This brief statement, which has been adapted from the Risk Disclosure Statement for Future and Options that appears as Appendix A to Rule 1.55(c) promulgated by the U.S. Commodity Futures Trading Commission, does not purport to disclose all of the risks and other significant aspects of engaging in Spot Forex Transactions. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in Spot FOREX Contracts is not suitable for many members of the public. You should carefully consider whether FOREX trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
本聲明改編自作為美國商品期貨交易委員會發(fā)布的Rule 1.55(c)的附錄A的期貨和期權(quán)風(fēng)險披露聲明，它并不用于揭示即期外匯交易中的所有風(fēng)險以及面面俱到介紹該事務(wù)中其它重要的方面。由于這些風(fēng)險的關(guān)系，你必須在完全理解需要簽署的合約（以及合約關(guān)系）以及你可能承受的風(fēng)險之后才能從事交易。FOREX現(xiàn)貨合約交易并不適合所有人。你需要根據(jù)自己的經(jīng)驗、目標(biāo)、經(jīng)濟(jì)基礎(chǔ)以及其它相關(guān)的具體情況認(rèn)真考慮FOREX交易是否適合你。
1、Effect of “Leverage” or “Gearing”
Spot Forex Transactions carry a high degree of risk. The amount of initial margin is small relative to the value of the Spot FOREX Contract so that transactions are “leveraged”or“geared”. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.
1、“杠桿”效應(yīng)
即期外匯交易風(fēng)險系數(shù)很高。保證金只占FOREX現(xiàn)貨合約價值的很小一部分，這被稱作“杠桿”效應(yīng)。市場很小的波動可能會對你的賬戶有較大的影響；這對你可能是有利的，也可能是不利的。你可能損失全部的初始保證金以及全部為維持賬戶未平倉頭寸追加的保證金。如果市場朝著客戶頭寸相反的方向移動或保證金金額提高，客戶將被要求追加額外的保證金以維持賬戶未平倉頭寸。如果客戶沒有按時追加保證金，則賬戶中的頭寸將被全部強制平倉，由此造成的所有損失由客戶自己負(fù)擔(dān)。
2、 Risk-reducing orders or strategies
The placing of certain orders (e.g., “stop-loss” orders or “stop-limit”orders) that are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as “spread” and “straddle”positions may be as risky as taking simple “long”or“short”positions.
2、 降低風(fēng)險的交易指令或策略
用于控制損失在某個限度的某些指令（諸如“止損”、“止損限價”等）有時候可能不起什么作用，因為某些市場條件可能會使這些命令無法執(zhí)行。在使用類似差價交易、跨式組合頭寸交易策略時，其風(fēng)險可能與簡單地持有“多頭”或“空頭”頭寸一樣高。
3、Terms and conditions of contracts
You should ask the firm with which you deal about the terms and conditions of the specific currencies which you are trading and associated obligations (e.g., the circumstances under which you may become obligated, under extraordinary circumstances, to make or take physical delivery of the full currency value).
3、合約條款
在開始交易之前，你應(yīng)向相關(guān)公司咨詢具體的交易貨幣的所有細(xì)節(jié)以及相關(guān)責(zé)任（例如，在哪些特別情況下你有義務(wù)負(fù)責(zé)全部貨幣價值的實際交貨）。
4、Suspension or restriction of trading and pricing relationships Market conditions (e.g., lack of liquidity) and/or the operation of the rules of certain markets (e.g., suspension of trading in any Spot FOREX Contract because of government intervention or “circuit breakers”) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions.
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某些市場狀況（例如缺乏流動性）和/或市場的操作規(guī)則（例如由于政府干預(yù)或“斷路器”而造成FOREX 現(xiàn)貨合約交易暫停）將會造成無法開倉或平倉或進(jìn)行交易，這將導(dǎo)致風(fēng)險增加。
5、Deposited cash and property
You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.
5、資產(chǎn)的保全
你應(yīng)了解如何保護(hù)你在進(jìn)行國內(nèi)或國外交易的過程中所存入的現(xiàn)金或其他形式的資產(chǎn)，尤其要了解在有關(guān)公司破產(chǎn)的情況下如何保護(hù)自己的財產(chǎn)?？蛻裟軌蛩骰刎敭a(chǎn)的多寡取決于當(dāng)?shù)氐挠嘘P(guān)法律和法規(guī)。在某些司法管轄區(qū)，如果收回的數(shù)目不足，那么可認(rèn)定屬于你的財產(chǎn)將會像現(xiàn)金的形式那樣按比例分配給你。
6、Commission and other charges
Before you begin to trade, you should obtain a clear explanation of all commissions, fees, cross-currency overnight interest debits, mark-ups, mark-downs and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
6、傭金和其他費用
在開始交易之前，你應(yīng)清楚了解傭金、利息以及其他必須支付的費用的收取標(biāo)準(zhǔn)。這些費用將會直接減少客戶的利潤（如果有的話）或增加客戶的虧損。
7、Transactions in other jurisdictions
Spot FOREX Transactions executed in other jurisdictions may expose you to additional risk. Such markets may be subject to regulation, which may offer different or diminished investor protection. Before you trade you should inquire about any rules relevant to your particular transactions. Your local regulatory authority, if any, will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.
7、其他地區(qū)及司法管轄權(quán)問題
在其它司法管轄地區(qū)（相對于你自己所在的國家或地區(qū)）進(jìn)行即期外匯交易，可能還要面臨額外的風(fēng)險。這是由于那里的法律對投資者的保護(hù)可能與本地不同，或者提供的保護(hù)較少。在進(jìn)行交易之前，你應(yīng)當(dāng)咨詢相關(guān)的具體規(guī)定?？蛻舯緡挠嘘P(guān)保護(hù)投資者的法律將不適用于發(fā)生在其司法管轄權(quán)以外的交易事項。你應(yīng)當(dāng)咨詢與之交易的公司有關(guān)兩地司法和法律都允許的調(diào)整辦法。
8. Currency risks
The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.
8、貨幣對換
在使用外匯的交易中（無論是在你當(dāng)?shù)氐乃痉ü茌牭剡€是別的司法管轄地）收獲或遭受的利潤或損失若需要將合約規(guī)定的貨幣對換成另外一種貨幣，還將受匯率變動的影響。
9、Trading facilities
Spot FOREX Contracts are not traded on a regulated market and therefore do not require open-outcry facilities. The electronic trading facilities through which Spot FOREX Contracts are primarily traded are supported by computer-based component systems for the order-routing, execution or matching of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the bank and/or financial institution. Such limits may vary; you should ask the firm with which you deal for details in this respect.
9、交易設(shè)備
FOREX現(xiàn)貨合約不是在常規(guī)的交易所內(nèi)進(jìn)行的，因此沒有公開喊價設(shè)備。FOREX現(xiàn)貨合約主要通過電子交易設(shè)備進(jìn)行交易。它們使用基于計算機的系統(tǒng)來實現(xiàn)指令傳送、執(zhí)行，以及買賣雙方的撮合。與任何其它設(shè)備或系統(tǒng)一樣，電子交易設(shè)備或系統(tǒng)偶爾也會出現(xiàn)暫時的故障。你彌補損失的能力大小也將取決于有關(guān)的設(shè)備及服務(wù)提供商、銀行或其他金融機構(gòu)。具體的情況不盡相同，你可就這方面的問題向有關(guān)交易機構(gòu)咨詢。
10、Electronic trading
Trading on a particular electronic trading system may differ from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.
10、電子交易
在某一個電子交易系統(tǒng)上進(jìn)行交易可能與在其它電子交易系統(tǒng)上進(jìn)行交易有些差別。在電子交易系統(tǒng)中進(jìn)行交易時必然面臨系統(tǒng)硬件或軟件可能會出現(xiàn)故障的風(fēng)險。出現(xiàn)故障的結(jié)果是你的指令有可能被錯誤地執(zhí)行或根本就沒有被執(zhí)行。
11、Off-exchange transactions
Spot Forex Transactions are not conducted on organized futures exchanges. The firm with which you deal may be acting as your counter party to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Interbank FX, LLC may, from time to time, execute transactions as your agent on the foreign exchange market to trade currencies pursuant to an agreement between the agent and Interbank FX, LLC and that a trade executed between one bank may be offset by a trade by another banking agent. However, as long as Interbank FX, LLC remains registered with the CFTC and a member of the NFA, you will be afforded the protective measures provided by the Commodity Exchange Act, CFTC regulations, and the rules of the NFA including the right to use reparation proceedings before the CFTC and arbitration proceedings provided by the NFA or any domestic futures exchange.
11、場外交易
即期外匯交易并不只限于有組織的期貨交易，有時它也會充當(dāng)客戶的交易對象。有時將現(xiàn)有未平倉頭寸平倉可能相當(dāng)困難，甚至根本無法平倉。在評估現(xiàn)有頭寸的價值、確定市場的公平價格以及評估風(fēng)險暴露程度等方面也有類似的問題。由于這些原因，交易的風(fēng)險可能會進(jìn)一步增加。如銀特倍克外匯交易有限責(zé)任公司可能偶爾作為客戶代理人，在外匯市場上依據(jù)代理人和銀特倍克外匯交易有限責(zé)任公司之間的協(xié)議進(jìn)行貨幣交易，并且一個銀行進(jìn)行的一樁交易可能被另外一個銀行代理人進(jìn)行的一樁交易抵消。但是，只要銀特倍克外匯交易有限責(zé)任公司在CFTC進(jìn)行了注冊并是NFA的一員，你將獲得商品交易法、CFTC 規(guī)范以及NFA的規(guī)則（包括在使用NFA或任何國內(nèi)期貨交易提供的仲裁程序之前采用損害賠償程序的權(quán)利）提供的措施保護(hù)。
