Market Forces. In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue.
Market Forces. 市 場 力 量 In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(「窩輪」)理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證(「窩輪」)的價格。就市場供求而言，當衍生權證(「窩輪」)在市場上快將售罄又或發行商增發衍生權證(「窩輪」)時，供求的影響尤其大。 (iii) RISKS INVOLVED IN TRADING EXCHANGE TRADED FUNDS (“ETFs”) 投資交易所買賣基金涉及的風險 Market risk 市 場 風 險 ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index or assets. 交易所買賣基金主要為追蹤某些指數、行業或領域又或資產組別(如股票、債券或商品) 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數或資產的波動而蒙受損失的準備。 Tracking errors 追 蹤 誤 差 Tracking errors refer to the disparity in performance between an ETF and its underlying index or assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index or assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication or representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數或資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數或資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製或選具代表性樣本以及綜合複製，詳見下文。) Trading at discount or premium 以 折 讓 或 溢 價 交 易 An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。 Foreign exchange risk 外 匯 風 險 Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can ad...
Market Forces. Your payments or receipts under a transaction will be linked to changes in the particular financial market or markets to which the transaction is linked, and you will be exposed to price, currency exchange, interest rate or other volatility in that market or markets. You may sustain substantial losses on the contract, trade, product or financial investment if the market conditions move against your positions. It is in your interest to fully understand the impact of market movements, in particular the extent of profit/loss you would be exposed to when there is an upward or downward movement in the relevant rates, and the extent of loss if you have to liquidate a position if market conditions move against you. Your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account with the Company. The Company may supply you with a sensitivity analysis, and if this is supplied, you would be well advised to familiarise yourself with it. However, the Company is not obliged, nor will it be obliged, to supply you with such a sensitivity analysis. Under certain market conditions you may find it difficult or impossible to liquidate a position, to assess a fair price or assess risk exposure. This can happen, for example, where the market for a transaction is illiquid or where there is a failure in electronic or telecommunications systems, and where there is the occurrence of an event commonly known as “force majeure” (which shall include without limitation, any form of restriction, moratorium or suspension on trading imposed by an exchange, market or other authority regulating trading in the transactions). Placing contingent orders, such as “stop-loss” or “stop-limit” orders, will not necessarily limit your losses to the intended amounts, as it may be impossible to execute such orders under certain market conditions. Because the prices and characteristics of over- the- counter transactions are individually negotiated and there is no central source for obtaining prices, there are inefficiencies in transaction pricing. We consequently cannot and do not warrant that our prices or the prices we secure for you for such transactions are or will at any time be the best price available to you. We may make a profit from a transaction with you no matter what result the transaction has from your point of view. An over-the-counter transaction generally cannot be assigned or transferred without the consent of the other party. The Company is n...
Market Forces. In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant price are also affected by the demand for and supply of the derivative warrant. This is particularly the case when a derivative warrant issue is almost sold out and when there are further issues of an existing derivative warrant. Turnover High turnover should not be regarded as an indication that a derivative warrant’s price will go up. The price of a derivative warrant is affected by a number of factors in addition to market forces, such as the price of the underlying assets and its volatility, the time remaining to expiry, interest rates and the expected dividend on the underlying assets.
Market Forces. In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. You should read the terms and conditions to each series of warrants carefully before investing and not take for granted that the terms to one series of warrant will necessarily be the same for another, irrespective of whether such warrants are issued by the same issuer, listed on the same exchange or over the same underlying assets. Risk Disclosure Statement
Market Forces. The prices of structured products are affected by all prevailing market forces including the demand for and supply of the structured products. As a result, actual traded prices of a structured product can be higher or lower than its theoretical price. Foreign exchange risk Customer trading structured products with underlying assets not denominated in Hong Kong dollars is also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the price of the structured products. Liquidity risk Although structured products have liquidity providers, there is no assurance that Customer will be able to buy or sell the structured products any time he wishes. Corporate action of the underlying stocks Corporate actions affect the value of the underlying stocks which in turn affect the value of the structured products. Adjustments may or may not be made to the terms of the structured products (such as entitlement ratio, exercise price, etc.) depending on the terms and conditions set out in the listing documents. Adjustments will not be made to the entitlement ratio of inline warrants due to its product nature. Where adjustments are to be made, the adjustments will only become effective (the "Effective Date") when all necessary parameters can be determined. The prices of the structured products may be volatile from the ex-entitlement date of the underlying stocks until the Effective Date. Customer should exercise particular caution in trading those structured products during that period. In addition, no adjustment will be made to those structured products that expire within that period. Additional risks involved in trading derivative warrants Time decay Other factors being equal, the value of derivative warrants will decrease over time. Therefore, derivative warrants should never be viewed as products that are bought and held as long term investments.
Market Forces. If Market Forces prevail a decision to deviate from the policy may be made by HR department. Reasons for this decision will be provided to the candidate.
Market Forces. In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by the demand for and supply of the derivative warrants. This is particularly the case when a derivative warrant issue is almost sold out and when there are further issues of an existing derivative warrant. Turnover: High turnover should not be regarded as an indication that a derivative warrant’s price will go up. The price of a derivative warrant is affected by a number of factors in addition to market forces, such as the price of the underlying assets and its volatility, the time remaining to expiry, interest rates and the expected dividend on the underlying assets. Volatility: Prices of derivative warrants can increase or decrease in line with the implied volatility of underlying asset price. Investors should be aware underlying asset volatility. Obligation of liquidity providers: The listing document lists the exact obligations of the liquidity provider. In normal circumstances, liquidity providers should provide liquidity for derivative warrant issues through continuous quotes or in response to quote requests from five minutes after the market opens until the market closes. The liquidity provider should provide liquidity for at least a certain number of board lots of the derivative warrant. An issuer must specify the maximum spread between the bid and offer price for its derivative warrants in the listing document. Under the quote request system, investors may request a quote from the liquidity provider. In the event that a liquidity provider defaults or ceases to fulfill its role, investors may not be able to buy or sell the product until a new liquidity provider has been assigned. Callable Bull/Bear Contracts (“CBBC”) Exchange traded CBBC are a type of structured product that tracks the performance of an underlying asset without requiring investors to pay the full price required to own the actual asset. They are issued either as Bull or Bear contracts with a fixed expiry date, allowing investors to take bullish or bearish positions on the underlying asset. CBBC are issued by a third party, usually an investment bank, independent of Exchange and of the underlying asset. Similar to other securities, investors can buy or sell CBBC anytime during the securities market’s trading hours. Exchange traded CBBC are issued with condition that during their lifespan they will be called by the issuers when the price of the un...
Market Forces. Market factors such as supply and demand, regulations and macroeconomic developments can influence the price of cryptocurrencies and lead to unpredictable price fluctuations.
Market Forces. Notwithstanding any other provision of this Section 2(a), if either the Board and/or a representative of the underwriter of the Registration (if such Registration is underwritten) determines in good faith that market factors require a limitation on the number of shares to be Registered (or underwritten, if applicable), the Board and/or such representative may, as the case may be (subject to the allocation priority set forth below) limit the number of Registrable Securities to be included in the Registration (and/or underwriting, if applicable). The Company shall so advise the Investors and any other holder of Registrable Securities requesting Registration, and the number of shares of Registrable Securities that are entitled to be included in the Registration (and/or underwriting) shall be allocated in the following manner: the Registrable Securities held by the Investors and by Other Stockholders (other than Registrable Securities held by any such persons who by contractual right demanded such Registration) shall be excluded from such Registration (and/or underwriting if applicable) to the extent required by such limitation pro rata in accordance with the number of shares of Registrable Securities requested by such parties to be included in such Registration, by such minimum number of shares as is necessary to comply with such limitation. Any Registrable Securities or other securities excluded or withdrawn from such Registration (and/or underwriting) shall be withdrawn from such Registration (and/or underwriting).
