產一事，可能須受限於具體法例規定或當地的規則。在某些司法管轄區，收回的款項或財產如有不足之數，則可認定屬於客戶的財產將會如現金般按比例分配予客戶。

4. 佣金及其他收費
在開始交易之前，客戶先要清楚瞭解必須繳付的所有佣金、費用或其他收費。這些費用將直接影響客戶可獲得的淨利潤(如有)或增加客戶的虧損。

5. 在其他司法管轄區進行交易
在其他司法管轄區的市場(包括與本地市場有正式連繫的市場)進行交易，或會涉及額外的風險。根據這些市場的規例，投資者享有的保障程度可能有所不同，甚或有所下降。在進行交易前，客戶應先行查明有關客戶將進行的該項交易的所有規則。客戶本身所在地的監管機構，將不能迫使客戶已執行的交易所在地的所屬司法管轄區的監管機構或市場執行有關的規則。有鑑於此，在進行交易之前，客戶應先向有關商號查詢客戶本身地區所屬的司法管轄區及其他司法管轄區可提供哪種補救措施及有關詳情。

6. 貨幣風險
以外幣計算的合約買賣所帶來的利潤或招致的虧損(不論交易是否在客戶本身所在的司法管轄區或其他地區進行)，均會在需要將合約的單位貨幣兌換成另一種貨幣時受到匯率波動的影響。

7. 交易設施
電子交易的設施是以電腦組成系統來進行交易指示傳遞、執行、配對、登記或交易結算。然而，所有設施及系統均有可能會暫時中斷或失靈，而客戶就此所能獲得的賠償或會受制於系統供應商、市場、結算公司及/或參與者商號就其所承擔的責任所施加的限制。由於這些責任限制可以各有不同，客戶應向為客戶進行交易的商號查詢這方面的詳情。

8. 電子交易
透過某個電子交易系統進行買賣，可能會與透過其他電子交易系統進行買賣有所不同。如果客戶透過某個電子交易系統進行買賣，便須承受該系統帶來的風險，包括有關系統硬件或軟件可能會失靈的風險。系統失靈可能會導致客戶的交易指示不能根據指示執行，甚或完全不獲執行。

9. 場外交易
在某些司法管轄區，及只有在特定情況之下，有關商號獲准進行場外交易。為客戶進行交易的商號可能是客戶所進行的買賣的交易對手方。在這種情況下，有可能難以或根本無法平掉既有倉盤、評估價值、釐定公平價格又或評估風險。因此，這些交易或會涉及更大的風險。此外，場外交易的監管或會比較寬鬆，又或需遵照不同的監管制度；因此，客戶在進行該等交易前，應先瞭解適用的規則和有關的風險。

F. 在香港以外地方收取或持有的客戶資產的風險
持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》(第571章) 及根據該條例制訂的規則可能有所不同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障。

G. 提供代存郵件或將郵件轉交第三方的授權書的風險
假如客戶向持牌人或註冊人提供授權書，允許他代存郵件或將郵件轉交予第三方，那麼客戶便須盡速親身收取所有關於客戶帳戶的成交單據及結單，並加以詳細閱讀，以確保可及時偵察到任何差異或錯誤。

H. 免責聲明
1. 期交所免責聲明
作為在期交所買賣合約基準之股份指數及其他專利產品可由期交所不時發展。期交所台灣指數期貨為期交所發展之首個該等股份指數。可由期交所不時發展之期交所台灣指數及該等其他指數或專利產品(「期交所指數」)為期交所之財產。編製及計算各期交所指數之程序屬期交所之獨家財產及專利品。編製及計算期交所指數之程序及基準可在無須通知之情況下由期交所隨時作出變動或更改，而期交所亦可隨時要求以期交所可能指定之任何期交所指數為基準之該等期貨或期權合約在買賣及結算時參考一項將會計算之替代指數。期交所概無就任何期交所指數或其編製及計算或任何有關資料之準確性或完整性而向任何會員或任何第三者作出保證或聲明或擔保，亦無就與任何期交所指數相關之任何事宜作出或暗示任何該等保證或聲明或任何類型之擔保。此外，期交所亦不會就任何期交所指數之使用或期交所或其委任以編製及計算任何期交所指數之任何一名或多名人士在編製及計算任何期交所指數時出現之不確、遺漏、錯誤、出錯、延誤、中斷、暫停、變動或不足(包括但不限於因疏忽引致之事宜)或任何會員或任何第三者因買賣以任何期交所指數為基準之期貨及期權合約而直接或間接導致之任何經濟或其他損失承擔任何責任或債務。任何會員或任何第三者概不得就與本免責聲明所述有關或因而產生之事宜向期交所提出索償、法律行動或法律訴訟。任何參與買賣以任何期交所指為基準之期貨及期權合約之會員或任何第三者均完全明瞭本免責聲明，並不會就該等交易對期交所作出任何依賴。
2. 股份指數期貨及期權
恒指服務有限公司(「恒指服務」)現時刊印、編製及計算多項股市指數，及可在恒生數據服務有限公司(「恒生數據」)不時要求下，刊印、編製及計算該等額外股市指數(合稱「恒生指數」)。恒生指數各自之標記、名稱及編製及計算方法為恒生數據之獨家財產及專利品。恒指服務經以許可證之形式，允許期交所使用恒生指數及恒生指數四類分類指數、恒生中資企業指數及恒生中國企業指數，純粹分別用作設立、推廣及買賣以該等指數為基準之期權合約及期貨合約以及可不時允許期交所相應使用任何其他恒生指數用作以該等其恒生指數期權合約及期貨合約(合稱「合約」)之基準。編製及計算任何恒生指數之程序及基準及任何有關公式或各項公式、成份股及系數可在無須通知之情況下由恒指服務不時作出變動或更改，而期交所可不時要求期交所可能指定之該等合約之買賣及結算參考一項或多項將會計算之替代指數進行。期交所或恒生數據或恒指服務概無就恒生指數或任何恒生指數及其編製及計算或其任何有關資料之正確性或完整性而給予任何會員或任何第三者保證或聲明或擔保，亦無就有關恒生指數或任何恒生指數給予或暗示任何該等保證或聲明或任何類型之擔保。此外，期交所、恒生數據或恒指服務亦不會就有關合約或任何合約及/或買賣合約而使用恒生指數或任何恒生指數，或恒指服務編製及計算恒生指數或任何恒生指數之不正確、遺漏、錯誤、出錯、延誤、中斷、暫停、變動或不足(包括但不限於因疏忽引致之事宜)或任何會員或任何第三者因買賣合約或任何合約而直接或間接導致之任何經濟或其他損失承擔任何責任或債務。任何會員或任何第三者概不得就本免責聲明所述所產生之事宜向期交所及/或恒生數據及/或恒指服務提出索償、法律行動或法律訴訟。任何買賣合約之會員或任何第三者均完全明瞭本免責聲明，並不會對期交所、恒生數據、及/或恒指服務作出任何依賴。

22.2 有關互聯網期貨交易的風險，客戶明白：-
(1) 由於無法預計互聯網的通訊量，故屬一個存在不可靠因素的通訊媒介，而該等不可靠因素亦非本公司所能控制，互聯網的通訊有可能中斷、延誤或被未經授權各方取得的風險。雖然本公司採取措施將此一風險減至最低限度，但對於客戶因上述中斷、延誤或未經授權取得的結果而使客戶招致任何損失，本公司不承擔任何責任。倘若客戶不準備接受上述風險，客戶不應在互聯網向本公司作出任何指示。
(2) 透過某個互聯網期貨交易系統進行買賣，可能會與透過其他互聯網期貨交易系統進行買賣有所不同。如果客戶透過某個互聯網期貨交易系統進行買賣，便須承受該系統帶來的風險，包括有關系統硬件或軟件可能會失靈的風險。系統失靈可能會導致客戶的交易指示不能根據指示執行、甚至完全不獲執行。
(3) 本公司、交易所、結算所及所有有關人士致力確保該系統所提供資料的準確性及可靠性，惟資料的準確性及可靠性並無保證、且本公司、交易所、結算所及所有有關人士慨不須就任何因不準確或錯漏所產生的任何損失或損毀承擔任何責任（不論以文本或合約

23. 修訂、變更及增訂

23.1 本公司保留於任何時間向客戶發出書面通知後不時修訂、變更或增訂本協議條款（包括本公司不時收取的任何費用、佣金或收費的費率及付款方法）的權力，而有關條款須於本公司規定的日期生效。

23.2 本公司可按照第26條的規定或本公司決定的其他方式，將本協議條款的任何變更通知客戶。

24. 個人資料（保密）

24.1 雖然客戶預期本公司將予該帳戶有關之事情保密，客戶謹此明確同意如應證監會或聯交所或中央結算或監管機構之要求，本公司可向彼等提供帳戶之詳細資料，以便協助彼等進行的調查或詢問。

24.2 客戶在此承認客戶已詳閱本公司根據個人資料（私隱）條例發出附於本協議書的個人資料收集聲明，並完全同意其條款。客戶明白及承認本公司擬把客戶的資料使用於直接促銷及本公司須收到客戶對該擬進行的使用的同意，否則不得如此使用該資料。客戶清楚明白、承認及同意除非客戶決定以填寫及簽署於個人資料收集聲明所載的附錄甲的直接促銷 - 同意／拒絕要求表格或根據個人資料收集聲明所載隨時通知本公司，本公司將根據個人資料收集聲明所載的附錄甲的同意使用客戶的資料於直接促銷。

25. 結束賬戶

25.1 客戶可向本公司發出不少於 14 天書面通知，從而結束任何賬戶，而本公司可於任何時間向客戶發出書面通知，從而結束任何賬戶。本公司並無義務向客戶提供結束客戶賬戶的原因。

26. 通知

26.1 若本公司基於本協議而須向客戶發出任何通知、作出任何繳款要求或要求，或有責任聯絡客戶，有關通知（包括任何保證金繳款要求）可面交或以郵遞、電子郵件、傳真或電話送交本協議列載或不時書面通知本公司的地址、電郵地址、傳真或電話號碼。

26.2 凡客戶送交本公司的通知可面交或以郵遞、傳真或電話送交本協議列載或本公司不時書面通知的地址、傳真或電話號碼。

26.3 凡通知及其他通訊，(a) 如面交或電話送交，應於實際送交客戶時當作妥為發給客戶處理；(b) 如郵遞送交，應於投寄後兩天當作妥為發給客戶處理；及 (c) 如以傳真或電子郵件送交，應於全文送交客戶的傳真號碼或電郵地址時當作妥為發給客戶處理；惟客戶發給本公司的任何通知或其他通訊，只會於本公司實際收訖後才屬有效。

26.4 儘管第26條載有任何規定，如本公司嘗試以口頭方式向客戶發出保證金、變價調整及利率現金調整的繳款要求，而本公司盡所有切實可行努力以電話或其他口頭通訊方式與客戶聯絡但依然無法聯絡客戶，則應當作妥為發出有關要求處理。

27. 可累積補償

27.1 除非本協議有所規定，否則本協議規定的權利、權力、補償及特權均可累積，並不排除法例規定的任何權利、權力、補償及特權。

28. 可予分割

28.1 本協議的每項規定均可分割，並獨立於其他規定。若任何一項或多項規定於任何時間屬於或成為失效或不可執行，則本協議的其餘規定的有效性、合法性及可執行性，均不會因而在任何方面受到影響或損害。

29. 不可抗力

29.1 若本協議任何一方由於政府限制、宣佈採取緊急程序、或任何有關交易所、結算所或其他市場暫停買賣、內亂、恐怖活動或威脅、自然災害、戰爭、罷工或該方控制範圍外的其他情況而直接或間接無法行事，則對於另一方直接或間接蒙受的任何損失，任何一方概不承擔責任。

30. 協議書文本

30.1 本協議書之中英文本文義，如有歧義，將以英文本為準。

31. 付給客戶之款項

31.1 除本公司接獲明確的相反書面指示，按照本協議的條款，可將所欠客戶的任何款項存入賬戶內，在一切用途上，如將款項存入賬戶，應當作付款給客戶處理。

32. 一般規定

32.1 客戶確認客戶已詳閱並同意本協議書的條款，而且該等條款已經以客戶明白的語言（英文或中文）向客戶解釋。

32.2 客戶清楚同意及承認（無論交易是否以互聯網交易服務的方式進行或其他）所有由本公司發出的交易的確認書（日結單）及月結單只會以開戶表格上所載或其後書面所提供的電郵地址給予客戶。

32.3 本協議書所指的開戶表格為本協議書的整體部份。

32.4 若客戶用非香港貨幣進行期貨買賣，客戶須按本公司的通知，即時支付本公司的外匯兌換損失（如有）及銀行服務費及任何因找換外匯成香港貨幣所引致的其他費用，找換外匯是以當日有關交易的外匯匯率計算。為免生疑問，客戶同意及確認本公司可採用由外地交易所及／或結算所指定的兌換率。

33. 管轄法律與司法管轄權

33.1 本協議受香港法律管轄，並按照香港法律詮釋，而本公司及客戶雙方均不可撤銷地願受香港法院的專屬司法管轄權管轄。

 

FUTURES CLIENT'S AGREEMENT

THIS AGREEMENT is made the date stated in the Client Account Opening Execution Form

BETWEEN

(1) Gong Ping Futures Limited, a company incorporated in Hong Kong with its registered office and principal business address at Unit D, 8/F, Tower B, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Hong Kong and a licensed corporation [CE No. AXK956] for Type 2 regulated activity (dealing in futures contracts) under the Securities and Futures Ordinance and an exchange participant (a Futures Commission Merchant) of Hong Kong Futures Exchange Limited (“the Company”); and

(2) The party whose name, address and details are set out in the Account Opening Form (“the Client”).

In consideration of the Company’s agreeing to allow the Client to open one or more accounts with the Company and to provide services to the Client in connection with commodities trading and purchase and sale of commodities futures and options contracts, the Client agrees that all Transactions executed by the Company for any Account shall be subject to, and the Client shall be bound by, the Company’s standard terms and conditions set out below as the same may be amended from time to time and notified to the Client.

1. Definitions and interpretations

1.1 In this Agreement, unless the context otherwise requires, the following words and phrases shall bear the following meanings:

"Account" means any account opened or to be opened and maintained in the name of the Client with the Company pursuant to this Agreement;

"Account Opening Form" means the Form (for opening the account with the Company) which contains particulars of the Client as supplied by the Client;

"Agreement" means this agreement together with the Account Opening Form, the Risk Disclosure and Disclaimer Statements (as may from time to time be amended in writing and notified to the Client);

"Asset" means cash, currencies, securities, investments, deposits or financial instruments (including futures or options contracts) constituting good delivery traded on an Exchange;

"Associate" means in relation to the Company, any company that is the Company's subsidiary or holding company or a subsidiary of the Company's holding company and "Associates" shall be construed accordingly;

"Authorised Financial Institution" means an authorised institution as defined under Section 2(1) of the Banking Ordinance (Cap.l55of the Laws of Hong Kong);

"Beneficial Identity of a Client" means the ultimate beneficiary of a Client account or, in the case of a company or body corporate, the individuals who are the ultimate beneficial owners of the share capital of the company or body corporate and includes a beneficiary holding an interest through a nominee or trust;

"Company" means Gong Ping Futures Limited;

“Customer ID” means the Client’s identification, used in conjunction with the Password, to gain access to the Internet Futures Trading Service;

"Business day" means a day (other than a Saturday or public holiday) on which licensed banks in Hong Kong are generally open for business;

"Clearing House" means in relation to HKFE, HKCC and, in relation to any other Exchange, any clearing house providing clearing services for such Exchange;

"Clearing House Margin" means the amount of cash and non-cash collaterals required by way of margin and/or variation adjustment (howsoever described) under the rules and regulations of the relevant Exchange, and/or Clearing House to be taken by the Company from the Client together with all sums of margin and/or variation adjustment (howsoever described) for which the Company must account to the relevant Clearing House;

The expression "the Client" or "the Client’s" wherever used shall in the case where the undersigned is an individual(s) include the undersigned and his executors and administrators where the undersigned are several individuals, include the several individuals and their respective executors and administrators and where the undersigned is a company include such company and its successors and assigns.

"Client Contract" means a futures contract or options contract between the Company and the Client which is matched by a Contract and identical in its terms except as to price and parties;

"Client Money Rules" means the Securities and Futures (Client Money) Rules (Cap.571I of the Laws of Hong Kong);

"Client Securities Rules" means the Securities and Futures (Client Securities) Rules (Cap. 571H of the Laws of Hong Kong);

"Close out" means the entering into of a Contract equal and opposite to a Contract previously entered into (and each matching a Client Contract) so as to create a level position in relation to the Assets underlying the Contracts, or in relation to the Contracts themselves and fix the amount of profit or loss arising from such Contracts (and with respect to the corresponding Client Contract); and the terms "closed out" and "closing out" shall be construed accordingly;

"Code" means the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission;

"Compensation Fund" means the Investor Compensation Fund established pursuant to Section 236 of the SFO;

“Commodity Futures” means any futures or options contract that is traded on HKFE or any other Futures Exchanges, or futures or options contract on any other instrument agreed between the parties. Commodities include, without limitation, currencies, securities, indices of any kind (whether stock market or otherwise), interest rates, exchange rates, physical assets (including precious metals, agricultural produce and oil) or other investments traded, or rights or options in relation to which are traded.

"Contract" means a futures contract or options contract entered into through a Dealer;

"Dealer" means such member of an Exchange and/or Clearing House being either the Company or such other member of an Exchange and/or Clearing House as is instructed by the Company to enter into futures contracts or options contracts on an Exchange, and/or clear the same;

"Exchange" means HKFE and any other exchange, market or association of dealers in any part of the world on which Assets are bought and sold;

"Exchange Contract" means a futures contract or options contract approved by the SFC and HKFE for trading on a market or as the context may require a futures contract or options contract which has been executed in accordance with the Rules;

"Floating Trading Loss" means the depreciation in value of the Asset occurring from time to time as a result of market fluctuation;

"Futures Contract" means a contract executed on any Exchange, the effect of which is that:

(a) one party agrees to deliver to the other party at an agreed future time an agreed Asset or an agreed quantity of an Asset at an agreed price; or

(b) the parties will make an adjustment between them at an agreed future time according to whether at that time the agreed Asset is worth more or less or an index or other factor, as the case may be, stands higher or lower at that time than a value or level agreed at the time of making the contract, the difference being determined in accordance with the rules of the Exchange in which that contract is made;

"HKCC" means HKFE Clearing Corporation Limited;

"HKFE" means the Hong Kong Futures Exchange Limited;

"Hong Kong" means the Hong Kong Special Administrative Region of the People's Republic of China;

“Information” means any transaction or market data, bid and ask quotations, news reports, third party analysts’ reports, research and other information relating to futures and the futures markets;

“Internet Futures Trading Service” means the Internet Trading Services provided by the Company to the Client which enables the Client to give Internet Futures Trading Instructions and to obtain quotations and other information via computer or telephonic transmission for use on compatible personal, home or small business computers, including internet appliance with modems, terminals or network computers that can connect to a telecommunication network;

"Margin" means the amount of cash and/or non-cash collaterals as may from time to time be demanded by the Company from the Client for the purpose of protecting the Company against any loss (including Floating Trading Loss) or risk of loss (including risk of Floating Trading Loss) on present, future or contemplated Contracts and/or Client Contracts and not being less than the relevant Clearing House Margin;

"Open Contract" means a Client Contract or Contract which has not been closed out;

"Options Contract" means a contract executed between one party ("first party") and another party ("second party") on any Exchange under which: (a) the first party grants the second party the right, but not the obligation, to buy an agreed Asset, or quantity of an Asset, from the first party at an agreed price on or before an agreed future date or on an agreed future date as the case may be and, in the event that the Second party exercises his right to buy: (i) the first party is obliged to deliver the Asset at the agreed price; or (ii) the second party receives a payment referable to the amount (if any) by which the Asset is worth more than the agreed price, such payment being determined in accordance with the rules of the Exchange in which the contract is made; or

(b) the first party grants to the second party the right, but not the obligation, to sell an Asset, or quantity of an Asset, to the first party at an agreed price on or before an agreed future date or on an agreed future date as the case may be and, in the event that the second party exercises his right to sell: (i) the first party is obliged to take delivery of the Asset at the agreed price; or (ii) the second party receives a payment referable to the amount (if any) by which the agreed price is worth more than the Asset, such payment being determined in accordance with the rules of the Exchange in which the contract is made;

“Password” means the Client’s password, used in conjunction with the Customer ID, to gain access to the Internet Futures Trading Service.

"SFO" means the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any subsidiary legislations made thereunder as the same may from time to time be amended or re-enacted;

"Risk Disclosure Statements" means the statements of the risks involved in trading futures contracts and options contracts in the form prescribed under the Code;

"Rules" means the rules, regulations and procedures of HKFE as may be in force from time to time;

"Segregated Bank Account" means a current or deposit account, established and maintained with an Authorised Financial Institution or with an organization approved by the SFC pursuant to the Client Money Rules, in the name of the Company and in the title of which the word "client", "segregated", "non-house" or such other similar word or phrase appears;

"SFC" means the Securities and Futures Commission of Hong Kong;

"Taxation" means taxes, duties, imposts and fixed charges of any nature, whether of Hong Kong or elsewhere in the world;

"Transaction" means the entering into of a Client Contract or Contract, closing out or effecting delivery and/or settlement of a Client Contract or Contract (which term shall include exercise or allocation of an Options Contract) in connection with this Agreement.

1.2 In this Agreement: (a) references to Clauses and Sub-Clauses, unless otherwise stated, are Clauses and Sub-Clauses of this Agreement; (b) reference to a statute or statutory provision includes a reference to it as amended, extended or reenacted from time to time; (c) words importing the singular shall include the plural and vice versa; (d) words denoting one gender shall include all other genders; (e) the expression "person" shall include any firm, partnership, association of persons and body corporate and any such persons acting jointly and the personal representatives or successors in title of any such person; (f) where the Client comprises two or more persons, the liabilities and obligations hereunder shall be joint and several; (g) references to "writing" shall include mail, electronic mail and facsimile transmission; and (h) headings are for convenience only and shall be ignored in construing this Agreement.

1.3 References to “Instructions” in this Agreement are deemed to include Internet Futures Trading instructions given by means of Internet Futures Trading Service.

2. Scope of Terms and Conditions

2.1 This Agreement shall apply to all Contracts which are effected or to be effected by the Company on behalf of the Client on HKFE and shall be deemed to be incorporated in each Contract, whether oral or written, entered into between the Company and the Client. Any other terms and conditions proposed or referred to by the Client in writing or otherwise (whether express, implied or imported by custom or course of dealing), or upon which the Company and the Client may previously have entered into Contracts, are hereby excluded.

2.2 All Contracts made on HKFE and all transactions between the Company and the Client shall be binding on the parties and shall be subject to, and in accordance with, the procedures of HKFE, the provisions of the Memorandum and Articles of Association of HKFE and the Rules.

3. The Company as agent

3.1 Except as specified in this Agreement or as otherwise disclosed by the Company to the Client in writing, the Company shall act as an agent for the Client.

3.2 The Client authorizes the Company to effect Transactions for the Account in accordance with the Client's oral or written instructions.

3.3 If the Client is acting on behalf of any other person when instructing the Company pursuant to this Agreement, the Company will continue to treat the Client alone (rather than any such other person) as its Client for all purposes and in relation to all obligations, and the Client will be liable as such. This applies even if the Client is acting on behalf of a person whom the Client has notified to the Company and no such person will be an "indirect customer".

3.4 The Company shall have no responsibility for compliance by the Client with any law or regulation governing the Client's conduct as a fiduciary, if applicable.

4. Compliance with laws, rules or Exchanges etc.

4.1 All Client Contracts and all Transactions shall be subject to this Agreement and, in respect of those Exchanges and/or Clearing House of which the Company is a member/participant, the constitution, rules, regulations, bye-laws, customs and usages of the relevant Exchange and/or Clearing House (and, in particular, as regards Transactions effected on HKFE, the Rules) and all applicable laws, rules, regulations, bye-laws, custom and usages which the Client and/or the Company is/are subject to and so that: (a) in the event of any conflict between (i) this Agreement and (ii) any such applicable laws, constitution, rules, regulations, bye-laws, customs and usages, the latter shall prevail; (b) the Company may take or omit to take any action it considers fit in order to ensure compliance with any such applicable laws, constitution, rules, regulations, bye-laws, customs and usages including, without limitation, adjusting any Account, disregarding any unexecuted orders or rescinding any executed Transactions, and the Company shall not be liable to the Client as a result of such action taken by or omission of the Company; (c) such laws, constitution, rules, regulations, bye-laws, customs and usages as are so applicable and all such actions so taken shall be binding on the Client; (d) the Client shall be responsible for obtaining in advance and maintaining any governmental or other consents required in connection with the Client entering into this Agreement or any Client Contract or the Company effecting any Transaction in connection with this Agreement; (e) before entering into any Contract, the Company shall provide to the Client contract specifications, a full explanation of margin procedures and the circumstances under which the Client's positions may be closed without the Client's consent; and (f) in the case of a Contract or Transaction entered into on an Exchange other than HKFE, such Contract or Transaction will be subject to the rules, regulations, bye-laws, customs and usages of the relevant Exchange and the Client may have different types and levels of protection in relation to Transactions executed on different markets and Exchanges may be markedly different from the type and level of protection offered by the Rules.

4.2 If any provisions of this Agreement are or should become inconsistent with any present or future laws, rules, regulations, bye-laws, customs or usages of HKFE and/or any Exchange or any other relevant authority or body having jurisdiction over the subject matter of this Agreement, such provision shall be deemed to be rescinded or modified in accordance with any such laws, rules, regulations, bye-laws, customs or usages. In all other respects, this Agreement shall continue and remain in full force and effect.

4.3 No provisions of this Agreement shall operate to remove, exclude or restrict any rights of the Client or obligations of the Company under any applicable law from time to time in force in Hong Kong.

4.4 If the Client places any orders to the Company outside Hong Kong (irrespective of whether such orders would be placed by way of Internet Futures Trading Services), the Client agrees to ensure and represents that such orders will have been given in compliance with any and all applicable law of the relevant jurisdiction from which the Client’s orders are given. The Client further agrees that when in doubt, the Client shall consult with legal advisers of the relevant jurisdiction. The Client accepts that there may be taxes or charges payable to relevant authorities in respect of any instructions and that the Company shall not be liable for any of such cost.

5. Authority

5.1 The Client (in the case of a corporation) authorizes the Authorized Persons to represent the Client in all matters in relation to all Transactions with the Company and to sign on the Client’s behalf all Agreements and documents relating to the Account and its operation, including this Agreement. All such documents and Instructions shall be absolutely and conclusively binding on the Client. The Client agrees that the Company is entitled to act on the Instructions of the Authorized Persons until the Client notifies the Company in writing that the authorization has been revoked or varied.

5.2 If the Client (in the case of an individual) wishes to appoint Authorized Persons, the Client shall in addition to completing the Account Opening Form, furnish to the Company a duly executed power of attorney or other similar instrument of appointment in a form prescribed by or acceptable to the Company. The Client agrees that the Company is entitled to act on the Instructions of the Authorized Person until the Client notifies the Company in writing that the power of attorney has been revoked or varied. For the avoidance of doubt, the Client agrees and acknowledges that the Company is entitled to refuse any third party authorization given by the Client for operating the Client’s account without assigning any reason therefor.

5.3 The Client acknowledges and agrees that the Client retains full responsibility for all Transactions and the Company is responsible only for the execution, clearing and carrying of Transactions and has no responsibility or obligation regarding any conduct, action, representation or statement of any introducing firm, investment advisor or other third party in connection with the Account or any Transaction therein. In relation to Transactions entered by the Client not as a result of the Company’s recommendation or solicitation, the Company is not responsible to the Client with respect to the suitability of the Transaction. Nor is the Company responsible for the profitability, tax, legal or accounting consequences of any Transactions.

5.4 Any advice or information provided by the Company, its directors, officers, employees or agents, whether or not solicited, shall not constitute an offer to enter into a transaction, or an investment recommendation. The Client independently and without reliance on the Company, makes its own judgments on Transactions and the Client expressly acknowledges and confirms that decisions regarding the Transaction are made by the Client at the Client’s discretion and risk.

5.5 In respect of all transactions entered into by the Client or by the Company on the Client’s Instructions or on Client’s behalf, the Client understands and agrees that:- (i) the Company assumes no duty to give advice or make recommendations; (ii) the Company shall not owe the Client any duty to advise on the merits or suitability of any Transaction; (iii) if the Company and/or its representatives give any suggestions and/or advice on securities or issued such analyses or reports wholly incidental to carrying on of dealing in futures contracts, they assume no responsibility for the Client’s portfolio or for any investments or transactions made; and (iv) in respect of all trades the Client may effect, the Client is deemed to have obtained independent advice from the Client’s legal, financial and investment advisers.

6. Using Internet Futures Trading Service

6.1 On the issuance by the Company to the Client of its Customer ID and Password, the Internet Futures Trading Service shall be activated and the Company shall notify the Client.

6.2 The Company is entitled to require the Client to place cash prior to execution of any Instructions as will be informed by the Company from time to time.

6.3 The Client hereby agrees that : (i) the Client shall use the Internet Futures Trading Service only in accordance with this Agreement and the instructions and procedures as set out at the Company’s website which is supplied to the Client from time to time; (ii) the Client shall be the only authorized user of the Internet Futures Trading Service; (iii) the Client shall be responsible for the confidentiality and use of its Customer ID and Password; (iv) the Client shall be solely responsible for all Instructions entered through the Internet Futures Trading Service using its Customer ID and Password and any Instructions so received by the Company shall be deemed to be made by the Client at the time received by the Company and in the form received; (v) the Client shall immediately inform the Company if it becomes aware of any loss, theft or unauthorized use of its Customer ID or Password, or the Internet Futures Service or any Information; (vi) the Client shall provide the Company with the Client’s e-mail address, and promptly provide the Company with any changes to the Client’s e-mail address, and to accept Internet Futures Trading communications from the Company at the e-mail address as the Client has specified; (vii) the Company may in its absolute discretion impose restrictions on the types of orders, and the range of prices for orders which can be placed through the Internet Futures Trading Service; (viii) the Client agrees to pay all subscription, service and user fees, if any, that the Company charges for the Internet Futures Trading Service and authorizes the Company to debit the Client’s Account with the same; (ix) that the Client shall be bound by any consent the Client gives through the Internet Futures Trading Service for the Company to provide any notices, daily and monthly statements and other communications to the Client solely by emails sent by the Company; (x) that the Client shall logoff the Internet Futures Trading Service immediately following the completion of each Internet Futures Trading Service session; (xi) that the Client shall not use or permit the use of the Information or any part thereof for any illegal purpose; (xii) that the Client shall not disseminate the Information to third parties, and shall solely use the Information or any part thereof for its own use or in the ordinary course of its own business.

6.4 Without limiting the generality of the foregoing, the Client acknowledges and agrees that it may not be possible to amend or cancel an Instruction after it has been given through the Internet Futures Trading Service and that an Instruction may only be amended or cancelled if it has not been executed by the Company. In such circumstances the Company will use its best efforts to amend or cancel the Instruction but, notwithstanding an acknowledgement by the Company in relation to the amendment or cancellation, there is no guarantee that the amendment or cancellation will occur. If the amendment or cancellation does not occur, the Client shall remain liable for the original Instruction.

6.5 In the case the Internet Futures Trading Service is not available, the Client shall place its Instructions in accordance with the Clause 9.1 below.

6.6 Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. The Client’s ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary, the Client should ask the firm with which the Client deals for details in this respect.

7. Provision of Information

7.1 The Company may convey Information to the Client by Internet Futures Trading Service. The Client may be charged a fee for Information the Company provides that has been obtained from Exchanges, markets and from other third-parties that transmit Information (collectively referred to as the “Information Providers”).

7.2 The Information is the property of the Company, the Information Providers or others and is protected by copyright. The Client shall:

(i) not upload, post, reproduce or distribute any Information, software or other material protected by copyright or other intellectual property right (as well as rights of publicity and privacy) without first obtaining the permission of the owner of such rights; and

(ii) not use the Information or any part thereof other than for its own use or in the ordinary course of its own business.

7.3 The Client agrees not to:

(i) reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the Information in any manner without the express written consent of the Company and the relevant Information Provider(s); (ii) use the Information for any unlawful purpose; (iii) use the Information or any part thereof to establish, maintain or provide or to assist in establishing, maintaining or providing a trading floor or dealing service for trading in securities listed on the Exchange.

7.4 The Client agrees to comply with reasonable written requests by the Company to protect the Information Providers’ and the Company’s respective rights in the Information and the Internet Futures Trading Service.

7.5 The Clients shall comply with such reasonable directions as the Company may give from time to time concerning permitted use of the Information.

7.6 The Client authorizes the Company to provide information on the Internet Futures Trading Service supplied to the Client hereunder to the Information/Service Provider to enable the Company to comply with the licence agreement between the Information/Service Provider and the Company relating to market data feeds.

8. Intellectual Property Rights

8.1 The Client acknowledges that the Internet Futures Trading Service, and any software comprised in it, is proprietary to the Company.

8.2 The Client warrants and undertakes that it shall not, and shall not attempt to, tamper with, modify, decompile, reverse engineer or otherwise after in any way, and shall not attempt to gain unauthorized access to, any part of the Internet Futures Trading Service or any of the software comprised in it. The Client agrees that the Company shall be entitled to terminate this Internet Trading Agreement if at any time the Client breaches, or if the Company at any time reasonably suspects that the Client has breached, this warranty and undertaking.

8.3 The Client undertakes to notify the Company immediately if the Client becomes aware that any of the action described in Clause 8.2 hereinabove is being perpetrated by any other person.

9. Order, Order Recording, Dealing and clearing

9.1 The Company may accept instructions from the Client (or its Authorized Person) for order of Transaction through Internet Futures Trading Service or by telephone. The Company may also accept instructions in the Company’s prescribed order form signed by the Client in the Company’s presence. In all cases, the Company shall time-stamp or record by electronic means such instructions in the order as they are received. For the avoidance of doubt, the Client agrees that the Client would place orders to the Company primarily through the Internet Futures Trading Service. The Client understands and acknowledges that whenever the Internet Futures Trading Service is not available due to whatever reason(s), the Client would place orders by telephone. For the avoidance of doubt, the Client is entitled to place orders or give instructions by phone or in person at the office of the Company.

9.2 In the event of receipt of conflicting instructions the Company may refuse to act on any of the instructions until the Company has received unequivocal instructions.

9.3 The Company may, in the Company’s absolute discretion, refuse to accept instructions without giving any reason therefor, but shall not in any circumstances whatsoever be liable for loss of profit, damages, liability, cost or expenses suffered or incurred by the Client arising out of such refusal.

9.4 The Company may record telephone conversation in connection with receiving orders and instructions through the Company’s telephone recording system. The Client acknowledges that such records are the Company’s sole property and they will be accepted as final and conclusive evidence of the orders or instructions given in case of disputes.

9.5 Where a discrepancy occurs between instructions given by telephone or any other means, including any subsequent written confirmation, the Company’s record of the telephone instruction shall prevail.

9.6 For the avoidance of doubt, the Company is only obliged to keep the telephone recordings up to the retention period in accordance with regulatory requirements in Hong Kong.

9.7 The Company shall be entitled but not bound to act on a request from the Client to carry out a Transaction (whether directly or through a Dealer). The Company may in its absolute discretion refuse any order or instruction of the Client and shall notify the Client accordingly provided always that the Company shall not in any circumstances whatsoever be liable for any loss of profit or gain, damage, liability, claim, cost or expense suffered or incurred by the Client as result thereof. Except as directed by the Client where the Client is not in default hereunder and no Event of Default (as defined in Clause 12.1) has occurred, the Company shall not be obliged to close out any Open Contract. The Company may at any time and from time to time impose any limits including position limits on any Contract, contracts of a particular type in aggregate and/or any Account and the Client agrees to do all necessary acts to ensure that such limits shall not be exceeded at any time. Except as directed by the Client in circumstances where the Client is not in default hereunder and no Event of Default has occurred, the Company shall have no obligation to close out any Contract or Client Contract. For the avoidance of doubt:

(a) any order and instruction relating to any Transaction may be given by the Client or any of the Authorized Person and such order and instruction shall be absolutely and conclusively binding on the Client;

(b) the Company may but shall not be obliged to verify or enquire as to the identity of the person giving such order or instruction; and

(c) the Company shall be entitled to act on the order or instruction and rely on the Company's belief that such order or instruction emanates from the Client or any of the Authorised Person (if any) (as the case may be).

9.8 Because of physical restraints on any Exchange and because of the very rapid changes in the prices of Assets that frequently take place, there may, on occasions, be a delay in making prices or in dealing. The Company may not always be able to trade at the prices or rates quoted at any specific time or "at best" or "at market". The Company shall not be liable for any loss howsoever arising by reason of its failing, or being unable, to comply with the terms of any limit order undertaken on behalf of the Client. Where the Company is for any reason whatsoever unable to perform the Client's order in full, it may, in its discretion, effect partial performance only. The Client shall in any event accept and be bound by the outcome when any request to execute orders is made.

9.9 The Company shall not be liable for any expense, loss or damage suffered by the Client or to account to the Client for any profit or gain accruing to the Company as a result of the Company: (a) trading or dealing in futures contracts or options contracts or in any Asset underlying any Contract or Client Contract; and (b) dealing in respect of Contracts or Client Contracts with the Clients.

9.10 The Client hereby agrees to indemnify the Company and its directors, employees, agents, representatives and Associate and keep each of them fully indemnified against all expenses, liabilities, claims and demands arising out of anything lawfully done by the Company or such persons in connection with this Agreement.

9.11 The Company and any of its directors, employees or representatives may from time to time trade on its or their own account on any Exchange or with any Dealer and may, from time to time, act as Dealer in respect of any Contract or Client Contract.

9.12 Subject to the provisions of the SFO and any applicable law, the Company may take the opposite position to the Client's order in relation to any Exchange traded futures contracts and options contracts, whether on the Company's own account or on behalf of the Company's Associate or other clients of the Company provided that such trade is executed competitively on or through the facilities of HKFE in accordance with the Rules or the facilities of any other Exchange in accordance with the rules and regulations of such other Exchange.

9.13 The Client hereby acknowledges and agrees that the Clearing House may do all things necessary to transfer any Open Contract held by the Company on the Client's behalf and any money and securities standing to the credit of the Client's Account to another exchange participant of HKFE in the event that the rights of the Company as an exchange participant of HKFE is suspended or revoked.

9.14 The Client acknowledges:

(a) that every Exchange Contract is subject to the charge of an Investor Compensation Fund levy and a levy pursuant to the SFO, the cost of both of which shall be borne by the Client; (b) that every Exchange Contract is subject to other levies HKFE may impose from time to time; (c) that, as regards HKFE, in the case of a default committed by the Company and the Client having suffered pecuniary loss thereby, the liability of the Investor Compensation Fund will be restricted to valid claims as provided for in the SFO and will be subject to the monetary limits specified in the Securities and Futures (Investor Compensation-Compensation Limits) Rules (Cap. 571AC of the Laws of Hong Kong) and accordingly, there is no assurance that any such loss sustained by reason of such a default will necessarily be recouped from the Investor Compensation Fund in full, in part or at all; and (d) that in respect of any account of the Company maintained with a Clearing House, whether or not such account is maintained wholly or partly in respect of futures contracts or option contracts transacted on behalf of the Client and whether or not money paid or deposited by the Client has been paid to or deposited with the Clearing House, as between the Company and the Clearing House, the Company deals as principal and, accordingly, no such account is impressed with any trust or other equitable interest in favour of the Client and monies paid to the Clearing House are thereby freed from the trust interest created by Clause 9.24.

9.15 The Client acknowledges that the Company is bound by the Rules from time to time in force which permit HKFE to take steps to limit the positions or require the closing out of contracts on behalf of such clients who in the opinion of HKFE are accumulating positions which are or may be detrimental to any particular market or markets from time to time established and operated by HKFE or which are or may be capable of adversely affecting the fair and orderly operation of any such market or markets (as the case may be).

9.16 All orders whether made by electronic mail or orally are accepted at the discretion of the Company and transmitted at the Client's risk. The Company shall not be responsible for the non-performance of its obligations hereunder by reasons of any cause beyond the Company's control, including, without limitation, transmission or computer delays, errors or omissions, strikes and similar industrial action or the failure of any Dealer, Exchange or Clearing House to perform its obligations.

9.17 The Client confirms that, whether any Account shall happen to be in credit or debit at the time of the Company's so acting, the Company is authorised to act on any instructions whether written or oral and howsoever communicated purporting to be given by the Client or under the Client's authority or by any Authorised Person (if any) and the Client hereby confirms and agrees that it shall be responsible to the Company for all engagements, indebtedness and any other obligations made or entered into in the Client's name whether in writing or orally and howsoever communicated and purporting to be given as aforesaid.

9.18 The Client understands and confirms its agreement that the Company may tape record conversations with customers whether conducted on the telephone or through any other media or otherwise in order to permit the Company to verify data concerning any matters.

9.19 All orders given hereunder which may be executed on more than one Exchange may be executed on any Exchange the Company selects.

9.20 The Company shall not be liable (in respect of matching Client Contracts or otherwise) if the relevant Exchange, Clearing House and/or Dealer has ceased for any reason (including setting off the Company's positions with it) to recognise the existence of any Contract or fails to perform or close out any Contract, but such cessation or failure shall not affect the Client's obligations and liabilities hereunder in respect of such Contracts which the Client has required the Company to open and which have not been closed out or other obligations or liabilities of the Client arising therefrom.

9.21 The Company may at any time without prior notice in its absolute discretion take such steps as it may consider necessary or desirable to comply with or perform, cancel or satisfy any obligations of the Company to the relevant Exchange, Clearing House and/or Dealer in respect of Contracts acquired on the instructions of the Client, including closing out and/or performing any and all such Open Contracts, and may for such purpose:

(a) buy or sell (in any manner howsoever and including from itself) the Asset underlying any Open Contract; and/or (b) borrow, buy or sell any currency; and/or (c) apply any Margin so that all sums expended by the Company in excess of any sums held by the Company on the Client's behalf shall be paid to the Company forthwith on demand.

9.22 The Company's written confirmation of Contracts entered into and settlement statements and statements of open and/or closed positions in respect of the Client's Accounts shall be conclusive against the Client if not objected to in writing sent by registered mail to the Company's office within 14 days after transmission of the information contained in such confirmations whether by telephone, mail, electronic mail or otherwise to the Client. The records of the Company shall, in the absence of manifest error, be conclusive and binding on the Client as to the amount standing to the debit or credit of the Account.

9.23 All money and other property received by the Company from the Client or from any other person (including the Clearing House) for the account of the Client shall be held by the Company as trustee, segregated from the Company's own assets and paid into a Segregated Bank Account or a Segregated Securities Account or a Segregated Debt Securities Account as soon as practicable and in any event within the next bank trading day after receipt thereof, and all money or other property so held by the Company shall not form part of the assets of the Company for insolvency or winding up purposes but shall be returned to the Client promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of the Company's business or assets. All monies received by the Company from the Client or from any other person (including the Clearing House) shall be held in the manner specified under paragraphs 7 to 12 of Schedule 4 to the Code and also in or towards meeting the Company's obligations to any party insofar as such obligations arise in connection with or incidental to Contracts transacted on the Client's behalf.

9.24 Liquidating instructions on open futures positions maturing in a current month must be given to the Company prior to 4:00 p.m. on the business day before the last trading day of the current month in the case of long positions and, in the case of short positions, prior to 4:00 p.m. on the business day before the last trading day of the current month. Alternatively, sufficient good funds to take delivery or the necessary delivery documents must be delivered to the Company within the same period described above. If neither instructions, nor good funds, nor documents are received by the Company, the Company may, without notice, either liquidate the Client's position, or make or receive delivery on behalf of the Client upon such terms and by such methods which the Company shall deem to be feasible.

9.25 (a) Transactions related to Exchange Contracts shall be subject to the rules, regulations and procedures from time to time in force of the relevant markets and Exchanges (and, in particular, as regards Transactions effected on HKFE, the Rules) on which the Company or any Associate enters into futures contracts and/or options contracts on behalf of the Client and such rules may contain provisions requiring the Company, upon the request of SFC or the relevant Exchange or other regulatory authority, disclose information relating to the Client and/or the Account (including without limitation, the name and the ultimate beneficial identity of the Client, and such other information concerning the Client) as the SFC, relevant Exchange or regulatory authority may require. The Client hereby agrees to provide promptly and in any event within 2 business days upon the Company's request such information concerning the Client as the Company or the relevant regulatory authority may require to the Company or directly to the relevant regulatory authority in order for the Company to comply with such rules and requirements and the Client irrevocably authorizes the Company and its associate, without further notice to or consent from the Client, to disclose to the relevant authorities all such information and to provide such authorities with all such documents (or copies thereof) in the Company's possession as may be required in order to comply with such rules and requirements, irrespective of whether the Agreement shall have been terminated at the time of disclosure of such information and documents by the Company and/or its Associate to the relevant authorities.

(b) The Client acknowledges that HKFE or the SFC may require the Company to disclose information relating to the Client referred to in Clause 9.26(a) above and further acknowledges that if the Company fails to comply with the disclosure requirement under the Rules, the chief executive of HKFE may require the closing out of the Company on behalf of the Client or impose such margin surcharge on any or all of its positions as the chief executive thinks fit.

(c) The Client shall not in any way hold the Company or its agents or Affiliates liable for any consequences arising out of the disclosure of any information concerning the Client and/or the Account pursuant to Clause 9.26 or the non-compliance of any requirements of the relevant Exchange or regulatory authority if such is due to the Client's failure to provide the relevant information to the Company. The Client shall reimburse the Company or its agents or Affiliates on demand on a full indemnity basis for all losses, damages, costs and expenses (including legal costs) incurred by each of them in complying with the relevant requirements.

9.26 The Client acknowledges that, pursuant to the requirements of the Rules 632A which impose a delta position limit for various futures contracts and options contracts, no person shall own or control positions in the Hang Seng Index ("HSI") Futures, HSI Options, Mini-HSI Futures and Mini-HSI Options Markets (or other products as prescribed by the HKFE from time to time) combined that exceed a specified position delta (as prescribed by the HKFE from time to time). The Client also acknowledges that the Chief Executive of the HKFE or his designee shall require and direct the Company carrying an account or aggregated accounts in excess of the delta position limit to liquidate positions necessary to bring the account or aggregated accounts into compliance with the position limit.

9.27 The Client acknowledges that, pursuant to the requirements of the Rules and the Securities and Futures (Contracts Limits and Reportable Positions) Rules ("Contract Limits Rules") and related guidance notes issued by the SFC, if the Client holding or controlling an amount of open position, as the case may be, equal to or more than the reportable level of each contract type ("Reportable Position") prescribed by the Contract Limits Rules, the Company and the Client have the responsibility to lodge a notice in writing of that Reportable Position in a prescribed form with the HKFE within one reporting day (as defined in the Contract Limits Rules) following the day on which the Client first holds or controls that Reportable Position and each succeeding day on which the Client continues to hold or control that Reportable Position. The Client also acknowledges that no person may hold or control futures and or options contracts in excess of the position limits ("Prescribed Limits") as prescribed by the Contract Limits Rules, unless the holding or controlling in excess of the Prescribed Limits is authorized under the Rules of the HKFE or by the SFC.

10. Delivery

10.1 The Client agrees and acknowledges that each Client Contract (and also other Transactions made for the Client's account) contemplates actual performance in accordance with its terms including delivery and receipt of any Assets and payment therefor.

11. Margins/payments

11.1 The Client shall at all times maintain with the Company, in such amount and such form as the Company may from time to time require, Margin in excess of the Client's indebtedness or obligations to the Company whether by way of trading or otherwise howsoever and the amount of which may be greater than any relevant Clearing House Margin, variation adjustments and/or interest rate cash adjustment set by the Exchange and/or the Clearing House and may be altered by the Company with immediate effect by notice to the Client. Should the margin requirement on deposit fall below the maintenance margin level, Exchange rules require that the Account be remargined back to the initial margin requirement level.

11.2 All amounts (including Margin and variation adjustments) payable by the Client in connection with this Agreement shall be due on demand and in the currency of the Company's choice subject only to any restrictions which may be imposed, by the appropriate Exchange and/or relevant Clearing House, if any, upon which the Client Contract or the Contract concerned was executed on the Client's behalf. Demands for Margin and variation adjustments must be met within 24 hours or such shorter period as the Company may in its absolute discretion determine to be necessary and specify to the Client, the Company may be required to report to HKFE and SFC particulars of all open positions in respect of which two successive margin calls and/or demands for variation adjustment are not met within the period specified by the Company and supply such further information in respect of the Account, including the name and beneficial identity of the Client as the Exchange may from time to time require. The Company may require more margin or variation adjustments than that specified by the Exchange and/or the Clearing house and may, without the Client's consent, close out the Client's open positions in respect of which any margin calls and demands for variation adjustment are not met within the period specified by the Company or at the time of making such call(s) or demand(s).

11.3 All amounts held by way of Margin shall be held on trust to apply the same for the following purposes:

(a) to pay to the relevant Exchange and/or Clearing House all Clearing House Margin due from the Company to it, or to pay to any Dealer all margin demanded by it from the Company, in each case on such terms as the Company may think fit; (b) to apply in or towards satisfaction, or in reimbursement of the Company, of all costs, damages, losses, liabilities and expenses incurred in respect of all Transactions and all liabilities and expenses incurred as a result of the performance by the Company of its duties or the exercise by the Company of its rights or powers hereunder; and (c) subject to the Company being satisfied that all such costs, damages, losses, liabilities and expenses referred to in paragraph (b) above have been satisfied, discharged or otherwise released in full, to repay any surplus which is, in the absolute opinion of the Company, attributable to such Transaction to the Client.

11.4 The Company shall at its discretion as to the terms thereof and any rate of return earned thereon have power to invest, realise such investment and/or reinvest any amounts paid by way of Margin in any investment, security, currency or deposit it thinks fit; and whether or not by leaving the same on deposit with any Clearing House. The limitations on the type or method of investment contained in the Trustee Ordinance (Cap. 29 of the Laws of Hong Kong) shall not apply. The Company shall not be liable to account to the Client for any interest or other profit earned or derived from or accrued to any such sums.

11.5 All sums payable by the Client in connection with this Agreement shall be exclusive of all Taxation. If any Taxation is required by law to be withheld from such payments, the amount payable by the Client shall be increased to the extent necessary to ensure that, after the making of any withholding, the Company receives on the due date a net sum equal to what it would have received and retained had no deduction been made.

11.6 All monies paid to the Company whether on deposit or however described shall not be entitled to earn interest from the Company. The Company is entitled to retain for its own use and benefits any interest earned on the Client's money.

11.7 Any debit balance in the Client's Accounts with the Company shall be charged with interest at such rate as determined from time to time by the Company. Such interest shall accrue on a day to day basis from the date when the overdue amount becomes due until the date when such amount has been fully paid. Such interest shall be payable on the last business day of each calendar month or upon demand by the Company.

11.8 The Client acknowledges that the Company may receive from Agents rebates in respect of commission on Transactions and agrees that the Company shall be entitled to keep any such rebates and that the Client has no right to benefit from them in any way.

12. Default

12.1 The happening of any one of the following events shall constitute an Event of Default:

(a) if, in respect of any Client Contract, the Client shall fail to: (i) provide Margin when called upon to do so; (ii) make or take delivery of any Asset when required to do so under such contract; (iii) pay any purchase price or other payment thereunder when due; (b) a judicial declaration of incompetence is made in respect of the Client, or upon the death of the Client (being an individual); (c) the filing of a petition in bankruptcy or, as the case may be, winding up or the commencement of other similar proceedings, or the appointment of a receiver, in respect of the Client or any of the Client's assets; (d) any warrant or order of attachment or distress or equivalent order is issued against any Account, or a judgment is levied, enforced or executed against any Account; (e) default by the Client in the due performance or observance of any of the terms and conditions of this Agreement; (f) any representation or warranty made in or in pursuance of this Agreement or in any certificate, statement or other document delivered to the Company being or becoming incorrect in any material respect;

(g) any of the consents, authorisations, approvals, licences, or board resolutions required by the Client to enter into this Agreement being wholly or partly revoked, withdrawn, suspended or terminated or expiring and not being renewed or otherwise failing to remain in full force and effect, or any Client Contract being modified in a manner unacceptable to the Company; (h) the Client being in breach, voluntary or otherwise, of any of the conditions contained herein or any constitution, rules, regulations, bye-laws, customs and usages of any Exchange or Clearing House; (i) the Client exceeding the trading limit prescribed by the Company from time to time; (j) the Company in its sole opinion determines that the market on which the Assets are traded fluctuates in an unusual degree; (k) the Company in its sole opinion determines that there is a material adverse change in the business, assets or financial position of the Client; or (l) the occurrence of any event which, in the Company's opinion, puts doubt on the ability of the Client to meet its future obligations under this Agreement.

12.2 Without prejudice to any other right or remedy which the Company may have, if any Event of Default shall occur, subject to the provision of the SFO, the Company shall be entitled, but not obliged to, in its absolute discretion and without notice to the Client, to take one or more of the following actions:

(a) satisfy any obligation or liability the Client may have to the Company out of any other collateral security deposited with the Company; (b) sell any or all Client Contracts or Assets held or carried as a long position for the Client or purchase any or all Client Contracts or Assets held or carried as a short position for the Client; (c) cancel any or all outstanding orders or contracts or any other commitments made on behalf of the Client; (d) call upon any security including but not limited to any guarantees and letters of credit which may have been issued to or in favour of the Company as security for the Account; (e) combine, consolidate and sell all Accounts; (f) close out without recourse any or all Client Contracts and any corresponding Contracts;

(g) borrow or buy in any property whatsoever found necessary by the Company or required to make delivery against any sale (including a short sale) effected for the Client; (h) exercise any rights granted under Clauses 13 below; (i) suspend the Account; and (j) close the Account and terminate this Agreement forthwith;

Provided Always That a prior tender, demand for original or additional Margin or call of any kind from the Company, or prior or outstanding demand or call from the Company or notice of the time and place of a sale or purchase shall not be considered a waiver of any of the Company's rights or remedies granted by this Agreement.

12.3 After deducting all costs and expenses incurred in connection with taking any action referred to in Clause 12.2 above, the Company may apply any remaining proceeds to the payment of any liabilities owed by the Client to the Company; and in the event such proceeds are insufficient for the payment of such liabilities the Client shall promptly upon demand and notwithstanding that the time originally stipulated for settlement may not then have arrived pay to the Company and indemnify and hold the Company harmless against any differences or deficiencies arising therefrom or in any Account or Client Contract, together with interest thereon and all costs (including solicitor's and counsel's fees should the Company in its absolute discretion refer the matter to legal advisers) and/or expenses incurred by the Company on a full indemnity basis in connection with the enforcement of each Client Contract which shall be for the account of the Client and properly deductible by the Company from any funds of the Client in its possession.

13. Set Off

13.1 In addition and without prejudice to any general lien or similar right which the Company may be entitled by law and subject to the provisions of the SFO, its subsidiary legislation and other applicable legislation, in the event that the Client has more than one account (of any nature whatsoever) with the Company or any of its Associates, the Company may at any time, and without notice to the Client, combine or consolidate all or any of such accounts and set-off or transfer any sum or sums standing to the credit of any one or more of such accounts in or towards the satisfaction of any liabilities of the Client to the Company or the Company's Associate on any account or in any other respect, including liabilities under facilities or accommodation for any unexpired fixed term or in respect of foreign exchange dealings or under guarantees or indemnities or any other instruments whatsoever given or assumed by the Company or the Company's Associate at the Client's request, whether such liabilities be present or future, actual or contingent and primary or collateral.

13.2 Where any such set-off or combination requires the conversion of one currency into another, such conversion shall be calculated at the rate of exchange (as determined by the Company and binding in all respects upon the Clients) utilised by the Company in the Company's normal course of business for such currencies at the time of the set-off or combination.

13.3 Without prejudice to the general right of set-off conferred upon the Company by the foregoing sub-paragraphs, the Client hereby expressly agrees that in any one or more of the following events, that is to say:

(a) if any attempt shall be made by the Client, without the Company's express prior written consent and approval, to assign, and/or charge, and/or otherwise alienate all or any part of any sum or sums standing to the credit of any one or more of such Accounts as aforesaid; or (b) any event shall occur which, in the Company's sole discretion, the Company feels shall or might put in jeopardy the Company's rights with respect to the credit balance in anyone or more of such accounts; or (c) any event shall occur which, in the Company's sole opinion, puts doubt on the ability of the Client to meet its future obligations under this Agreement; or (d) the commencement of the Client's bankruptcy/winding up or similar proceedings; or (e) an encumbrancer taking possession of, or a receiver being appointed over, the whole or any part of the Client's undertaking, property or assets,

then immediately and without demand or notice to the Client or upon the occurrence of any other Event of Default referred to in Clause 12 if the Company so determines and gives notice to the Client, all of the Client's then existing Accounts shall automatically and forthwith be deemed consolidated together as one and shall (together with all of the Client's liabilities above referred to) be deemed (if applicable) to mature and in all cases become due and payable, and all sums standing to the credit of any such Accounts shall automatically and forthwith on the occurrence of such event be set-off and shall be deemed to have been transferred by the Company to the satisfaction of all such of the Client's liabilities to the Company as aforesaid or in any other respect.

13.4 Nothing herein shall restrict the operation of any general lien or other rights or lien whatsoever which the Company may have, whether by law or otherwise, and the rights of set-off hereby conferred are in addition and without prejudice to any general right of set off arising by law or rights granted to the Company by Clauses 12 hereof or any lien, guarantee, bill, note, mortgage or other security now or hereafter held by the Company.

14. No assignment, succession

14.1 The Client may not assign any rights or obligations under this Agreement or any Client Contract.

14.2 All the provisions of this Agreement shall survive any changes or successions in the Company's business and shall be binding, where the Client is a corporation, upon its successors and where the Client is an individual upon his personal representatives.

15. No waiver

15.1 The Client acknowledges that no act, omission to act or forbearance by the Company or any of its employees, servants, agents, representatives or Associate shall be, or be deemed to be, a waiver by the Company of any rights against the Client or against Margin or any other assets of the Client on hand with the Company.

16. Charges, costs

16.1 Charges in respect of services performed in connection with this Agreement shall be set by the Company at such rates as it may from time to time have notified to the Client as being the rate or rates applicable. The Client shall pay to the Company the commission and exchange fees for futures contracts and options contracts as may be prescribed by the Company and the Exchange respectively from time to time and notified to the Client.

16.2 Without prejudice to the generality of Clause 16.1, the Client hereby agrees to the imposition upon its Account or Accounts from time to time as the Company may determine, of a minimum charge in respect of Accounts that maintain only average credit balances of less than such minimum amount as the Company may from time to time determine.

16.3 All bank and safe custody charges shall be for the Client's account.

17. Liabilities and indemnity

17.1 In the absence of bad faith or wilful default of or by the Company:

(a) the Company shall not under any circumstances whatsoever be liable to the Client in respect of any loss, damage, injury sustained or liability incurred by the Client by reason of any act, advice, statement (express or implied), default or omission of the Company or its employees, agents, representatives or Associate, whether such loss, damages, injury or liability be caused by breach or otherwise by the Company or its directors, employees, agents, representatives or Associate or howsoever caused; (b) the Client agrees to indemnify the Company and the Company's directors, employees, agents, representatives and Associate against and hold them blameless from all expenses, liabilities, claims and demands, arising out of anything done (whether acting pursuant to the instructions of the Client or any of the Authorized Person, or otherwise) by the Company or any such person in connection with this Agreement, or by the Client or any of the Authorized Person (whether with or without the authority of the Client).

18. Warranties and undertakings

18.1 The Client hereby represents and warrants that: (a) where the Client or any one of them is a body corporate (in respect of such person): (i) it is a corporation duly organized and is validly existing under the laws of the country of its incorporation and in every other country where it is carrying on business; (ii) this Agreement has been validly authorised by the appropriate corporate action of the Client and when executed and delivered will constitute valid and binding obligations of the Client in accordance with the terms herein; (iii) the certified true copies of the Client's certificate of incorporation or registration, charter, statute or memorandum and articles or other instrument constituting or defining its constitution and the board resolutions of the Client delivered to the Company are true and accurate and still in force;

(iv) no steps have been taken or are being taken to appoint a receiver and/or manager or liquidator over the assets of, or to wind up, the Client; and (v) unless otherwise disclosed to the Company in writing, the Client is trading on its own account and does not do so as nominee or trustee for any other person and there exists no arrangements whereby any person other than the Client has or will have any interest in this Agreement or any Contract or Client Contract made pursuant hereto;

(b) where the Client or any one of them is an individual: (i) the Client is legally capable of validly entering into and performing this Agreement and that he or she has attained the age of 18 years and is of sound mind and legal competence and is not a bankrupt; and (ii) the Client is trading on his/her own account and does not do so as nominee or trustee for any other person and there exist no arrangements whereby any other person has or will have any beneficial interest in this Agreement or any Contract or Client Contract made pursuant hereto;

(c) where there are two or more persons included in the expression "the Client": (i) the liability of each such person hereunder shall be joint and several; (ii) unless the Company shall have received written instructions from the Client directing otherwise, any one of them shall have full authority to give any instructions with respect to any Account or any Client Contract including but not limited to instructions with respect to buying or selling or withdrawals of excess funds; to receive demands, notices, confirmations, reports, statements and other communications of any kind it being understood and agreed that such demands, notices, confirmations, reports, statements and other communications if addressed to the Client shall be binding on each of them notwithstanding that they have not been sent to or received by every one of them; generally to deal with the Company in connection herewith as fully and completely as if the other joint account holder or holders has no interest herein; (iii) the Company shall be under no duty or obligation to inquire into the purpose or propriety of any instruction given and shall be under no obligation to see to the application of any fund delivered by the Client in respect of any Account; (iv) notwithstanding any other arrangements which may have been made between them the rule of survivorship shall apply to the joint account hereunder and on the death of any one of them the moneys, securities and other property whatsoever for the time being standing to the credit of the joint account and anything held by the Company whether by way of security or for sale, custody or collection or any other purpose whatsoever shall be held to the order of the survivor(s) of them; and (v) unless otherwise disclosed to the Company in writing, the Client is trading on its own account and does not do so as nominee or trustee for any other person and there exist no arrangements whereby any person other than the persons signing this Agreement as the Client has or will have any beneficial interest in this Agreement or any Contract or Client Contract made pursuant hereto;

(d) as regards all Clients: (i) the information given by the Client, or on the Client's behalf, to the Company in connection with the opening of any Account with the Company (including, without limitation, the information contained in the Account Opening Form) is true and complete and the Company shall be entitled to rely on such information until the Company receives written notice from the Client of any changes thereto; (ii) it has the authority and capacity to enter into and execute this Agreement and any Client Contract and that no one except the Client has an interest in the Account or Accounts; (iii) the contents of this Agreement have been fully explained to the Client in a language the Client understands and the Client agrees with them; (iv) unless otherwise disclosed to the Company in writing, it is trading on its own account; (v) where the Client is not a principal and is acting as a nominee or trustee for any other person, it has disclosed fully and accurately such information as well as the identity of the principal to the Company and shall immediately notify the Company in writing of the identity of all persons ultimately beneficially interested in the Account and any changes to such information; (vi) that the Account is not an Omnibus Account (as such term is defined by the rules of HKFE); and (vii) the Risk Disclosure And Disclaimer Statements, have been fully explained to such Client in a language he understands and the Client declares that he understands the same.

18.2 The Client agrees and undertakes promptly to:

(a) notify the Company if there is any material change in the information supplied in this Agreement and/or the Account Opening Form and/or the Declaration as to Persons Authorised to Give Instructions (if applicable), copies of which are annexed to this Agreement; (b) notify the Company of any material changes to its financial position; (c) furnish information and documents in relation to its financial position as requested by the Company; (d) furnish such other information concerning the Client as the Company may reasonably request; (e) notify the Company in writing if any of the representations contained in this Agreement cease to be true and correct in all material respects; and (f) notify the Company of the occurrence of any Event of Default upon its occurrence.

18.3 The Company undertakes to advise the Client promptly of any material changes in the following: (a) the name and address of the registered office of the Company; (b) the Company's licencing or registration status with the SFC and the CE number of the Company; (c) the nature of services to be provided to or made available by the Company to the Client; (d) the rates of fees, charges and interest to be charged by the Company; and (e) the Margin requirements, the circumstances under which Margin call shall be made, and the circumstances under which the Client's positions shall be closed without the Client's consent.

19. Currency transactions

19.1 In the event that the Client directs the Company to enter into any contract on an Exchange on which Transactions are effected in a foreign currency:

(a) any profit or loss arising as a result of a fluctuation is the exchange rate effecting such currency will be entirely for the Client's account and risk; (b) Margin shall be recorded in such currency or currencies, in such amounts as the Company may in the Company's sole discretion elect; and (c) the Company is authorized to convert funds in any Account into and from such foreign currency at a rate of exchange determined by the Company in the Company's sole discretion on the basis of then prevailing money markets rates.

20. Time of essence

20.1 Time shall in all respects be of the essence of the performance of all the Client's obligations under or in connection with this Agreement.

20.2 In the event that any document sent or despatched by the Client to the Company in connection with the Account or any order made by the Client or any Client Contract or Contract made on the Client's account is for any reason undated, the time and date as shown on the Company's time-chop as imprinted on such document at the time of its receipt by the Company shall be conclusive evidence of the time and date of the said document and the Company is hereby empowered on the Client's behalf to insert such time or date on such document accordingly.

21. Entire agreement

21.1 This Agreement represents the entire agreement and understanding between the parties with respect to the Account and supersedes all previous agreements or understandings between the Company and the Client.

22. Risk Disclosure and Disclaimer Statement

22.1 The Client acknowledges the following risk factors in trading futures:-

A. RISK OF TRADING FUTURES AND OPTIONS

The Client acknowledges that the risk of loss in trading futures contracts or options is substantial. In some circumstances, the Client may sustain losses in excess of the Client initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. The Client may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, the Client position may be liquidated. The Client will remain liable for any resulting deficit in the Client account. The Client should therefore study and understand futures contracts and options before the Client trades and carefully consider whether such trading is suitable in the light of the Client’s own financial position and investment objectives. If the Client trades options the Client should inform the Client of exercise and expiration procedures and the Client rights and obligations upon exercise or expiry.

B. ADDITIONAL RISK DISCLOSURE FOR FUTURES AND OPTIONS TRADING

The Client acknowledges that this brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, the Client should undertake such transactions only if the Client understands the nature of the contracts (and contractual relationships) into which The Client is entering and the extent of the Client exposure to risk. Trading in futures and options is not suitable for many members of the public. The Client should carefully consider whether trading is appropriate for the Client in light of the Client experience, objectives, financial resources and other relevant circumstances.

C. FUTURES

1. Effect of "Leverage" or "Gearing"

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are "leveraged" or "geared". A relatively small market movement will have a proportionately larger impact on the funds the Client has deposited or will have to deposit; this may work against the Client as well as for the Client. The Client may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain the Client position. If the market moves against the Client position or margin levels are increased, the Client may be called upon to pay substantial additional funds on short notice to maintain the Client position. If the Client fails to comply with a request for additional funds within the time prescribed, the Client position may be liquidated at a loss and the Client will be liable for any resulting deficit.

2. Risk-reducing orders or strategies

The placing of certain orders (e.g. "stop-loss" orders, or "stop-limit" orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as "spread" and "straddle" positions may be as risky as taking simple "long" or "short" positions.

D. OPTIONS

1. Variable degree of risk

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarise themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. The Client should calculate the extent to which the value of the options must increase for the Client position to become profitable, taking into account the premium and all transaction costs.

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a futures contract, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, the Client will suffer a total loss of the Client investment which will consist of the option premium plus transaction costs. If the Client is contemplating purchasing deep-out-of-the-money options, the Client should be aware that the chance of such options becoming profitable ordinarily is remote.

Selling ("writing" or "granting") an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavourably.

The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, the seller will acquire a position in a futures contract with associated liabilities for margin (see the section on Futures above). If the option is "covered" by the seller holding a corresponding position in the underlying interest or a futures contract or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.

E. ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS

1. Terms and conditions of contracts

The Client should ask the firm with which the Client deals about the terms and conditions of the specific futures or options which the Client is trading and associated obligations (e.g. the circumstances under which the Client may become obliged to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.

2. Suspension or restriction of trading and pricing relationships

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or "circuit breakers") may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If the Client has sold options, this may increase the risk of loss.

Further, normal pricing relationships between the underlying interest and the futures, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not.

The absence of an underlying reference price may make it difficult to judge "fair value".

3. Deposited cash and property

The Client should familiarise oneself with the protections given to money or other property the Client deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which the Client may recover the Client money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as the Client own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

4. Commission and other charges

Before the Client begins to trade, the Client should obtain a clear explanation of all commission, fees and other charges for which the Client will be liable.

These charges will affect the Client net profit (if any) or increase the Client loss.

5. Transactions in other jurisdictions

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose the Client to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before the Client trades the Client should enquire about any rules relevant to the Client’s particular transactions. The Client’s local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where the Client transactions have been effected. The Client should ask the firm with which the Client deals for details about the types of redress available in both the Client’s home jurisdiction and other relevant jurisdictions before the Client starts to trade.

6. Currency risks

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in the Client own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.

7. Trading facilities

Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. The Client ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary: The Client should ask the firm with which the Client deals for details in this respect.

8. Electronic trading

Trading on an electronic trading system may differ from trading on other electronic trading systems. If the Client undertakes transactions on an electronic trading system, the Client will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that the Client order is either not executed according to the Client instructions or is not executed at all.

9. Off-exchange transactions

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which the Client deals may be acting as the Client’s counterparty to the transaction.

It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before the Client undertakes such transactions, the Client should familiarise with applicable rules and attendant risks.

F. RISKS OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE HONG KONG

The Client acknowledges that the Client’s assets received or held by the licensed or registered person outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap.571) and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.

G. RISK OF PROVIDING AN AUTHORITY TO HOLD MAIL OR TO DIRECT MAIL TO THIRD PARTIES

If the Client provides the licensed or registered person with an authority to hold mail or to direct mail to third parties, it is important for the Client to promptly collect in person all contract notes and statements of the Client’s account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.

H. DISCLAIMER

1. HKFE disclaimer

Stock indices and other proprietary products upon which contracts are traded on HKFE may, from time to time be developed by the HKFE. The HKFE Taiwan Index is the first of such stock indices developed by the HKFE. The HKFE Taiwan Index and such other indices or proprietary products as may from time to time be developed by the HKFE ("Exchange Indices") are the property of HKFE. The process of compilation and computation of the Exchange Indices is and will be the exclusive property of and proprietary to the HKFE. The process and basis of the compilation and computation of the Exchange Indices may at any time be changed or altered by the HKFE without notice and the HKFE may at any time require that trading in and settlement of such futures or options contracts based on any of the Exchange Indices as the HKFE may designate be conducted by reference to an alternative index to be calculated. The HKFE does not warrant or represent or guarantee to any member of the HKFE or any third party the accuracy or completeness of any of the Exchange Indices or their compilation or computation or any information related thereto and no such warranty or representation or guarantee of any kind whatsoever relating to any of the Exchange Indices is given or may be implied. Further, no responsibility or liability whatsoever is accepted by the HKFE in respect of the use of any of the Exchange Indices or for any inaccuracies, omissions, mistakes, errors, delays, interruptions, suspensions, changes or failures (including but not limited to those resulting from negligence) of the HKFE or any other person or persons appointed by the HKFE to compile and compute any of the Exchange Indices in the compilation and computation of any of the Exchange Indices or for any economic or other losses which may be directly or indirectly sustained as a result thereof by any member of the HKFE or any third party dealing with futures or options contracts based on any of the Exchange Indices. No claims, actions or legal proceedings may be brought by any member of the HKFE or any third party against the HKFE in connection with or arising out of matters referred to in this disclaimer. Any member of the HKFE or any third party engages in transactions in futures and options contracts based on any of the Exchange Indices in full knowledge of this disclaimer and can place no reliance on the HKFE in respect of such Transactions.

2. Stock index futures and options

HSI Services Limited ("HSI") currently publishes, compiles and computes a number of stock indices and may publish, compile and compute such additional stock indices at the request of Hang Seng Data Services Limited ("HSDS") from time to time (collectively "Hang Seng Indices"). The marks, names and processes of compilation and computation of the respective Hang Seng Indices are the exclusive property of and proprietary to HSDS. HSI has granted to the HKFE by way of licence the use of the Hang Seng Index and four sub-indices of the Hang Seng Index, the Hang Seng China-Affiliated Corporations Index and the Hang Seng China Enterprises Index solely for the purposes of and in connection with the creation, marketing and trading of options contracts and futures contracts based on such indices respectively and may from time to time grant to the HKFE corresponding use of any other Hang Seng indices for the purposes of and in connection with options contracts and futures contracts based on such other Hang Seng Indices (collectively "Contracts"). The process and basis of compilation and computation of any of the Hang Seng Indices and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by HSI without notice and the HKFE may at any time require that trading in and settlement of such of the Contracts as the HKFE may designate be conducted by reference to an alternative index or alternative indices to be calculated. Neither the HKFE nor HSDS nor HSI warrants or represents or guarantees to any member of the HKFE or any third party the accuracy or completeness of the Hang Seng Indices or any of them and the compilation and computation thereof or any information related thereto and no such warranty or representation or guarantee of any kind whatsoever relating to the Hang Seng Indices or any of them is given or may be implied. Further, no responsibility or liability whatsoever is accepted by the HKFE, HSDS or HSI in respect of the use of the Hang Seng indices or any of them for the purposes of and in connection with the Contracts or any of them and/or dealings therein, or for any inaccuracies, omissions, mistakes, errors, delays, interruptions, suspension, changes or failures (including but not limited to those resulting from negligence) of HSI in the compilation and computation of the Hang Seng Indices or any of them or for any economic or other losses which may be directly or indirectly sustained as a result thereof by any member of the HKFE or any third party dealing with the Contracts or any of them. No claims, actions or legal proceedings may be brought by any member of the HKFE or any third party against the HKFE and/or HSDS and/or HSI in connection with or arising out of matters referred to in this disclaimer. Any member of the HKFE or any third party deals in the Contracts or any of them in full knowledge of this disclaimer and can place no reliance whatsoever on the HKFE, HSDS and/or HSI.

22.2 Regarding the Internet Futures Trading, the Client hereby understands and acknowledges that:-

(1) Due to unpredictable traffic congestion of the Internet, an inherently unreliable medium of communication and that such unreliability is beyond the Company’s control, there is a risk that communication over the Internet may be interrupted, delayed or accessed by unauthorized parties. Notwithstanding measures taken by the Company to minimize this risk, the Company accepts no responsibility for any loss which may be incurred by the Client as a result of interruptions or delays or unauthorized access. The Client should not place any instruction with the Company over the Internet if the Client is not prepared to accept such risk.

(2) Trading on an Internet Futures Trading system may differ from trading on other Trading systems. If the Client undertakes transactions on an Internet Futures Trading system, the Client will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that the Client’s order is either not executed according to the Client’s instructions or is not executed at all.

(3) While the Company, the Exchange, the Clearing House and all related parties endeavour to ensure the accuracy and reliability of the information provided through the system, there is no guarantee that such information is accurate and reliable and that the Company, the Exchange, the Clearing House and related parties do not accept and liability (whether in text or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

23. Amendments, variations and additions

23.1 The Company reserves the right at any time by notice in writing to the Client to amend, vary or add to the terms of this Agreement including, without limitation, those relating to the rates of any charges or commission or fees of the Company and method of payment from time to time, taking effect on a date stipulated by the Company.

23.2 The Company may notify the Client of any variation of the terms of this Agreement in accordance with Clause 26 or in such other manner as the Company may determine.

24. Personal Data (Privacy)

24.1 Whilst the Client expects the Company to keep confidential all matters relating to the Account, The Client hereby expressly authorizes the Company to provide to the SFC or the Exchange or the Clearing House or any other regulatory authorities in any investigation or enquiry it is undertaking.

24.2 The Client hereby acknowledges that the Client has read the Personal Information Collection Statement provided by the Company as attached to this Agreement hereto pursuant to the Personal Data (Privacy) Ordinance and has agreed to the terms in it. The Client understands and acknowledges that the Company intends to use the Client’s personal data for direct marketing and the Company may not so use the Client’s data unless the Company has received the Client’s consent to such intended use. The Client expressly acknowledges, confirms and agrees that unless the Client decides to opt out the use of his/her personal data for direct marketing by filling and signing the Direct Marketing–Consent/Opt Out Request Form in Appendix A to the Personal Information Collection Statement or by giving notice to the Company at any time as stipulated in the Personal Information Collection Statement, the Company shall use the Client’s personal data for direct marketing as agreed in Appendix A to the Personal Information Collection Statement.

25. Closure of Account

25.1 Any Account may be closed by the Client by giving not less than 14 days' notice in writing to the Company and any Account may be closed by the Company at any time by giving notice in writing to the Client. The Company shall not be obliged to provide the Client with the reason for closing the Client's Account.

26. Notices

26.1 In event of the Company being required to give any notice to, or make any demand or request of the Client or otherwise being obliged to contact the Client in connection with this Agreement, notice (including any demand for Margin) may be personally delivered, transmitted by post, electronic mail, facsimile or by telephone in each case to the address, electronic mail address, facsimile or telephone numbers set out in this Agreement or otherwise as notified to the Company in writing from time to time.

26.2 Notices to be delivered by the Client to the Company may be personally delivered, transmitted by post, facsimile or by telephone to the address, facsimile or telephone numbers set out in this Agreement or otherwise as notified by the Company from time to time.

26.3 All notices and other communications shall be deemed to be duly given to the Client (a) if delivered personally or by telephone, when actually delivered to the Client; (b) if sent by post, two days after the date of posting; and (c) if given or made by facsimile or electronic mail, when the same is sent in its entirety to the fax number or electronic mail address of the Client; provided that any notice or other communication to be given by the Client to the Company shall be effective only when actually received by the Company.

26.4 Notwithstanding anything contained in this Clause 26, a demand for payment of Margin, variation adjustment and interest rate cash adjustment attempted to be given by the Company to the Client orally shall be deemed to have been duly given if the Company has used all practicable endeavours to communicate with the Client by telephone or other means of oral communication but the Client remains uncontactable.

27. Cumulative remedies

27.1 Except as provided in this Agreement, the rights, powers, remedies and privileges in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

28. Severability

28.1 Each of the provisions in this Agreement is severable and distinct from the others and if at any time one or more of such provisions is or becomes invalid or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

29. Force majeure

29.1 Neither of the parties to this Agreement shall be liable for any loss sustained by the other, directly or indirectly, if either party is prevented from acting as a direct or indirect result of government restrictions, the imposition of emergency procedures or suspension of trading of any relevant Exchange, Clearing House or other market, civil disorder, acts or threatened acts of terrorism, natural disasters, war, strikes or other circumstances beyond that party's control.

30. Language of the Agreement

30.1 If there is a discrepancy between the English and Chinese versions of this Agreement, the English version shall prevail.

31. Payment to Client

31.1 Except where the Company is given express written instructions to the contrary, in accordance with the terms of this Agreement, it may make payment of any amounts owing to the Client by crediting the same to the Account. Payment to such Account shall constitute payment to the Client for all purposes.

32. Miscellaneous

32.1 The Client confirms that the Client has read and agrees to the terms of this Agreement which have been explained to the Client in a language (English or Chinese) that the Client understands.

32.2 The Client expressly agrees and acknowledges that irrespective of whether the transactions would be placed by way of Internet Futures Trading Service or otherwise, all the confirmations of the transactions (Daily Statements) and the Monthly Statements issued by the Company will only be delivered by the Company to the Client by way of email as provided in the Account Opening Form or as provided by the Client in writing subsequently.

32.3 The Account Opening Form and the Agreement will form one composite agreement.

32.4 If the Client enters into Transaction in Futures Contracts in a currency other than Hong Kong dollar currency, the Client shall reimburse the Company’s exchange loss (if any) and bank charges fully on demand for all expenses incurred by the Company on converting any foreign currency into Hong Kong dollar currency at the prevailing exchange rate at the time of the relevant Transaction.

33. Governing law and jurisdiction

33.1 This Agreement shall be governed by and construed in accordance with the laws of Hong Kong Special Administrative Region and the parties hereby irrevocably submit themselves to the exclusive jurisdiction of the Courts of the Hong Kong Special Administrative Region.