SCHEDULE 2附表2 ORDER EXECUTION POLICY訂單執(zhí)行政策

　　Introduction導(dǎo)言

　　This Order Execution Policy explains how City Credit Capital (UK) Limited will execute trades or orders placed by clients. It should be read in conjunction with our Terms of Business but it does not form part of those Terms.

　　本訂單執(zhí)行政策闡明City Credit Capital (UK) Limited將如何執(zhí)行交易或客戶下單，本政策應(yīng)與我方的合約條款一并閱讀，但本政策并不構(gòu)成該合約條款的一部分。

　　Execution services執(zhí)行服務(wù)

　　We provide execution services in contracts for differences (CFDs) and foreign exchange (FX). Orders must ordinarily be placed using our Trading Platform but when that is not available, orders may be placed by telephone directly to our dealing desk.

　　我方提供價(jià)差合約(CFDs)和外匯(FX)執(zhí)行服務(wù)，訂單必須通過我方的交易平臺(tái)下達(dá)，但若交易平臺(tái)未能提供有效服務(wù)，客戶可直接致電我方交易部下單。

　　We act as counterparty to clients’ trades and will be the execution venue where orders are executed.

　　我方作為客戶交易的對(duì)手方，并為交易下單的執(zhí)行地點(diǎn)。

　　Execution factors執(zhí)行因素

　　We are required to take several factors into consideration when executing client orders. We regard price and costs as the most important, followed by size, speed and likelihood of execution and settlement. We will exercise our judgement in balancing the execution factors in seeking to obtain the best possible results for clients on a consistent basis.

　　在執(zhí)行客戶訂單時(shí)，我方需要考慮多方面因素。我方認(rèn)為價(jià)格和費(fèi)用是最為重要的因素，其次是交易規(guī)模、執(zhí)行和結(jié)算速度及可能性。我方將運(yùn)用我們平衡執(zhí)行因素上的判斷力，設(shè)法在一致性基礎(chǔ)上為客戶取得可能的最佳結(jié)果。

　　Price價(jià)格

　　The latest prices for all instruments we offer are available on our Trading Platform. All of our prices are live quotes, which means that, provided a client has sufficient margin in their account, we will ordinarily accept an order at the price shown on our Trading Platform, although a trade should not be regarded as having been executed until we have confirmed that is the case.

　　我方交易平臺(tái)提供所有交易產(chǎn)品的最新價(jià)格，所有價(jià)格均為即時(shí)報(bào)價(jià)，只要客戶的帳戶中存有足夠的保證金，我方將按交易平臺(tái)顯示的價(jià)格接受下單，盡管我方未確定交易已被執(zhí)行前，該交易不得視為已執(zhí)行交易。

　　In the unlikely event that the quoted price is quoted in error and such price is executed upon, we reserve the right to rescind the order. A price will be deemed to be quoted in error if it is different from the price that we would normally have quoted at the time when you requested it, taking into account all relevant factors. We have access to several data sources to determine a market price for the underlying instrument. For instruments such as equities this may be a third party exchange, while for other types of instrument, such as FX, it will typically be from nominated wholesale market participants.

　　萬一所報(bào)價(jià)格發(fā)生錯(cuò)誤且下單已按該價(jià)格被執(zhí)行，我方保留撤銷該訂單的權(quán)力。在考慮所有相關(guān)因素后，如果一個(gè)價(jià)格不同于貴方詢價(jià)時(shí)我們通常的報(bào)價(jià)，這個(gè)價(jià)格將被視為錯(cuò)誤報(bào)價(jià)。我方從多個(gè)數(shù)據(jù)來源決定標(biāo)的金融工具的市場(chǎng)價(jià)格，如證券股票類產(chǎn)品的數(shù)據(jù)來源可能是第三方交易所，其它產(chǎn)品如外匯的數(shù)據(jù)來源通常為指定的批發(fā)市場(chǎng)參與者。

　　Having determined a market price, we then make adjustments to take into account various factors, including any dividend that is due on the underlying instrument (where relevant) and our own risk management, to form our spread. As a result of this methodology, our bid/offer prices will generally not be the same as the price for the underlying instrument.

　　在確定了一個(gè)市場(chǎng)價(jià)格后，我方隨后會(huì)考慮多方面因素作出調(diào)整以決定我方的價(jià)差。這些因素包括任何基于相關(guān)標(biāo)的金融工具所得的任何股利及我方自身的風(fēng)險(xiǎn)管理。基于上述因素，我方的賣出/買入價(jià)通常不會(huì)與標(biāo)的金融工具的價(jià)格相同。

　　Costs費(fèi)用

　　The following costs may be payable by clients in relation to their orders:

　　客戶可能需要按其下單支付的費(fèi)用包括：

　　(a) commissions may be charged on the opening and closing of a position, some or all of which may be paid to introducing agents;

　　對(duì)未平倉交易和平倉交易收取的傭金，部分或全部將支付予中介代理人;

　　interest may be charged on a long position in a CFD (a credit will normally be applied to the account of a client who holds a short position);

　　持有價(jià)差合約多頭頭寸收取的利息，而持有空頭頭寸的客戶通常將獲取利息;

　　interest may be charged to a client on one half of an open FX position and paid by the same client in respect of the other half, which may result in the client being charged net interest depending on the rates of interest for the respective currencies and which currency the client is long in;

　　持有一半未平倉外匯交易收取的利息，另一半亦由同一客戶支付，這可能導(dǎo)致客戶須根據(jù)貨幣利率及持有的多頭頭寸貨幣利率支付凈利息; (b) (c)

　　(d) we may pass on any borrowing costs we incur where we take a short position in an equity to hedge a client’s short position in a CFD of that equity; the spread will vary between products. Please refer to the Contract Specification for details of the spread on each product.

　　承擔(dān)本公司為對(duì)沖客戶股票價(jià)差合約空頭頭寸而產(chǎn)生的任何借貸成本;買賣價(jià)差(「價(jià)差」)因產(chǎn)品而異。有關(guān)各類產(chǎn)品的價(jià)差詳情請(qǐng)參見《合約細(xì)則》。

　　Size交易規(guī)模

　　We set a minimum and maximum size for instruments that we trade, which can be found in the Contract Specification on our Trading Platform. For CFDs on equities, the maximum trade sizes may vary according to underlying liquidity, and in the case of UK shares, according to the normal market size of the equity concerned.

　　我方訂立了交易規(guī)模的上限和下限，請(qǐng)查閱交易平臺(tái)的《合約細(xì)則》。對(duì)于股票價(jià)差合約而言，最大的交易規(guī)?？赡芨鶕?jù)產(chǎn)品的流動(dòng)性而有所不同。就英國(guó)股票而言，交易規(guī)模則視乎相關(guān)股票的正常市場(chǎng)規(guī)模而定。

　　Speed速度

　　We aim to ensure that the market impact of a particular trade is taken into consideration. Delays may have an adverse impact on price but we have to balance this with market impact which, particularly in relation to very large or ongoing orders, may reduce the likelihood of execution and/or affect the price.

　　我方致力確?？紤]到某一特定交易對(duì)市場(chǎng)的影響，交易延遲可能對(duì)價(jià)格構(gòu)成不利的影響，但我方不得不使其與市場(chǎng)影響作出平衡，尤其在出現(xiàn)大量或不間斷的訂單時(shí)，可能會(huì)降低執(zhí)行交易的可能性和/或影響價(jià)格。

　　Likelihood of execution and settlement執(zhí)行和結(jié)算可能性

　　We will always be the counterparty to clients’ trades and therefore we are the execution venue. Provided a client has sufficient margin in their account we will ordinarily execute their order at the price shown on our Trading Platform. If we have begun to work a client’s order in the external market and have started to execute trades in the underlying instrument, the client will not be able to cancel the whole order. The client may ask us to remove any unfilled part of their order but they will not be released from their original obligation until we have confirmed that is the case.

　　我方將一直是客戶交易的對(duì)手方，因此我方也是交易的執(zhí)行地點(diǎn)。只要一名客戶的帳戶中有足夠的保證金，我方將會(huì)按照交易平臺(tái)顯示的價(jià)格執(zhí)行訂單。若我方已開始在國(guó)外市場(chǎng)執(zhí)行客戶訂單且已經(jīng)開始執(zhí)行標(biāo)的金融工具交易，客戶將無法取消整個(gè)訂單?？蛻艨梢笪曳饺∠唵沃腥魏紊形赐瓿傻牟糠?，但未經(jīng)我方確認(rèn)，客戶將無法解除自身原先的義務(wù)。

　　Most trades will be automatically priced and executed by our Trading Platform. However, depending on factors such as unusual market conditions or the size and nature of a client’s order, an instrument may be wholly or partly manually priced and/or an order be manually executed. During times of high demand manual pricing and/or execution may cause delays in processing client orders which in turn can have an impact on whether we are able to execute orders and, if we are, the price at which they are executed.

　　大部分交易將由我方的交易平臺(tái)自動(dòng)定價(jià)并自動(dòng)執(zhí)行。然而，根據(jù)諸如異常市場(chǎng)情況或客戶訂單的規(guī)模和性質(zhì)等因素，某些交易產(chǎn)品可能完全或部分經(jīng)由人工定價(jià)和/或訂單經(jīng)由人工執(zhí)行。在大量需求人工定價(jià)和/或執(zhí)行時(shí)，處理客戶訂單可能被延遲，這樣可能對(duì)我方能否執(zhí)行訂單構(gòu)成影響，而若果我方能執(zhí)行交易訂單，可能對(duì)交易執(zhí)行價(jià)格構(gòu)成影響。

　　Specific instructions特定指示

　　Where a client gives us specific instructions as to the execution of an order, those instructions will take precedence over this Order Execution Policy which may prevent us from taking the steps we would otherwise take to obtain the best possible result for the client in respect of any element of the transaction covered by the instructions.

　　一旦客戶給我方提供了執(zhí)行訂單的特定指示，這些指示將較本訂單執(zhí)行政策獲優(yōu)先處理。因?yàn)榭蛻舻奶囟ㄖ甘究赡馨摻灰椎娜魏我?，可能?huì)妨礙我方原本將為客戶執(zhí)行交易取得可能的最佳效益所采取的措施。

　　On most markets that we provide, we may (subject to our Terms) accept an order from a client to execute a trade at such time as our price of the relevant market has risen or fallen to an order price specified by the client. Orders are often attached to open positions, either to be triggered in the event of an adverse market move, in which case they are known as stop-loss orders, or to be triggered by a favourable market move to allow profits to be taken. These orders are triggered for execution based upon our price. A sell order will be triggered if our bid price reaches or falls below the specified order price; a buy order will be triggered if our offer price reaches or rises above the specified order price.

　　在我方提供的大多數(shù)市場(chǎng)上，當(dāng)相關(guān)市場(chǎng)的價(jià)格上漲或下降至客戶設(shè)定的特定價(jià)格時(shí)，我方可能(根據(jù)我方的合約條款)接受客戶的訂單并執(zhí)行交易。這些訂單通常附加于未平倉頭寸，在市場(chǎng)朝著與頭寸不利的方向發(fā)展時(shí)下達(dá)的訂單稱為止損單，當(dāng)市場(chǎng)朝著有利方向發(fā)展時(shí)下單則為了獲取利潤(rùn)。這些訂單根據(jù)我方的價(jià)格執(zhí)行。若我方出價(jià)達(dá)到或降至特定訂單價(jià)格之下，將會(huì)發(fā)出賣出指令;若我方出價(jià)達(dá)到或漲至特定訂單價(jià)格之上，將會(huì)發(fā)出買入指令。

　　In most cases, when an order is triggered it will be executed at or very close to the specified order price but this is not guaranteed and the execution price may be markedly different to the specified order price as a result of a price movement in the underlying instrument. For example, this may occur in relation to a share following a profits warning or the announcement of financial results different to those expected.

　　在大多數(shù)情況下，當(dāng)一個(gè)指令發(fā)出時(shí)，它將會(huì)以該特定訂單價(jià)格或與該價(jià)格十分接近的價(jià)格執(zhí)行。但這并不獲保證，且執(zhí)行價(jià)格可能受標(biāo)的金融工具價(jià)格波動(dòng)影響而與特定訂單價(jià)格有很大差異。例如，在繼盈利警告或出乎意料的金融決策發(fā)布后，這種情況可能發(fā)生在一只相關(guān)股票上。

　　Note that if a client has left multiple orders with us in the same underlying market and with the same specified order price and with a size greater than our size, then there is no guarantee that all of those orders will be executed at the same price.

　　請(qǐng)注意，若一位客戶向我方在同一個(gè)標(biāo)的市場(chǎng)下達(dá)多項(xiàng)訂單并設(shè)定了特定訂單價(jià)格，而這些訂單規(guī)模比我方的規(guī)模大，則我方無法保證以相同的價(jià)格執(zhí)行所有上述訂單。

　　For some markets it is possible to create a ‘guaranteed stop loss order’. This is similar to a stop-loss order except that the client is guaranteed execution at the specified order price regardless of external factors.

　　一些市場(chǎng)可能接受‘擔(dān)保止損訂單’ ，這與止損訂單相似，除非客戶獲得保證不管外界因素如何，訂單均可以特定的價(jià)格執(zhí)行。

　　Order handling – aggregation and allocation訂單處理 – 合并和分配

　　We process orders to be worked in external markets in the sequence in which they were received by us unless the nature of the client order or prevailing market conditions make this impracticable or the client’s interests require otherwise. We will generally place our order into an appropriate execution venue as soon as we have agreed to work the client’s order in the external market, unless potential market impact dictates that we do not. Should we receive multiple orders at the same time, we may aggregate the orders and allocate the resulting fills as the aggregate order is executed. This may mean that we will provide clients with partial fills at different prices or a single fill at an average price.

　　我方以收到訂單的次序處理在國(guó)外市場(chǎng)執(zhí)行的訂單，除非客戶訂單的性質(zhì)或主導(dǎo)市場(chǎng)條件使該次序不可行或客戶利益另有要求。一旦我方同意在國(guó)外市場(chǎng)執(zhí)行客戶訂單，我方一般將會(huì)在合適的執(zhí)行點(diǎn)下單，除非潛在市場(chǎng)的影響要求我方不應(yīng)這樣做。若我方同時(shí)接獲多項(xiàng)訂單，我方可能合并訂單并按執(zhí)行的合并次序分配最終的份額。這意味著我方將以不同價(jià)格為客戶執(zhí)行部分份額，也可能以平均價(jià)提供單個(gè)份額。

　　Should our book position dictate that we wish to execute an order for our own book in the same direction as a client order, we will execute the client order in full ahead of our own order unless by aggregating the order we can demonstrate that the client will receive the same or a better execution outcome.

　　若我方的頭寸記錄簿指示我方可以與某位客戶的訂單以相同的方法執(zhí)行我方帳簿中的訂單，則我方將把客戶訂單與我方訂單一同執(zhí)行，除非合并訂單后顯示客戶將得到相等或更好的執(zhí)行收入。

　　Review of this Order Execution Policy該訂單執(zhí)行政策復(fù)核

　　We will monitor compliance with this Order Execution Policy and review it at least annually. We will amend it as appropriate and will notify clients of any material changes.

　　我方將監(jiān)察本訂單執(zhí)行政策是否符合規(guī)定，并至少每年復(fù)核一次。我方將作出適當(dāng)修訂，若有任何重大更改將會(huì)通知客戶。

　　SCHEDULE 3 附表3 Summary of Conflicts of Interest Policy利益沖突政策摘要

　　Introduction導(dǎo)言

　　This policy covers conflicts that may arise between CCC or an employee of the company and its clients, as well as between one client and another. CCC’s senior management is responsible for ensuring that the systems, controls and procedures in place are robust and adequate to identify and manage a conflict as and when it arises. These procedures are regularly reviewed by the Compliance Department in order to ensure that they are up to date, reflect best practice and that all relevant activities and regulations are covered.

　　本政策包含可能發(fā)生在CCC或本公司雇員與公司客戶之間的沖突以及客戶與客戶之間的沖突。CCC高級(jí)管理層有責(zé)任確保公司的制度、管理和程序健全，并在沖突發(fā)生時(shí)足以作出識(shí)別及處理。合規(guī)管理部會(huì)定期復(fù)核這些程序，以保證程序得以及時(shí)更新和有效地實(shí)施，且包含所有相關(guān)活動(dòng)和規(guī)章。

　　Guarding against conflicts of interest預(yù)防利益沖突

　　Various systems and procedures have been put in place to minimise any potential for conflicts of interest. This list, although not exhaustive, includes:

　　已實(shí)施不同制度和程序?qū)⑷魏卫鏇_突的潛在性降至最低。下述內(nèi)容雖然并非詳盡無疑，已包括：

　　Identification of conflicts沖突識(shí)別

　　In the course of identifying potential conflicts of interest, CCC will take into account whether CCC or a staff member or another client:

　　在識(shí)別潛在利益沖突的過程中，CCC將考慮CCC或一名雇員或其它客戶是否：

　　is likely to make a financial gain, or avoid a loss, at the expense of the client;

　　可能在損害客戶利益的情況下獲取利益或避免損失;

　　has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client’s interest in that outcome;

　　為客戶提供服務(wù)或代表客戶進(jìn)行交易的結(jié)果中牽涉利益，該結(jié)果明顯與客戶可獲得的利益不同;

　　has a financial or other incentive to favour the interests of another client or group of clients over the interests of the client;

　　在財(cái)務(wù)上或其它方面的動(dòng)機(jī)，試圖向另一位客戶或其它客戶提供比該客戶更優(yōu)惠的待遇;

　　carries on the same business as the client; or 與客戶從事相同的商業(yè)活動(dòng);或 receives or will receive from a person other than the client an inducement in relation to a service provided to the client, in the form of monies, goods or services, other than the standard commission or fee for that service.

　　就有關(guān)為客戶提供服務(wù)而接收或?qū)?huì)接收除了客戶以外的其它人士以金錢、商品或服務(wù)形式給予的贈(zèng)予，這些贈(zèng)予不是該服務(wù)相關(guān)的標(biāo)準(zhǔn)傭金或費(fèi)用。

　　Management of conflicts沖突管理

　　CCC operates several policies for managing conflicts of interest, including an independence policy and, where appropriate, information barriers. Where we are aware of a conflict we will manage the conflict in line with our policy and procedures. We will disclose a conflict to the relevant clients where it is not practicable for us to manage it effectively or we otherwise think disclosure is necessary or desirable. In some cases we may decide not to proceed with a transaction which has given rise to a conflict of interest.

　　CCC執(zhí)行多項(xiàng)管理利益沖突政策，包括一個(gè)獨(dú)立政策以及適當(dāng)時(shí)的信息屏障。無論何時(shí)當(dāng)我方意識(shí)到?jīng)_突的出現(xiàn)，我方將會(huì)按照我方的政策和程序處理沖突。在我方無法有效處理沖突或我方認(rèn)為有必要披露時(shí)，我方將會(huì)向相關(guān)客戶披露該沖突。在某些情況下，我方可能會(huì)決定不再繼續(xù)進(jìn)行引起利益沖突的交易。

　　SCHEDULE 4 附表4 FX外匯

　　1 SCOPE范圍

　　1.1 The provisions in this Schedule apply to Transactions in FX.

　　本附表中的規(guī)定適用于外匯交易。

　　1.2 Our Transactions in FX with you will normally constitute a spot transaction in respect of currency pair exchange rates unless we agree expressly that delivery of the relevant currencies is contemplated in a particular Transaction. Spot transactions are due for delivery two days after dealing however, as a service to our customers, we will automatically roll clients’ positions over every day until they are closed out and delivery will not normally occur unless we agree expressly that delivery of the relevant currency will occur in relation to a particular Transaction. If delivery of the currency does occur you will be liable to make or to receive delivery of the currency and to pay for all associated costs.

　　除非我方明確同意在特定交易中交割相關(guān)貨幣，否則我方與貴方的外匯交易通常將構(gòu)成貨幣組合匯率的現(xiàn)貨交易?，F(xiàn)貨交易應(yīng)在交易的兩天后交割，然而，作為對(duì)客戶提供的其中一項(xiàng)服務(wù)，我方將每天自動(dòng)為客戶倉位轉(zhuǎn)倉直至平倉止，且除非我方明確同意就某個(gè)特定交易交割相關(guān)貨幣，否則貨幣交割將不能正常進(jìn)行。若貨幣交割確實(shí)發(fā)生，貴方有責(zé)任自行交割或接受貨幣并支付所有相關(guān)費(fèi)用。

　　1.3 You should be aware that the product information contained in this Schedule is not necessarily a comprehensive description of all aspects of the product. Additionally, specific products may be tailored for a particular client or market and may differ in detail from the outline set out in this Schedule. The terms of the particular Transactions will prevail over the product description and information given in this disclosure.

　　貴方應(yīng)知悉本附表包含的產(chǎn)品信息未必是對(duì)產(chǎn)品各方面的全面描述。另外，特定產(chǎn)品可能是為某一特定客戶或市場(chǎng)量身定做，可能與本附表所載的產(chǎn)品概要在細(xì)節(jié)上有所不同。相比本附表披露的產(chǎn)品描述及提供的信息，將以特定交易的條款為準(zhǔn)。

　　2.1 IMPORTANT: RISKS ASSOCIATED WITH DEALING IN FX

　　重要提示：外匯交易的相關(guān)風(fēng)險(xiǎn)

　　This Schedule does not disclose all of the risks in dealing in FX. You should not deal in FX unless you understand the nature of the contract you are entering into and the extent of your exposure to risk. You should also be satisfied that the contract is suitable for you in the light of your circumstances and financial position. Importantly you should only trade FX on margin if you are prepared to sustain a total loss of the money you have invested plus any commission or other Transaction charges.

　　本附表并未披露外匯交易涉及的所有風(fēng)險(xiǎn)。除非貴方了訂立的合約性質(zhì)以及貴方面臨的風(fēng)險(xiǎn)程度，否則不該貿(mào)然進(jìn)行外匯交易。貴方亦應(yīng)根據(jù)本身?xiàng)l件與財(cái)務(wù)狀況，自行衡量是否適合貴方。重要的是貴方必須理解，若貴方愿意承擔(dān)損失全數(shù)投資金額及支付任何傭金或其它交易費(fèi)用后，貴方才可進(jìn)行外匯保證金交易。

　　2.2 The risk of loss in dealing in FX can be substantial and it is possible to lose more than your initial investment. If the market moves against your position, you may be called upon to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by us, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.

　　外匯交易可能存在巨大的虧損風(fēng)險(xiǎn)，貴方的損失可能超過初期投資。若市場(chǎng)朝不利于貴方頭寸的方向波動(dòng)，則貴方可能在接到通知后，必須于短時(shí)間內(nèi)補(bǔ)繳相當(dāng)數(shù)額的保證金以保留頭寸。若在我方規(guī)定的時(shí)間內(nèi)貴方?jīng)]有繳納所需資金，貴方的頭寸可能會(huì)以虧本平倉，而且?guī)糁兴斐傻娜魏翁潛p將由貴方自行承擔(dān)。

　　2.3 Placing contingent orders, such as stop-loss or stop-limit orders, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

　　條件委托訂單如止損或限價(jià)訂單，都不一定可以將貴方的損失降低到預(yù)期的金額，因?yàn)槭袌?chǎng)條件可能不允許執(zhí)行這些訂單。

　　2.4 The leverage often obtainable in FX trading means that a small margin can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you.

　　外匯交易經(jīng)常利用的杠桿效應(yīng)，即少量的保證金可導(dǎo)致重大的損失或獲利。一個(gè)相對(duì)小的波動(dòng)，可導(dǎo)致貴方的投資價(jià)值按比例擴(kuò)大，此結(jié)果可能對(duì)貴方構(gòu)成有利或不利的影響。

　　2.5 There are costs associated with financing positions held overnight. These costs (which are mentioned at section 8) are an important aspect of trading in FX and must be taken into account by you in advance of deciding whether to trade.

　　隔夜持倉融資涉及費(fèi)用，這些費(fèi)用(第8部分所載)是外匯交易的一個(gè)重要部分，貴方必須在決定是否進(jìn)行交易前考慮這些費(fèi)用。

　　2.6 Any payments made or received in relation to any investment may be subject to tax and you should seek professional advice in this respect.

　　與任何投資相關(guān)的任何支出或收到的費(fèi)用將受稅收規(guī)限，貴方應(yīng)就這方面征詢專業(yè)意見。

　　2.7 In light of the above you should consider carefully whether or not this product is suitable for you in light of your circumstances and financial position, and if in any doubt please seek professional advice.

　　鍳于上述各項(xiàng)原因，貴方應(yīng)根據(jù)本身的條件及財(cái)務(wù)狀況，仔細(xì)考慮這些產(chǎn)品是否適合貴方。若有任何疑問，請(qǐng)尋求專業(yè)意見。

　　FX 外匯

　　3.1 In respect of every Transaction made between us we shall act as principal with you.

　　對(duì)于我方與貴方之間的每一筆交易，我方都會(huì)作為主事方與貴方進(jìn)行交易。

　　3.2 Transactions in FX involve you taking a position with regard to what you consider the price of one currency will be against the price of another currency in the future. In order to do this you will trade in a currency pair with us, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY). A list of some examples of the currency pairs that we offer is at our website www.cccapital.co.uk.

　　外匯交易涉及貴方認(rèn)為一種貨幣的價(jià)值相對(duì)于另一種貨幣價(jià)值的未來比率，并據(jù)此建立頭寸。為了進(jìn)行此交易，貴方將與我方以貨幣組合進(jìn)行交易，例如歐元/美元(EUR/USD)或美元/日元(USD/JPY)。我方網(wǎng)站www.cccapital.co.uk提供了貨幣交易范例。 3 3.1 3.2

　　3.3 Currency pairings are expressed as two codes usually separated by a division symbol (for example, GBP/USD), the first representing the base currency and the other the secondary currency. The price quoted is the value of the secondary currency expressed in terms of one unit of the base currency. For example GBP/USD = 2.0045 denotes that one unit of sterling (the base currency) can be exchanged for 2.0045 US dollars (the secondary currency). The prices that we quote for each currency pair are normally labelled as the Bid Price and the Offer Price.

　　貨幣組合通常是以一個(gè)分隔符分開兩個(gè)代碼表示(例如，GBP/USD)，前者為基準(zhǔn)貨幣，后者則為第二貨幣。所報(bào)價(jià)格是以一個(gè)單位的基準(zhǔn)貨幣計(jì)算第二貨幣的價(jià)值。例如，GBP/USD = 2.0045表示一個(gè)單位的英鎊(基準(zhǔn)貨幣)可以兌換2.0045單位的美元(第二貨幣)。我方為每對(duì)貨幣組合所報(bào)的價(jià)格通常被稱為買價(jià)和賣價(jià)。

　　3.4 The Bid Price is the price that we will pay you in the secondary currency for the position in the base currency. The Offer Price is the price you will pay us in the secondary currency for the position in the base currency. The Bid Price will always be less than the Offer Price. The difference between the Bid and the Offer price is known as the Spread. We make a profit from the spread. In general the wider the Spread the greater our profit.

　　買價(jià)是我方基于基準(zhǔn)貨幣的頭寸以第二貨幣支付予貴方的價(jià)格，賣價(jià)則是貴方基于基準(zhǔn)貨幣的頭寸以第二貨幣付予我方的價(jià)格。買價(jià)總是低于賣價(jià)，買價(jià)和賣價(jià)之間的差異被稱作價(jià)差 ，我方從價(jià)差中獲利。一般而言，價(jià)差越大，我方利潤(rùn)越高。

　　3.5 You can take a view on the price of the base currency increasing by Going Long or you can take a view on the price of the base currency decreasing by Going Short. For example, if you consider that the price of Sterling will increase against the price of the US Dollar you will decide to take a position with us where you will Go Long (or buy) GBP/USD. If, by contrast, you consider that the price of Sterling will drop against the price of the US Dollar you will decide to take a position with us whereby you Go Short or sell GBP/USD.

　　貴方可通過買漲看漲基準(zhǔn)貨幣價(jià)格、或可通過賣空看跌基準(zhǔn)貨幣價(jià)格。例如，若貴方認(rèn)為英鎊價(jià)格相對(duì)于美元價(jià)格將會(huì)上漲，貴方將與我方建立買漲(或買入)GBP/USD頭寸。相反，若貴方認(rèn)為英鎊價(jià)值相對(duì)于美元價(jià)值將會(huì)下跌，貴方將決定與我方建立賣空或賣出GBP/USD頭寸。

　　3.6 If you were Going Long, the opening price of the currency pair would be fixed at our Offer Price. If our Bid Price at the end of the contract is greater than our Offer Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Offer Price and the closing Bid Price of the currency pair. However, if the Bid Price for the currency pair at the end of the contract does not exceed the Offer Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Offer Price and the closing Bid Price of the currency pair. Regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and Tom/Next financing charges (see section 8).

　　若貴方選擇買漲，貨幣組合的開盤價(jià)將定為我方的賣價(jià)。若在合約結(jié)束時(shí)我方的買價(jià)高于合約開始時(shí)的賣價(jià)，在扣相關(guān)費(fèi)用后，貴方將獲得的款項(xiàng)為基準(zhǔn)貨幣單位數(shù)目乘以貨幣組合的開倉賣價(jià)與平倉買價(jià)的差額。然而，若在合約結(jié)束時(shí)貨幣組合的買價(jià)沒有超過合約開始時(shí)貨幣組合的賣價(jià)，則貴方須向我方支付一筆款項(xiàng)，即基準(zhǔn)貨幣單位數(shù)目乘以貨幣對(duì)開倉賣價(jià)與平倉買價(jià)的差額。不管貨幣組合的價(jià)值如何變動(dòng)，貴方將要向我方支付相關(guān)利息、收費(fèi)、若干交易平臺(tái)的單據(jù)費(fèi)(將會(huì)另行通知貴方)以及Tom/Next融資費(fèi)用(見第8部分)。

　　3.7 If however you were Going Short, the opening price of the currency pair would be fixed at our Bid Price. If the Offer Price of the currency pair at the end of the contract is less than the Bid Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Offer Price of the currency pair. However, if the Offer Price for the currency pair at the end of the contract exceeds the Bid Price for the currency pair at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units of the base currency by the difference between the opening Bid Price and the closing Offer Price of the currency pair. Again, regardless of how the price of the currency pair moves you will also be required to pay us applicable interest charges, ticket charges in respect of certain platforms (which you will be notified about separately), and TomNext financing charges (see section 8).

　　然而若貴方選擇賣空，貨幣組合的開盤價(jià)將定為我方的買價(jià)。若在合約結(jié)束時(shí)貨幣組合的賣價(jià)低于合約開始時(shí)的買價(jià)，在扣相關(guān)費(fèi)用后，貴方將獲得的款項(xiàng)為基準(zhǔn)貨幣單位數(shù)目乘以貨幣組合的開倉買價(jià)與平倉賣價(jià)的差額。然而，若在合約結(jié)束時(shí)貨幣組合的賣價(jià)超過合約開始時(shí)貨幣組合的買價(jià)，則貴方須向我方支付一筆款項(xiàng)，即以基準(zhǔn)貨幣單位數(shù)目乘貨幣組合開倉買價(jià)與平倉賣價(jià)的差額。不管貨幣組合的價(jià)值如何變動(dòng)，貴方將要向我方支付相關(guān)利息、收費(fèi)、若干交易平臺(tái)的單據(jù)費(fèi)(將會(huì)另行通知貴方)以及Tom/Next融資費(fèi)用(見第8部分)。

　　3.8 Transactions in FX involve the obligation to settle a position at a future date. At 10pm London time (which is the standard FX market value-date change time) each day, we will settle all spot transactions by closing the trade at the current market rate and reopening it for the following day’s spot date at a rate that will reflect the interest rate differential (see section 8).

　　外匯交易涉及在將來某日期結(jié)算持倉的義務(wù)。我方于倫敦時(shí)間每晚十時(shí)(標(biāo)準(zhǔn)外匯市場(chǎng)交割日變更時(shí)間)結(jié)算所有現(xiàn)貨交易，其方式是按現(xiàn)行市場(chǎng)匯率對(duì)所有交易進(jìn)行平倉操作，并按反映利息差異的匯率在下一現(xiàn)貨日重新開倉(見第8部分)。 3.8

　　3.9 Whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement difference payment due in respect of such closed out Transactions.

　　無論何時(shí)訂立任何交易以對(duì)任何現(xiàn)有交易進(jìn)行平倉，我方與貴方各自承擔(dān)的義務(wù)應(yīng)在訂立第二筆交易時(shí)立即自動(dòng)終止，但支付此類以平倉交易的任何結(jié)算差額款項(xiàng)的義務(wù)除外。

　　MARGIN AND LEVERAGE 保證金與杠桿作用

　　4.1 By trading in FX with us you will be required to provide a certain amount of margin and we will then leverage that margin. This exposes you to a high degree of risk. Leverage is the amount, expressed as a multiple, by which the notional amount traded exceeds the margin required to trade.

　　貴方與我方進(jìn)行外匯交易時(shí)須提供一定金額的保證金，我方將對(duì)該保證金施加杠桿作用，這樣貴方須承擔(dān)高程度的風(fēng)險(xiǎn)。杠桿作用以倍數(shù)表達(dá)，因此交易的名義金額超出所需保證金的數(shù)量。

　　4.2 Subject to the Individually Agreed Terms Schedule of this Agreement we will advise you of the amount of margin and the amount of leverage that we will require on a Transaction by Transaction basis. If the price of the currency pair moves against your interests you may be called upon to deposit additional margin at short notice and we may close out your position without notice if we do not receive the additional margin from you.

　　受本合約條款的個(gè)別協(xié)定條款附表的規(guī)限，我方將就我方規(guī)定的各項(xiàng)交易保證金金額以及杠桿數(shù)額通知貴方。如貨幣組合的價(jià)格波動(dòng)不利于貴方，貴方可能接獲追加保證金通知，貴方應(yīng)立即存入額外的保證金。若我方?jīng)]有收到貴方的額外保證金，我方可在毋需通知貴方的情況下將貴方的持倉平倉。

　　5 STOP, LIMIT LOSS AND TAKE PROFIT ORDERS止損，止限及見利拋售指令

　　Subject to your Individually Agreed Terms Schedule you may be able to agree with us to limit your losses while trading FX by using stop loss, limit loss or take profit orders. These facilities may help you limit your exposure to us and we strongly recommend that you consider the use of such facilities.

　　受貴方的個(gè)別條款附表的限制，貴方可與我方協(xié)定在進(jìn)行外匯交易時(shí)，利用止損、止限或見利拋售指令限制貴方的損失。此類工具可以協(xié)助貴方限制交易風(fēng)險(xiǎn)，我方強(qiáng)烈建議貴方考慮使用此類工具。

　　6 NETTING凈額結(jié)算

　　Any Transaction to which this Schedule applies shall, subject as follows, be deemed included in the definition of Netting Transaction for the purposes of this Agreement and subject to termination and liquidation under the clause headed Netting (the Netting Clause) following an Event of Default.

　　適用于本附表的任何交易應(yīng)受如下條款規(guī)限，被視為包含于本合約條款凈額結(jié)算交易定義中所指的交易，在發(fā)生違約事件后依據(jù)凈額(凈額結(jié)算 條款)的規(guī)定下終止和平倉。

　　7 TRADING TIMES交易時(shí)間

　　New FX prices are quoted by us between 8pm on Sunday and 10pm on Friday (UK time).

　　我方于周日晚8時(shí)與周五晚10時(shí)(英國(guó)時(shí)間)之間提供最新的外匯交易報(bào)價(jià)。

　　8 INTEREST利息

　　8.1 Positions in FX which are rolled over from one trading day to the next will incur financing based upon the interest rate differentials between the currencies in the currency pair. The interest rate applied is described as TomNext which is an abbreviation for Tomorrow or the Next business day because the first value date is tomorrow or the next business day. The TomNext price reflects the applicable interest rate between TomNext and the spot value date in respect of the currency in question.

　　從一個(gè)交易日滾期至次日的外匯倉位，將以貨幣組合兩種貨幣之間的利率差額為基礎(chǔ)產(chǎn)生融資費(fèi)用。適用利率被稱為TomNext利率，它是次日或下一個(gè)營(yíng)業(yè)日的縮寫詞，因?yàn)槭讉€(gè)交割日是次日或下一個(gè)營(yíng)業(yè)日。TomNext價(jià)格反映有關(guān)貨幣在TomNext與現(xiàn)貨交割日之間的適用匯率。

　　You pay interest on the currency that you are short on and you receive interest in the currency that you are long on. For example, if you are long on the GBP/USD pair you will receive interest on Sterling and you will pay interest on the US Dollar. If Sterling has a higher interest rate than the US Dollar then you will receive a net interest payment but if Sterling has a lower interest rate than the US Dollar then you will pay out a net interest amount. The TomNext price offered to you will differ depending on whether you are Going Long or Going Short. CCC may make a profit from the difference in the TomNext price offered to persons Going Long and the TomNext price offered to persons Going Short.

　　貴方支付賣空貨幣的利息和獲取買漲貨幣的利息。例如，若貴方買漲英鎊/美元，貴方將獲取英鎊利息并支付美元利息。若英鎊利率高于美元，則貴方將收取凈利息;但若英鎊利息低于美元，則貴方將支付凈利息。向貴方提供的TomNext價(jià)格將根據(jù)貴方是買漲還是賣空而有所不同。CCC可從提供給買漲者的TomNext價(jià)格以及提供給賣空者的TomNext價(jià)格的差額間獲利。

　　SCHEDULE 5附表5 CONTRACTS FOR DIFFERENCES價(jià)差合約

　　1 SCOPE 范圍

　　1.1 The provisions in this Schedule apply to Transactions CFDs.

　　本附表的規(guī)定適用于價(jià)差合約交易。

　　1.2 Our Transactions in CFDs with you will normally constitute contracts for differences (as described in article 85 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) in respect of the value of an underlying instrument, for example a quoted share in a company, index or commodity (the Underlying Product). Delivery of the Underlying Product is not contemplated and you do not own the Underlying Product.

　　我方與貴方的價(jià)差合約交易通常構(gòu)成有關(guān)標(biāo)的金融工具價(jià)值的價(jià)差合約(正如《2000年金融服務(wù)及市場(chǎng)法(受監(jiān)管的活動(dòng))法令2001》的第85條所述)，例如一個(gè)家公司股票、股指或商品(標(biāo)的產(chǎn)品)的報(bào)價(jià)。標(biāo)的產(chǎn)品毋需進(jìn)行交割，且貴方?jīng)]有該標(biāo)的產(chǎn)品的所有權(quán)。

　　1.3 You should be aware that the product information contained in this Schedule is not necessarily a comprehensive description of all aspects of the product. Additionally, specific products may be tailored for a particular client or market and may differ in detail from the outline set out in this Schedule. The terms of the particular Transactions will prevail over the product description and information given in this disclosure.

　　貴方應(yīng)知悉本附表包含的產(chǎn)品信息未必是對(duì)產(chǎn)品各方面的全面描述。另外，特定產(chǎn)品可能是為某一特定客戶或市場(chǎng)量身定做，可能與本附表所載的產(chǎn)品概要在細(xì)節(jié)上有所不同。相比本附表披露的產(chǎn)品描述及提供的信息，將以特定交易的條款為準(zhǔn)。

　　IMPORTANT: RISKS ASSOCIATED WITH DEALING IN CFDS

　　重要提示：價(jià)差合約交易的相關(guān)風(fēng)險(xiǎn)

　　2.1 This Schedule does not disclose all of the risks in dealing in CFDs. You should not deal in CFDs unless you understand the nature of the contract you are entering into and the extent of your exposure to risk. You should also be satisfied that the contract is suitable for you in the light of your circumstances and financial position. Importantly you should only trade CFDs on margin if you are prepared to sustain a total loss of the money you have invested plus any commission or other Transaction charges.

　　本附表并未披露價(jià)差合約交易涉及的所有風(fēng)險(xiǎn)。除非貴方了訂立的合約性質(zhì)以及貴方面臨的風(fēng)險(xiǎn)程度，否則不該貿(mào)然進(jìn)行價(jià)差合約交易。貴方亦應(yīng)根據(jù)本身?xiàng)l件與財(cái)務(wù)狀況，自行衡量?jī)r(jià)差合約交易是否適合貴方。重要的是貴方必須理解，若貴方愿意承擔(dān)損失全數(shù)投資金額及支付任何傭金或其它交易費(fèi)用后，貴方才可進(jìn)行價(jià)差合約保證金交易。

　　2.2 The risk of loss in dealing in CFDs can be substantial and it is possible to lose more than your initial investment. If the market moves against your position, you may be called upon to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by us, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.

　　價(jià)差合約交易可能存在巨大的虧損風(fēng)險(xiǎn)，貴方的損失可能超過初期投資。若市場(chǎng)朝不利于貴方頭寸的方向波動(dòng)，則貴方可能在接到通知后，必須于短時(shí)間內(nèi)補(bǔ)繳相當(dāng)數(shù)額的保證金以保留頭寸。若在我方規(guī)定的時(shí)間內(nèi)貴方?jīng)]有繳納所需資金，貴方的頭寸可能會(huì)以虧本平倉，而且?guī)糁兴斐傻娜魏翁潛p將由貴方自行承擔(dān)。

　　2.3 Placing contingent orders, such as stop-loss or stop-limit orders, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

　　條件委托訂單如止損或限價(jià)訂單，都不一定可以將貴方的損失降低到預(yù)期的金額，因?yàn)槭袌?chǎng)條件可能不允許執(zhí)行這些訂單。

　　2.4 The leverage often obtainable in trading CFDs means that a small margin can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you.

　　價(jià)差合約交易經(jīng)常利用的杠桿效應(yīng)，即少量的保證金可導(dǎo)致重大的損失或收益。一個(gè)相對(duì)小的波動(dòng)，可導(dǎo)致貴方的投資價(jià)值按比例擴(kuò)大，此結(jié)果可能對(duì)貴方構(gòu)成有利或不利的影響。

　　2.5 There are costs associated with financing positions held overnight. These costs (which are mentioned at section 11) are an important aspect of trading in CFDs and must be taken into account by you in advance of deciding whether to trade.

　　隔夜持倉融資涉及費(fèi)用，這些費(fèi)用(在第11部分中提及)是價(jià)差合約交易中一個(gè)重要的部份，貴方必須在決定是否進(jìn)行交易前考慮這些費(fèi)用。

　　2.6 Any payments made or received in relation to any investment may be subject to tax and you should seek professional advice in this respect.

　　與任何投資相關(guān)的任何支出或收到的費(fèi)用將受稅收規(guī)限，貴方應(yīng)就這方面征詢專業(yè)意見。

　　2.7 In light of the above you should consider carefully whether or not this product is suitable for you in light of your circumstances and financial position, and if in any doubt please seek professional advice.

　　鍳于上述各項(xiàng)原因，貴方應(yīng)根據(jù)本身的條件及財(cái)務(wù)狀況，仔細(xì)考慮這些產(chǎn)品是否適合貴方。若有任何疑問，請(qǐng)尋求專業(yè)意見。

　　3.1 In respect of every Transaction made between us we shall act as principal with you.

　　對(duì)于我方與貴方之間的每一筆交易，我方都會(huì)作為主事方與貴方進(jìn)行交易。

　　3.2 Transactions in CFDs involve a contract between you and us whereby you agree with us to exchange, when the contract ends, the difference between the opening price of the Underlying Product and the closing price of the Underlying Product multiplied by the number of units detailed in the contract. If the price of the Underlying Product moves in your favour then you will receive the difference from us. Alternatively, if the price of the Underlying Product moves against you will pay the difference to us. Regardless of how the price of the Underlying Product moves you will also be required to pay us commission, interest charges on positions held overnight, and additional margin (Variation Margin) depending on how the value of the Underlying Product moves each day.

　　價(jià)差合約交易包含我方與貴方之間達(dá)成的合約，貴方同意當(dāng)合約終止時(shí)與我方交換標(biāo)的產(chǎn)品開盤價(jià)與收盤價(jià)之間的差價(jià)，乘以按合約中規(guī)定的單位數(shù)目的金額。若標(biāo)的產(chǎn)品的價(jià)格向有利于貴方的方向變動(dòng)，則貴方將從我方獲取差價(jià)。相反，若標(biāo)的產(chǎn)品的價(jià)格向不利于貴方的方向變動(dòng)，貴方須向我方支付差價(jià)。不管標(biāo)的產(chǎn)品的價(jià)格如何變動(dòng)，貴方須向我方支付傭金、隔夜持倉的利息費(fèi)用以及根據(jù)每日標(biāo)的產(chǎn)品價(jià)格變動(dòng)確定的追加保證金(價(jià)格變動(dòng)保證金)。

　　3.3 You can take a view on the price of the Underlying Product increasing by Going Long or you can take a view on the price of the Underlying Product decreasing by Going Short. The prices that we quote for each CFD are normally labelled as the Bid Price and the Offer Price. The Bid Price will always be less than the Offer Price. The difference between the Bid Price and the Offer Price is known as the Spread. We make a profit from the Spread. In general the wider the Spread the greater our profit.

　　貴方可通過買漲看漲標(biāo)的產(chǎn)品價(jià)格、或可通過賣空看跌標(biāo)的產(chǎn)品價(jià)格。我方為價(jià)差合約所報(bào)的價(jià)格通常被稱為買價(jià)和賣價(jià)。買價(jià)總是低于賣價(jià)。買價(jià)和賣價(jià)之間的差異被稱作價(jià)差。我方從價(jià)差中獲利。總的來說價(jià)差越大，我方獲利越多。

　　3.4 If you were Going Long, the opening price of the units in the Underlying Product would be fixed at our Offer Price. If our Bid Price at the end of the contract is greater than our Offer Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units that the contract represents by the difference between the Offer Price at the beginning of the contract and the Bid Price at the end of the contract. However, if the Bid Price at the end of the contract does not exceed the Offer Price at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units that the contract represents by the difference between the Offer Price at the beginning of the contract and the Bid Price at the end of the contract. Regardless of how the price of the Underlying Product moves you will also be required to pay us commission, applicable interest charges and Variation Margin.

　　若貴方選擇買漲，標(biāo)的產(chǎn)品單位的開盤價(jià)將定為我方的賣價(jià)。若在合約結(jié)束時(shí)，我方的買價(jià)高于我方在合約開始時(shí)的賣價(jià)，貴方將獲得在扣除適當(dāng)費(fèi)用后的款項(xiàng)，即以合約代表的單位數(shù)乘合約開始時(shí)賣價(jià)與合約結(jié)束時(shí)買價(jià)的差額。然而，若在合約結(jié)束時(shí)，買價(jià)沒有超過合約開始時(shí)的賣價(jià)，則貴方應(yīng)支付我方一筆款項(xiàng)，即將合約代表的單位數(shù)乘以合約開始時(shí)賣價(jià)與合約結(jié)束時(shí)買價(jià)的差額。不管標(biāo)的產(chǎn)品的價(jià)格如何變動(dòng)，貴方都將要支付給我方傭金、適當(dāng)?shù)睦①M(fèi)用和價(jià)格變動(dòng)保證金。

　　3.5 If however you were Going Short, the opening price of the units in the Underlying Product would be fixed at our Bid Price. If the Offer Price at the end of the contract is less than the Bid Price at the commencement of the contract then, subject to the deduction of applicable charges, you will receive a sum calculated by multiplying the number of units that the contract represents by the difference between the Bid Price at the beginning of the contract and the Offer Price at the end of the contract. However, if the Offer Price at the end of the contract is greater than the Bid Price at the commencement of the contract you will be required to pay us a sum calculated by multiplying the number of units that the contract represents by the difference between the Bid Price at the beginning of the contract and the Offer Price at the end of the contract. Again, regardless of how the price of the Underlying Product moves you will also be required to pay us commission, applicable interest charges and Variation Margin.

　　然而若貴方選擇賣空，標(biāo)的產(chǎn)品中單位的開盤價(jià)將定為我方的買價(jià)。若在合約結(jié)束時(shí)，我方的賣價(jià)低于我方在合約開始時(shí)的買價(jià)，在扣除適當(dāng)費(fèi)用后，貴方將獲得一筆款項(xiàng)，即以合約代表的單位數(shù)乘合約開始時(shí)買價(jià)與合約結(jié)束時(shí)賣價(jià)的差額。然而，若在合約結(jié)束時(shí)，賣價(jià)沒有超過合約開始時(shí)的買價(jià)，則貴方應(yīng)支付我方一筆款項(xiàng)，即將合約代表的單位數(shù)乘以合約開始時(shí)買價(jià)與合約結(jié)束時(shí)賣價(jià)的差額。不管標(biāo)的產(chǎn)品的價(jià)格如何變動(dòng)，貴方將要支付給我方傭金、適當(dāng)?shù)睦①M(fèi)用和價(jià)格變動(dòng)保證金。

　　3.6 A list of some of the Underlying Products that we offer CFDs in respect of is available on our website www.cccapital.co.uk. We will consider offering CFDs on other instruments on request.

　　我方在網(wǎng)站www.cccapital.co.uk提供了價(jià)差合約標(biāo)的產(chǎn)品列表。我方將應(yīng)要求考慮提供其它價(jià)差合約投資工具。

　　Whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement difference payment due in respect of such closed out Transactions.

　　無論何時(shí)訂立任何交易以對(duì)任何現(xiàn)有交易執(zhí)行平倉，我方與貴方各自對(duì)上述交易的義務(wù)均在訂立第二筆交易時(shí)立即自動(dòng)終止，除了支付此類以平倉交易的任何結(jié)算差額款項(xiàng)的義務(wù)。

　　保證金與杠桿作用

　　By trading in CFDs with us you will be required to provide a certain amount of margin and we will then leverage that margin. This exposes you to a high degree of risk. Leverage is the amount, expressed as a multiple, by which the notional amount traded exceeds the margin required to trade.

　　貴方與我方進(jìn)行價(jià)差合約交易時(shí)須提供一定金額的保證金，我方將對(duì)該保證金施加杠桿作用，這樣貴方須承擔(dān)高程度的風(fēng)險(xiǎn)。杠桿作用以倍數(shù)表達(dá)，因此交易的名義金額超出所需保證金的數(shù)量。

　　4 MARGIN AND LEVERAGE

　　We will advise you of the amount of margin that we will require on a Transaction by Transaction basis. If the price of the Underlying Product moves against your interests you may be called upon to deposit additional margin at short notice and we may close out your position without notice if we do not receive the additional margin from you.

　　我方將就我方規(guī)定的各項(xiàng)交易保證金金額以及杠桿數(shù)額通知貴方。如標(biāo)的產(chǎn)品價(jià)格波動(dòng)不利于貴方，貴方可能接獲追加保證金通知，貴方應(yīng)立即存入額外的保證金。若我方?jīng)]有收到貴方的額外保證金，我方可在毋需通知貴方的情況下將貴方的持倉平倉。

　　5 STOP, LIMIT LOSS & TAKE PROFIT ORDERS止損，止限及見利拋售指令

　　You may be able to agree with us to limit your losses while trading CFDs by using stop loss, limit loss or take profit orders. These facilities may help you limit your exposure to us and we strongly recommend that you consider the use of such facilities.

　　貴方可與我方協(xié)定，在進(jìn)行價(jià)差合約交易時(shí)利用止損、止限或見利拋售指令限制貴方的損失。此類工具可以協(xié)助貴方限制交易風(fēng)險(xiǎn)，我方強(qiáng)烈建議貴方考慮使用此類工具。

　　6 STAMP DUTY印花稅

　　Currently, persons acquiring CFDs are not required to pay stamp duty.

　　目前，持有價(jià)差合約人士不需要繳納印花稅。

　　7 EQUITY CFDS: DIVIDENDS AND COMPANY MEETINGS

　　股票價(jià)差合約：股利和公司會(huì)議

　　You will receive payment in lieu of dividends to long equity CFD positions and you will be required to make payment to us in lieu of dividends from short CFD positions.

　　貴方將為多頭股票價(jià)差合約持倉獲取股利，而貴方則須向我方支付空頭價(jià)差合約頭寸的股利。

　　An equity CFD holder is not entitled to vote at any company meeting.

　　一個(gè)股權(quán)價(jià)差合約持有者在公司的任何會(huì)議中不應(yīng)享有表決權(quán)。

　　8 NETTING凈額結(jié)算

　　Any Transaction to which this Schedule applies shall, subject as follows, be deemed included in the definition of Netting Transaction for the purposes of this Agreement and subject to termination and liquidation under the clause headed Netting (the Netting Clause) following an Event of Default.

　　適用于本附表的任何交易應(yīng)受如下條款規(guī)限，被視為包含于本合約條款凈額結(jié)算交易定義中所指的交易，在發(fā)生違約事件后依據(jù)凈額(凈額結(jié)算 條款)的規(guī)定下終止和平倉。

　　9 TRADING TIMES交易時(shí)間

　　In respect of most CFDs we will quote prices in CFDs when the market for the Underlying Product is open.

　　我方將在大多數(shù)相關(guān)價(jià)差合約標(biāo)的產(chǎn)品市場(chǎng)開放時(shí)段提供價(jià)差合約報(bào)價(jià)。

　　10 COMMISSION傭金

　　We charge commission in respect of some CFDs. The terms of the commission will be agreed individually with you.

　　我方對(duì)一些價(jià)差合約收取傭金，傭金條款將與貴方個(gè)別議定。

　　11 INTEREST利息

　　We charge interest on leverage in respect of some long positions held overnight and we pay interest in respect of some short positions held overnight. Whether we will charge (or pay) interest, and the rate of the interest, will be agreed individually with you. The rate of interest offered to you may differ depending on whether you are Going Long or Going Short. CCC may make a profit from the difference in the interest offered to persons Going Long and the rate of interest offered to persons Going Short.

　　我方對(duì)一些隔夜多頭持倉杠桿交易收取利息，并對(duì)一些隔夜空頭頭寸支付利息。不管我方是否將收取(或是支付)利息，利率將與貴方個(gè)別協(xié)商。我方向貴方提供的利率，將根據(jù)貴方是買空或賣空而有所不同。CCC可從提供給買空者的利率與提供給賣空者的利率差額中獲利。

　　Should there be any discrepancy between the English and Chinese version, the English version shall prevail.

　　此中文譯本只供參考之用，如與英文有任何歧異，概以英文為準(zhǔn)。