甲) 盛源證券有限公司（以下稱“盛源證券”），其註冊及營業地址位於香港銅鑼灣勿地臣街 1 號時代廣場 43 樓 4303-05 室，a)是一家根據證券及期貨條例獲證券及期貨事務監察委員會（“證監會”）發牌從事就期貨合約交易之受規管活動的公司，中央編號為 AVO470，及 b)香港期貨交易所有限公司 （“期交所”）註冊為交易所參與者，編號 01909;及
客戶協議書
x協議由以下雙方於帳戶開戶表格所列之日期簽訂
甲) 盛源證券有限公司（以下稱“盛源證券”），其註冊及營業地址位於香港銅鑼灣勿地臣街 1 號時代廣場 43 樓 4303-05 室，a)是一家根據證券及期貨條例獲證券及期貨事務監察委員會（“證監會”）發牌從事就期貨合約交易之受規管活動的公司，中央編號為 AVO470，及 b)香港期貨交易所有限公司 （“期交所”）註冊為交易所參與者，編號 01909;及
乙) （“客戶”），其地址及相關資料列於期貨帳戶開戶文件表格中。
現議定如下：
鑒於盛源證券同意以客戶名義或代客戶開立一個或多個帳戶，用以買入、賣出或交換、或交易商品、期貨合約及/或期權合約, 客戶特此同意該帳戶將由盛源證券按本協議的條款，及在不抵觸本協議中的條件進行操作和維持。本協議中使用的術語和用語在第一條中予以定義。
1. 定義和解釋
"使用密碼"指一密碼與一帳戶編號的組合，用以進入盛源證券的電子交易服務系統。
"帳戶"指根據本協議由盛源證券以客戶的名義現在或將來開立的，並由盛源證券操作和維持的交易帳戶，供客戶在買入、賣出或交換、或交易商品、期貨合約及/或期權合約不時使用。
"帳號"指由盛源證券在開立帳戶時分配給客戶的，用於客戶身份認定的序列碼。
"帳戶開戶表格"指盛源證券(不論如何形容)不時規定或供客戶之開戶表格或以供客戶申請開設帳戶之用之其他文件。 "協議"指本客戶協議書，及不時修正或補充的附件。
"被授權人" 帳戶開戶表格中指定的，具有操作帳戶和發出指令的授權的個人或個人之一，或客戶不時以書面方式通知盛源證券的、被授權操作帳戶和發出指令的任何人士。
"受益人身份", 以客戶而言，指帳戶的最終受益人，或倘客戶是一間公司或團體，則指作為該公司或團體之最終個人受益人，包括通過代名人或信託持有權益的受益人。
"客戶"指其姓名和資訊詳情已在帳戶開戶表格中列出,並且已經與盛源證券簽署本協議的個人或機構, 包括客戶的個人代表(倘客戶是自然人), 以及本協議簽署之日合夥企業的每位合夥人, 未來合夥人及其相應的個人代表(倘客戶是合夥形式)。
"客戶銀行"指客戶在其開立帳戶的銀行，該銀行的具體詳情在帳戶開戶表格中列出。 "客戶
公司"指客戶和(倘客戶是個人或合夥形式)任何由客戶控制的公司，以及（倘客戶是一間公司）任何客戶的控股公司或子公司，或控股公司的子公司。在下列情況下, 一名人士擁有對一間公司的控制權:
(i) 該公司或該附屬公司的董事一般是根據該名人士的指示或指令行事的;或
(ii) 該名人士, 不論單獨或是與他人共同, 有權在該公司或該附屬公司的股東大會上行使超過 33%的投票權,或控制此部份投票權的行使。
"證監會"指根據證券及期貨條例而成立的證券及期貨事務監察委員會，或其他任何擁有證監會部份或全部權力和職能，且根據該條例對香港期交所擁有管轄權的機構。
"商品" 可指任何物品，包括但不限於農產品, 金屬，各國貨幣, 指數(無論是股票市場指數或其他指數), 利率, 或其他金融合約, 能源, 權利或權力，而且，如情況需要，還包括上述各項的期貨合約或期權合約，無論上述各項是否可作實際交付。
"賠償基金"指根據條例而設立的賠償性基金。
"電子交易服務"指盛源證券開發和應用之軟件，系統和其他設施，包括（但xxx）xxxxxxx，xx，xx，xxxx，xxx，xxxxxx其他由盛源證券根據本協議所提供的設備，供客戶發出電子交易指令並獲取公司提供的資訊服務。
"期貨合約"指具有以下任何效力之交易所執行的合約:-
(i) 一方同意向另一方在約定的未來時間以約定的價格交付約定的商品或約定數量的商品；或
(ii) 各方同意在約定的未來時間根據約定商品當時之價值與合約訂立時約定的價格水準相比的高低，來進行調整，其差額須依照合約訂立所在的交易所的規則來確定。
"盛源證券"指盛源證券之聯屬人士或實體，或由盛源證劵除於香港證劵交易所於任何市場、交易所、結算所指定之結算經紀、會員、或參與者。 "香港"指中華人民共和國香港特別行政區。
"香港期交所" 指香港期貨交易所有限公司。
"香港期交所結算公司"指香港期交所結算有限公司, 或任何其他由香港期交所指定或建立並管理的，負責向其成員提供有關商品、期貨合約及/或期權合約交易的結算和清算服務的機構。
"香港期交所規則" 指香港期交所的規則，規例和程序（可根據具體情況不時調整，修訂或取代）。
"控股公司和子公司" 將分別具有“公司條例”（香港法例第 32 章）第 2 條所賦予的意義。
"恒生資料服務"指恒生資料服務有限公司。
"指令"指客戶以口頭、通過電子交易服務系統、或其他盛源證券許可的方式發出的任何買賣商品、期貨合約及/或期權合約的指令（包括任何後續的且被盛源證券接受的修正或取消指令）。
"保證金"指盛源證券要求提供予盛源證券作為客戶履行任何期貨合約或期權合約及/或客戶於客戶協議項下責任的附屬保證，可以是的現金、證券及/或盛源證券認為可接受的擔保抵押品，而其數量、價值及形式由盛源證券決定；
"綜合帳戶"指客在盛源證券獲得通知有關帳戶是綜合帳戶的情況下，在盛源證券為其一個或多個客戶開立之帳戶, 而非客戶本人的帳戶。
"期權合約"指一方給予另一方可在特定的日期或在特定的日期之前行使，按約定價格獲取或（視情況而定）處置特定數量的商品或期貨合約的權利（但並非義務）的合約。 "條例" 指《證券及期貨條例》(香港法例第 571 章)。
"交易"指根據客戶指示於盛源證券進行的所有交易。
"密碼" 指客戶唯一的個人密碼。該密碼須與帳號共同使用以進入盛源證券的電子交易服務系統。
"個人身份號碼"或"PIN" 指作爲安全措施的個人身份核實號碼，用以認定和核實發出交易指令的被授權人身份。
1.2 代表單數的詞語應包括其複數所指，反之亦然；性別指稱應包括所有性別。本協議中的標題僅為了便利的目的，不應影響其解釋。 對任何條例或法令的指稱或參照均為對其修正版的指稱或參照，同時也包括對任何已撤銷的，但可能重新實行的法令的指稱或參照（無論是否修正）, 以及對其未來重新實施及/或修正的指稱或參照。
2. 帳 戶
2.1 準確資料
客戶須確認其在帳戶開戶表格中所提供的資料在所有方面均屬真實、完整和正確的, 並確認盛源證券可以依賴所有該類資料, 除非盛源證券收到被授權人對有關該類資料的任何變動的書面通知。
2.2 信用查詢
客戶授權盛源證券可以不時對客戶進行個人/信用查詢,並核查客戶的財務狀況,投資經驗和目標,以及客戶所提供資料的真實性。
2.3 法律身份
客戶確認其具有簽署本協議並履行本協議中客戶義務的授權、權力和法律身份，而且本協議構成對客戶的有效和具法律約束力的義務：
(i) 倘客戶為個人，則客戶須年滿 18 歲，無精神障礙，具備法律行為能力，且未被判定為破產; 或
(ii) 倘客戶為一公司或合夥形式,則客戶須為根據公司註冊成立地的法律正式成立並有效存續的; 而且未採取任何程序對客戶資產或業務任命破產接收人，破產管理人或清盤人，或使其停業或申請解散，並採取所有必須的行動使客戶能夠履行其於本協議項下的義務。
2.4 帳戶的最終受益人
除非另行告知或聲明, 客戶是在其自己的帳戶中進行交易，而且除客戶本人外無其他任何人士對帳戶中持有的商品、期貨合約、期權合約、貨幣或財產擁有權益。一旦客戶在盛源證券開設的任何帳戶的所有權或最終受益發生變化，客戶同意並保證立即以書面形式通知盛源證券。
2.5 綜合帳戶
除非另行告知，客戶自己的帳戶不是綜合帳戶。
2.6 個人資料保護
盛源證券將對所有與客戶帳戶有關的個人資料保密。客戶已閱讀並完全了解夾附於帳戶開戶表格的個人資料收集聲明。客戶接受盛源證券可以出於以下目的向以下人員提供從客戶收到的資料：
(i) 任 何 證 券 或 資 産 的 登 記 x 名 人 ；
(ii) 任何向盛源證券或任何其他資料接收方提供行政、資料處理、財務、電腦、通訊、支付或證券結算、專業或其他服務的承辦商，代理人或服務提供商;
(iii) 盛源證券在代客戶或其帳戶進行交易或預備進行交易時的交易對手及其代理人;
(iv) 任何繼承本協議的承讓方，受讓方,參與方，次參與方,代表方,繼承方以及其他任何人士;
(v) 根據法律或其他方面的要求，政府，監管或其他團體或機構;
(vi) 使 客 戶 的 交 易 指 令 生 效 或 執 行 客 戶 其 他 指 令 ;
(vii) 提供予客戶帳戶相關的服務，不論該服務是由任何另一方直接或間接提供；
(viii) 對客戶進行信用查詢，核實客戶的財務狀況和投資目的，以及准許或協助任何另一方進行該等工作。
(ix) 遵守或遵從任何另一方須遵守的任何法律，監管或其他方面要求；以及
(x) 其他與上述任何一項或多項相關或其附帶的目的。
2.7 授權書
客戶同意並不可撤回地授權盛源證券在法律許可的最大範圍內作爲客戶的全權代理人，採取任何盛源證券在執行本協議時認爲必需的或可行的行爲，及以客戶的名義或自身的名義簽署任何文件或文書，以執行本協議規定之各項條款。
2.8 密碼、PIN 和帳號的保護
爲保護客戶的帳戶的安全與利益，客戶將設置密碼和 PIN 以進入和操作其帳戶。客戶在此確認、xx和保證其爲該密碼的唯一擁有者和 PIN 的合法使用者。客戶將監控並確保其密碼、PIN 和帳戶編號的完整和安全，並對此負完全責任。 一旦發現其密碼、PIN 和帳號遺失、被盜或被非法使用，客戶將立刻以書面方式通知盛源證券。 倘無該類書面通 知，盛源證券將不會對因此而造成的任何損失承擔責任。
2.9 重大變更
盛源證券及客戶均同意及時將帳戶開戶表格和本協議中提供的資訊的任何重大變更通知對方。除非盛源證券根據以下第 16.1 條收到書面的通知，帳戶開戶表格中的任何資訊詳情的變更將不會對帳戶的運作產生效力。
2.10 真實簽名
在帳戶開戶表格和本協議中出現的客戶，客戶的被授權簽名人、董事、秘書或合夥人（視情況而定）的簽名以及任何被授權人的簽名須為有關方的真實簽名。
3. 聯 名 帳 戶
3.1 生者享有繼承權
倘客戶之任何戶口以聯名開立，除非客戶通知盛源證券並提供盛源證券所要求之文件，否則該戶口應為所有戶口持有人以聯權共有形式持有，生者享有繼承權(給付生者)。每一聯名持有人不可撤銷地委任其他持有人為授權人，代表其作出各種行動，並就本協議所有相關事宜上作其代表。盛源證券獲授權執行任何聯名帳戶持有人之指示，或向任何聯名持有人發出確認通知、其他通知書或通訊，或在其他情況下與任何聯名帳戶持有人往來。對於依據本協議規定應向彼等支付的任何款項，不論有關債務是其中一位或所有聯名帳戶持有人所引起，每位聯名帳戶持有人均須共同及各別地負責。
3.2 身故通知
客戶保證會就任何聯名帳戶持有人身故，即時向盛源證券作書面通知。在聯名帳戶當中有人身故的情況下，盛源證券可酌情決定其認為必須、恰當或適宜作出的步驟、要求提供該等文件、保留任何戶口之任何部份及限制任何戶口之交易，以保護其在現行或以後的法律下，在任何稅項、法律責任、罰則或損失方面之權益。
3.3 繳付稅款或開支
客戶同意因聯名帳戶持有人當中有人身故或因動用死者在該戶口中的任何權益之財產，所引致之稅收或其他開支， 應就任何戶口而繳付或向在生者之利益及死者財產之利益徵取。
4. 適 用 規 則 和 規 例
4.1 法律和規則
盛源證券或盛源證券的代理人代表客戶或為客戶帳戶(無論是在香港或是在其他地方)進行的所有交易均須遵守本協議的條款和條件,香港以及其他適用司法管轄區域的所有適用法律，規則和條例;以及香港期貨交易所以及其他交易所和市場(及相關結算公司，如有) 所採用的憲法，規則，規例，程序，地方條例，慣例和常規。就按客戶指令而達成的交易而言，該等交易所和結算公司的規則對盛源證券和客戶均具有約束力，而且這些規則包括的某些條款要求盛源證券在特定情況下必須披露客戶的姓名，受益人身份以及其他相關資料。
4.2 法律約束力
客戶同意本協議(包括電子交易服務的條款)及其所有條款將對客戶本身，以及其繼承人、遺產執行人和代理人、繼任人和受託人具有法律約束力。盛源證券根據上述法律、規則和規例所採取的所有行爲都將對客戶具有法律約束力。客戶在商品、期貨合約及/或期權合約的交易中不能違反其應遵守的任何法律、規則或規例。
4.3 香港司法管轄
x協議將受香港法律管轄及解釋。客戶不可撤回地接受香港法庭的司法管轄。倘客戶不是香港居民或如屬公司或合夥形式，在香港沒有主要辦公地址，則客戶同意並不可撤回地指定本協議列出的接受法律令狀，代表客戶在本協議存續期內接收法庭傳票。
4.4 非香港居民或公司
(i) 從香港以外地方或由非香港居民發出指示
倘客戶於本港以外之地方居住或(如屬公司)於香港以外地方成立發出指示，客戶同意確保及xx該指示為符合客戶發出指示當地之有關司法管轄區之適用法律，如有任何疑問，需向該有關司法管轄區諮詢及尋求獨立法律意見。
(ii) 香 港 以 外 地 方 之 稅 項
客戶同意支付客戶於香港以外居住而發出的任何指示及為其執行而須向有關當局繳交任何稅額、稅項、徵稅或費用。
5. 香港期交所規則規定的條款
在無損和顧及本協議其他條款式的情況下，所有在香港期交所進行的交易均應遵守香港期交所規則各項條款的規定，且這些規定應被視為構成並應被理解為本協議的組成部份。
5.1 補償基金
任何香港期交所合約均須繳納補償基金徵費和根據條例徵收的費用，兩者均須由客戶承擔。
5.2 有效申索和申索限制
客戶明白倘客戶因盛源證券的違約而受到經濟損失，補償基金的責任將限於條例中規定的有效申索，並受限於條例中規定的申索金額限制，因此，不能保證客戶能否，全部或部份，全數從補償基金追討因盛源證券的違約行為給客戶造成的經濟損失的補償。
5.3 利益衝突
盛源證券內的任何成員公司在代表客戶的交易時，也可以以任何身份為其他人進行商品、期貨合約和期權合約的交易，無論該交易是否同客戶的交易一樣。盛源證券內的任何成員公司，及各自的董事，高級職員和僱員可以不時通過自己的帳戶在任何交易所內進行交易。受限於條例的規定以及所有的適用法律，盛源證券內的任何成員公司在任何商
品、期貨合約及/或期權合約上，不論是在自己的帳戶或是盛源證券的其他客戶的帳戶中，可以持有與客戶指令相反的持倉，只要這些交易是根據相關的交易所規則，規例和程序通過香港期交所或其他任何交易所的設施而競價執行。
5.4 在香港期交所場外進行的交易
倘客戶希望在香港期交所以外的市場上進行任何期貨合約或期權合約的交易，則該類交易須受該等市場（而非香港期交所市場）的規則和條例所管制，客戶在這些交易中所得到的保障水平和種類明顯有別於香港期交所規則所提供的保障水平和種類。
5.5 香港期交所的強制性轉移
客戶確認，倘盛源證券作為香港期貨交易所參與者的權利被暫停或吊銷，香港期交所結算公司會作出所有必須的行為，把盛源證券代表客戶持有的任何未平倉合約，以及客戶在盛源證券帳戶內所有資金和證券，轉移至另一位香港期貨交易所參與者。
5.6 資金託管
盛源證券從客戶或其他任何人士或機構(包括香港期交所結算公司和其他任何結算公司)收到的所有貨幣資金,經認可的債權證券和其他財產應由盛源證券作為受託人保管在客戶帳戶中, 並與盛源證券自己的資產分離,且應在切實可行範圍內(最遲不超過收到上述資產後的兩個銀行交易日內)將其存入香港期交所規則第 620 條規定的單獨銀行帳戶或單獨債權證券帳戶中; 盛源證券因而持有的所有貨幣資金, 經認可的債權證券和其他財產在盛源證券破產或結業時不構成其資產,倘有臨時清盤人,清盤人或其他類似人員被委任接管盛源證券的全部或部份業務和資產,盛源證券應立刻將上述持有的客戶資產歸還客戶。
所有記入帳戶貸方的資金由盛源證券作為受託人持有，銀行無權將該帳戶與任何其他帳戶合併，亦無權因任何盛源證券尚欠該等銀行款項而對該帳戶中的任何資金行使任何抵消或反申索權利; 而且該帳戶的名稱須顯著地有別於任何持有屬於盛源證券的資金的帳戶。 客戶確認並同意,除了在盛源證券根據任何盛源證券所屬其司法管轄下的任何監管部門或其他機構的規則和規例的要求外，倘任何銀行、經紀人、交易所、結算公司或其他人在盛源證券已向其支付全部或部份與客戶帳戶的運作和維持有關的資金後，仍未能履行其對盛源證券的與上述資金有關的義務（或債務）,盛源證券將不為該等客戶承擔任何責任，亦無義務採取任何行為。
5.7 資金撥付授權
客戶授權盛源證券可以按香港期交所規則第 622 或 622A 條所規定的方式使用客戶支付給盛源證券的任何資金; 特別是, 盛源證券可以使用該等資金向任何另一方支付盛源證券所應付的責任, 只要該等責任是因盛源證券代表客戶進行期貨合約或期權合約所形成的或與其有關。
5.8 委托人的交易
客戶確認，對於盛源證券在香港期交所結算公司或其他任何結算公司開立的任何帳戶，無論保持這些帳戶的目的是否完全或部份與代客戶交易的商品、期貨合約或期權合約有關，亦無論客戶支付的資金或經批准的債務證券是否已經支付給香港期交所結算公司或其他該等結算公司,就盛源證券與香港期交所結算公司或其他該等結算公司之間而言，盛源證券是以其自身的名義進行交易。客戶同意，盛源證券在對該類帳戶進行交易是無需考慮任何有利於客戶的委託或其他公平權益，而且支付給香港期交所結算公司或其他該等結算公司資金或經批准的債務證券也不受上述第 5.7 條所述信託的約束。
5.9 持倉限制
客戶必須遵守香港期交所規則第 630 及 631 條, 這兩條規定允許香港期交所董事會不時任命的行政總裁(或行政總裁根據香港期交所規則不時委任的香港期交所職員)認為客戶正在累積的持倉正在或可能損害或能夠負面影響香港期交所根據其規則經營的任何市場的公平和有秩序的運作時, 可以採取措施限制客戶的持倉或要求其結清合約。
5.10 指定上限及須申報的持倉量
盛源證券可以隨時自行決定或受有關規則和規例限制客戶在盛源證券持有或通過盛源證券獲取的持倉數量。 客戶同意，不論是單獨或是與另一方共同行動，不超過香港期交所或其他合約市場訂立的持倉限制，而且倘客戶被要求就其持倉提交任何報告，須立刻通知盛源證券。除恒生指數(“恒指”)期貨合約、恒指期權合約、小型恒指期貨合約和小型
恒指期權合約外，《證券及期貨(合約限量及須申報的持倉量)規則》(“規則”)的附表 1 指明任何人士在任何一個合約月可持有或控制的期貨合約的數目上限。恒指期貨合約、恒指期權合約、小型恒指期貨合約和小型恒指期權合約的訂明上限，都是根據所有合約月合計的淨額基準計算。為了利便期交所和聯交所監察市場活動，該規則第 6(1)條規定，持有或控制須申報的持倉量的人士須向認可交易所提交關於該須申報的持倉量的書面通知。該規則附表 1 指明期貨合約的須申報的持倉量。就正如訂明上限一樣，期貨合約的須申報的持倉量是根據所持有或控制的某一個合約月的合約份數而計算的。
6. 指令和交易
6.1 代理人
除非盛源證券(在相關交易的合約說明或以其他方式)另有披露盛源證券是以委託人的身份行事,盛源證券將作爲客戶的代理人執行交易。除非另行與客戶口頭或書面上作出披露,盛源證券及其董事與僱員將以客戶代理人的身份執行指令和交易，而非以其本身的身份進行。除非另有相反證據,客戶確認任何由盛源證券代表客戶根據客戶或任何被授權人指令進行買賣交易的商品、期貨合約及/或期權合約都不是由盛源證券選擇或根據盛源證券的建議而選擇。
6.2 指令
客戶特此授權任何被授權人可以代表客戶發出與帳戶有關的指令，而且客戶特此向盛源證券保證，可根據實際情況不時認可和確認由或被認為由任何被授權人代客戶發出的任何指令，包括但不限於在或被認為在授權撤銷期間發出的任何指令。客戶特此同意，盛源證券在收到由或被認為由任何被授權人代客戶在其授權被客戶撤銷之後發出的任何指令時，倘沒有收到對授權撤銷的實際通知，則該等指令為有效和有作用。
6.3 對指令的依賴
對盛源證券而言, 任何被授權人或被授權人之一的指令,通知或其他通訊(不論是以口頭或是書面方式發出的)應視為是完整的, 足夠的和即時的授權。 盛源證券可以按其絕對酌 情權依賴或根據通過電話或書面方式發出的或被視為已發出的,且被認定是由客戶或客戶的被授權人代表客戶發出的任何指令,通知或其他通訊行事。盛源證券沒有任何責任核查發出或被認為發出指令、通知或其他通訊的人員的身份或授權。對於該類指令、通知或其他通訊，盛源證券有權（但無義務）採取其認為合適的並與之相關的措施，或依據其採取合適的措施，而無論交易，協議的性質，或相關的商品、期貨合約及/或期權合約的價值，類型和數量，及儘管在該類指令、通知或其他通訊的條款上是否存在任何明顯的或實際的誤差或誤解。所有的指令或指示, 不論是以電話、電報、傳真、互聯網、電子郵件、郵遞, 口頭或是其他方式發出, 傳遞過程中的風險概由客戶承擔。
6.4 指令當日有效
倘客戶沒有向盛源證券發出特定的指令, 且已由盛源證券以書面形式收到, 客戶同意所有與其帳戶相關的指示,指令或要求僅於當日有效, 且在下單的交易所或市場的正式交易日結束時失效。
6.5 報價延誤
鑑於交易所交易大堂的場地限制以及常見的商品、期貨合約及/或期權合約價格的快速變化, 可能有時會發生報價延誤, 或在特定時間或以“最優價格”或“市場價”交易時發生延誤。 客戶同意無論何種情況均接受代表其進行的交易的結果,並同意盛源證券無須因未能符合客戶指令的任何條件而導致的損失承擔任何責任, 亦無須為因按本協議規定執行的任何交易而導致的損失負責, 除非損失是因盛源證券的任何僱員或代理人故意失責所造成。
6.6 錄音
盛源證券可以採取錄音程序對其與客戶的任何通訊進行錄音, 或出於記錄或證實任何被授權人的指令而進行錄音。盛源證券的任何錄音將構成所錄的通訊的最終及不可推翻的證據。
6.7 第三方指令
客戶明白盛源證券不會接受任何第三方指令，除非客戶已正式簽署並遞交一份有效的授權書，明確授權已具姓名的第三方，代表其發出交易指令。客戶並同意對盛源證券因不爲執行任何未經授權的第三方代表客戶發出的指令而導致的爭議、損失以及其他申索作出彌償。倘客戶決定僱用第三方爲其發出交易指令，客戶同意向盛源證券提供該指定的第三方準確真實的身份證明和個人資料。客戶亦明白該等個人資料將會向香港的監管機構以及其他政府機構，包括但不限於證監會，交易所，廉政公署公開。
6.8 指令的修改和取消
客戶可能會修改或取消已發出的指令。客戶同意盛源證券並非必須接受該等修改或取消。指令只有在尚未執行前才可以修改或取消。客戶必須對在處理其指令修改及/或取消請求之前已部份或全部執行的交易負上完全責任。
6.9 拒絕指令
盛源證券有權按其絕對酌情權拒絕接受任何該等指令，並無須對此解釋原因。如盛源證券拒絕接受任何指令，客戶知悉盛源證券將無須對客戶負責因此而招致的任何損失。
6.10 獨立判斷
客戶明白盛源證券沒有提供或暗示任何有關客戶根據本協議進行交易的商品、期貨合約及/或期權合約的價值,優點或對客戶的適合性方面的xx或保證。 客戶進一步確認並同意客戶對其與帳戶有關的所有交易決策負完全的責任, 而盛源證券僅負責根據客戶的指令進行客戶帳戶中交易的實行、結算等,並不充當客戶的投資顧問, 而且盛源證券對與客戶帳戶交易有關的推介事務所,經紀商,或任何第三方的任何行為,行動,xx或聲明不承擔任何責任或義務。
6.11 不保證成交
客戶確認存在因突發事件及/或技術故障而使其指令無法執行的事實。客戶同意盛源證券將無須對任何直接或間接因政府行爲、價格變動、交易所/市場限制、設備通訊和系統故障、未授權進入帳戶或交易指令，以及其他超越盛源證券控制的客觀因素和技術限制而導致的實際或假設損失負責。
6.12 禁止內幕交易
任何傳播、散佈並利用非公開資訊來進行盈利或止蝕的行為均為非法。客戶確認其知曉該等行爲的非法性質及有可能引起刑事責任。客戶同意不進行上述以及其他非法行爲，並對所有後果負完全責任。
6.13 對交易的限制
客戶同意盛源證券具有絕對酌情權，且不需並無須事先通知客戶即可因某種原因而終止或限制客戶通過其帳戶進行商品、期貨合約及/或期權合約交易的能力。客戶同意盛源證券無須對因該類限制造成的任何實際或假設的損失或損害承擔責任。
6.14 以外幣進行的交易
倘客戶指令盛源證券進行任何以外幣標價的商品交易、期貨合約或期權合約, 則
(i) 任何因該外幣的匯率波動所形成的損或益完全歸於客戶帳戶,風險由客戶承擔;
(ii) 保證金應由盛源證券單獨酌情決定的幣種和金額來記錄;及
(iii) 盛源證券被授權可以單獨酌情決定以貨幣市場當時報價為基礎而釐定的匯率，將帳戶中的資金在原幣種和上述外幣之間進行轉換。
倘無論出於何種目的, 要求客戶將其尚欠盛源證券的資金轉換成支付原先到期債務所用幣種之外的貨幣，則客戶應向盛源證券支付額外的金額，以保證盛源證券收到的已轉換後的金額等同於未轉換前應收的金額。
6.15 除非客戶向盛源證券發出另外的明確指令,否則客戶發出的可以在一個以上的交易所執行的指令可以在盛源證券行使絕對酌情權決定的交易所執行。
6.16 客戶確認:
(i) 由盛源證券提供予客戶的任何市場建議或資訊並不構成出售要約或對買入任何商品或商品合約的游說;
(ii) 儘管該等建議或資訊是由盛源證券認為可靠的來源獲取,該等建議或資訊可能並非完整,且可能無法核實; 及
(iii) 盛源證券不對其給客戶的任何資訊或交易建議的準確性或完整性提供任何xx,擔保或保證,因此也不對其準確性或完整性承擔任何責任。客戶明白,盛源證券的僱員、董事、附屬成員、股東、員工或代表可能會持有提供給客戶的市場建議提及的商品或商品合約的持倉。並有意買賣該等商品或商品合約,而且任何該等僱員、董事、附屬機構、股東、員工或代表的市場持倉可能或也可能不與盛源證券提交給客戶的建議一致。盛源證券對客戶的交易的稅務後果不作任何xx,擔保或保證。
6.17 提供對交叉交易程序的同意是為了符合交易所有關交叉交易程序以及交易執行的規則, 在該等交易中，場內經紀人或經紀公司可以在任何不時要求客戶對該等交易提供同意(書)的交易所直接或間接作為本人進行交易。客戶特此同意盛源證券, 其代理人, 或經手處理盛源證券指令的場內經紀人可以無須事先通知，執行客戶的指令, 而在該等交易中,盛源證券、其董事、高級管理人員、僱員、代理人或場內經紀人可以直接或間接成為客戶賣出指令的買方,或其買入指令的賣方, 只要該等交易是根據交易所不時通過的規則和任何適用法律規定或香港期交所的條款及規例執行的。本同意是持續的, 並維持有效,直至客戶以書面方式撤銷為止。
6.18 期權交易
客戶明白一些交易所和結算公司對提交行使指令設有截止時間, 而且在截止時間之前還沒有發出行使指令,則期權會變得毫無價值。客戶也明白, 除非另有指示, 某些交易所和結算公司將會自動行使某些“價內”期權。客戶確認對其行使或阻止行使(視情況而定)期權合約的行為承擔完全的責任; 除非收到客戶的明確指示, 盛源證券無須對期權合約採取任何行為, 包括但不限於在到期日之前行使有價值的期權或阻止對期權的自動行使的任何行為。客戶進一步確認, 盛源證券設立的行使截止時間可能與交易所和結算公司訂立的截止時間不同.
6.19 客戶明白：
(i) 所有的期權短倉都可能會被隨時平倉, 包括與被指定為行使日同一日所建立的倉位,及
(ii) 行使平倉通知在所有客戶處於行使範圍內的全部期權短倉中任意分配.客戶可要求獲得更詳細的盛源證券分配程序。
7. 佣金和費用
7.1 佣金
鑒於盛源證券代客戶為其帳戶進行商品、期貨合約及/或期權合約交易， 客戶同意在不低於任何交易所確定的最低標準的前提下，按盛源證券根據實際情況以口頭或書面方式不時事先通知客戶，適用於其帳戶的費用標準向盛源證券支付佣金。
7.2 徵費和費用
在任何交易所執行的每一筆交易均須向該等交易所繳納徵費和費用。盛源證券被授權可不時按交易所規定的規則向客戶收取任何該等徵費。 對於在香港期交所進行的交易, 盛源證券被授權向客戶收取補償基金徵費以及根據條例收取的另一項徵費。這些徵費將由客戶單獨承擔，盛源證券被授權向客戶收取該等徵費。
8. 保證金
8.1 客戶同意支付並按盛源證券不時要求在盛源證券保持根據盛源證券絕對酌情權的決定下要求客戶支付或保持的保證金數額，以使其符合任何交易所或結算公司對保證金, 價格變動調整或利率現金調整的要求，及/或保護盛源證券自身免於客戶帳戶中當前的、未來的或預期中的交易所帶來的任何損失或風險，並配合盛源證券可能要求的任何文件的要求，以使盛源證券能夠行使與此相關的權利。盛源證券可以不時要求客戶保持超過任何交易所、結算公司或經紀商所要求的保證金或價格變動調整的數額, 而且盛源證券可以無須事先通知客戶即根據情況變更該等要求。
8.2 盛源證券可以無須事先通知客戶即根據實際情況酌情決定將全部或部份保證金或客戶帳戶中持有的任何其他金額的資金轉往一個交易所、結算公司或經紀商的任何帳戶中，以使盛源證券能夠支付這些交易所、結算公司或經紀商所要求的保證金或價格變動調整。
8.3 所有客戶因本協議應付盛源證券的金額（含保證金）一經要求即成為到期，並以盛源證券選擇的幣種支付，但受限於相關的商品交易、期貨合約或期權合約獲執行的交易所及/或結算公司所訂的限制。對保證金的要求必須在 12 小時內或盛源證券酌情認為必須的更短的，並已通知客戶的時間內得到滿足。客戶確認，如客戶在盛源證券限定的期限內未能滿足連續兩次追收保證金的要求或對價格變動調整的要求時，盛源證券可能會被要求向香港期交所報告客戶所有未平倉合約的詳情，而且盛源證券可以在客戶未能滿足追收保證金的要求或對價格變動調整的要求的情況下，終止所有未平倉合約。
8.4 倘將股份、股票及/或其他形式的資產存作保證金(在獲得香港期交所的批准或其他任何要求事先獲得該等批准的交易所的批准的情況下)，盛源證券(在遵守香港期交所或相關交易所的有關規則和規例的前提下)具絕對酌情權賦予該等資產以名義價值(不必等同於市場價值), 其價值的變化由盛源證券根據資產不時的市場價格來確定。
8.5 客戶應按盛源證券不時以絕對酌情權而決定的金額和形式向其提供並於盛源證券維持保證金。盛源證券設立的保證金要求可以超過任何交易所對盛源證券所要求的保證金金額。盛源證券可以隨時自行決定改變保證金要求。倘盛源證券決定要求額外保證金, 客戶同意按盛源證券要求在盛源證券存入所要求的額名保證金，而且會按盛源證券自行決定的方式及時滿足所有追加保證金的要求。 儘管存在對補充保證金的任何要求, 盛源證券可隨時按照以下第 15.5 條繼續進行, 而倘未能繼續進行也不應被視為盛源證券放棄任何權利。此前的任何保證金均不應被視為慣例。盛源證券將不對任何銀行、其他結算經紀、結算機構或類似實體的債權人的破產，資不抵債，清盤，破產管理，託管或轉讓而直接或間接造成的任何保證金存款損失承擔責任。
9. 額外保證金的要求或變動調整的要求
9.1 客戶同意按盛源證券不時絕對酌情決定的形式，數額和條件向盛源證券提供並在盛源證券處保持該等保證金，以及該等的擔保和其他證券。盛源證券設定的該等保證金要求可以高於任何交易所或結算公司或經紀商設定的保證金要求。盛源證券可以無須事先通知客戶不時絕對酌情決定變更其保證金要求。倘盛源證券認為額外保證金是必須的，客戶同意按要求在盛源證券存入額外保證金。
9.2 在盛源證券代客戶進行所有的期貨合約及/或期權合約的交易時，客戶應按盛源證券要求及時向盛源證券提供盛源證券認為必須的保證金或額外保證金，以及為滿足價格變動調整所需的資金。盛源證券對保證金或額外保證金，以及為滿足價格變動調整所需的資金的追收金額可以超過香港期交所或香港期交所結算公司的任何對保證金或價格變動調整的要求，且盛源證券可以無須事先通知客戶的情況下予以改變並即時生效。倘客戶連續兩次未能滿足對本條款中規定的保證金或額外保證金或價格變動調整的追加要求，盛源證券必須向香港期交所報告客戶所有未平倉合約的詳情，而且盛源證券可以在客戶未能滿足追收保證金的要求或對價格變動調整的要求的情況下，終止客戶與要求保證金或額外保證金或變更調整未能滿足有關的未平倉合約。
10. 付款和匯款
10.1 客戶應隨時按盛源證券的要求向其全額支付因雙方之間的交易或因客戶帳戶的操作而形成的任何損失，借方餘額以及差額。付款的幣種應由盛源證券不時指定。
10.2 在不損害客戶承索即付的義務的前提下，客戶每次根據本協議向盛源證券支付款項(無論是通過直接付款，轉帳，借方或貸方)均應在提出付款要求的當日營業時間結束前
（香港時間）予以支付。
10.3 在不損害本協議的任何其他條款的效力的前提下，客戶同意並授權客戶銀行,盛源證券在需要時執行直接付款指令，將資金轉入客戶在盛源證券的帳戶，以不時滿足保證金變動調整的要求，以及支付與帳戶有關的任何交易成本或其他債務。
10.4 在盛源證券扣除其根據香港期交所規則，其他任何交易所或結算公司規則，適用法律和規例，及/或本協議的規定有權扣除的所有金額，以及上述第 8 和 9 條所要求的保證金，並全額免除客戶或任何客戶公司事先償還全數對盛源證券以及盛源證券成員公司的實際或或有債務的前提下，盛源證券應在收到被授權人的書面指令後在切實可行範圍內將其帳戶內全部或部份資金及/或賣出任何商品、期貨合約及/或期權合約的收益匯給客戶。所有盛源證券應付客戶的資金均由盛源證券轉帳至客戶在帳戶開戶表格中指定的銀行帳戶，或以雙方不時根據實際情況約定的方式支付。所有上述支付到客戶指定銀行帳戶的資金應被視為盛源證券對客戶的付款責任的完備和有效解除。
10.5 客戶確認，除非被授權人即為客戶本人，被授權人或被授權的第三方僅具有按本協議規定代客戶發出交易指示的授權。 被授權人或被授權的第三方不能被授權可以指令盛源證券將任何客戶帳戶中資金或資產轉到任何其他被授權的第三方單獨或同他人共同持有的帳戶中；客戶謹此同意，倘盛源證券收到任何被授權的第三方的任何該等指令或指示，盛源證券具有明確的授權可以不執行該等指令或指示，除非盛源證券收到客戶的書面通知可以執行該等指令。
11. 利息
11.1 盛源證券可以保留其持有的，作為客戶帳戶的一部份的現金所帶來的收益，客戶同意由盛源證券持有的屬於客戶的任何金額的資金不會累計利息，除非雙方另有協議訂明。
11.2 客戶保證隨時（不論是在任何確定債務判決書之前或是之後）就其欠盛源證券的任何逾期債務金額支付利息，利率按盛源證券絕對酌情權決定，或在渣打銀行不時公佈的最優惠利率加 3%，而且該等利息須在每月的最後一天應付，或在盛源證券要求下立刻支付。
12. 交收
12.1 客戶同意，為其帳戶作出的每一筆交易均意指該筆交易按交易條款實際完成，包括任何商品的交貨或接收以及相應的付款。儘管如此，並根據以下第 12.4 條的規定，就客戶帳戶中留存至到期日準備結算交收的任何未平倉合約而言, 倘按照有關交易所的規則或慣例，該等未平倉合約的買方和賣方的未履行債務僅按價差進行現金結算（即在此種情況下盛源證券或客戶只要在到期日將相應的價差支付予另一方方即可將未平倉合約予以結算或平倉），則不論盛源證券或是客戶均無須在到期日對交易進行商品交收。客戶應採取所有必要的措施以使盛源證券能夠按照有關交易所及/或結算公司的規則，規例和要求對客戶帳戶執行的任何交易進行及時的清算。
12.2 在符合本協議條款以及相關交易所及/或結算公司的規則、規例和要求的情況下，客戶可以在其帳戶中任何合約或交易的最後一個交易日前的任何時間要求盛源證券終止合約，或倘是期權合約，行使（在可能的情況下）相應的對開期權合約。任何因結清合約或交易或行使期權合約而產生的客戶對盛源證券的應付款項（包括(但不限於)，盛源證券對相關交易所及/或結算公司及/或盛源證券的經紀人或代理人的任何應付款）應在合約結清或期權行使後立刻支付予盛源證券。
12.3 為了按帳戶內的期權合約行使期權，客戶應在盛源證券根據實際情況規定的、早於期權賣方或相關的交易所或結算公司(以規定最早的截止日期為準)規定的提出行使指令的截止日期的，時間限制之前向盛源證券遞交行使期權的通知(應符合期權合約交易所在的相關交易所的規則和規例)。此通知須符合以下的條件才為有效的：
(i) 倘是認沽期權合約，須有交付所基礎商品或所有權文件；和
(ii) 倘是認購期權合約，須有足夠的可立刻使用的資金用以接收商品或所有權文件。
除非客戶另有指令並符合本協議條款的規定，盛源證券沒有任何責任代客戶就任何期權合約提出行使期權的指令，無論是在相關期權合約的到期日或是到期日之前。
12.4 不論基於任何理由，在根據有關交易所及/或結算公司的規則和規例，及/或任何適用法律而確定的付款或交付日，倘盛源證券或另一經紀商（視具體情況而定）沒有收到因客戶帳戶交易而應支付或應交付給客戶的所有或任何款項或所有或任何數量的任何商品（無論是從相關交易所、結算公司及/或任何其他人）, 則盛源證券因該等交易而須承擔對客戶付款或交付商品的義務將因此僅限於向客戶支付或交付等同盛源證券實際收到或接受的款項金額或商品數量。
12.5 在發生以上第 12.4 條所提到的相關交易所、結算公司、其他經紀商及/或其他人未能就客戶帳戶中的交易向客戶支付款項或交付任何數量的任何商品的事項時，盛源證券可以按其絕對酌情權決定（但無義務）按客戶的任何指令對上述相關交易所、結算公司、其他經紀商及/或其他人以任何方式採取任何行動，只要在盛源證券採取行動的情況下客戶全數彌償，或按盛源證券要求使其免於任何因採取該等行動而產生的所有成本、索賠、損害、費用和支出。
12.6 客戶同意，為其帳戶作出的每一筆交易均意指該筆交易按交易條款實際完成，包括任何商品的交付或接收以及相應的付款。儘管如此，並根據以上第 12.4 條的規定，就客戶帳戶中留存至到期日準備結算交收的任何未平倉合約而言, 倘按照有關交易所的規則或慣例，該等未平倉合約的買方和賣方的未履行債務僅按價差進行現金結算（即在此種情況下盛源證券或客戶只要在到期日將相應的價差支付即可將未平倉合約予以結算或平倉），則不論盛源證券或是客戶均無須在到期日對交易進行商品交收。客戶應採取所有必要的措施以使盛源證券能夠按照有關交易所及/或結算公司的規則，規例和要求對為客戶帳戶執行的任何交易進行及時的結算.
12.7 為了按帳戶內的期權合約行使期權，客戶應在盛源證券根據實際情況規定的，早於期權賣方或相關的交易所或結算公司(無論何者規定最早的截止日期)規定的提出行使指令的截止日期的時間限制之前向盛源證券遞交行使期權的通知(應符合期權合約交易所在的相關交易所的規則和規例)。此通知須連同以下規定的條件才能被認為是有效的：
(i) 倘是認沽期權合約，須有交付所基礎商品或所有權文件；和
(ii) 倘是認購期權合約, 須有足夠的可立刻使用的資金用以接收商品或所有權文件。
倘客戶未能按第 5.2 條規定行事,盛源證券可以(但沒有責任)將期權合約視為廢棄處理. 除非客戶另有指令並符合本協議條款的規定，盛源證券沒有任何責任代客戶就任何期權合約提出行使期權的指令，不論是在相關期權合約的到期日或是到期日之前。
13. 擔保
13.1 為使盛源證券免於任何相關債務，客戶作為受益所有人特此將其帳戶中持有或以後獲取的任何和全部商品、期貨合約、期權合約、貨幣資金和其他資產作為對客戶履行其根據本協議應履行和遵守的義務，客戶償付客戶或任何客戶公司對盛源證券或任何盛源證券的成員公司與客戶帳戶或其他有關的現時或將來任何時間應付的資金和債務(不論是實際的或是可能發生的)，以及支付盛源證券或任何盛源證券的成員公司在行使或執行由此產生的所有成本，費用和支出的連續擔保。
13.2 客戶同意採取或執行盛源證券不時根據情況認為必須的或可取的行動或文件，以實施，執行或遵守本協議的條款，或為完善或改進任何按本協議為盛源證券提供的擔保或抵押保證，包括但不限於客戶執行不可撤銷的代理委託書，任命盛源證券為其合法代理人(可以全權任命代替人和再授權給其他代理人)在盛源證券認為必要或合適的情況下代客戶採取上述所有的行動或執行上述所有的文件。
13.3 在盛源證券的要求下，客戶應根據本協議中客戶的任何債務或義務提供或促使對盛源證券而言可接受的人士提供盛源證券信納的進一步擔保或抵押。
14. 單方面結清
14.1 倘發生以下事項：
(i) 客戶未能在追收保證金時提供保證金; 或未能作出根據帳戶中所進行的交易所要求的任何商品的交付，或未能根據帳戶中所進行的交易支付到期的任何購買價格或其他款項，或未能履行其在本協議中規定的義務；
(ii) 客戶死亡（僅限於客戶為個人的情況下）;
(iii) 管轄法院發出或申請書已經遞交或裁決已經通過客戶破產, 結業, 或解散的命令， 或已對客戶的資產或企業任命了接管人,信託管理人或其他相類似的官員、或客戶帳戶或客戶在盛源證券的任何成員公司處開立的其他帳戶已被扣押或被發出扣押令、或任何第三方聲明對客戶帳戶中的任何資金或資產擁有要求權、或客戶的任何資產已被宣佈了任何禁制令、禁止令或相似的命令、或已對客戶的資產開始了沒收、扣押或相似的法律程序;
(iv) 客戶在本協議中或任何根據本協議而遞交盛源證券的證明，聲明或其他文件中所作的任何xx或保證在重要方面不準確或變得不準確;
(v) 客戶違反盛源證券，盛源證券經紀人或代理人代客戶或為其帳戶進行交易所在的司法轄區的任何適用法律，規則或規例，或交易所或結算公司的規則和規例;
(vi) 客戶簽訂本協議所需的任何同意書，授權或決議被完全或部份撤銷，暫緩，終止，或不再具有完全的效力；以及
(vii) 發生任何盛源證券獨自認為會危及盛源證券在客戶帳戶的貸方餘額方面的權利或任何其他盛源證券根據本協議擁有的權利的事項，或任何事項會負面地影響到客戶在本協議項下應履行的義務。
不損害盛源證券可能擁有的其他任何權利或採取的補救措施的情況下，盛源證券則有權或在此被授權（但並無義務）可以採取以下一項或多項行動，但：
(a) 倘盛源證券認為合適，出售、買入或終止(無追索權)任何或所有為客戶或其帳戶持有的商品、期貨合約、期權合約及/或其他資產(包括在上述第 13 條中所述之押記);
(b) 取消任何或所有未成交的指示或未平倉的合約或任何其他根據客戶指令而作出的承諾;
(c) 借入或買入盛源證券認為必要的或因按客戶指令作出的任何賣出（包括沽空）交易進行交付所需的任何資產或財產;
(d) 行使按客戶指令買入而由盛源證券持有的期權合約而形成的任何期權(出售或購入);
(e) 行使根據本協議為盛源證券提供的作為客戶履行義務擔保的任何擔保;
(f) 行 使 x 協 議 賦 予 的 抵 消 權 和 轉 移 資 金 的 權 利 ;
(g) 立 刻 終 止 x 協 議 。
14.2 一旦發生違約事件則:-
(i) 客戶所有應付盛源證券的款項須立刻支付，其利息以本協議第 11.2 條規定的利率和實際未償還金額計算;及
(ii) 盛源證券進一步履行其根據本協議未履行的對客戶的義務(不論是付款或是其他)將以客戶完全清償其根據本協議對盛源證券的所有責任為前提。
14.3 在不損害第 14.1 (a)至(g)條的一般性的情況下, 盛源證券有權根據第 13 條規定作為對盛源證券擔保的任何商品、期貨合約或期權合約歸為己有,或以市場價向任何盛源證券成員公司賣出、買入、終止或處置該等商品、期貨合約或期權合約, 而無須對因此造成的任何損失負責,亦無須對盛源證券及/或任何盛源證券成員公司因此產生的任何盈利作出解釋。
14.4 任何根據本協議第 14 條而變現的資金應置於並保留在一個暫記帳戶的貸項中, 只要盛源證券或有關的盛源證券成員公司完全自行決定(但同時不承擔任何義務)用此資金或此資金的部份來清償客戶或任何客戶公司應付盛源證券或任何盛源證券的成員公司。
14.5 倘盛源證券行使其根據第 14.1 條所享有的任何權利, 盛源證券可以將任何賣出所得的收益用於首先支付與此相關而發生的所有成本和費用(包括法律費用) 。其次,清償客戶對盛源證券或任何客戶公司對盛源證券任何其他成員公司的任何債務(清償方式和優先順序由盛源證券和相關的盛源證券成員公司協商決定,並對客戶具有約束力) 。最後,餘額 (如有)應歸還客戶。 倘該等收益不足以清償相關的債務, 客戶應在盛源證券要求的情況下(儘管原先規定的清算支付日期或其他日期尚未到來) 支付盛源證券和補償並使盛源證券免損於因此產生的任何差額或缺額以及相應的利息和所有盛源證券發生的與此相關的專業服務費用和支出(包括律師和其他專業顧問服務費)。
15. 帳戶的抵消與合併
15.1 儘管本協議或任何盛源證券成員公司與客戶或任何客戶公司的任何其他協議如何規定，在遵守任何適用法律，規則和規例，特別是香港期交所規則第 623 條的前提下，客戶（為客戶自己以及作為代理人代表任何客戶公司）特此不可撤回地指示並授權盛源證券(為盛源證券自己以及作為代理人代表任何盛源證券的成員公司)抵消、保留、使用及/或轉移(視具體情況而定)客戶帳戶或客戶在盛源證券或盛源證券成員公司處開立的任何其他帳戶中持有的任何商品、期貨合約、期權合約、應收款項或貨幣資金，以全部或部份支付客戶或任何客戶公司欠盛源證券或盛源證券其他任何成員公司的任何資金或債務（無論其性質，主要的、抵押的、各別的或共同的(（包括為滿足保證金要求或其他保證金相關要求而形成的任何義務或款項），或以其他貨幣，亦無論是否與客戶帳戶有關）。
15.2 在無損第 15.1 條的一般性的情況下，並受限於遵守任何適用法律、規則和規例，特別是香港期交所規則第 623 條的前提下，倘客戶或任何客戶公司在盛源證券處開立有超過一個的帳戶，則客戶(為客戶自己以及作為代理人代表任何客戶公司)特此不可撤回地同意，盛源證券可以隨時並無須通知客戶或任何客戶公司即結合、統一或合併所有或任何該等帳戶，並抵消或轉移任何一個或多個該等帳戶中記入貸方的任何一筆或多筆資金，以清償任何其他帳戶中無論何種性質的對盛源證券的負債。
15.3 倘第 15 條所指的抵銷或合併帳戶要求進行資金幣種轉換，則轉換的匯率應根據盛源證券在進行帳戶抵銷或合併時在其正常業務中對同類幣種採用的匯率（由盛源證券決定並對客戶具有各方面的約束力）來計算。
15.4 本條款所賦予之抵銷權利是對任何法律所賦予的一般抵銷權利，或本協議賦予盛源證券的任何權利，或盛源證券現在或以後擁有的任何留置或其他擔保的補充，且不損害上述所有的效力。
15.5 一旦發生以下事項：
(i) 客戶解散或清盤(如客戶為企業)或客戶去世；
(ii) 客戶提出或被提出破產申請，或申請任命破產管理人；
(iii) 申請查封盛源證券持有的任何屬於客戶的帳戶；
(iv) 保證金不足或盛源證券認為任何存入用於作為客戶一個或多個帳戶的保證 抵押品（無論當時市場報價如何）不足以作為該帳戶的擔保, 或
(v) 任何其他盛源證券認為應採取措施增加帳戶擔保的情況或事態, 盛源證券特此被授權可以根據其自己的判斷和酌情權採取以下一項或多項或任何部份的行動:
(1) 用處於盛源證券託管或控制之下的客戶的資金或財產直接或以擔保品或抵押品的方式支付客戶對盛源證券的任何債務;
(2) 出售為客戶持有的任何或全部商品合約、商品或證券、或買入為客戶持有作為短倉的任何或全部商品合約、商品或證券; 及
(3) 取消任何或所有代客戶發出的任何或所有待執行指示、合約、或任何其他承諾。在採取上述任何行動時，可以無須保證金或額外保證金，也無須事先向客戶遞交賣出或買入的通知或其他通知或告示，也不管所有權權益是完全屬於客戶，或是客戶與另一方共同所有。在將客戶的長倉或短倉予以平倉時, 盛源證券根據其酌決定可以在同一個合約月份賣出或買入或建立新的長倉或短倉，以建立盛源證券認為必須的或可行的跨價,跨期或馬鞍式組合買賣以保障客戶在帳戶中現存持倉。
任何買入或賣出均由盛源證券根據其自身判斷並自行決定而在該等交易通常執行的任何交易所或其他市場進行,或以公開拍賣或私售的方式進行, 而且盛源證券也可以購買其中的全部或任何部份而無須償還。雙方同意, 無論何種情況, 對賣出或買入的事先要求、通知、以及對時間和地點的告示不應被視為盛源證券放棄其根據本協議擁有的無須該等要求或通知即可進行賣出或買入的權利. 客戶有責任按盛源證券的要求隨時支付其任何借方餘額, 而且一旦由盛源證券或客戶作出的對客戶的帳戶進行清盤, 客戶應負責支付其帳戶中產生的任何缺額。就客戶的任何帳戶以及因此而產生的客戶同意應負責的各事項而言, 倘根據本授權實現的收益不足以支付客戶對盛源證券的所有債務, 客戶應按要求立即支付缺額和所有未支付債務,以及相關利息和所有的收款費用包括合理的律師費。
15.6 對在當前交貨月份到期的未平倉合約的清算指令, 倘是長倉, 則須在第一個通知日前至少五(5)個營業日交給盛源證券, 而倘是短倉, 則須在最後一個交易日前至少五(5)個營業日交給盛源證券。或, 足夠的接收資金或必要的交付文件必須在以上規定的期限內交付予盛源證券。倘指令、資金或文件都沒有收到, 則盛源證券可以在無須通知的情況下將客戶的持倉平倉, 或代客戶根據盛源證券認為合適的條款和方法進行交收。
15.7 倘在任何時段客戶未能向盛源證券交付此前由盛源證券代客戶賣出的任何資產,或未能按商品合約的要求交付資產,證券或其他金融證券, 或盛源證券認為必須(無論是否出於任何交易所,結算公司或另一方的要求)用類似或同樣種類或數量的資產替換交付予盛源證券作為其帳戶擔保的任何證券、商品合約、金融證券或其他資產, 客戶授權盛源證券根據其自身判斷借入或買入任何用於交付必需的資產, 或替換交付所需的任何該等資產,或替換交付的對手方。盛源證券可以隨後用為客戶帳戶買入或以其他方式獲取的資產來償還所借。客戶應向盛源證券支付盛源證券因上述行為可能會被要求發生的，或因盛源證券無法借入或買入任何該等資產而承擔的任何成本、損失或損害(包括其後的損失，處罰，和罰款)。
16. 書面通知與通訊
16.1 送達方式
所有根據本協議由盛源證券發給客戶或任何被授權人的書面通知及通訊可以以親自交付、郵遞、電報、傳真、電子郵件或其他方式送達帳戶開戶表格上顯示的或客戶不時以書面方式提前七(7)天通知盛源證券的地址，傳真號碼和電子郵件地址。
所有的通知和其他通訊在以下時間應被視為生效:
(i) 倘是個人遞送，通過傳真或電話傳送，則在遞送或傳送時；或
(ii) 倘是通過郵局遞送，則在交付郵局的二十四(24)小時後, （無論二者何者為先），應被視為已經發給對方，但任何發給盛源證券的通知或其他通訊只有在盛源證券收到後才能生效。
除非盛源證券另行表示同意，任何由客戶或任何被授權人發給盛源證券的，有關客戶帳戶中任何商品、期貨合約或期權合約交易的指令應以口頭或通過致電盛源證券在本協議內提供的電話號碼或不時通知客戶的其他號碼發出。由客戶或任何被授權人給盛源證券的，與客戶帳戶或本協議有關的任何其他通訊或通知可以由個人、預付郵資郵件、傳真或電話遞送或傳送到按本協議指定的或盛源證券不時另行通知的地址或傳真或電話號碼（視情況而定）。
16.2 推定接收
除非客戶另行通知盛源證券，經以上述方式送交的所有通知和通訊，無論是由送信人、郵件、電報、傳真、電子郵件或是其他方式送交，都應被視爲已交付並接收。客戶有責任確保其帳戶的準確性，倘有差異，應立刻與盛源證券聯繫。
16.3 檢索及查閱通訊的責任
客戶同意定期查看其用於接收盛源證券通訊的郵箱、電子郵箱、傳真機和其他設備。對因客戶未能、延誤或疏忽檢查上述通訊來源或設施而形成的任何損失，盛源證券將不負任何責任。
16.4 電子郵件和電話談話的監控和錄音
爲保護雙方的利益，並及時發現和糾正誤解，客戶同意並授權盛源證券可以酌情並無須進一步事先通知即可對雙方之間的電子通訊和電話談話進行監控和錄音。盛源證券的任何錄音將構成所錄的通訊的最終及完整證據。
16.5 確認單和帳戶結單
對於盛源證券在香港為客戶帳戶辦理的任何商品、期貨合約或期權合約的賣出，買入或交換交易, 盛源證券將(除非條例另有規定) 發出一張包含條例所要求的所有必要資訊的成交單據，並將該成交單據於條例規定的時限內送達客戶。對於所有其他的交易, 盛源證券將在交易完成後在切實可行範圍內以口頭或書面方式向客戶確認交易的基本要素。
盛源證券將每月就其代客戶帳戶而作出的交易向客戶提供一份帳戶結單。
由盛源證券發送給客戶的有關客戶帳戶交易執行的書面成交單據,帳戶結單, 和任何確認書, 就其所含的資訊而言應是確證, 而且, 倘這些文件在交付給客戶後二十四(24)小時內
(指成交單據), 或在通過普通郵遞寄送給客戶五(5)個工作日後(指書面的帳戶結單和確認書) 客戶未提出書面反對意見, 則應被視為已被客戶接受。
16.6 未能送達或退回郵件
客戶同意及時更新其帳戶資料，並將任何變化在四十八(48)小時內通知盛源證券。客戶明白，倘由於客戶未能提供、更新及/或通知盛源證券有關其帳戶的最新和準確的資料而導致郵件無法送達或被退回， 盛源證券可以基於客戶帳戶安全和完整的考慮，臨時或永久鎖閉或限制其帳戶。
16.7 盛源證券無須因傳輸或通訊設施的故障或失效，或其他盛源證券無法控制的原因而導致的指示傳送或執行上的延誤負責。
16.8 客戶確認盛源證券無須為介紹經紀人或其關聯人在處理客戶帳戶時的行為、xx和聲明承擔責任。客戶同意，就介紹經紀人或其關聯人的任何行為或疏忽，免除對盛源證券的任何申索，並使盛源證券處於免責狀態。
17. 電子交易服務 (如有)
17.1 電子交易服務
客戶明白電子交易服務為半自動系統，供客戶通過該系統發送電子指令及接收資訊服務。客戶同意完全按照本協議的條款使用電子交易服務。客戶日後使用通過該系統提供的附加服務亦須遵照本協議之各項條款。
17.2 授權使用
客戶應是其帳戶的電子交易服務唯一授權使用者。客戶應對密碼的保密和安全使用負責。客戶確認並同意對通過電子交易服務發出的所有交易指令負完全責任，盛源證券和盛源證券的任何董事，高級職員或僱員將不對客戶或客戶所代理的任何第三方因上述交易指令的處理、錯誤處理或任何指令遺失而産生的損失負任何責任。
17.3 系統所有權
客戶確認電子交易服務所有權屬於盛源證券。客戶保證及承諾不會破壞、修改、解構、反向操作或以其他方式改變，或未經授權進入該系統的任何部份。客戶確認，倘客戶未能遵守本條保證及承諾或盛源證券有合理的理由懷疑客戶未能遵守本項保證及承諾，盛源證券可以對客戶採取法律行動。客戶並保證倘客戶獲悉任何其他人正在作出本條所述行爲，客戶將立刻通知盛源證券。
17.4 通報系統故障的責任
客戶確認並同意，作爲使用電子交易服務發出指令的條件之一，在發生下列情況時，客戶將立刻向盛源證券進行通報：
(i)客戶已通過電子交易服務下指令，但未能收到指示編號；
(ii)客戶已通過電子交易服務系統下指令，但未能收到對指令及其執行的準確的確認，無論是文本，電子或口頭形式； (iii)客戶收到對其沒有下單的交易的確認，無論是副本、電子或口頭形式；或
(iv)客戶發現有未經授權使用其帳號及/或密碼的行爲。
17.5 使用替代性交易方法
客戶同意，倘客戶在使用電子交易服務時遇上困難，客戶將會設法使用盛源證券提供的其他方法或設備與盛源證券聯繫以發出交易指示，並將上述困難通知盛源證券。客戶確認，盛源證券並沒有對交易或相關的服務作任何明確或隱含的保證（包括但不限於對每次使用電子交易的可使用性、功能性和適用性的保證）。客戶同意盛源證券無須對客戶因盛源證券無法控制的服務中斷、喪失功能或暫停而産生的任何損失、費用、支出、賠償或申索負責。
17.6 第三方提供的市場資料
客戶明白電子交易服務系統將,僅出於資訊服務目的,提供第三方發佈的報價及資訊。由於市場的波動以及資料傳輸過程中可能出現的延誤，資料可能不是即時的相關投資的報價及資訊。客戶明白，儘管盛源證券相信該類資料的可靠性，但對其準確性或完整性無法進行獨立的證實或反駁。客戶明白，在所提供的有關報價及資訊中並不隱含盛源證券的推薦或認可。
17.7 不保證資訊的準確性或時效性
客戶確認電子交易服務上的報價服務是由盛源證券不時選定的第三方服務供應商提供的。客戶明白電子交易服務系統上的資訊是按第三方所提供的“現狀”、“即時”狀態所提供，盛源證券並不保證該等資訊的時效性、順序、準確性、充足性和完整性。
18. 一般條款
18.1 完整協議
x協議以及盛源證券和客戶之間的所有的有關客戶帳戶現存或隨後的書面協議和客戶遞交予盛源證券的聲明和確認書所含條款，構成就本協議所述事項以及與帳戶的開立和運作有關事項達成的完整和有約束力的理解。本協議的任何條款都不應被用於取消、排除或限制客戶根據香港法律而擁有的任何權利或盛源證券應盡的任何義務。
18.2 可分割性
倘本協議的任何條款被任何法庭或監管機構認定無效或不可執行，則該無效性或不可執行性僅適用於該條款。其他條款的有效性將不受此影響，本協議將排除無效條款繼續執行。對本協議所有事項而言時間因素是至關重要的。倘客戶為多於一名人士，則每名人士的責任應是共同和各別的，每名該等人士的具體情況應按當時情況分別解釋。盛源證券有權在不影響其他人的責任前提下就包括釋除債務的事項作單獨處理。
18.3 推定的授權
任何通知、聲明、確認單以及其他通訊，或帳戶結單上標明或指稱的每一項交易均應被視爲是經授權的、是正確的，並已經客戶批准和確認，除非在盛源證券在客戶被認爲已收到上述通知、聲明、確認單，以及其他通訊後的五(5)天內收到客戶以書面方式提出的相反通知。
18.4 通報責任
倘客戶代表作爲最終受益人的任何第三方作爲中介或執行一項交易，以及客戶得悉任何與其帳戶資訊、交易、交收和資金轉移有關的差異及/或錯誤，客戶須在其獲知該類資訊後的二十四（24）小時內將此通知盛源證券。客戶同意，倘客戶未能及時（不遲於七(7)個曆日）將該等差異及/或錯誤通知盛源證券，盛源證券及其經紀人將不會對因該等差異及/或錯誤而導致的索賠、責任或損失負責。
18.5 修訂
在法律許可的範圍內，盛源證券可不時對本協議的條款和條件進行修正，並通知客戶。該等修正在客戶被認爲已收到盛源證券通知後立刻生效。客戶確認並同意，倘客戶不接受所通知的修訂，客戶有權根據本協議的中止條款中止本協議關係。客戶並同意，倘客戶未向盛源證券表達對修訂的反對意見而繼續通過盛源證券進行交易，則客戶將被視爲接受該等修訂。
18.6 豁免規定
盛源證券根據本協議所具有的權利、補償、權力和特權是累計的, 且不排除法律所提供的任何權利或補償。 盛源證券根據本協議所授予的時間、特權、約制並不應被視為盛源證券對其在本協議中的任何權利的放棄, 而且盛源證券對其根據本協議具有的任何權利的單獨或部份行使並不妨礙盛源證券以其他方式或進一步對該等權利的行使。
18.7 權利轉讓
客戶不可在未獲得盛源證券事先的書面同意的情況下將其在本協議中的權利及/或義務轉讓予另一方。盛源證券有權可以將其在本協議中的權利或義務轉讓,委託或以其他方式處置與盛源證券任何成員，或其他盛源證券酌情認為合適的任何個人或機構。
18.8 繼承
x協議的所有條款不受盛源證券業務的任何變更或繼承的影響，且繼續有效，並對客戶（在客戶為公司的情況下），合夥人及合夥人的個人代表（在客戶為合夥形式的情況下），以及客戶的個人代表（在客戶為自然人的情況下）具約束力。
18.9 終止
任何一方都可以隨時以七(7)天的書面通知的方式通知對方而終止本協議，但終止本協議並不影響:
(i) 盛源證券在終止協議之前的任何行為的效力，該等行為的效力對客戶具有約束力;
(ii) 任何一方在終止時因任何未平倉合約而產生的或與之有關的權利和義務，無論是有關保證金、佣金或其他任何性質的應支付款項、補償、或其他根據本協議條款，無論以任何情況下產生的任何權利或義務，直至所有該等未平倉合約已被終止、或交收及/或交付已經完成而且所有的該等債務已被清償；
(iii) 客戶根據本協議或按本協議要求而作出的任何保證、聲明、承諾和賠償保證, 所有這些在本協議終止後仍然有效。
18.10 英文/中文版本
客戶確認，客戶已經閱讀本協議的英文/中文版本，本協議的內容已經以客戶所能理解的語言向其作出完整的解釋，客戶完全明白及接受本協議。倘本協議的中英文版本之間存在差異，應以英文版本爲准。
18.11 描述性標題
每一條款的標題僅出於描述性目的。這些標題不構成對本協議中各項條款所規定的權利或義務的修改、限定或替代。
18.12 彌償
不論盛源證券或是盛源證券的董事，僱員或經紀人均無須對客戶因以下原因而受到的損失負責:
(i) 因盛源證券無法控制的任何原因而導致盛源證券無法履行根據本協議應履行的責任或義務,或作為客戶的經紀人應履行的責任或義務; 或
(ii) 盛源證券根據或依賴客戶發出的任何指令行事; 或
(iii) 盛源證券或其董事、僱員或代理人與客戶帳戶有關的任何行為或忽略，除非損失是由於盛源證券或其董事，僱員或代理人的欺騙，過失或故意違約所造成。客戶同意對盛源證券或其任何董事、僱員或代理人（並使其出於完全免責狀態）所有因盛源證券合法行使其職責或行使與帳戶相關的，或根據本協議的，或與客戶違反其對盛源證券的任
何義務或本協議的任何條款有關的自行處理權而產生的費用，索賠，債務和支出(包括法律費用)作出彌償。而且，客戶同意採取必要的，或盛源證券認為有利的措施以准許或確認盛源證券作為客戶的代理人或根據本協議代客戶而做的任何事情。
盛源證券、其代理人或經紀人因客戶帳戶的任何交易而形成的費用、收費、徵費，費用和支出應由客戶承擔和支付。客戶同意，客戶與本協議有關的任何應付款均不包含所有的稅收、關稅、進口稅以及任何性質的財政收費（不論是香港的或是其他地方的）。倘任何適用法律要求任何該等稅收、關稅或進口稅從交易費用中預扣或扣除，則客戶應付盛源證券的金額應予以增加，以保證在預扣或扣除上述稅收、關稅或進口稅後, 盛源證券在到期日受到的淨額等同於沒有預扣或扣除的情況下所收到的金額。
19. 客戶身份披露
19.1 協助香港監管機構
客戶確認，其帳戶中進行的所有交易均須遵守香港期交所的規則，規例和程序，而這些規則包含的條款要求盛源證券，在香港期交所或證監會的要求下，應披露香港期交所或證監會所要求的客戶姓名，受益人身份以及其他涉及客戶資料。客戶同意應盛源證券的要求提供涉及客戶的資料，以使盛源證券得以遵守香港期交所的規則，規例和程序以及條例，而且一旦盛源證券未能遵守第 606(a)或第 613(a)條規則的披露要求，香港期交所的行政總裁可能要求代客戶結清持倉，或對客戶該等持倉追收額外保證金。
19.2 披露授權
客戶確認，根據香港期交所規則, 盛源證券為客戶帳戶作出交易所在的其他交易所或結算公司的規則或規章, 或根據任何適用法律, 盛源證券可以在被要求的情況下向任何政 府、監管機構或其他團體、部門或機構披露與客戶或其帳戶有關的資訊。 客戶特此不可撤回地授權盛源證券無須通知客戶或獲得其同意即可向相關的團體,部門或機構(包括香港
證監會和香港期交所)披露所有該等資訊(包括客戶的姓名和受益人身份, 任何代客戶持有的未平倉合約以及盛源證券當時所知的客戶的財務狀況),並應按該等團體,部門或機構的要求(無論這些要求或請求是否可以被執行)提供盛源證券持有的所有相應文件。 客戶將不能要求盛源證券對該等披露所造成的任何後果承擔責任, 而且客戶應在盛源證券的要求下補償盛源證券在滿足該等披露要求時產生的任何成本和費用。
19.3 向盛源證券披露
儘管存在盛源證券對客戶的明確的或隱含的保密責任, 客戶特此承認並不可撤回地授權盛源證券成員的任何公司無須客戶的進一步通知或同意即可將盛源證券任何公司自行認為合適的任何有關客戶、及/或客戶帳戶及/或客戶業務同任何盛源證券成員公司的關係, 及/或客戶在任何盛源證券成員公司開立的帳戶或其他帳戶的資訊向以下任何一方披露:
(i) 任何盛源證券的成員公司;
(ii) 盛源證券的任何成員公司的任何權利和義務的實際或擬受讓方;的任何成員公司的與客戶有關的任何權利的參與者或次參與者，或其承讓方;
(iii) 盛源證券的任何成員公司的任何辦事處/分支機構;
(iv) 任何盛源證券成員公司的任何代理人，承包人，第三方服務提供商或代表（在就該等資訊與盛源證券的任何成員公司簽有保密責任協議的情況下）;
(v) 根據從適用法律管轄區發出的傳票或其他法庭命令的要求應向其披露的任何人士；及
(vi) 根據從適用法律管轄區的法律規定應向其披露的任何人士。客戶同意並確認，盛源證券的任何成員公司可以將上述任何資料轉移給上述可以被授權向其披露的任何一方，而無論該方的主要營業場所是否處於客戶的居住國家(倘客戶為個人)或成立/註冊地(倘客戶為公司或法人)之外, 亦無論該等資料經披露後是否會在客戶的居住國家(倘客戶為個人)或成立/註冊地(倘客戶為公司或法人)之外被部份或全部收集、持有、處理或使用。
20. 風險披露聲明
盛源證券要求客戶閱讀風險披露聲明。
CLIENT AGREEMENT
THIS AGREEMENT is made on the date stated in the Account Opening Form BETWEEN
(A) SHENG YUAN SECURITIES LIMITED (“SYS”), whose registered and business address is at Suite4303-5,43/F., Tower 1, Times Square 1Matheson Street,
Causeway Bay, Hong Kong
a) a company licensed under the Securities and Futures Ordinance of Hong Kong for carrying out the regulated activities including dealing in futures contracts and advising on futures contracts by the Securities and Futures Commission (the “Commission”) with CE No. AVO470; and
b) Hong Kong Futures Exchange Limited (“HKFE”) as an Exchange Participant, number 01909 and;
(B) (the “Client”), whose address and details are set out in the Futures Account Opening Documentation Form
In consideration of SYS agreeing to open one or more accounts in Client’s name or on Client’s behalf for the purchase, sale or exchange of, or for the trading or dealing in Commodities, Futures Contracts and/or Option Contracts, Client hereby agrees that the Account shall be operated and maintained by SYS upon the terms and subject to conditions as are set out in this Agreement. Terms and expressions used in this Agreement are defined in paragraph 1.
1. DEFINITIONS AND INTERPRETATION
“Access Codes” means the combination of a Password and an Account Number to gain an access to SYS’s Electronic Trading Services (ETS).
“Account” means the dealing account now or in the future opened in the name of Client with, and operated and maintained by, SYS from time to time for use in connection with Client’s purchase, sale or exchange of, or the trading or dealing in Commodities, Futures Contracts and/or Option Contracts pursuant to this Agreement.
“Account Number” means a serial number assigned by SYS to be used as Client’s personal identification when opening the Account.
“Account Opening Form” means the account opening form or other document (however described) prescribed by the Company from time to time and provided by or on behalf of the Client to the Company in respect of the Client’s application to open one or more accounts with the Company,
“Agreement” means this client agreement and its appendices as amended or supplemented from time to time.
“Authorized Person” means the person or any of the persons set out in the Account Opening Form as having authority to operate and issue Instruction in relation to the Account or any such person or persons as Client may from time to time notify to SYS in writing as being authorized to operate the Account and issue such Instruction.
“Beneficial Identity”, in relation to Client, means the ultimate beneficiary of the Account or, where Client is a corporation or body corporate, the individuals who are the
ultimate beneficial owners of the share capital of the corporation or body corporate, and includes a beneficiary holding an interest through a nominee or trust.
“Client” means the person whose name and details are set out in the Account Opening Form and with whom XXX has entered into this Agreement, and includes, in the case of an individual, his personal representatives, and in the case of a partnership, each partner thereof as at the date of this Agreement and all future partners thereof and their respective personal representatives.
“Client’s Bank” means the banks which Client has an account with, details of which are set out in Client Information Statement.
“Client Group Company” means Client and (where Client is an individual or a partnership) any corporation, which is controlled by Client, and (where Client is a company) any company, which is the holding company or subsidiary, or a subsidiary of holding company, of Client.
a person is in control of a corporation; if:
(i) it is in accordance with such person's directions or Instruction that the directors of the corporation or of another corporation of which it is a subsidiary are accustomed to act; or
(ii) such person, either alone or with any associate, is entitled to exercise, or control the exercise of more than 33% of the voting power at general meetings of the corporation or of another corporation of which it is a subsidiary.
“Commission” means the Securities and Futures Commission established under the Ordinance or any other body, which assumes in whole or in part the powers and functions of the Securities and Futures Commission and has jurisdiction over the HKFE under that Ordinance.
“Commodity or Commodities” means any item, and includes, without limitation, agricultural commodities, metals, currencies, indices (whether stock market or otherwise),
interest rates, or other financial contracts, energy, right or authority, and shall, where the case requires, include a Futures Contract or an Option Contract in respect of any of the above, and in each case, whether or not the item is capable of being delivered.
“Compensation Fund” means the compensation fund established pursuant to the CTO.
“Electronic Trading Service” (ETS) means the software, systems and other facilities, including, but not limited to, SYS Webster, telephone, facsimile, mobile phone, internet, electronic mail and other devices provided by SYS under this Agreement, which enables Client to give electronic Instruction and to obtain information services provided by SYS.
“Futures Contract” means a contract executed on any exchange the effect of which is that:-
(i) one party agrees to deliver to the other party at an agreed future time an agreed Commodity or quantity of a Commodity at an agreed price; or
(ii) the parties agree to make an adjustment between them at an agreed future time according to whether an agreed Commodity is worth more or less or, as the case may be, stands higher or lower at that time than a level agreed at the time of making of the contract, the difference being determined in accordance with the rules of the exchange in which that contract is made.
“Hong Kong” means the Hong Kong Special Administrative Region of the PRC
“HKFE” means the Hong Kong Futures Exchange Limited.
“HKFE Clearing House” means the HKFE Clearing Corporation Limited, or such other body appointed by or established and operated by HKFE to provide clearing services to its members in respect of Commodities, Futures Contracts and/or Options Contracts.
“HKFE Rules” means the rules, regulations and procedures of the HKFE as revised, amended or substituted from time to time.
“Holding company and subsidiary” shall have the respective meanings ascribed thereto by section 2 of the Companies Ordinance (Chapter 32 of the Laws of Hong Kong).
“HSDS” means Hang Seng Data Services Limited.
“Instruction” means any instruction (including any subsequent amendment or cancellation thereof accepted by you) Client may give for the trading or dealing in Commodities, Futures Contracts and/or Option Contracts, whether verbally, through the electronic trading service or in such other manner as SYS may permit.
“Margin” means such collateral which may be cash, securities and/or guarantees acceptable to SYS in such amount, for such value and in such form as may be
determined and required by SYS to be placed with us as a security for the performance by you of any Futures Contract or Option Contracts and/or of any your obligations under this Agreement.
“Omnibus Account” means an account opened with SYS by Client in respect of which SYS is notified that the account is to be operated for a customer, or a number of customers, of Client and not Client himself.
“Option Contract” means a contract pursuant to which one party grants to the other party a right (but not the obligation), exercisable by the latter party on or before a
specified date, to acquire or (as the case may be) to dispose of a specified quantity of a Commodity or Futures Contract at an agreed price.
“Ordinance” means the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
“Transaction” means all transactions in SYS effected on Client’s instructions.
“Password” means Client’s unique personal password used in conjunction with the Account Number to gain access to the SYS’s Electronic Trading Services.
“PIN” means Personal Identification Number used by me/us, as a security measure, to identify and verify the identity of an authorized individual(s) giving Instruction.
1.2 Words importing the singular shall include the plural and vice versa and words importing a gender include every gender. The headings in this Agreement are for convenience only and shall not affect its interpretation. Any reference to any Ordinance or an enactment is a reference to it as already amended and includes a reference to any repealed enactment, which it may re-enact, with or without amendment, and to any future re-enactment and/or amendment of it.
2. THE ACCOUNT
2.1 Accurate Information.
Client confirms that the information provided in the Account Opening Form is true, complete and accurate in all respects and that SYS is entitled to rely on all such information until SYS receives written notice from an Authorized Person of any change.
2.2 Credit Inquiries.
Client hereby authorizes SYS to conduct from time to time personal/credit enquiries or checks on Client to ascertain Client’s financial situation, investment experience and investment objectives and to verify the information Client have provided.
2.3 Legal Capacity.
Client represents that Client has full authority, power and legal capacity to enter into and perform Client’s obligations under this Agreement and this Agreement constitutes valid and legally binding obligations on Client:-
(i) in the case of an individual, Client has attained the age of 18, is of sound mind and legal competence and has not been adjudged a bankrupt; or
(ii) in the case of a corporation and a partnership, Client is duly established and validly existing under the laws of its place of incorporation or establishment; and no steps have been taken or being taken to appoint a receiver, manager or liquidator over its assets or undertaking, or to apply to wind up or dissolve its business and has taken all necessary actions to enable Client to perform its obligations hereunder.
2.4 Ultimate Beneficiary owner(s) of the Account.
Unless otherwise advised or declared, Client is trading on Client’s own account and that no one other than Client has any interest in the Commodities, Futures Contracts, Option Contracts, monies or property comprised in or held for the Account. Should the ownership or beneficiary interests have changed, Client agrees to inform and notify SYS in writing immediately.
2.5 Omnibus Account.
Unless otherwise advised, Client’s own Account is not an Omnibus Account.
2.6 Personal Data Protection.
SYS will keep information relating to Client’s Account confidential. Client has read and fully understood SYS’s policies and practices relating to Personal Information Collection Statement attached to the Account Opening Form. Client accepts that SYS may provide data received from Client to the following persons and/or for the following purposes:
(i) any nominees in whose name securities or other assets may be registered;
(ii) any contractor, agent or service provider which provides administrative, data processing, financial, computer, telecommunication, payment or securities clearing, financial, professional or other services to SYS or to any other person to whom data is passed;
(iii) any person with whom XXX enters into or proposes to enter into Transaction on Client’s behalf or Account, or persons representing the same;
(iv) any assignee, transferee, participant, sub-participant, delegate, successor or person to whom this Agreement is novated;
(v) governmental, regulatory or other bodies or institutions, whether as required by law or otherwise;
(vi) giving effect to Client’s orders relating to Transactions or otherwise, and carrying out Client’s other Instruction;
(vii) providing services in connection with the Account, whether the services are provided by or through any other person;
(viii) conducting credit inquiries or checks on Client and ascertaining Client’s financial situation and investment objectives, and enabling or assisting any other person so to do;
(ix) observing or complying with any legal, regulatory or other requirements to which any other persons may be subject; and
(x) other purposes related or incidental to any one or more of the above.
2.7 Power of Attorney.
Client agrees to and hereby irrevocably appoints SYS with full power as Client’s true and lawful attorney in fact, to the fullest extent permitted by law, for the purpose of carrying out the provisions of this Agreement and taking any action and executing any document or instrument in Client’s name or its own name, which SYS deem necessary or advisable to accomplish the purposes of this Agreement.
2.8 Safeguard of the Password, PIN and Account Number.
For the protection of the integrity of Client’s Account, Client will create a password and PIN to access Client’s Account. Client acknowledges, represents and warrants that Client is the sole and exclusive owner(s) and authorized user(s) of such password and PIN. Client accepts the full responsibility for monitoring and safeguarding the integrity and security of Client’s password, PIN and Account Number. Client agrees to immediately notify SYS in writing, if Client becomes aware of any loss, theft or unauthorized use of Client’s password, PIN and/or Account number. In the absence of such written notification, SYS shall not be liable for any consequential loss or damage in connection therewith.
2.9 Material Change.
SYS and Client agree to notify each other forthwith of any material changes in the information supplied in the Account Opening Form and in this Agreement. Any change to the particulars as are set out in the Account Opening Form shall not be effective with respect to the operation of the Account unless SYS is notified of such change in writing pursuant to paragraph 16.1 below.
2.10 Genuine Signature.
The signature of Client, Client’s authorized signatory, director, secretary or partner (as the case may be), and the signature of each of the Authorized Persons as they appear in the Account Opening Form and this Agreement hereof are the genuine signatures of the individuals concerned.
3. JOINT ACCOUNTS
3.1 Right of survivorship
If any Account is opened in joint names, such Account shall be held by the Account holders as joint tenant with rights of survivorship (with the balance of the Account belonging to the survivor). Each joint account holder irrevocably appoints the other as attorney-in-fact to take all action on his or her behalf and to represent him or her in all respects in connection with this Agreement. SYS is authorized to act upon the instructions of either of the joint Account holders, send confirmation advice, notices or other communications to either of the joint Account holders, or otherwise deal with either of the joint Account holders. Each of the joint Account holders shall be liable, jointly and severally, for any amounts due to us pursuant to this Agreement, whether incurred by either or both of them.
3.2 Notice of death
Client undertakes to give SYS immediate notice in writing of the death of any joint Account holder. In the event of such death, SYS may take such steps, require such documents, retain any part of any Account and restrict Transactions in any Account as it may at SYS’s discretion deem necessary, advisable or desirable to protect our interests with respect to any tax, liability, penalty or loss under any present or future law.
3.3 Payment of tax or expense
Client agrees that any tax or other expense as a result of the death of one of the joint Account holders, or through the exercise by the deceased’s estate of any rights in such Account, shall be payable out of any Account or chargeable against the interest(s) of the survivor(s) as well as against the interest of the deceased’s estate. CUST
4. APPLICABLE RULES AND REGULATIONS
4.1 Laws and rules.
All Transactions for the Account shall be subject to the terms and conditions of this Agreement, all applicable laws, rules and regulations, and the constitution, rules, regulations, procedures, by-laws, customs and usages of the HKFE, or of such other exchanges or markets (and their respective clearing houses, if any) in which SYS or its agents are dealing on Client's behalf or for the Account (whether in Hong Kong or elsewhere). The rules of such exchanges and clearing houses shall be binding on SYS and Client in respect of Transactions concluded on Client's Instruction, and these rules contain provisions requiring SYS in certain circumstances to disclose Client's name, Beneficial Identity and sure other information concerning Client.
4.2 Legally Binding.
Client hereby agrees that this Agreement (including the terms of the Electronic Trading Service) and all the terms herein shall be binding upon Client and Client’s heirs, estate, executors, representatives, successors and assignees. All actions taken by SYS in accordance with such laws, rules and regulations shall be binding on Client. The trading in Commodities, Futures Contracts and/or Option Contracts by Client does not and will not violate any law, rules or regulations to which Client am/are subject or bound.
4.3 Hong Kong Jurisdiction.
This Agreement shall be governed by, interpreted and construed in accordance with the laws of Hong Kong. Client hereby irrevocably submits to the non-exclusive jurisdiction of the Hong Kong courts. If a Client is not resident in Hong Kong or in case of a corporation or partnership, does not have a principal place of business in Hong Kong, he agrees to and hereby irrevocably appoints the process agent set out in this Agreement to accept service of process in Hong Kong on his behalf during the continuance of this Agreement.
4.4 Non-Hong Kong Residents or Corporations
(i) Instructions given outside Hong Kong or by non-Hong Kong resident or corporation
If Client resides or (in case of a corporation) is incorporated outside Hong Kong, or give Instructions outside Hong Kong, Client agrees to ensure and represent that such Instructions will have been given in compliance with all applicable laws of the relevant jurisdiction which are applicable to Client or from which your Instructions are given, and that when in doubt, to consult or obtain independent legal advice on the relevant jurisdiction.
(ii) Taxes outside Hong Kong
Client agrees to pay any taxes, duties, impositions or charges payable to the relevant authorities in the jurisdiction where Client resides or being incorporated (in the case of a corporation) on the giving of any Instructions outside Hong Kong and the execution of Client’s Instructions.
5. PROVISIONS PRESCRIBED BY THE HKFE RULES
Without prejudice and in addition to any other provisions of this Agreement, all transactions entered into by HKFE shall be subject to the provisions of the Clauses which are prescribed by the HKFE Rules, and which shall constitute, and be construed as, part of the Agreement.
5.1 Compensation Fund.
Every HKFE Contract shall be subject to the charge of a Compensation Fund levy and a levy pursuant to the Ordinance. Such levies shall be solely borne by Client.
5.2 Valid Claim and Claim Limit.
Client understands that if Client suffers pecuniary loss by reason of SYS’s default, the liability of the Compensation Fund will be restricted to valid claims as provided for in the Ordinance and will be subject to the monetary limits specified in the Ordinance and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will be recouped from the Compensation Fund in full, in part or at all.
5.3 Conflicts of Interests.
SYS or any member within the SYS Group may act in any capacity for any other person to execute Transactions in Commodities, Futures Contracts and Option Contracts as well as acting for Client, whether in the same Transaction or otherwise. SYS or any member of the SYS Group, and any of its or their respective directors, officers and employees, may from time to time trade on its or their own account on any exchange. Subject to the provisions of the Ordinance and any applicable law, SYS or any member of the SYS Group may take the opposite position to Client's order in relation to any Commodities, Futures Contracts and/or Option Contracts, whether for its own account or for the account of other of SYS's clients, provided that such trade is executed competitively on or through the facilities of the HKFE or of such other exchange in accordance with the applicable exchange rules, regulations and procedures.
5.4 Dealings Outside HKFE.
If Client wishes to deal in any Future Contract or Option Contract in markets other than those operated by HKFE, such transactions will be subject to the rules and regulations of those markets and not those of HKFE. Client acknowledges that he/she may have a markedly different level and type of protection in relation to those transactions as compared to the level and type of protection afforded by HKFE Rules.
5.5 HKFE Mandatory Transfer.
Client acknowledges that the HKFE Clearing House may do all things necessary to transfer any open positions held by SYS on Client's behalf and any money and security standing to the credit of the Account with SYS to another exchange participant of HKFE in the event the rights of SYS as an exchange participant of HKFE are suspended or revoked.
5.6 Custody of Funds.
All monies, approved debt securities and other property that SYS receives from Client or from any other person (including the HKFE Clearing House and any other clearing house) for the Account shall be held by SYS as trustee, segregated from its own assets and be paid into a Segregated Bank Account or a Segregated Debt Securities Account as defined in Rule 620 of the HKFE Rules as soon as practicable and in any event within two bank trading days after its receipt, and that all monies, approved debt securities or other property so held by SYS shall not form part of its assets for insolvency or winding up purposes but shall be returned to Client promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of SYS’s business and assets. SYS shall be entitled and is hereby authorized to hold any monies held by SYS on behalf of Client whether for the Account or otherwise, in a bank account whether situated in Hong Kong or not.
Client acknowledges and agrees that, except insofar as SYS is obliged to do so under the rules and regulations of any regulatory authority or other body to whose jurisdiction SYS is subject, if a bank, broker, exchange, clearing house or other person to whom SYS has paid all or part of Client’s money in accordance with the operation and maintenance of the Account hereunder, fails to discharge its obligations to SYS in respect of such monies, SYS shall not be liable, and shall not be obliged to render performance, to Client in respect thereof.
5.7 Authorization to Appropriate Funds.
Client authorizes SYS to apply any monies which Client may pay to SYS in the manner specified in Rule 622 or 622A of the HKFE Rules and, in particular, SYS may apply such monies in or towards meeting SYS’s obligations to any party insofar as such obligations arise in connection with or incidental to the business of dealing Futures Contract or Option Contract transacted on Client’s behalf.
5.8 Principal Transactions.
Client acknowledges that in respect of any account that SYS maintains with the HKFE Clearing House or any other clearing house, whether or not such account is maintained wholly or partly in respect of Commodities, Futures Contracts or Options Contracts transacted on Client's behalf and whether or not any monies or approved debt securities paid by Client has been paid to the HKFE Clearing House or such other clearing house, as between SYS and the HKFE Clearing House or such other clearing house, SYS deals as principal only. Client agrees that SYS can deal with such account free of any trust or other equitable interest in favor of Client and monies and approved debt securities paid to the HKFE Clearing House or such other clearing house are thereby free from the trust referred to in 5.7 above.
5.9 Position Limits.
Client acknowledges that he is bound by Rule 630 and 631 of the HKFE Rules which permits the chief executive from time to time appointed by the board of directors of HKFE (or such of HKFE’s staff as the chief executive may from time to time designate pursuant to the HKFE Rules) to take steps to limit the positions or require the closing out of contracts of Clients who, in the opinion of such chief executive (or such other designated person as the case may be), are accumulating positions which are or may be detrimental or capable of adversely affecting the fair and orderly operation of any of the markets operated by HKFE pursuant to the HKFE Rules.
5.10 Prescribed Limits and Reportable Large Open Position.
SYS, at any time in its sole discretion or as required by the relevant rules and regulations, may limit the number of positions, which Client may maintain or acquire through SYS. Client agrees not to exceed the position limits established by the HKFE or any contract market, whether acting alone or with others, and to promptly advise SYS if Client is required to file any reports on positions. Except for the Hang Seng Index (“HSI”) futures contract, HSI options contract, Mini-HSI futures contract and Mini-HSI options contract, Schedule 1 of Securities & Futures (Contracts Limits and Reporting Positions) Rules (the “Rules”) specifies the maximum number of futures contracts for any one contract month that may be held by a person (the “Prescribed Limit”). The Prescribed Limit on the HSI futures contract, HSI options contract, Mini-HSI futures contract and Mini-HSI options contract are calculated on a net basis for all contract months combined. In order to facilitate the HKFE in monitoring market activities, Section 6(1) of the Rules requires a person holding a Reportable Position to notify the recognized exchange company of that reportable position in writing. Reportable Positions for futures contracts are specified in Schedule 1 of the Rules. Similar to the Prescribed Limits, the Reportable Positions for futures contracts are calculated based on the number of contracts held or controlled for a contract month.
6. INSTRUCTIONS AND TRANSACTIONS
6.1 Agents.
SYS will act as Client’s agent in effecting Transactions unless SYS indicates (in the contract note for the relevant Transaction or otherwise) that SYS is acting as principal. Unless otherwise disclosed to Client orally or in writing, SYS and its directors and employees will carry out Instruction and effect Transactions for the Account as agent for Client and not as principal. Unless otherwise proved to the contrary, Client acknowledges that any sale or purchase of Commodities, Futures Contracts and/or Option Contracts effected by SYS pursuant to Client’s Instruction or any Authorized Person on behalf of Client as aforesaid will not result from the selection or advice in the selection of such Commodities, Futures Contracts and/or Option Contracts by SYS.
6.2 Instruction.
Any one of the Authorized Persons is hereby authorized by Client to give Instruction in relation to the Account on behalf of Client and Client hereby undertakes with SYS from time to time and at all times to ratify and confirm any Instruction whatsoever given or purported to be given by any of the Authorized Persons for and on behalf of Client including without limitation any Instruction which may be given and purported to be given between the revocation. Client hereby agrees that any Instruction given and purported to be given by any of the Authorized Persons for and on behalf of Client after revocation by Client of his authority shall be valid and effectual in favor of SYS if at the time of the receipt of such Instruction SYS does not have actual notice of such revocation.
6.3 Reliance on Instruction.
The Instruction, notices or other communications (whether given orally or in writing) given by the Authorized Person or (where there is more than one) of any one of the Authorized Persons, shall be a full, sufficient and immediate authority for SYS. SYS may, at its absolute discretion, rely upon and act in accordance with any Instruction, notices or other communications which may be given or made or purported to be given or made by telephone or in writing, and which it believes to have emanated from Client or an Authorized Person or any one of the Authorized Persons for and on behalf of Client. SYS shall not be under any duty to verify the identity or authority of the persons giving or making or purporting to give or make the Instruction, notices or communications. SYS shall be entitled (but not bound) to act on or take such steps in connection with or in reliance upon such Instruction, notices or communications as SYS may consider appropriate regardless of the nature of the transaction or agreement or the value, type and quantity of Commodities, Futures Contracts and/or Option Contracts involved and notwithstanding any error or misunderstanding, whether apparent or actual, in the terms of such Instruction, notices or communications. All Instruction or orders, whether made by telephone, cable, facsimile transmission, internet transmission, electronic mail, mail, orally or otherwise are transmitted at Client's risks.
6.4 Orders are for Good for the Day.
Unless Client gives specific Instruction to SYS to the contrary and which Instruction are accepted in writing by SYS, Client acknowledges that all orders, Instruction or requests in relation to the Account are good for the day only and that they will lapse at the end of the official trading day of the exchange or market in respect of which they are given.
6.5 Delays in Making Prices.
By reason of physical restraints on the floors of any exchange and rapid changes in the prices of Commodities, Futures Contracts and or Option Contracts that frequently take place, there may, on occasions, be a delay in making prices or in dealing at any specific time or "at best" or "at market". Client agrees in any event to accept and be bound by dealings which take place on his behalf and agrees that SYS shall not be under any liability for any loss arising by reason of SYS failing or being unable to comply with any terms of an order of Client or for any loss incurred as a result of transactions carried out or effected pursuant to this Agreement unless due to the wilful default of any of SYS's employees or agents.
6.6 Voice recording.
SYS may use voice-recording procedures in connection with any communications with Client or in order to record or verify Instruction from any Authorized Person. Any voice recording made by SYS shall constitute final and conclusive evidence of the communications so recorded.
6.7 Third Party Instruction.
Client understands that SYS will not accept any third party Instruction, unless Client have formally executed and delivered a valid power of attorney which expressively authorizes a named specific party to emit trade Instruction on Client’s behalf. Client further agrees to indemnify and keep indemnified SYS from any disputes, losses and other claims arising from the execution of any unauthorized third party Instruction transmitted on Client’s behalf. Should Client decide to employ a third party to relate trade Instruction, Client agrees to supply SYS with an accurate and truthful identification and personal information about the designated third party. Client also understands those personal information will be made available to Hong Kong regulators and other government agencies, including but not limited to the Commission, The Stock Exchange of Hong Kong Limited, Independent Commission Against Corruption and so forth.
6.8 Order Cancellations.
Client may amend or cancel Client’s Instruction that has been previously transmitted. Client agrees that SYS is not obliged to accept such amendment or cancellation. Instruction may only be amended or cancelled prior to the execution. Client shall accept full responsibilities for the Transactions, in part or in full, executed prior to the processing of Client’s amendment and/or cancellation request.
6.9 Order Refusal.
SYS shall be entitled, at its absolute discretion, to refuse to accept any such Instruction and shall not be obliged to give any reasons for any such refusal of acceptance. If SYS refuses to accept any Instructions, Client acknowledges that it shall not liable to the Client for any loss however arising.
6.10 Independent Judgment.
Client understands that no representations or warranties have been given or implied by SYS as to the value, merits or suitability for Client to enter into any Commodities transactions, Futures Contracts and/or Option Contracts pursuant to this Agreement or otherwise. Client further acknowledges and agrees that Client shall assume full responsibility for all trading decisions in relation to the Account and XXX is responsible only for the execution, clearing and carrying out of Transactions for the Account in accordance with Client ’s Instruction and does not in any event act as Client’s investment adviser. SYS has no responsibilities or obligations regarding any conduct, actions, representations or statements of any introducing firm, broker or any third party in connection with Transactions carried out for the Account.
6.11 No Guarantee of Executions.
Client acknowledges the fact that extraordinary events/technical difficulties may prevent or otherwise hinder the execution of Client’s Instruction. Client agrees that SYS shall not be liable for any loss, actual or projected, resulted, directly or indirectly, from government actions, price variations, exchange/market restrictions, equipment, communication and systems failure and breakdowns, unauthorized access or trade Instruction, and other physical and technical restraints and conditions beyond SYS’s control.
6.12 Insider Trading is prohibited.
It is unlawful to distribute, disseminate and act upon any non-public information to make a profit or to avoid a loss. Client confirms that Client is aware of such practice are unlawful and may attract criminal liability. Client agrees not to engage in the said and other unlawful practices and to take full responsibility for the consequences.
6.13 Restrictions on Trading.
Client agrees that SYS may, in SYS’s sole discretion and without giving Client any prior notice, prohibit or restrict its ability to trade or deal in Commodities, Futures Contracts and/or Option Contracts through Client’s Account for cause. Client agrees that SYS is not liable for any losses and/or damages, actual or hypothetical, as a result of such restrictions.
6.14 Transaction in foreign currency.
In the event that Client instructs SYS to enter into any Commodities transactions, Futures Contracts or Option Contracts which are effected in a foreign currency,
(i) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Client’s account and at Client’s risk;
(ii) Margin shall be recorded in such currency or currencies and in such amounts as SYS may in SYS's sole discretion elect; and
(iii) SYS is authorized to convert funds in the Account into and from such foreign currency at an exchange rate determined by SYS, in its sole discretion, on the basis of the then prevailing money market rates.
If, for any purposes, Client is required to convert any amount due to SYS into a currency other than that in which it would otherwise have been due, Client shall pay SYS such additional amounts as are necessary to ensure that, when received and reconverted, SYS will receive the full amount in the original currency as if it would have received had no such conversion taken place.
6.15 Unless Client gives SYS specific instructions to the contrary, all instructions given by Client, which may be executed on more than one exchange may be executed on such exchange(s) as SYS may, in its absolute discretion, determine.
6.16 Client acknowledges that :
(i) any market recommendations and information communicated to Client by SYS do not constitute an offer to sell or the solicitation of any offer to buy any commodity or commodity contracts;
(ii) such recommendations and information, although based upon information obtained from sources believed by SYS to be reliable, may be incomplete and may not be verified; and
(iii) SYS makes no representation, warranty or guaranty as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Client. Client understands that SYS’s officers, directors, affiliates, stockholders, employees or representatives may have a position in and may intend to buy or sell commodities or commodity contracts which are the subject of market recommendations furnished to Client, and that the market position of any such officer, director, affiliate, stockholder, employee or representative may or may not be consistent with the recommendations furnished to Client by SYS. SYS makes no representation, warranty or guaranty with respect to tax consequences of Client’s Transactions.
6.17 This consent is being provided in order to comply with exchange rules regarding cross trade procedures and the execution of trades in which a floor broker or brokerage firm may be directly or indirectly involved as a principal to a transaction on any exchange that, from time to time, adopts rules requiring customer consent for these transactions. Client hereby consents that SYS, its agents, or floor brokers handling SYS orders may, without prior notice, execute Client’s orders in which SYS, its directors, officers, employees, agents or the floor broker, may directly or indirectly, become the buyer to Client’s sell order or the seller to Client’s buy order, provided that such
executions are made in accordance with exchange rules and any applicable provisions or regulations of the HKFE adopted from time to time. This consent shall be continuous and remain in effect until revoked in writing by Client.
6.18 Option Trading.
Client understands that some exchanges and clearing houses have established cut-off times for the tender of exercise instructions and that an option will become worthless if Instructions are not delivered before such expiration time. Client also understands that certain exchanges and clearing houses automatically will exercise some “in-the- money” options unless instructed otherwise. Client assumes full responsibility for taking action either to exercise or to prevent the exercise of an option contract, as the case may be; SYS is not required to take any action with respect to an option contract, including without limitation any action to exercise a valuable option prior to its expiration date or to prevent the automatic exercise of an option, except upon Client’s express instructions. Client further understands that SYS has established exercise cut-off times, which may be different from the times established by exchanges and clearing houses.
6.19 Client understands that
(i) all short option positions are subject to assignment at any time, including positions established on the same day that exercises are assigned, and
(ii) exercise assignment notices are allocated randomly from among all SYS customers’ short option positions, which are subject to exercise. A more detailed description of SYS’s allocation procedure is available upon request by Client.
7. COMMISSION AND CHARGES
7.1 Commission.
In consideration of SYS carrying out or entering into Transactions in Commodities, Futures Contracts and/or Option Contracts on Client's behalf or for the Account, Client agrees to pay SYS commissions at such rate or rates and on such basis as it may from time to time have previously notified Client, whether orally or in writing, as being the rate or rates applicable to the Account provided that such commissions shall at all times be no less than the minimum, if any, as may be specified by any exchange from time to time.
7.2 Levies and Charges.
Every Transaction executed on any exchange shall be subject to any levies or charges that such exchange may from time to time impose. SYS is authorized to collect from Client any such levies in accordance with the rules prescribed by such exchange from time to time. With respect to transactions executed on the HKFE, SYS is authorized to collect from Client for every Transaction a Compensation Fund levy and a levy pursuant to the Ordinance. Such levies shall be solely borne by Client and SYS is authorized to collect such levies from Client.
8. MARGIN
8.1 Client agrees to pay and maintain with SYS on demand such Margin as SYS may, in its sole discretion, require or demand from Client from time to time in SYS's absolute discretion to enable it to comply with the margin, or variation adjustment requirements imposed by any exchange or clearing house and/or to protect itself against any loss or risk of loss on present, future or contemplated transactions in respect of the Account, together with such documents as SYS may require to enable it to exercise its rights in connection therewith. SYS may require Margin that exceeds the amount of any margin or variation adjustment required by any exchange, clearing house or broker, and it may change such requirements from time to time without prior notice to Client.
8.2 SYS may from time to time, without prior notice to Client, in its absolute discretion, transfer all or any part of the Margin or any other amounts held by it for Client's account to any account of an exchange, clearing house or broker to enable SYS to pay any margin or variation adjustment demanded or required by such exchange, clearing house or broker.
8.3 All amounts (including Margin) payable by Client in connection with this Agreement shall be due on demand and in the currency of SYS's choice subject only to any restrictions which may be imposed by the relevant exchange and/or clearing house on which the relevant Commodities transactions, Futures Contracts or Options Contracts were executed. Demands for Margin must be met within 12 hours or such shorter period as SYS may in its absolute discretion determine to be necessary and notify to Client. Client acknowledges that SYS may be required to report to the HKFE particulars of all Client's open positions in respect of which Client has failed to meet two successive Margin calls or demands for variation adjustment within the period specified by SYS, and that SYS may close out any open positions in respect of which any Xxxxxx calls or demands for variation adjustment have not been met.
8.4 Where (with the approval of the HKFE or any other exchange where such approval is required) shares, stocks and/or any other form of property is deposited as Margin, SYS shall (subject to the relevant rules and regulation of the HKFE or the exchange concerned) have an absolute discretion to assign a notional value (which need not correspond to the market value) to such property for market purposes, which value may change from time to time as determined by SYS in light of the prevailing market value of the property or otherwise.
8.5 Client shall provide and maintain with SYS the Margin in such amounts and in such form as SYS, in its sole discretion, from time to time may determine. Such margin requirements established by SYS may exceed the margin required by an exchange. SYS may change margin requirements in its sole discretion at any time. If SYS determines that additional margin is required, Client agrees to deposit with SYS such additional margin when and as required and determined by SYS, and will promptly meet all margin calls in such manner as SYS shall designate in its sole discretion. Notwithstanding any demand for additional margin, SYS at any time may proceed in accordance with paragraph 15.5 below, and any failure to proceed shall not be deemed a waiver of any rights by SYS. No previous margin shall establish any precedent. SYS shall not be liable to Client for the loss of any margin deposits, which is the direct or indirect result of the bankruptcy, insolvency, liquidation, receivership, custodianship or assignment for the benefit of creditors of any bank, another clearing broker, clearing organization or similar entity.
9. ADDITIONAL MARGIN REQUIREMENT OR DEMANDS FOR VARIATION ADJUSTMENT
9.1 Client agrees to provide and maintain with SYS such margin together with such guarantees and other security in such form and amount and on such terms as SYS may in its absolute discretion require from time to time. Such margin requirements established by SYS may exceed any margin requirements prescribed by any exchange or clearing house or broker. SYS may change margin requirements in its sole discretion and at any time without prior notice to Client. If SYS determines that additional margin is required, Client agrees to deposit with SYS such additional margin forthwith upon demand.
9.2 In respect of all futures contracts and/or option contracts entered into by SYS on behalf of Client, Client shall provide to SYS such Margin or additional margin or demands for variation adjustment or as SYS may in its absolute discretion require immediately upon demand. Such calls for Margin or additional margin requirements or demands for variation adjustment by SYS may exceed any margin requirements or variation adjustments prescribed by HKEF or HKCC and may be changed by SYS with immediate effect without prior notice to Client. SYS is obliged to report to HKEF particulars of all Open Contracts in respect of which Client has failed on two successive occasions to meet a demand for the Margin or additional margin or variation adjustments as provided in this paragraph and SYS may close out Client Open Contracts in respect of which any demand for margin or additional margin or variation adjustments or has not been met.
10. PAYMENTS AND REMISSION OF MONIES
10.1 Client shall pay SYS forthwith upon demand by SYS at any time the full amount of all losses, debit balances and deficiencies resulting from any transaction between Client and SYS, or from the operation of Client’s Account. Payment shall be made in such currencies as SYS may prescribe from time to time.
10.2 Without prejudice to Client’s obligation to effect payment on demand, each payment (whether by way of direct payment, transfer, debit or credit) to be made by Client to SYS as required in this Agreement shall be not later than the close of business (Hong Kong time) on the date on which payment is required to be made.
10.3 Without prejudice to any other provisions in this Agreement, Client agrees and authorizes Client's Bank, XXXXX XXXXXXXXXXXXXX LIMITED to execute a direct debit mandate, as the case may be, to transfer to the Account monies which may from time to time be required for the purpose of meeting demands for Margin or variation adjustments and any transaction costs or other liability of Client in respect of the Account.
10.4 Subject to the deduction of all amounts which SYS is entitled to deduct under the HKFE Rules, the rules of any other exchanges or clearing houses, applicable laws and regulations and/or this Agreement, any Margin required as referred to in paragraphs 8 and 9 above and subject to the prior discharge in full of all sums or liabilities (whether actual or contingent) owed by Client or any Client Group Company to SYS or any other member of SYS, SYS shall as soon as practicable after receiving a demand in writing from an Authorized Person remit to Client all or part of the monies or standing to the credit in the Account and/or the proceeds of sale of any Commodities, Futures Contracts and/or Option Contracts. All monies payable by SYS to Client shall be transferred by SYS to the bank account specified by Client on the Account Opening Form or in such other manner as may be agreed between Client and SYS from time to time. All monies paid as aforesaid to Client's specified bank account shall be deemed good and valid discharge of SYS's obligation to make payment to Client.
10.5 Client confirms that unless an Authorized Person is also Client, Authorized Person or Authorized Third Party shall only have authority in placing trade orders on behalf of Client in relation to this Agreement. No Authorized Person or Third Party shall be authorized to instruct or direct SYS to transfer or debit any money or property from the Account to any other account the holder of which is or includes an authorized third party, and Client hereby agrees that if SYS receives any Instruction or directions to such effect from any authorized third party, SYS is expressly authorized not to act on or carry out any such Instruction or directions unless SYS has received notice in writing to the contrary from Client.
11. INTEREST
11.1 SYS may retain for its own use any benefit it may derive from cash for the time being in its hands as part of the Account, and Client agrees that no interest will accrue to Client upon any amounts which may be held by SYS to Client's credit, unless there is an agreement to the contrary between the parties hereto.
11.2 Client undertakes to pay interest on all overdue amounts owing by him to SYS at any time (after as well as before any judgment) at such rate as may be specified from time to time by SYS or failing any such specification at a rate equivalent to 3% above the prevailing prime rate quoted by The Standard Chartered Bank or such rate as SYS shall in its sole discretion determine and such interest shall be payable on the last day of each calendar month or forthwith upon any demand being made by SYS.
12. SETTLEMENT
12.1 Client accepts that every Transaction effected for the Account contemplates actual performance in accordance with its terms, including delivery and receipt of any Commodities and payment for them. Notwithstanding this and subject to paragraph 12.4 below, in respect of each open position in relation to the Account which remains subsisting on the maturity date for its settlement, neither SYS nor Client shall have any obligation to make or take delivery (as the case may be) of the Commodity the subject matter of the transaction on the maturity date, if, according to the rules or usual practice of the relevant exchange, the outstanding obligations of the buyer and seller of such open position shall be satisfied solely by cash settlement based on a difference in price or value, in which case SYS or Client (as the case may be) shall settle or close the open position by paying the relevant difference to the other on the maturity date thereof. Client shall take all necessary actions to enable SYS to effect due settlement of each transaction effected for the Account in accordance with the rules, regulations and requirements of the relevant exchange and/ or clearing house.
12.2 Subject to the terms of this Agreement and to the rules, regulations and requirements of the relevant exchange and/or clearing house adopted from time to time, Client may, at any time before the last trading day of a contract or transaction in relation to the Account, request SYS to close out or in the case of an Option Contract, exercise (providing exercise is then possible) the matching Option Contract. Any amount (including, without limitation, any amount payable by SYS to the relevant exchange and/or clearing house and/or SYS's brokers or agents) payable by Client arising out of the closing out of any contract or transaction or the exercise of any Option Contract shall become immediately due and payable to SYS upon the closing out or exercise.
12.3 To exercise an option pursuant to an Option Contract effected for the Account, Client shall (subject to the rules and regulations of the relevant exchange on which the Option Contract is traded or entered into) deliver to SYS a notice of exercise no later than such time limit as may be specified by SYS from time to time before the cut-off date for the tender of exercise Instruction prescribed by the writer of the option or the relevant exchange or clearing house (whichever prescribes the earliest cut-off date). Such notice shall only be considered valid when accompanied:
(i) in the case of a put option, with the underlying Commodity or document(s) of title necessary for making delivery; and
(ii) in the case of a call option, with sufficient immediately available funds to take delivery of the Commodity or document(s) of title.
Unless specifically instructed by Client and subject to the terms of this Agreement, SYS shall not have any responsibility whatsoever to tender any exercise Instruction on behalf of Client in respect of any Option Contract whether on or before the relevant cut-off date applicable to the Option Contract.
12.4 If SYS or another broker (as the case may be) shall for any reason whatsoever and howsoever fail to receive payment of all or any amount, or to receive delivery of all or any part of any amount of any Commodity (whether from the relevant exchange, clearing house and/or any other person), due to be paid or delivered to Client in respect of any transaction in relation to the Account on the due date for payment or delivery thereof in accordance with the rules and regulations of the relevant exchange and/or clearing house and/or any applicable laws, SYS's obligations to make payment or to deliver any Commodity to Client in respect of such transaction shall thereupon and by virtue of such failure become obligations to make payment of such amount or delivery of such quantity of such Commodity as is equal to such payment or such quantity as is actually received by the SYS in respect thereof.
12.5 SYS may in its absolute discretion but shall not be bound to act on any instruction from Client to take any action whatsoever or howsoever against any exchange, clearing house, other broker and/or any other person in respect of any failure by such exchange, clearing house, other brokers and/or other person to make any payment or to deliver any amount of any Commodity in respect of any transaction executed in relation to the Account as referred to in paragraph 12.4 above, provided that if any such action is taken by SYS, Client shall fully indemnify and keep SYS indemnified on demand in respect of all costs, claims, demands, damages, fees and expenses arising out of, or in connection with, the taking of such action.
12.6 Client accepts that every Transaction effected for the Account contemplates actual performance in accordance with its terms, including delivery and receipt of any Commodities and payment for them. Notwithstanding this and subject to Clause 12.4 above, in respect of each open position in relation to the Account which remains subsisting on the maturity date for its settlement, neither SYS nor the Client shall have any obligation to make or take delivery (as the case may be) of the Commodity the subject matter of the Transaction on the maturity date, if, according to the rules or usual practice of the relevant exchange, the outstanding obligations of the buyer and seller of such open position shall be satisfied solely by cash settlement based on a difference in price or value, in which case SYS or Client (as the case may be) shall settle or close the open position by paying the relevant difference on the maturity date thereof. Client shall take all necessary action or steps to enable SYS to effect due settlement of each transaction effected for the Account in accordance with the rules, regulations and requirements of the relevant exchange and/or clearing house.
12.7 To exercise an option pursuant to an Option Contract effected for the Account, Client shall (subject to the rules and regulations of the relevant exchange on which the Option Contract is traded or entered into) deliver to SYS a notice of exercise no later than such time limit as may be specified by SYS from time to time before the cut-off date for the tender of exercise instructions prescribed by the writer of the option or the relevant exchange or clearing house (whichever prescribes the earliest cut-off date). Such notice shall only be considered valid when accompanied:
(i) in the case of a put option, with the underlying Commodity or document(s) of title necessary for making delivery;
(ii) in the case of a call option, with sufficient immediately available funds to take delivery of the Commodity or document(s) of title.
SYS may (but shall not be obliged to) treat an Option Contract as abandoned if Client fails to act in accordance with the provisions of this Clause 5.2. Unless specifically instructed by Client and subject to the terms of this Agreement, SYS shall not have any responsibility whatsoever to tender any exercise instructions on behalf of Client in respect of any Option Contract whether on or before the relevant cut-off date applicable to the Option Contract.
13. SECURITY
13.1 Client as beneficial owner hereby charges any and all Commodities, Futures Contracts, Option Contracts, monies and other property held or carried in the Account or to be acquired by him in relation to the Account to and in favor of SYS free from any encumbrances as continuing security for Client's performance and observance of his obligations under this Agreement, for the discharge of all monies and liabilities (whatever actual or contingent) which are now or at any time hereafter may be due, owing or incurred from or by Client or by any Client Group Company to SYS or any other member of SYS Group in connection with the Account or otherwise and the payment of all costs, charges and expenses incurred by SYS or any member of the SYS Group in the exercise or enforcement of the charge hereby created.
13.2 Client agrees to do all such things and execute all such documents which SYS shall from time to time consider necessary or desirable in connection with the implementation, execution and enforcement of any of the terms of this Agreement or with a view to perfecting or improving any security created in favor of SYS hereunder including without limitation the execution by Client of an irrevocable power of attorney appointing SYS to be his lawful attorney (with full power to appoint substitutes and to sub-delegate) to do all such acts and things and execute all such documents on Client's behalf as SYS shall in its absolute discretion consider necessary or appropriate.
13.3 At the request of SYS, Client shall grant or shall procure that such persons as are acceptable to SYS shall grant further security in terms satisfactory to SYS in respect of any of the obligations of Client under this Agreement.
14. UNILATERAL CLOSING OUT
14.1 If any of following events shall happen or occur:-
(i) Client's failure to provide Margin when called upon to do so; or to make or take delivery of any Commodity when required under any transaction for the Account, or to pay any purchase price or other payment when due under any transaction for the Account, or to perform or observe any of his obligations under this Agreement;
(ii) In the case of an individual client only, upon the death of Client;
(iii) An order is made by a competent court, or a petition is presented or a resolution is passed for the bankruptcy, winding up, or dissolution of Client, or a receiver, trustee or similar officers is appointed over Client's assets or undertaking, or any attachment or sequestration is levied against the Account or any other account of Client with any member in the SYS Group or any third party asserting any claim on any monies or property comprised in the Account, or any injunction, prohibition order or similar order is declared on any of Client's assets, or execution, distress or similar process is levied against any of Client's assets;
(iv) Any representation or warranty made by Client in this Agreement or in any certificate, statement or other document delivered by Client to SYS pursuant to this Agreement being or becoming incorrect in any material respect;
(v) Client being in breach of any applicable law, rules or regulations in the jurisdiction in, or the rules and regulations of any exchange or clearing house on which SYS, its brokers or agents conduct dealings on Client's behalf or for the Account;
(vi) Any consent, authorization or resolution required by Client to enter into this Agreement being wholly or partly revoked, suspended, terminated or ceasing to remain in full force and effect; and
(vii) occurrence of any event which, in the sole opinion of SYS, might put in jeopardy SYS's rights with respect to the credit balance on the Account or any other rights of SYS under this Agreement or which may adversely affect the due performance of Client's obligations under this Agreement.
Then, without prejudice to any other rights or remedies, which SYS may have, SYS shall be entitled or is hereby authorized (but is not obliged) to take one or more of the following actions:
(a) Sell, buy or close out (without recourse) any or all Commodities, Futures Contracts, Options Contracts and/or other property held or carried for Client or the Account (including any or all those subject to the charge referred to in paragraph 13 above) as SYS shall consider appropriate;
(b) Cancel any or all-open or outstanding orders or contracts or any other commitments made pursuant to Instruction from Client;
(c) Borrow or buy any property whatsoever found necessary by SYS or required to make delivery against any sale (including a short sale) effected pursuant to Instruction from Client;
(d) Exercise any options (either put or call) arising from any Option Contracts held by SYS pursuant to Instruction from Client;
(e) Call upon any security, which may have been issued in favor of SYS as security for obligations of Client hereunder;
(f) Exercise its right of set-off and transfer of funds conferred by this Agreement or otherwise;
(g) immediately terminate this Agreement forthwith.
14.2 Forthwith upon the occurrence of any event of default:-
(i) all amounts owing by Client to SYS shall become immediately payable, and interest will accrue at the rate provided in paragraph 11.2 above on the amount outstanding from time to time; and
(ii) the further performance by SYS of any of its outstanding obligations to Client under this Agreement (whether for the payment of money or otherwise) shall be conditional upon Client having fully discharged all his obligations to SYS under this Agreement.
14.3 Without prejudice to the generality of paragraph 14.1(a) to (g), SYS shall be entitled to appropriate to itself or sell, buy, close out or dispose of any Commodities, Futures Contracts or Option Contracts charged to SYS under paragraph 13 at the current market price thereof to any member of the SYS Group without being in any way responsible for any loss occasioned thereby however arising and without being accountable for any profit made by SYS and/or any member of the SYS Group.
14.4 Any monies realized pursuant to this paragraph 14 may be placed and kept to the credit of a suspense account for so long as SYS or the relevant member of the SYS Group may in its absolute discretion determine without any obligation in the meantime to apply the same or any part thereof in or towards discharge of any monies or liabilities due to or incurred by Client or any Client Group Company to SYS or any other member of the SYS.
14.5 If SYS exercises any of its rights under paragraph 14.1, it may apply the proceeds of any sale first in payment of all its costs and expenses incurred in connection therewith (including legal costs), secondly in settlement of any liabilities which Client may owe to SYS and any liabilities which any Client Group Company may owe to SYS or any other member of the SYS Group (in such manner and such order of priority as SYS and the relevant member(s) of the SYS Group shall determine between themselves, which shall be binding on Client) and thirdly, the balance (if any) shall be returned to Client. If such proceeds are insufficient to meet such liabilities, Client shall on demand (notwithstanding that the payment date or other date originally stipulated for settlement may not then have arrived) pay SYS and indemnify and hold SYS harmless against any differences or deficiencies arising therefrom or in the Account together with interest thereon and all professional costs and expenses (including legal and other professional advisers' fees) incurred by SYS in connection on therewith.
15. SET-OFF AND COMBINATION OF ACCOUNTS
15.1 Notwithstanding anything contained in this Agreement or in any other agreement between any member of the SYS Group and Client or any Client Group Company, subject to any applicable law, rules and regulations, and in particular, Rule 623 of the HKFE Rules, Client (for himself and as agent on behalf of any Client Group Company) hereby irrevocably directs and authorizes SYS (for itself and as agent on behalf of any member of the SYS Group) to set-off, withhold, apply and/or transfer (as the case may be) any Commodities, Futures Contracts, Option Contracts, receivables or monies held in or for the Account or any other account with SYS or any other member of the SYS in whole or partial payment of any sum or liability (of whatever nature whether primary, collateral, several or joint (including any liability or sum required to meet demands for Margin or margin requirements) or in other currencies and whether or not in connection with the Account) owed by Client or any Client Group Company to SYS or any other member of the SYS.
15.2 Without prejudice to the generality of paragraph 15.1, but subject to any applicable law, rules and regulations, and in particular Rule 623 of the HKFE Rules, if Client or any Client Group Company has more than one account with SYS, Client (for himself and as agent on behalf of any Client Group Company) hereby irrevocably agrees that SYS may at any time and without notice to Client or any Client Group Company, combine, consolidate or merge 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 satisfaction of any obligations or liabilities of whatsoever nature to SYS in respect of any other accounts.
15.3 Where any set-off or combination of Account referred to in this paragraph 15 requires the conversion of one currency into another, such conversion shall be calculated at the rate of exchange (as determined by SYS and binding in all respects upon Client) utilized by SYS in the SYS's normal course of business for such currencies at the time of the combination or set-off.
15.4 The rights of set-off hereby conferred are in addition and without prejudice to any general right of set-off arising by law or any other rights granted to SYS under this Agreement or any lien or other security now or hereafter held by SYS.
15.5 In the event of
(i) the dissolution or liquidation of Client (in case of corporation) or death of Client,
(ii) the filing of a petition in bankruptcy, or a petition for the appoint of a receiver, by or against Client,
(iii) the filing of any attachment against any of the Client’s accounts carried by SYS,
(iv) insufficient margin or SYS’s determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the account, or
(v) any other circumstances or developments that SYS deems to require action necessary for its protection, SYS is hereby authorized, according to its judgment and in its sole discretion, to take one or more or any portion of the following actions:
(1) satisfy any obligation Client may have to SYS, either directly or by way of guaranty or suretyship, out of any of Client’s funds or property in the custody or control of SYS;
(2) Sell any or all commodity contracts, commodities, or securities held or carried for Client or to purchase any or all commodity contracts, commodities or securities held or carried as a short position for Client; and
(3) cancel any or all outstanding orders, contracts, or any other commitments made on behalf of Client. Any of the above actions may be taken without demand for Margin or additional Margin, without prior notice of sale or purchase or other notice or advertisement to Client, and regardless of whether the ownership interests shall be solely Client’s or held jointly with others. In liquidating Client’s long or short positions, SYS in its sole discretion, may sell or purchase in the same contract month or initiate new long or short positions in order to establish a spread or straddle which in SYS’s judgment may be necessary or advisable to protect existing positions in Client’s account.
Any sales or purchases hereunder may be made according to XXX’x judgment and at its sole discretion on any exchange or other market where such business is then usually transacted or at public auction or at private sale, and SYS may purchase the whole or any part thereof free from any right of redemption. It is understood that, in all cases, a prior demand, call, or notice of the time and place of a sale or purchase shall not be considered a waiver of SYS’s right to sell or buy without demand or notice as herein provided. Client at all times shall be liable for the payment of any debit balance of Client upon demand by SYS and shall be liable for any deficiency remaining in
Client’s account(s) in the event of the liquidation thereof in whole or in part by SYS or by Client. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of Client due to SYS, Client shall pay, upon demand, the deficit and all unpaid liabilities, together with interest thereon and all costs of collection including reasonable attorney’s fees, with respect to any account of Client.
15.6 Liquidating instructions on open positions maturing in a current delivery month must be given to SYS at least five (5) business days prior to the first notice day in the case of long positions and, in the case of short positions, at least five (5) business days prior to the last trading day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be delivered to SYS within the same period described above. If neither instructions, funds, nor documents are received, SYS, without notice may, either liquidate Client’s position or make or receive delivery on behalf of Client upon such terms and by such methods which SYS deems feasible.
15.7 If at any time Client fails to deliver to SYS any property previously sold by SYS on Client’s behalf or fails to deliver property, securities or financial instruments in compliance with commodity contracts, or SYS shall deem it necessary (whether by reason of the requirements of any exchange, clearing house, or otherwise) to replace any securities, commodity contracts, financial instruments, or other property delivered by SYS for the account of Client with other property of like or equivalent kind or amount, Client authorizes SYS in its judgment to borrow or to buy any property necessary to make delivery or to replace any such property necessary to make delivery thereof or to replace any such party to whom delivery is to be made. SYS may subsequently repay any borrowing thereof with property purchased or otherwise acquired for the account of Client. Client shall pay SYS for any cost, loss and damage from the foregoing (including consequential damages, penalties, and fines) which SYS may be required to incur or which SYS may sustain from its inability to borrow or buy any such property.
16. NOTICE AND COMMUNICATIONS
16.1 Mode of Delivery.
All notice and communications from SYS to Client or any Authorized Person under this Agreement may be sent and delivered by personal delivery, postal mail, telegraph, facsimile, electronic mail or other electronic transmission to the address, facsimile number, electronic mail address in the Account Opening Form or as notified to SYS in writing from time to time by at least seven (7) days’ advance notice.
All notices and other communications shall be deemed to be given
(i) at the time of despatch or transmission if delivered personally, by facsimile transmission or telephone; or
(ii) 24 hours after despatch if sent by post, whichever shall be the first to occur; provided that any notice or other communication to be given to SYS shall be effective only when received by SYS.
Unless otherwise agreed by SYS, any Instruction or directions to be given by Client or any Authorized Person to SYS in relation to any dealings in Commodities, Futures Contracts or Option Contracts for or in respect of the Account shall be given orally or by telephone to the telephone number of SYS as set out in this Agreement or otherwise as notified to Client from time to time. Any other communication or notice to be given by Client or any Authorized Person to SYS in connection with the Account or this Agreement may be personally delivered, sent by prepaid post, facsimile transmission or by telephone to the address or facsimile or telephone number of SYS (as the case may be) set out in this Agreement or otherwise as notified to Client from time to time.
16.2 Presumption of Receipt.
All communications so sent whether by messenger, mail, telegraph, facsimile, electronic mail or otherwise, shall be deemed delivered and received, unless otherwise notify to SYS by Client. It is Client’s responsibility to ensure the correctness and accuracy of the Account and to inform SYS immediately if there are any discrepancies.
16.3 Responsibility to Retrieve and Review Communications.
Client agrees to check regularly Client’s mailbox, electronic mailbox, facsimile machine and other sources of facilities through which Client receives communication from SYS. SYS will not be responsible for any losses that arise from Client’s failure, delay or negligence to check such sources or facilities.
16.4 Monitoring and Recording of Telephone Conversations and Electronic Mails.
For the protection of Client and SYS, and as a tool to detect and rectify misunderstandings, Client agrees and authorizes SYS, at SYS’s discretion and without further prior notice, to monitor and record any or all telephone conversations and any electronic communications between SYS and Client. Any voice recording made by SYS shall constitute final and conclusive evidence of the communication so recorded.
16.5 Confirmation and Account Statements.
In respect of every Transaction of sale, purchase or exchange of Commodities, Futures Contracts or Option Contracts entered into by SYS for the Account in Hong Kong, SYS will (unless otherwise provided by the CTO) make out a contract note which will contain all the necessary information required by the CTO, and shall deliver the contract note to Client within the time limit specified in the CTO. In respect of all other transactions, SYS will as soon as practicable after effecting such Transactions, confirm the essential features of the Transactions to Client either orally or in writing.
SYS will provide Client with a statement of account in relation to the Transactions and dealings, which XXX has entered into in relation to the Account on a monthly basis.
The contract notes, statements of account and any confirmations in writing of execution of Transactions for the Account which SYS sends to Client shall be conclusive in respect of all information set out therein, and shall be deemed to have been accepted by Client, in the case of contract notes, if not objected to by Client in writing, within 24 hours after delivery to Client, and in the case of statements of accounts and confirmations in writing, within 5 business days after posting thereof to Client by ordinary mail.
16.6 Undelivered or Returned Mails.
Client agrees to keep Client’s Account information up to date, and to notify SYS of any changes within forty-eight (48) hours. Client understands, for the security and integrity of Client’s Account, that SYS may temporarily or permanently disable or restrict Client’s Account, if and when the mails become undeliverable or are returned as a result of Client’s failure to provide, update and/or notify SYS with most current and accurate Account information.
16.7 SYS shall not be held responsible for delays in the transmission or execution of orders due to a breakdown or failure or transmission or communication facilities, or for any other cause beyond SYS’s control.
16.8 Client acknowledges that SYS is not responsible for the conduct, representations and statements of the introducing broker or its associated persons in the handling of Client’s account. Client agrees to waive any claims against SYS, and to indemnify and hold SYS harmless, for any actions or omissions of the introducing broker or its associated persons.
17. ELECTRONIC TRADING SERVICE
17.1 Electronic Trading Service.
Client understands that the Electronic Trading Service (ETS) is a semi-automated facility, which enables Client to send electronic Instruction and receive information services. Client agrees to use the ETS only in accordance with the terms of this Agreement. Any additional services offered through the ETS in the future shall only be used by Client in accordance with the terms of this Agreement.
17.2 Authorized Access.
Client shall be the only authorized user of the Electronic Trading Service for Client’s Account. Client shall be responsible for the confidentiality and use of the Access Codes. Client acknowledges and agrees that Client shall be solely responsible for all Instruction entered through the Electronic Trading Service using the Access Codes and neither SYS nor SYS’s directors, officers or employees shall have any liability to Client, or to any other person whose claim may arise through Client, for any claims with respect to the handling, mishandling or loss of any Instruction.
17.3 Proprietary System.
Client acknowledges that the ETS is proprietary to SYS. Client warrants and undertakes that Client shall not, and shall not attempt to, tamper with, modify, de-compile, reverse engineer or otherwise alter in any way, and shall not attempt to gain unauthorized access to, any part of the ETS. Client acknowledges that SYS may take legal action against Client, if Client at any time breaches this warranty and undertaking or if SYS at any time reasonably suspects that Client has breached the same. Client undertakes to notify SYS immediately if Client becomes aware that any of the actions described above in this paragraph is being perpetrated by any other person.
17.4 Responsibility to Notify Errors.
Client further acknowledges and agrees that, as a condition of using the Electronic Trading Service to give Instruction, Client shall immediately notify SYS if:
(i) an Instruction in respect of the Account has been placed through the ETS and Client has not received an order number;
(ii) an Instruction in respect of the Account has been placed through the ETS and Client has not received an accurate acknowledgement of the Instruction or of its execution, whether by hard copy or via electronic or verbal means;
(iii) Client has received acknowledgement, whether by hard copy, electronic or verbal means, of a Transaction which Client did not originate or instruct; and/or
(iv) Client becomes aware of any unauthorized use of the Account Number and/or Password.
17.5 Alternative Trading Facilities.
Client agrees that should Client experience any problems in reaching SYS through the ETS or vise versa, Client shall attempt to use an alternative method or device, as SYS may make available, to communicate with SYS to place Client’s orders and to inform SYS of the difficulty Client may experience. Client acknowledges that SYS gives no express or implied warranties (including but not limited to warranties of merchantability, functionality or fitness for a particular use) with respect to trade or trade related services. Client agrees that SYS shall not be responsible to Client for any losses, costs, expenses, damages or claims which Client may suffer as a result of any disruption, malfunction or other suspension of SYS’s service beyond SYS’s control.
17.6 Third Party Market Data.
Client understands that the Electronic Trading Services may provide, for informational purposes, only data about price quotation and information published by third parties. Owing to market volatility and possible delay in the data-transmission process, the data may not be real-time price quotation and information for the relevant investments.
Client understands that whilst SYS believes such data to be reliable, it has no independent basis to verify or contradict the accuracy or completeness of the information provided. Client understands that no recommendation or endorsement from SYS shall be inferred from the data provided with respect to any investments.
17.7 No Guarantee of Accuracy or Timeliness of Information.
Client acknowledges that the quote service available at the ETS is provided by a third party service provider appointed by SYS from time to time. Client understands that information provided in the Electronic Trading Services is on an "as is", "as available" basis and SYS does not guarantee or warrant the timeliness, sequence, accuracy, adequacy or completeness of such information.
18. GENERAL PROVISIONS
18.1 Entire Understanding.
This Agreement, together with all other written agreements, existing or subsequent, between SYS and Client relating to Client’s Account and terms contained on statements and confirmations sent to SYS, contains the entire understanding between and binding upon SYS and Client concerning the subject matter of this Agreement and in connection with the opening and operation of the Account, and no provisions of this Agreement shall operate to remove, exclude or restrict any rights of Client or obligations of SYS under Hong Kong law.
18.2 Severability.
If any provision of this Agreement shall be held to be invalid or unenforceable by any court or regulatory agency or body, such invalidity or unenforceability shall attach only to such provision. The validity of the remaining provisions shall not be affected thereby and this Agreement shall be carried out as if any such invalid or unenforceable provision were not contained here. Time shall be of the essence in relation to all matters arising under this Agreement. Where Client consists of more than one person, the liability of each of the person shall be joint and several and references to the persons shall be construed, as the context requires, to any or each of the persons. SYS shall be entitled to deal separately with any of the persons including the discharge of any liabilities to any extent without affecting the liabilities of the other persons.
18.3 Presumption of Authorization.
Every Transaction indicated or referred to in any notice, statement, confirmation or other communication and every statement of Account shall be deemed and treated as authorized and correct and as ratified and confirmed by Client unless SYS shall receive from Client written notice to the contrary within five (5) days after the date after such notice, statement, confirmation or other communication is deemed to have been received by Client.
18.4 Duty to Notify.
Client shall inform SYS within twenty-four (24) hours of the possession or knowledge of information, if Client acts as intermediary for or effected a Transaction on behalf of someone other than Client as an ultimate beneficiary owner(s) and if Client notices any discrepancies and/or error with regard to and in connection with any Client’s Account information, Transactions, settlements and fund transfers. Client agrees that Client’s failure to notify such discrepancy and/or error in a prompt manner (no later than seven (7) calendar days) would exonerate SYS and SYS’s agents from any claims, liabilities or damages resulted from those discrepancies and/or errors.
18.5 Amendment.
To the extent permitted by law, SYS may from time to time amend any of the terms and conditions of this Agreement by notifying Client and such amendments shall come into effect immediately upon Client’s deemed receipt of SYS’s notice. Client acknowledges and agrees that if Client does not accept any amendments as notified by SYS from time to time, Client shall have the right to terminate this Agreement in accordance with termination clause under this Agreement. Client further agrees that any amendments shall be deemed to be accepted by Client, should Client continue to effectuate Transaction(s) in Client’s Account without expressly communicating Client’s objections to such amendments prior to the Transaction(s).
18.6 Waiver.
The rights, remedies, powers and privileges of SYS in accordance with the terms of this Agreement are cumulative and not exclusive of any rights or remedies provided by law. No time, indulgence or forbearance granted by SYS under this Agreement shall operate to waive any of its rights hereunder nor shall any single or partial exercise of SYS's rights under this Agreement preclude any other or further exercise of such rights.
18.7 Assignment.
Client shall not be entitled to assign, transfer or otherwise dispose of any of his rights or obligations under this Agreement without the prior written consent of SYS. SYS shall have the right to assign, transfer or otherwise dispose of all or any of its rights or obligations to any member of the SYS Group or to any other person as it thinks fit in its absolute discretion.
18.8 Succession.
All the provisions of this Agreement shall survive any changes or successions in SYS's business and shall be binding, where Client is a corporation, upon its successors, where Client is a partnership upon the partners and their personal representatives and where Client is an individual, upon his personal representatives.
18.9 Termination.
Either party hereto may terminate this Agreement at any time by 7 days’ written notice to the other party provided that such termination shall not affect:
(i) the validity of any act performed by SYS prior to such termination, which shall be binding on Client;
(ii) the rights and liabilities of either party arising out of or in connection with any open positions at the time of such termination, whether as to Margin, commissions or payments of any nature, indemnity or otherwise whatsoever or however in accordance with the terms of this Agreement, until all such open positions have been closed out or settlement and/or delivery has been effected and all such liabilities fully discharged;
(iii) any warranties, representations, undertakings and indemnities given by Client under or pursuant to this Agreement, all of which shall survive such termination.
18.10 English/Chinese Version.
Client confirms that Client has read the English/Chinese version of this Agreement and that the contents of this Agreement have been fully explained to Client in a language, which Client fully understands, and that Client accepts this Agreement in its entirety. In the event that there is inconsistency between the English version and the Chinese version of this Agreement, the English version shall prevail.
18.11 Descriptive Headings.
The heading of each provision hereof is for descriptive purposes only. They shall not be deemed to modify, qualify or otherwise substitute for any of the rights or obligations set forth in each of the provisions thereof contained in this Agreement.
18.12 Indemnification.
Neither SYS nor of its directors, employees or agents shall be liable to Client for any loss or damage suffered by Client arising out of or in connection with
(i) SYS failing to perform any of its obligations under this Agreement or otherwise as the broker of Client due to any reasons beyond SYS's control; or
(ii) SYS acting or relying on any Instruction given by Client; or
(iii) any act or omission of SYS or its directors, employees or agents in relation to the Account unless, such loss or damage results from the fraud, negligence or wilful default of SYS or its directors, employees or agents. Client agrees to indemnify and keep SYS and any of its directors, employees or agents fully indemnified from and against all costs, claims, liabilities and expenses (including legal costs) arising out of or in connection with the lawful performance of SYS's duties or the exercise of SYS's discretions in relation to the Account or pursuant to this Agreement or arising out of or in connection with any breach by Client of his obligations to SYS or of any of the terms of this Agreement. Further, Client agrees to do such things and acts as are necessary, or in SYS's opinion, as is desirable, to ratify or confirm any thing or act done by SYS as Client's agent or on his behalf pursuant to this Agreement.
All costs, charges, levies, fees and expenses incurred by SYS, its agents or brokers in connection with any transactions entered into for or in relation to the Account shall be paid and borne by Client. Client agrees that all sums payable by Client in connection with this Agreement shall be exclusive of all taxes, duties, imposts and fiscal charges of any nature (whether of Hong Kong or otherwise). If any such taxes, duties or imposts is required by any applicable law to be withheld or deducted from such payments, the amount payable by Client shall be increased to the extent necessary to ensure that, after the making of any such withholding or deduction, SYS shall receive on the due date a net sum equal to what it would have received or retained had no withholding or deduction been made or required.
19. CLIENT IDENTITY DISCLOSURES
19.1 Assistance to Hong Kong Regulators.
Client acknowledges that all Transactions for the Account shall be subject to the Rules, the Regulations and the Procedures of the HKFE and these Rules contain provisions required by SYS, upon the request of the HKFE or the Commission, to disclose the name, Beneficial Identity and such other information concerning Client as the HKFE or the Commission may require. Client agrees to provide such information concerning Client as SYS may require in order for SYS to comply with the Rules, the Regulations, the Procedures of the HKFE and the Ordinance and in any event that SYS fails to comply with the disclosure requirement under Rule 606(a) or 613(a), the Chief Executive of the HKFE may require the closing out of positions on behalf of Client or the imposition of a margin surcharge on the position of such Client.
19.2 Authorization to Disclose.
Client acknowledges that SYS may be required to disclose information in relation to the Account or Client to any governmental, regulatory or other bodies, authorities or institutions pursuant to the HKFE Rules, the rules or regulations of other exchanges or clearing houses on which SYS or its brokers or agents enter into transactions in relation to the Account or pursuant to any applicable law. Client hereby irrevocably authorizes SYS, without further notice to or consent from Client, to disclose to the relevant bodies, authorities or institutions (including the Commission of Hong Kong and the HKFE) all such information (including the name and the Beneficial Identity of Client, any open positions held on behalf of Client and the financial position of Client for the time being as may be known to SYS) and to provide them with all such documents which are in SYS's possession, in each case, as may be requested or required by such bodies, authorities or institutions (whether or not such request or requirement is specifically enforceable). Client shall not in any way hold SYS liable for any consequences arising out of such disclosure, and Client shall on demand reimburse SYS all costs and expenses (if any) incurred by it in complying with such request or requirement for disclosure.
19.3 Disclosure to SYS.
Notwithstanding any express or implied duty of confidentiality owed by SYS to Client, Client hereby acknowledges and irrevocably authorizes each member of the SYS Group, without further notice to or consent from Client to disclose any information relating to Client and/ or Client's account relationship and/or Client's business with any member of the SYS Group and/or the Account or any other accounts that Client has with any member of the SYS Group as any member of the SYS Group shall in its discretion consider appropriate to any or all of
(i) any member of the SYS Group;
(ii) any actual or proposed assignee of any rights and obligations of any member of the SYS Group; or participant or sub-participant in or transferee of any of its rights in relation to Client;
(iii) any office/branch of any member of the SYS Group;
(iv) any agent, contractor, third party service provider or representative of any member of the SYS Group under a duty of confidentiality in respect of such information to any member of the SYS Group;
(v) any person when required to do so pursuant to subpoena or other court process issued out of any applicable jurisdiction and
(vi) any person when otherwise required to do so in accordance with the laws of any applicable jurisdiction. Client also agrees and acknowledges that any member of the SYS Group may transfer any of the above information to any party to whom it is authorized to disclose the same referred to above notwithstanding that such party's principal place of business is outside of Client's country of residence (if an individual) or place of incorporation (if a Client is a corporation), or that such information following disclosure will be collected, held, processed or used by such party in whole or part outside of Client's country of residence (if an individual) or place of incorporation (if a Client is a corporation).
20 Risk Disclosure Statement
SYS refers Client to the Risk Disclosure Statement.