1. Introduction 介绍
1.1. This Customer Agreement (“Agreement”) is entered by and between Alpari (UK) Limited (hereinafter called the“Company”) and the customer who has completed the “Application to Open a Personal/Corporate Margin TradingAccount” Form (“Customer”).
这份客户协议（“协议”）由Alpari(UK) 有限公司（以下简称“公司”）与填写《个人/公司保证金交易开户申请表》的客户（以下简称客户）共同缔结。

1.2. The Company is authorised and regulated by the Financial Services Authority (“FSA”) under the Financial Services and Markets Act 2000 and entered on the FSA’s Register of authorised persons with registration number 448002. It is registered in the UK, registered number 05284142. Its registered office is 25 Moorgate, London EC2R 6AY.
公司根据《2000金融服务和市场条款》的要求，接受英国金融监管局（FSA）授权和监管。同时公司被记入FSA官方人员注册登记薄，注册号码为448002。FSA官方人员注册登记薄在英国注册，注册号码为05284142，注册处为Moorgate, London EC2R 6AY.。

1.3. This Agreement with the Risk Acknowledgement and Disclosure attached to the schedule of this Agreement and the Terms of Business as amended from time to time in accordance with clause 21.1 (together, the “Operative Agreements”) set out the terms upon which the Company will deal with the Customer in respect of foreign exchange transactions and Contracts for Differences (CFDs). The dealings and relations between the Company and the Customer are subject to English law whether or not the terms of the Operative Agreements are accepted by the Customer and will
be conducted in the English language unless otherwise agreed with the Customer.
本协议连同其附件中的《风险确认及公布》，以及按照21.1条款进行过多次修改的商务条款总称为《操作协议》。公司依据这一协议在外汇交易和合约差价领域为顾客提供服务。不论顾客是否接受《操作协议》中的规定，公司与顾客之间的交易与关系都受英国法律的约束，且都通过英语进行，另有约定的除外。
1.4. The Operative Agreements shall govern all trading activity and should be read carefully by the Customer. Amongst other things, they set out those matters which the Company is required to disclose to the Customer under the FSA Handbook of Rules and Guidance (“FSA Rules”).
所有交易活动都受《操作协议》的约束，因此，客户需认真阅读此协议。此外，协议还讲明了按照FSA条例手册及指南（FSA条款）的规定，应该向客户公布的相关事宜。
1.5. The defined terms used in this Agreement are set out in clause 31(“Interpretation of Terms”).
这份协议中的定义条款在条款31（《条款阐述》）中予以陈述。
2. Commencement 开始生效

2.1. The Operative Agreements will commence on the date on which the Customer receives notice from the Company in accordance with clause 3.1 and will continue unless or until terminated by either party in accordance with clause 21.
依照条款3.1，《操作协议》在客户收到公司通知之日开始生效。同时依照条款21，协议只有在任何一方终止履行时才会失效。
2.2. This Agreement is an initial service agreement which relates to a series of successive or separate operations including, without limitation, Transactions. The Customer has no right to cancel the Agreement on the basis that it is a distance contract (as defined in the FSA Rules).
本协议是与一系列连续的或独立的操作（例如交易）有关的初始服务协议。由于根据FSA条例，这是份长期合同，因此客户无权取消该协议。
3. Account activation 账户激活

3.1. The Customer’s Trading Account will be activated by the Company giving notice to the Customer as soon as the Company has received a completed signed and dated copy of “Application to Open a Personal/Corporate Margin Trading Account” Form and identity checks have been satisfied.
一旦公司收到一份完整签署并注明日期的《个人/公司保证金交易开户申请表》的复印件，公司会向顾客发送通知。顾客受到通知并且通过身份验证后，其交易账户将被激活。
4. Classification 分类

4.1. The Company will treat the Customer as a Retail Client, Professional Client or Eligible Counterparty, depending on how the Customer completes the “Application to Open a Personal/Corporate Margin Trading Account” form.
根据客户填写的《个人/公司保证金交易开户申请表》的情况，公司将把客户分为零售客户、专业客户或授权方。
4.2. When assessing the Customer’s classification and thereafter dealing with the Customer, the Company will rely upon the truth, accuracy and completeness of the information provided by the Customer in the “Application to Open a Personal/Corporate Margin Trading Account” Form. The Customer expressly consents to the Company using and relying on all such information in making its assessment and its dealings with the Customer.
在评估顾客的分类以及随后的服务中，公司将参照顾客在《个人/公司保证金交易开户申请表》所提供的信息的真实性、准确性和完整性。客户明确同意公司的这一做法。
4.3. If there is a change in the personal circumstances of the Customer, the Customer must immediately notify the Company of the change in writing.
如果客户的个人情况有所变动，客户必须立即以书面形式通知公司。
4.4. The Company may review the Customer’s classification from time to time (subject to complying with regulatory requirements) to re-classify the Customer if necessary.
遵照相关的规定，公司会不定时审核对客户分类。如有必要的话，公司会对客户重新分类。
5. Capacity 能力/资格

5.1. In relation to any Transaction the Company acts as principal to principal and not as agent on the Customer’s behalf. This means that unless otherwise agreed, the Company will treat the Customer as a client for all purposes and the Customer shall be directly and fully responsible for performing the obligations under each Transaction made by or on behalf of the Customer.
在任何一笔交易中，公司都扮演委托人而非顾客代表的角色。这就意味着，无论在何种情况下公司都将顾客视为客户，同时顾客在每笔交易中都应该为自身义务的履行负直接和全部的责任，另有约定的除外。
5.2. If the Customer acts in relation to or on behalf of someone else, whether or not the Customer identifies that person, the Company shall not accept that person as an indirect client and shall accept no obligation to that person, unless otherwise specifically agreed.
如果顾客扮演与第三方相关或第三方代表的角色，不管顾客是否指明此人，公司都不会接受该人作为间接客户，也不会对该人负任何责任，另有约定的除外。
5.3. Any person or agent notified to the Company as being authorised by the Customer may give Instructions and Requests to the Company concerning any Transaction, or proposed Transaction, or any other matter.
任何经顾客授权并告知公司的个人或代理人，可给与公司关于交易、拟议交易等问题的指令和要求。
5.4. The Customer authorises the Company to rely and act on any Request, Instruction or other communication received from the Customer which purports to have been given by the Customer or on behalf of the Customer without further enquiry on the part of the Company as to the authenticity, genuineness, authority or identity of the person giving or purporting to give such Request, Instruction or other communication. The Customer will be responsible for and will be bound by all obligations entered into or assumed by the Company on behalf of the Customer in consequence of or in connection with such Requests, Instructions or other communications.
客户授权公司依靠并执行任何源自客户的旨在获得由客户或代表客户不对公司部分（如该人的可靠性、真实性、权力或身份）作过多询问的要求、指示等。顾客应承担并受制于由此引起的相应责任。
6. Customer money 顾客资金
6.1. Relevant Amounts held on the Trading Account up to USD 5,000 (Five thousand US dollars) or equivalent (“Segregated Funds”) will be segregated by the Company.
交易账户持有的达到5，000美金（五千美金）或等值（分离资金）的相关资金量都将会被公司分离。//
6.2. For all Relevant Amounts over USD 5,000 (Five thousand US dollars) or equivalent (“Nonsegregated Funds”), the Customer has agreed that full title to, and ownership of, Non-segregated Funds has been transferred by the Customer to the Company or otherwise passed to the Company for the purpose of securing or otherwise covering the Customer’s present or future, actual or contingent or prospective obligations: such amounts do not constitute and shall not at any time be deemed to constitute client money for purposes of the FSA Rules and the Customer agrees that the Company can deal with this money on its own right and the Customer will no longer have a proprietary claim over this money until an equivalent transfer is made back to the Customer if the provision of collateral by the Customer is no longer necessary. Non-segregated Funds will not be
segregated from the Company’s money and in the event of the Company’s insolvency the
Customer will rank as a general creditor of the Company.
对所有超过5，000美金的相关资金量，（五千美金）或等值（非分离资金），客户已同意将非分离资金的所有权和所有制转移到公司或交给公司，目的在于保证或涵盖客户的现有或将来的，实际或附带的或未来可能发生的义务：根据FSA法则，这些金额不构成并不得在任何时候被视为构成客户款项；客户同意公司可以自由处理这笔资金；如果客户附属条款不再必要，客户将不再对这笔资金享有财产的索赔权直到等值资金转账给客户。非分离资金将不会从公司资金分离，如果发生公司破产情况，客户将被列为公司的一般债权人。

6.3. The Company shall not be obliged to pay interest to the Customer on any funds which the Company holds. The Customer waives all rights to interest.
公司没有义务对公司持有的任何资金向客户支付利息。客户放弃所有获得利息的权利。

6.4. The Company will promptly place any Segregated Funds held on the Customer’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to FSA Rules and Permissions).
公司会迅速将代表客户持有的并且不会转移到公司或由公司持有的任何分离资金设为一个分离账户（根据FSA法则和权限）。

6.5. Unless the Customer has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Customer’s behalf in a Segregated Account located outside the United Kingdom or pass money held on the Customer’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside the United Kingdom. The legal and regulatory regime applying to any such person will be different from that of the United Kingdom and in the event of the insolvency or any other equivalent failure of that person, the Customer’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in the United Kingdom. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause.
如果客户未能已以书面形式通知公司，公司可以代表客户以一个在英国境外分离账户持有分离资金，或代表客户以一个英国境外的中间商，清算代理人或场外交易商转移这笔资金。用于任何此人的法律和监管制度会与英国的有所不同，如果发生此人破产或任何其他同类意外，客户的资金将受到区别于在英国的一个分离账户中资金的待遇。公司将不承担在此条款中涉及的任何第三方的破产，作为或遗漏。

6.6. The Customer agrees that, in the event that there has been no movement on the Customer’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Customer despite having taken reasonable steps to do so, the Company may release any Customer’s money balances from the Segregated Account.
客户同意，如果至少六年之内，客户交易账户的余额没有变动（不含任何付款或收费、利息等类似项目），并且公司即使采取合理的步骤也无法跟踪客户，公司可以从分离账户中取出客户的任何资金余额。

6.7. The Company is covered by the Financial Services Compensation Scheme. The Customer may be entitled to compensation from the scheme if the Company cannot meet its obligations. This depends on the type of business, the Customer’s status and the circumstances of the claim. Most types of investment business are covered for 100% of the first ￡35,000 and 90% of the next ￡20,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme. The Financial Services Compensation Scheme may be contacted by writing to the Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken
Street, London, E1 8BN, or by emailing them at the email address provided on the Financial Services Compensation Scheme website at www.fscs.org.uk.
公司采用金融服务补偿体系。如果该公司不能履行其义务，客户有权从计划中获得补偿。这将取决于业务的类型，客户的身份和索赔的情形。大多数投资业务涵盖了第一笔35，000英镑的100% 和接下来20，000英镑的90 ％。欲知更多有关补偿安排的信息，您可从“金融服务补偿体系”中获得。可以写信联络“the Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN，或发电子邮件至www.fscs.org.uk。

6.8. The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Customer’s interests.
公司将通过日常基础的公司持有分离账户的记录和款项进行记录及有记录的分离账户的和解，而且任何要求的分离账户的转入或转出会在行使和解当天收盘之前进行。为了保护该公司或客户的利益，公司保留更加频繁地执行这些和解和转让的权利。

7. Services 服务

7.1. Subject to the Customer’s obligations under the Operative Agreements being fulfilled, the Company may enter into Transactions with the Customer in the Instruments specified in the Contracts Specifications.
根据操作协议，公司可根据合同的具体规定与客户进行交易。这属于客户的权利。
7.2. The Company shall carry out all Transactions with the Customer on an execution-only basis. The Company is entitled to execute Transactions notwithstanding that a Transaction may be not suitable for the Customer. The Company is under no obligation, unless otherwise agreed in the Operative Agreements, to monitor or advise the Customer on the status of any Transaction; to make margin calls; or to close out any Customer’s Open Positions. Unless otherwise specifically agreed, the Company does not owe the Customer the duty of best execution.
公司与客户的所有交易都只建立在执行的基础上。即使交易可能不适合客户，公司也有权进行交易。公司没有任何义务针对任何交易状况监督或建议客户，拨打保证金电话，或关闭任何客户的仓位。在操作协议中另有约定的除外。公司不对客户负的最佳执行的责任。另有约定的除外。
7.3. The Customer shall not be entitled to ask the Company to provide investment advice or to make any statements of opinion to encourage the Customer to make any particular Transaction.
客户无权要求公司提供投资意见或作出任何意见的陈述以鼓励客户进行任何特定交易。
7.4. The Company shall not provide physical delivery in relation to any Transaction. Profit or loss in the Currency of the Trading Account is deposited in/withdrawn from the Trading Account once the Transaction is closed.
公司不得提供与任何交易有关的实物交割。一旦交易结束，交易账户内的货币的利润与损失会存入交易账户或从交易账户中取出。
7.5. The Company will not: 公司将不会：

(a) provide personal recommendations or advice on the merits of any specific Transactions; or
针对任何具体交易的价值提供个人建议
(b) other than as described in clause 18, hold or safeguard any assets or investments.
不同于条款18所述，持有或保护任何资产或投资。
7.6. The Company may from time to time and at its discretion provide information and recommendations in newsletters which it may post on its Website or provide to subscribers via its Website or otherwise. It will not be responsible for
such information and recommendations and gives no representation, warranty or guarantee as to the accuracy, correctness or completeness, suitability or effect or consequences upon the Customer of such information and recommendations. It is provided solely to assist the Customer to make the Customer’s own investment decisions and does not amount to investment advice or unsolicited financial promotions to the Customer.
公司将不时按自身意愿以新闻形式提供给用户一些信息和建议。这些信息和建议可能直接公布在公司网站或通过网站提供给订阅者。本公司对该信息和建议不具有任何法律责任，对其准确性、正确性、完整性、适用性、以及对客户的影响性不予任何保证。该信息和建议仅旨在协助客户进行自身投资决策，并不等同于投资建议或对客户的自发金融推荐。
7.7. The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Customer and the Customer agrees that the Company will have no obligation to inform the Customer of the reasons.
公司保留在任何时候拒绝向客户提供服务的权利，客户同意公司无义务告知客户其原因。
8. Conflicts of interest and material interests 利益冲突与物质利益

8.1. When the Company deals with or for the Customer, the Company, an associate or some other person connected with the Company, may have an interest, relationship or arrangement that is material in relation to the Transaction concerned or that conflicts with the Customer’s interest. By way of example only, when the Company deals with a
Transaction for or on behalf of the Customer, the Company may be:
当公司与客户交易或为客户服务时，合伙人或与公司有关的其他人可能会有涉及到有关客户利益的交易或冲突的物质上的利益、关系或安排。例如当公司为客户或代表客户进行交易时，公司可能：
(a) dealing in the Instrument concerned as principal for the Company’s account by selling to or buying the Instrument from the Customer;
通过卖给或从客户那里买入货币来以委托人的身份经营货币。
(b) matching the Customer’s Transaction with that of another customer by acting on such other customer’s behalf as well as on the Customer’s behalf;
通过以客户代表和此类其他客户代表的身份，对客户之间的交易进行匹配。
(c) dealing in the Instrument which the Company recommends to the Customer (including holding a Long or Short Position); or
经营公司向客户推荐的货币（包括持有作多作空仓位）
(d) advising and providing other services to associates or other customers of the Company who may have interests in investments or underlying assets which conflict with the Customer’s interests.
为有意投资或是与客户利益发生冲突的潜在资产的合伙人或其他客户提供建议和其他服务。
8.2. The Customer consents to and authorises the Company to deal with or for the Customer in any manner which the Company considers appropriate, notwithstanding any conflict of interest or the existence of any material interest in a Transaction, without prior reference to the Customer. Company employees are required to comply with a policy of
independence and to disregard any such material interest or conflict of interest while advising the Customer.
客户同意并授权公司以公司认为适合的任何方式与其或为其进行交易。即使交易中存在利益冲突或是存在某种物质利益，公司也无需提前参照客户个人意见。 公司员工要求遵守一套独立的政策。当建议客户时，员工不应考虑任何物质利益或利益冲突。
9. Commissions, charges and other costs 佣金，手续费与其他费用

9.1. The Customer shall be obliged to pay the Company the commissions, charges and other costs set out in the Contracts Specifications. The Company will display all current commissions, charges and other costs on its Website.
客户应有义务支付公司合同中具体阐明的佣金，手续费和其他费用。公司将在其网站公布当前所有的佣金，收费和其他费用。
9.2. The Company may vary commissions, charges and other costs from time to time without prior Written Notice to the Customer. All changes in commissions, charges and other costs are displayed on the Company News Webpage, except the changes in rollover/interest policy which are displayed on the Rollover/Interest Policy Webpage.
公司可能不时更改佣金，手续费及其他费用而没有事先以书面形式告知客户。除了贷款展期/利率政策在贷款展期/利率政策网页上公布以外，所有佣金，手续费及其他费用的改变都在公司新闻网页中公布。
9.3. Subject to complying with the FSA Rules and any other applicable regulations including those of a regulatory authority or the relevant recognized or designated investment exchange or other exchange, the Company will not be under any obligation to disclose to, or to account to the Customer for, any profit, benefit, commission or other
remuneration made or received by the Company by reason of any Transaction or investment, unless otherwise agreed in the Operative Agreements.
依照FSA法规及其他适用法规（包括那些管理当局或相关的认可或指定的投资交易所或其他交易所的法规），公司不负责向客户公布或解释由任何交易或投资引起的由公司制定或得到的任何盈利，利益，佣金或其他报酬。在操作协议中另有规定的除外。
9.4. The Company may from time to time deal on the Customer’s behalf with persons whom the Company has a soft commission agreement which permits the Company (or another member of the Company’s group) to receive goods or services in return for transacting investment business with such persons or others. It is the policy of the Company in relation to such agreements to ensure that such arrangements operate in the best interest of the Customer as far as practicable, for example, because the arrangements allow access to information or other benefits which would not otherwise be available.
公司可能不定时代表客户接洽与公司有软佣金协议之人。该协议允许公司（或公司集团的另一个成员）接受物品或服务作为与此人或其他人进行投资交易的回报。这是公司关于这些协议的政策，以保证这些协议以尽可能可行的客户最大利益运行。例如，由于筹划允许获取本不能获取的信息或其他福利。
10. Currency 货币

10.1. The Company is entitled, without prior notice to the Customer, to make any currency conversions which the Company considers necessary or desirable for the purposes of complying with its obligations or exercising its rights under the Operative Agreements or any Transaction. Any such conversion shall be effected by the Company in such manner and at such rates as the Company may in its discretion determine, having regards to the prevailing rates for freely convertible currencies.
遵守其义务或履行权力，公司有权在没有事先通知客户的情况下，根据操作协议或任何交易，进行公司认为有必要或理想的货币兑换。由于公司可根据自由兑换货币的现行汇率自行决定，任何此种兑换均应以这种方式和此种汇率由公司执行。
10.2. All foreign currency exchange risk arising from any Transaction or from the compliance by the Company with its obligations or the exercise by it of its rights under the Operative Agreements will be borne by the Customer.
所有由于交易或公司依照操作协议行使其权利义务而引起的外汇交易风险都由客户负责。
11. Providing Quotes 提供报价

11.1. The Company provides Quotes to the Customer in accordance with the Terms of Business.
依照交易条款，公司向客户提供报价。
11.2. The Company shall not be obliged to, but may, at its absolute discretion, execute the Customer’s Requests and Instructions in respect of any Instrument out of normal trading hours specified in the Contract Specifications for that particular Instrument.
公司可完全按照自己的意愿，不对合同规格中针对该货币规定的正常交易时间以外执行客户的要求与指示负责。
11.3. The Company specifies Spread for each Instrument in the Contract Specifications. The Company is entitled to change Spreads without prior Written Notice to the Customer subject to the Terms of Business. Otherwise, the Company shall notify the Customer not less than 14 calendar days prior to any changes in Spreads.
公司在合同规格中明确规定每个货币对的差价。公司有权根据交易条款，未经事先以书面形式通知客户改变差价。否则，公司应少于14天内事先通知客户任何差价改变。
11.4. Quotes displayed on the Website are Indicative Quotes.
网页上列明的价格是指示性报价。
11.5. Although the Company does not ensure that the CFD Quotes it provides are within any specific percentage of the underlying asset price, the Company takes into account the underlying asset price. When the Underlying Market is closed, the Quotes provided by the Company will reflect what the Company believes to be the current Bid and Ask
price of the relevant Security of the Underlying Market at that time. The Customer acknowledges that such Quotes will be set by the Company at its absolute discretion.
尽管该公司并不确保其提供的CFD报价在标的资产价格的任何特定比例内，该公司考虑标的资产价格。当标的市场关闭时，公司提供的报价将反映公司认为当时标的市场的相对安全性的当前喊价及要价。客户确认，此报价由公司按其绝对意见给出。
12. Customer’s Requests and Instructions 客户要求和指令

12.1. The Company processes and executes Requests and Instructions in accordance with the Terms of Business.
公司依照交易条款审核并执行要求和指令
12.2. The Company is entitled to decline a Request or an Instruction if any of the conditions set out in the Terms of Business or in clause 12.3 of this Agreement is breached before the Request or Instruction is processed by the Company. However, the Company may at its absolute discretion, accept and execute the Request or Instruction,
notwithstanding that the conditions in the Terms of Business or in clause 12.3 of this Agreement are breached. If the Company executes the Request or Instruction and becomes aware of any breach of the conditions set out in the Terms of Business or in clause 12.3 of this Agreement, the Company may act in accordance with the Terms of Business.
若交易条款或本协议的条款12.3中阐述的任何条约在要求与指示被公司审核之前违反，公司有权拒绝请求与指示。然而，公司可能按其绝对意见接受并执行要求或指示，尽管交易条款或本协议的条款12.3中的条约被违反。若公司执行要求或条款并逐渐意识到交易条款与本协议的条款12.3中阐述的条约的任何违反，公司可依照交易条款实施。
12.3. The conditions referred to in clause 12.2 are as follows:
参照条款12.2中的条款，如下：
(a) a Quote must be obtained from the Company;
报价必须得到公司承认
(b) a Quote must not be an Indicative Quote;
报价不得为指示性报价
(c) if a Quote is provided to the Customer via the Client Terminal or the telephone, the Customer Instruction must be given whilst the Quote is valid;
若报价通过客户终端或电话向客户提供，必须给予客户指示直到报价有效。
(d) the Company receives and accepts the Instruction before the telephone conversation or before the Internet connection is disrupted;
公司在电话交谈前或网络连接受阻前收到并接受指示。
(e) a Quote must not be manifestly erroneous;
报价不得有明显错误。
(f) a Quote must not be an Error Quote (Spike);
报价不得为错误报价（Spike）
(g) the Transaction Size must not be less than the minimum Transaction Size for this Instrument indicated in the Contract Specifications;
交易规模不得低于合同规格中指明的这个货币对的最小交易规模
(h) a Force Majeure Event must not have occurred;
不得发生不可抗力。
(i) when the Customer gives a Request or an Instruction to the Company an Event of Default must not have occurred in respect of the Customer; and
当客户交给公司一个要求或指令，客户不得发生违约行为。
(j) when the Customer opens a position the Customer shall have sufficient Free Margin to cover the Initial Margin requirement in respect of that Open Position.
当客户开仓，就其开仓，其须有足够的自由保证金支付初始保证金。
12.4. Terms defined in the Operative Agreements are subject to the Transaction Size within Normal Market Size for the specified Instrument (refer to the Website for details). The Company may, at its absolute discretion, change these terms if the Customer wishes to make a Transaction larger than Normal Market Size for the specified Instrument.
有效协议中界定的条款取决于详述的货币对（详情参考网站）在正常市场规模中的交易规模。若客户希望进行大于就详述的货币对的正常市场的交易，公司可按其绝对决定权，改变这些条款。
12.5. The Company reserves the right not to accept any offer to trade, e.g., if the Company believes that it will not be able to hedge the proposed Transaction in the Underlying Market, or the proposed Transaction is of such a size (too small or too large), that the Company does not wish to accept that Transaction.
公司保留权利不接受任何交易询盘，例如，如果公司认为将无法在标的市场中对冲拟议中的交易，或拟议中的交易是公司不愿接受那种交易的规模（太小或太大），13. Netting

13.1. The amounts payable under the Operative Agreements are automatically converted by the Company into the Currency of the Trading Account at the relevant exchange rate for spot dealings in the foreign exchange market.
根据有效协议应付额自动由公司因在外汇市场的现货交易，按相关汇率转换为交易账户的货币。
13.2. If the aggregate amount payable under the Operative Agreements by the Customer equals the aggregate amount payable under the Operative Agreements by the Company, then the obligations to make payment of any such amount will be automatically satisfied and discharged.
若客户根据有效协议可支付的累计金额等同于公司根据有效协议可支付的累计金额，支付任何此金额的义务将自动确认并履行。
13.3. If the aggregate amount payable under the Operative Agreements by one party exceeds the aggregate amount payable under the Operative Agreements by the other party, then the party with the larger aggregate amount shall pay the excess to the other party and all obligations to make payment will be automatically satisfied and discharged.
如果一方根据有效协议应付的累计金额超过另一方据有效协议应负的累计金额，拥有较大累计金额的一方将支付给另一方超出的金额，并且所有的支付义务将自动进行并履行
13.4. The Customer obligations to pay any due amount shall include all commissions, charges and other costs determined by the Company.
客户有支付任何应付的金额的义务应包括公司规定的所有的佣金，收费及其他费用。
14. Margin requirements 保证金要求
14.1. The Customer shall provide and maintain the Initial Margin and/or Hedged Margin in such limits as the Company, at its sole discretion, may require from time to time under the Operative Agreements. Such sums of money shall only be paid to the Company's bank account in the form of cleared funds. It is the Customer’s responsibility to ensure that the Customer understands how a margin is calculated.
客户应按公司限制，可以不时根据有效协议要求，以其独有的决定权，提供并维持初始保证金及/或对冲保证金。这些钱应以结清的资金形式只支付给公司银行账户。客户有责任确保其了解如何计算保证金。
14.2. The Customer shall pay Initial Margin and/or Hedged Margin at the moment of opening a position. The amount of Initial Margin and Hedged Margin for each Instrument is defined in the Contract Specifications.
客户应在开仓时支付初始保证金及/或对冲保证金。每个货币对的初始保证金及对冲保证金的总额在合同规格中规定。
14.3. If no Force Majeure Event has occurred, the Company is entitled to change margin requirements, giving to the Customer five Business Days Written Notice prior to these amendments.
若未发生不可抗力，公司有权改变保证金要求，对此修正，事先5个工作日书面通知客户。
14.4. The Company is entitled to change margin requirements without prior Written Notice in the case of Force Majeure Event.
在不可抗力发生的情况下，公司有权未经事先书面通知改变保证金要求。
14.5. The Company is entitled to apply new margin requirements amended in accordance with clauses 14.3 and 14.4 to the new positions and to the positions which are already open.
公司有权对新仓或已开仓位实施按照条款14.3和14.4修改的新的保证金要求。
14.6. The Company is entitled to close the Customer’s Open Positions without the consent of the Customer or any prior Written Notice if the Equity is less than 20% of the Necessary Margin.
若股本少于必要保证金的20%，公司有权未经客户同意或任何事先书面通知关闭客户的已开仓位。
14.7. It is the Customer’s responsibility to notify the Company as soon as the Customer believes that the Customer will be unable to meet a margin payment when due.
客户有责任当认为其到期不能偿付保证金时马上通知公司。
14.8. The Company is not obliged to make margin calls for the Customer. The Company is not liable to the Customer for any failure by the Company to contact, or attempt to contact the Customer.
公司不负责客户make margin calls。公司不负责客户联络或尝试联络客户的任何失败。
14.9. For the purposes of determining whether the Customer has breached clause 14.6 above, any sums referred to therein which are not denominated in the Currency of the Trading Account shall be treated as if they were denominated in the Currency of the Trading Account by converting them into the Currency of the Trading Account at the relevant exchange rate for spot dealings in the foreign exchange market.
为决定客户是否违反以上的条款14.6，根据通过把交易账户规定的货币兑换为在外汇交易市场进行现货交易的交易账户的在相关汇率的货币，其中的在交易账户中规定的任何金额将按以上情况处理。
15. Adjustments 调解

15.1. If any Security becomes subject to possible adjustment as a result of any of the events set out in clause 15.2 below ("Corporate Event"), the Company will determine the appropriate adjustment, if any, to be made to the size, value and/or number of the related Transaction (and or to the level and size of any Order) to:
如果由于以下的条款15.2（法人事件）阐述的任何事件，任何证券将进行可能的调节，公司将决定适合的调整，如果有，应按照相关交易的规模，价值及/或数量（任何订单的标准和规模）。
(a) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that Transaction immediately prior to that Corporate Event; and/or
按照即时交易优于公司事件的原则来处理削弱或集中效应，以保证双方在权利和义务方面的经济对等
(b) replicate the effect of the Corporate Event upon someone with an interest in the relevant underlying Security, to be effective from the date determined by the Company.
对于与标的证券有相关利益的客户可重复公司事件效应，在执行的生效期由公司决定。
15.2. The events to which clause 15.1 refers are the declaration by the issuer of a Security of the terms of any of the following:
15.1条款中所述之事实是指证券发行方所做的如下声明：
(a) a subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of shares to existing shareholders by way of a bonus, capitalisation or similar issue;
股票的细分，合并或是重组，股票回购或注销，股票通过红利，资本或类似方式自由分配给已知股票持有者。
(b) a distribution to existing holders of the underlying shares of additional shares, other share capital or securities granting the right to payment of dividends and/or proceeds of liquidation of the issuer equally proportionately with such payments to holders of the underlying shares, or Securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe or receive shares, in any case for payment (in cash or
otherwise) at less than the prevailing market price per share as determined by the Company;
对给予股息支付权利及/或同等比例的清算收益的标的股份，附加股份，其他股份资金或证券的现持有者的分配与那些给予权利去分配股份或购买，订阅，接收股份的标的股份，证券，权利或认股权的持有者的支付，不管怎样支付（现金或其他）每股低于公司规定的现行市场价格。
(c) any other event in respect of the shares similar to any of the above events or otherwise having a diluting or concentrating effect on the market value of the shares; or
任何其他类似于上述情况，且对股票的市场价值有一定的削弱或集中效应的。
(d) any event similar to any of the foregoing events or otherwise having a diluting or concentrating effect on the market value of any Security not based on shares.
任何其他类似于上述情况，且对不基于股票的证券市场价值有一定的分散或集中效应的。
15.3. Determination of any adjustment or amendment of the size, value and/or number of the Transaction (and/or of the level and size of any Order) shall be at the absolute discretion of the Company and shall be conclusive and binding upon the Customer. The Company shall inform the Customer of any adjustment or amendment under the Operative Agreements as soon as reasonably practicable.
对于交易的规模，价值及/或数量（以及/或任何订单的标准和规模）都应绝对按照公司的意愿执行，且公司所做决定对客户有最终决定性和约束性。按照有效协议，公司对交易的合理操作进行的任何调整和修改都应及时通知客户。
15.4. If at any time a take-over offer is made in respect of a company, then at any time prior to the closing date of such offer the Company may give Written Notice to the Customer of its intention to close a Transaction in respect of that Security. This notice will include the closing date and the closing price.
如果公司方面在任何时间接受一份报盘，在该报盘的截止日期之前，公司可以书面通知客户，以说明其有意结束证券交易。该通知中应该注明结束日期和结束价格。
15.5. Where applicable (e.g. where a Security is based on shares in respect of which the issuer pays dividends) a dividend adjustment will be calculated in respect of Open Positions held on the ex-dividend day for the relevant underlying Security. The dividend adjustment will be credited to the Customer’s Trading Account if the Customer has an open Long Position, and debited if the Customer has an open Short Position.
适当的（例如，证券基于发行人支付股息的股份）股息调整将根据对相关标的证券在无息日持有的开仓仓位计算。若客户持有已开作多仓位，股息调整将信贷给客户的交易账户，若客户持有已开作空仓位，将记入借方账户。
16. Payments 付款

16.1. The Customer may deposit funds into the Trading Account at any time. Deposits will only be accepted by debit card or by cheque in the same name as the Customer, or by bank transfer from the account of the Customer. Under no circumstances will third party or anonymous payments be accepted.
客户可以在任何时候存款到交易账户，存款仅接受结算卡或与客户同名支票，或从客户账户过户到银行。在任何情况下将不会接受第三方或匿名支付。
16.2. The Company has the right to refuse payment by cheque if:
公司有权拒绝支票支付，若：
(a) the cheque is drawn from a non-UK/EU clearing bank; or
支票来自非英国/欧洲清算银行
(b) any payment given has not cleared on the first presentation.
首次支付尚未结清。
16.3. The Customer may withdraw funds from the Trading Account at any time in accordance with the clause 16.4.
依照条款16.4，客户可以在任何时候从交易账户取款。
16.4. If the Customer gives an instruction to withdraw funds from the Trading Account, the Company shall pay the specified amount within two Business Days once the instruction has been accepted, if the following requirements are met:
如果客户给与指令从交易账户取款，一旦指令被接受，公司应在两个工作日内支付指定的金额，若下列要求满足：
(a) the withdrawal instruction includes all necessary information;
取款指令包括所有必要信息
(b) the instruction is to make a bank transfer to the account of the Customer (under no circumstances will payments to third party or anonymous accounts be accepted); and
指令是银行过户到客户账户（在任何情况下将不会接受支付到第三方或匿名账户）
(c) at the moment of payment, the Customer’s Free Margin exceeds the amount specified in the withdrawal instruction including all payment charges.
在付款的同时，客户的自由保证金超过取款指令指定的金额量包括支付费用
16.5. The Company shall debit the Customer’s Trading Account for all payment charges.
公司应将为支付费用取出的金额记入客户的交易账户
16.6. If the Customer has the obligation to pay any amount to the Company which exceeds the Trading Account Equity the Customer shall pay the amount of excess forthwith upon the obligation arising.
若客户有义务支付公司任何金额，其超出交易账户股本，客户应立刻履行义务支付超出金额。
16.7. All payments subject to the terms of clause 16 are made by bank transfer or by cheque. If the Company accepts any payments to be made by a debit card it reserves the right to levy a transfer charge.
所有取决于条款16的支付由银行过户或支票支付。若公司接受任何结算卡的支付，其将保留权利征收过户费用
16.8. If the Customer makes a payment by bank transfer or by cheque, the Company shall deposit the sum into the Customer’s Trading Account within one Business Day once the amount is cleared in the bank account of the Company.
若客户由银行过户或支票支付，一旦金额在公司银行账户结清，公司将在一个工作日内存入全款到客户交易账户。
16.9. The Customer acknowledges and agrees that (without prejudice to any of the Company’s other rights under the Operative Agreements to close out the Customer’s Open Positions and exercise other default remedies against the Customer), where a sum is due and payable to the Company in accordance with the Operative Agreements and
sufficient cleared funds are not yet credited to the Customer’s Trading Account, the Company shall be entitled to treat the Customer as having failed to make a payment to the Company and to exercise its rights under the Operative Agreements.
客户确认并同意，（根据有效协议，对公司的任何其他权利去关闭客户仓位，执行其他针对客户违约补救，没有偏见。），按照有效协议应付公司的金额及尚未存入客户交易账户的足够清算资金，该公司有权把客户视为未对公司付款，并在有效协议下行使权利。
16.10. The Customer shall make any margin payments or other payments due in US dollars, Euros, Great Britain Pounds or Swiss Francs. The payment amount will be converted into the Currency of the Trading Account at the rate determined by the bank of the Company.
客户应支付任何保证金或其他应付的美元，欧元，英镑或瑞士法郎。支付总金额将兑换为公司银行决定的交易账户汇率的货币。
16.11. Any amount which is not paid in accordance with clauses 16.4, 16.5 and 16.7 on the due date therefor shall bear interest at the Applicable Rate plus 4% per annum, for each day for which such amount remains unpaid. All debts are legally enforceable.
根据条款16.4 16.5及16.7到期不支付任何金额，应承担每天，保持不支付金额的适用利率上每年再加上4% 的利率。
17. Limitations of liability and indemnity 责任及赔偿的限制

17.1. Nothing in the Operative Agreements will exclude or restrict any obligation or liability which the Company may have or owe to the Customer under the FSA Rules, nor any liability which the Company may incur under the Act or the FSA Rules in respect of a breach of any such obligation, nor will anything in the Operative Agreements require the Customer to indemnify or compensate the Company to any extent prohibited by the FSA Rules.
公司根据FSA规则，有效协议中可能已经或对客户有义务的任何义务或责任，都不能排除或限制，根据ACT或FSA规则，就任何此种义务的违约也不能排除或限制，有效协议下的公司发生的在某些程度上被FSA规则禁止的任何责任，不会要求客户偿还或补偿公司，。
17.2. In the event the Company may provide advice, information or recommendations to the Customer, the Company shall not be responsible for the profitability of such advice, information or recommendations. The Customer acknowledges that the Company shall not, in the absence of its fraud, wilful default or gross negligence, be liable for any losses, costs, expenses or damages suffered by the Customer arising from any inaccuracy or mistake in any information given to the Customer including, without limitation, information relating to any Transactions. Subject to the right of the Company to void or close any Transaction in the specific circumstances set out the Operative Agreements,
any Transaction following such inaccuracy or mistake shall nonetheless remain valid and binding in all respects on both the Company and the Customer.
事实上，公司可以对客户提供建议，信息或推荐，公司概不负责此种建议，信息或推荐的盈利。客户确认，公司不得在没有欺骗，故意违约或重大疏忽的情况下，负责由于客户的任何提供给客户的任何资料不准确或错误的任何损失，花费，费用或损害，包括和任何交易有关的无限制的资料。根据公司的权利，在指定情况下阐述有效协议，放空或关闭任何交易，伴随此种不准确或错误的任何交易，应仍然就公司与客户双方，保持有效与约束。
17.3. The Company will not be liable for any loss or expense incurred by the Customer in connection with, or directly or indirectly arising from:
公司将不承担任何损失或费用，其是与客户相关或直接，间接引起的：
(a) any error or failure in the operation of the Trading Platform or any delay caused by the Client Terminal;
在交易平台运行的任何错误或失败，或由客户终端引起的任何延迟。
(b) Transactions made via the Client Terminal or by telephone;
通过客户终端或电话达成的交易。
(c) any failure by the Company to perform any of its obligations under the Operative Agreements as a result of a cause beyond its control; or
公司由于无法控制的原因，在有效协议下履行任何义务的任何失败。
(d) the acts, omissions or negligence of any third party.
任何第三方的行为，遗漏或疏忽。
17.4. The Customer will indemnify the Company and keep the Company indemnified on demand in respect of all liabilities, costs, claims, demands and expenses of any nature whatsoever which the Company suffers or incurs as a direct or indirect result of any failure by the Customer to perform any of the Customer’s obligations under the Operative
Agreements.
客户将赔偿公司并按公司要求就所有由客户在有效协议下履行其任何义务，公司承受或引起的直接或间接的任何失败的任何性质的责任，花费，索赔，要求及费用保持赔偿，。
17.5. The Company shall in no circumstances be liable to the Customer for any consequential special or indirect losses, loss of profits, loss of opportunity (including in relation to subsequent market movements), costs, expenses or damages the Customer may suffer in relation to the Operative Agreements, unless otherwise agreed in the Terms of Business.
公司在任何情况下都不对客户任何随之发生的专门的或间接的损失，利润损失，机会（包括相关的随后的市场走势）损失，就有效协议，客户可能承受的成本，经费或损害负责，除非交易条款另有规定。
18. Complaints and Disputes 投诉与纠纷

18.1. The complaints and Disputes resolution procedures are set out in the Terms of Business.
投诉与纠纷争端解决程序祥列于交易条款
18.2. If the Customer is a private individual or a firm, charity or organisation with a turnover of less than ￡1,000,000, the Customer may refer the matter to the Financial Ombudsman Service within six months if the Customer is not satisfied with the Company’s final response, or earlier if the Company has failed to provide a final response within eight weeks. Details of the Financial Ombudsman’s role may be found on http://fsahandbook.info/FSA/html/handbook/DISP/2. A copy of the Financial
Ombudsman Service’s explanatory booklet will be enclosed with the Company’s final response.
如果客户是个人或营业额少于￡ 1，000，000的公司，慈善机构或团体，如果客户不满意该公司的最后回应，或更早，如果该公司未能提供最后回应八个星期内。客户可将此事在6个月内提交财政监察专员服务。财政监察员作用的详情，可以在http://fsahandbook.info/fsa/html/handbook/disp/2 中找到。财政
监察专员服务的解释性的小册子将附有该公司的最后回应。

The Financial Ombudsman Service can be contacted by:

(a) website http://www.financial-ombudsman.org.uk/consumer/complaints.htm,
(b) telephoning 0845 080 1800.

The Company will provide whatever assistance the Company can to the Financial Ombudsman Service and abide with their final decision.

18.3. The Customer’s right to take legal action remains unaffected by the existence or use of any complaints procedures referred to above. However, the Financial Ombudsman Service will not adjudicate on any cases where litigation has commenced.

财政监察专员服务，可联络：

（一）网站http://www.financial-ombudsman.org.uk/consumer/complaints.htm ，
（二）电话0845 080 1800. 。

该公司将向财政监察专员服务提供所有可能的协助，并维持其最后的决定。

18.3 客户采取法律行动的权利仍然保持不受以上提到的存在或使用任何申诉程序影响。不管怎样，财政监察专员服务将不会在诉讼开始时对任何案件作出判决。
19. Communications 沟通

19.1. The rules of communication between the Customer and the Company are set out in the Terms of Business.
客户与公司之间的沟通法则详列于交易条款。
19.2. The Customer shall give Instructions and Requests only via the Client Terminal or by telephone, in accordance with the Terms of Business.
客户只有依照交易条款，通过客户终端或电话给予指示与要求。
20. Written Notice 书面通知
20.1. Any Written Notice given under this Agreement may be made as follows:
根据本协议，任何书面通知可以以下列方式作出给予：
(a) Trading Platform internal mail; 交易平台内部邮件
(b) email; 电子邮箱
(c) facsimile transmission; 传真传输
(d) post; or 邮寄
(e) information published on the Company News Webpage.
在公司新闻网页上登载
20.2. All contact details provided by the Customer, e.g. address, email address or fax number as last notified will be used as applicable. The Customer agrees to accept any notices or messages from the Company at any time.
客户提供的所有联系详情，例如，地址，电子邮件地址或传真号码作为最后备用信息适当使用。客户同意在任何时候接受来自公司的任何通知或信件。
20.3. Any such Written Notice will be deemed to have been served:
任何此种书面通知将被视为已经送达：
(a) if sent by email, within one hour after emailing it;
如果发送电子邮件，发出后一小时内。
(b) if sent by Trading Platform internal mail, immediately after sending it;
若发送交易平台内部邮件，发出后即刻。
(c) if sent by fax, at the completion of transmission during business hours at its destination or, if not within business hours, at the opening of the next period of business hours, but subject to:
如果发送传真，在目的地办公时间内完成传送，如果不是办公时间，在下个办公时间的开始，但须：
? proof by the sender that the sender holds a printed transmission report confirming dispatch of the transmitted notice; and
寄件人证明其持有确认发送通知的印输报告。
? the sender not receiving any telephone calls from the recipient within one hour from the above time, that the fax has not been received in a legible form.
寄件人在以上时间1小时内没有收到接收者的任何电话，传真机并未收到一份阅表
(d) if sent by post, seven calendar days after posting it;
若邮寄，寄出后7日内
(e) if posted on the Company News Webpage, within one hour after it has been posted.
如果登载于公司新闻网站，登载后1小时内。
20.4. For the purpose of clause 20, “business hours” mean between 9:00 a.m. and 5:30 p.m. on a Business Day.
条款21中，“办公时间”是指介乎上午9：00至下午5：00的英国办公时间
21. Amendment and termination 修订与终止
22.1. The Customer acknowledges that the Company has the right to modify the terms of the Operative Agreements at any time giving to the Customer ten Business Days Written Notice prior to such changes. Any such amendments will become effective on the date specified in the notice and will also apply to positions opened and to Orders placed prior to such date.
客户确认，公司在任何时候有权修改有效协议中的条款，须事先对这些改变以书面形式在10个工作日内通知客户。
21.2. The Customer may terminate this Agreement with immediate effect by giving Written Notice to the Company.
客户可以通过对公司做出书面通知，立即有效的终止本协议。
21.3. The Company may terminate this Agreement with immediate effect by giving Written Notice to the Customer.
公司可以通过对客户做出书面通知，立即有效的终止本协议。
21.4. Any such termination will not affect any obligation which has already been incurred by either the Customer or the Company in respect of any Open Position or any legal rights or obligations which may already have arisen under the Operative Agreements or any Transactions and deposit/withdrawal operations made thereunder.
任何此类终止将不会影响已经由客户与公司发生的，就任何开仓仓位或任何法律权利或义务，可能已经在有效协议下或其下的任何交易及存/取款运行中的任何义务，。
21.5. Upon termination of this Agreement, the Company will be entitled without prior notice to the Customer to cease to grant the Customer access to the Trading Platform.
在本协议的终止上，公司有权未经事先通知客户，停止准许客户获得交易平台。
21.6. Upon termination of this Agreement, all amounts payable by the Customer to the Company will become immediately due and payable including (but without limitation):
在本协议的终止上，客户应付给公司的所有金额将立即到期及应付，包括（
但不限于）：
(a) all outstanding fees, charges and commissions;
所有未偿费用，收费及佣金。
(b) any dealing expenses incurred by terminating this Agreement and charges incurred for transferring the Customer’s investments to another investment firm; and
发生终止本协议的任何交易费用，及发生转移客户投资到另一个投资公司的收费。
(c) any losses and expenses realised in closing out any Transactions or settling or concluding outstanding obligations incurred by the Company on the Customer’s behalf.
结束任何交易或解决，结束由公司代表客户发生的任何未偿义务的指定任何损失和花费。
22. Personal data and recording of telephone calls 个人资料与电话通话记录
22.1. The Company may use, store or otherwise process personal information provided by the Customer in connection with the provision of the Services.
公司可使用，存储或者处理客户提供的与服务条款相关的个人资料。
22.2. The Company is registered as a data controller in the United Kingdom under the Data Protection Act 1998.
公司在个人资料保护法1998下，在英国注册为数据资料监控系统
22.3. If the Customer is an individual, the Company is obliged to supply the Customer, on request, with a copy of personal data which it holds about the Customer (if any), provided that the Customer pays a fee.
如果客户是个人，公司有义务按要求提供给客户一份个人资料复件，由客户持有（如果可能）只要客户支付费用。
22.4. By entering into this Agreement, the Customer will be consenting to the transmittal of the Customer’s personal data (and/or have obtained consent from individuals working on the Customer’s behalf) outside the European Economic Area.
通过缔结这项协议，客户将同意在欧洲经济区以外传送其个人资料（并且/或已获得代表客户利益的个人的同意）
22.5. The Customer agrees that the Company may pass information about the Customer which the Customer has provided to other companies in the Company’s group and to external companies to help the Company to process and/or analyse it as part of the provision of Services to the Customer. If the Customer does not wish the Customer’s personal data to be used for such purposes, the Customer shall give the Company Written Notice.
客户同意，公司可以通过客户在公司集团的其他公司与外部公司的资料，作为客户服务条款的一部分，以便公司加工与/或分析。如果客户并不希望其个人资料用于此种目的，客户应书面通知公司。
22.6. Such personal data may also be used for marketing purposes, or to conduct market research for the Company or other companies in its group that may use the personal data to bring to the attention of the Customer products and services that may be of interest to the Customer and also to assist in the efficient provision of the Services. If the Customer does not wish the Customer’s personal data to be held for such purposes, the Customer shall give the Company Written Notice.
这些个人资料也可用于营销目的，或为公司或其集团内的其他公司进行市场调研，其可能用这些个人资料引起客户注意使其对产品和服务感兴趣，并也高效协助服务条款。如果客户不希望个人资料用于此种目的，客户应书面通知公司。
22.7. Telephone conversations between the Customer and the Company may be recorded. All Instructions or Requests received by telephone will be binding as if received in writing. Any recordings shall be and remain the sole property of the Company and will be accepted by the Customer as conclusive evidence of the Instructions/Requests or
conversations so recorded. The Customer agrees that the Company may deliver copies of transcripts of such recordings to any court, regulatory or government authority.
客户与公司之间的电话交谈可能会被记录。所有用电话收到的指令及要求与收到书面文件一样将具有约束力，任何记录应并且作为公司独有财产保存，这些记录的指令/要求或对话将作为客户的确凿证据。客户准许公司可以向任何法庭、管理或政府机关上交这些记录的副本。
23. Consent to direct contact 同意直接联络
231. The Customer expressly invites the Company, for the purpose of administering the terms of the Operative Agreements or otherwise marketing financial services and products, from time to time, to make direct contact with the Customer by telephone, fax, or otherwise.
客户明确要求该公司，为执行有效协议条款或营销金融服务和产品，让他们一次次的通过电话、传真或其他方式直接与客户联络。
23.2. The Customer consents to such communications and acknowledges that such communication would not be considered by the Customer as being a breach of any of the Customer’s rights under any relevant data protection and/or privacy regulations.
客户同意这种沟通，并且确认这种沟通不会违反客户对任何相关个人资料保护和/或隐私规定的任何权利。
24. Confidentiality 保密性
24.1. The information which the Company holds about the Customer is confidential and will not be used for any purpose other than in connection with the provision of the Services. Information of a confidential nature will be treated as such provided that such information is not already in the public domain. Information of a confidential nature will
only be disclosed to any person other than an Affiliate of the Company, in the following circumstances:
双方持有的客户的资料是保密的，并不得用于除了与服务条款有关的所描述的任何目的。机密性质的资料将被视为还未在公共领域提供此资料。机密性质的资料除了公司附属机构，除非在以下情况下才会透漏给其他人：
(a) where required by law or if requested by any regulatory authority or exchange having control or jurisdiction over the Company (or any respective associate);
凡法律规定的或如果被任何对公司有控制权或管辖权的管理机构或交易所规定，
(b) to investigate or prevent fraud or other illegal activity;
调查或防止欺诈或其他非法活动
(c) to any third party in connection with the provision of Services to the Customer by the Company;
与公司对客户相关的服务条款的任何第三方
(d) for purposes ancillary to the provision of the Services or the administration of the Customer’s Trading Account, including, without limitation, for the purposes of credit or identification enquiries or assessments;
为辅助服务条款或管理客户交易账户，包括，但不限于为信贷或确认查询或评估。
(e) if it is in the public interest to disclose such information; or
如果因为公众利益透漏这些资料
(f) at the Customer’s request or with the Customer’s consent.
在客户要求下或经客户同意
25. Time of essence
25.1. Time shall be of the essence in the Operative Agreements.
时间应是有效协议的本质
26. Default 违约
26.1. Each of the following constitutes an “Event of Default”:
以下每一个构成“违约事件”：
(a) the failure of the Customer to provide any Initial Margin and/or Hedged Margin, or other amount due under the Operative Agreements;
客户未执行提供任何初始保证金及/或对冲保证金，或根据有效协议应付其他金额。
(b) the failure of the Customer to perform any obligation due to the Company;
客户未完成对公司履行应负的义务
(c) any breach of clause 14 by the Customer;
客户违反条款14
(d) the initiation by a third party of proceedings for the Customer’s bankruptcy (if the Customer is an individual) or for the Customer’s winding-up or for the appointment of an administrator or receiver in respect of the Customer or any of the Customer’s assets (if the Customer is a company) or (in both cases) if the Customer makes an arrangement or composition with the Customer’s creditors or any procedure which is similar or
analogous to any of the above is commenced in respect of the Customer;
第三方发起的对客户破产的诉讼（若客户是个人）或客户的停业或管理人的任命或客户或其任何资产的接收，（若客户是公司）或（这两种情况）若客户作出安排或构成客户债权人或任何与以上相同或类似客户着手的程序，
(e) where any representation or warranty made by the Customer in clause 27 is or becomes untrue;
条款28中的客户作出的任何表示或保证变得不真实。
(f) the Customer is unable to pay the Customer’s debts when they fall due;
客户到期不能支付客户债务。
(g) the Customer (if the Customer is an individual) dies or becomes of unsound mind; or
客户（若客户是个人）死亡或变得精神不正常
(h) any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in clause 26.2.
公司合理的认为依照条款27.2明列的有必要或采取可取行为的任何其他情形。
26.2. If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following steps:
若违约行为发生，公司可以以其绝对决定权，在任何时候，未经事先书面通知，采取以下一个或更多的步骤：
(a) close out all or any of the Customer’s Open Positions at current Quotes;
关闭所有的或任何客户的目前报价的已开仓位。
(b) debit the Customer’s Trading Account(s) for the amounts which are due to the Company;
把应付公司的金额记入客户交易账户的借方账户中
(c) close any or all of the Customer’s Trading Accounts held with the Company;
关闭任何或所有的公司持有的客户交易账户。
(d) refuse to open new Trading Accounts for the Customer.
拒绝为客户开设新的交易账户
27. Representations and warranties 表示及保证
27.1. The Customer represents and warrants to the Company, and agrees that each such representation and warranty is deemed repeated each time the Customer gives an Instruction or Request by reference to the circumstances prevailing at such time, that:
客户向公司表示及保证，并同意每次表示及保证被视为客户对当时情况每次反复给予的指令或要求。
(a) the information provided by the Customer to the Company in the “Application to Open a Personal/Corporate Margin Trading Account” Form and the Operative Agreements and at any time thereafter is true, accurate and complete in all material respects;
客户在“申请开设个人/公司保证金交易账户”表格中对公司提供的资料，有效协议及在那之后的任何时候，材料方面是真实的，准确地，完整的。
(b) the Customer has read and fully understood the terms of the Operative Agreements including the Risk Acknowledgement and Disclosure;
客户已经阅读并完全明白本有效协议条款，包括风险确认及公开。
(c) the Customer is duly authorised to enter into the Operative Agreements, to give Instructions and Requests and to perform its obligations thereunder;
客户适时授权成为有效协议的一部分，给予指令及要求，履行其下的义务。
(d) the Customer acts as principal;
客户作为委托人
(e) the Customer is an individual who has completed an “Application to Open a Personal Margin Trading Account” Form or, if the Customer is a company, the person who has completed “Application to Open a Corporate Margin Trading Account” Form on the Customer’s behalf is duly authorised to do so; and
客户是完成“申请开设个人/公司保证金交易账户”表格的个人，若客户是公司。代表公司完成“申请开设个人/公司保证金交易账户”表格的人将适时授权去做。
(f) all actions performed under the Operative Agreements will not violate the Act, the FSA Rules or any law, ordinance, charter, by-law or rule applicable to the Customer or to the jurisdiction in which the Customer is resident, or any agreement by which the Customer is bound or by which any of the Customer’s assets are affected.
所有在有效协议下履行的行为将不会违反ACT,FSA法规或适用于客户或客户是其居民的管辖地的任何法律，法规，宪章，地方法律或规则，客户受约束的或影响客户任何资产的任何协议
27.2. In addition to all other rights and remedies available to it, the Company has the right to render any position voidable or to close out any or all positions at the current Quotes at any time, at its absolute discretion, if the Customer breaches clause 27.1.
若客户违反条款28.1，除了所有可获得的其他权利或补偿，公司有权宣布任何仓位无效，或在任何时候，以现行价格，以其绝对决定权抛售任何或所有的仓位。
28. Force Majeure 不可抗力
28.1. The Company may, in its reasonable opinion, determine that a Force Majeure Event exists, in which case the Company will, in due course, take reasonable steps to inform the Customer. A Force Majeure Event includes without limitation:
公司可因其合理意见确定不可抗力事件存在，在这种情况下，公司应在适当时候采取合理措施通知客户。不可抗力事件包括但不限于
(a) any act, event or occurrence (including, without limitation, any strike, riot or civil commotion, terrorism, war, act of God, accident, fire, flood, storm, interruption of power supply, electronic, communication equipment or supplier failure, civil unrest, statutory provisions, lock-outs) which, in the Company’s reasonable opinion, prevents the Company from maintaining an orderly market in one or more of the Instruments;
任何行为、事件或发生（包括但不限于任何罢工，暴动或民间骚动、恐怖主义、战争、天灾、意外事故、火灾、洪水、风暴、电源供应中断、电子、通信设备或供应失败、内乱、法定条文、停工）根据公司的合理意见，妨碍公司以一个或多个契约维持一个有序的市场。
(b) the suspension, liquidation or closure of any market or the abandonment or failure of any event to which the Company relates its Quotes, or the imposition of limits or special or unusual terms on the trading in any such market or on any such event.
任何市场的中止，停业清理或关闭，或放弃，未执行公司关于报价的任何事件，或在任何此市场或此事件的交易中，施加限制或特别，不寻常的条款。
28.2. If the Company determines in its reasonable opinion that a Force Majeure Event exists (without prejudice to any other rights under the Operative Agreements) the Company may without prior Written Notice and at any time take any of the following steps:
如果该公司根据其合理意见断定不可抗力存在（不损害本协议下的任何其他权利）只要公司断定在这种情况下合理适当，公司可以未经事先书面通知，并随时采取以下步骤。
(a) increase margin requirements;
增加保证金需求
(b) close out any or all Open Positions at such prices as the Company considers in good faith to be appropriate;
以公司认为真实合适的价格抛售任何所有的开仓仓位
(c) suspend or modify the application of any or all terms of the Operative Agreements to the extent that the Force Majeure Event makes it impossible or impractical for the Company to comply with them; or
中止或修改任何在某种程度上不可抗力使公司不可能或不切实际去遵守的有效协议的所有条款
(d) take or omit to take all such other actions as the Company deems to be reasonably appropriate in the circumstances with regard to the position of the Company, the Customer and other customers.
公司在考虑到其，客户及其他客户的情况下，采取或遗漏公司视为合理适当的所有此种行为。
29. Miscellaneous 多样性
29.1. The Company has the right to suspend the Customer’s Trading Account at any time for any good reason with or without Written Notice to the Customer.
公司有权在任何时候，因任何正当原因，事先或未经事先书面通知客户，中止客户交易账户
292. In the event that a situation arises that is not covered under the Operative Agreements, the Company will resolve the matter on the basis of good faith and fairness and, where appropriate, by taking such action as is consistent with market practice.
如果出现有效协议下不存在的情况出现，公司将基于诚信，公平原则解决此事件，并按照市场惯例酌情采取这样的行动。
29.3. No single or partial exercise of, or failure or delay in exercising any right, power or remedy (under these terms or at law) by the Company shall constitute a waiver by the Company of, or impair or preclude any exercise or further exercise of, that or any other right, power or remedy arising under the Operative Agreements or at law.
公司任何单一或部分的履行，或未执行、延迟履行任何权力、权势或补偿（根据这些条款或法律）将被公司豁免或削弱、排除在本有效协议或法律下发生的任何其他权利、权势或补偿的任何履行或进一步履行，
29.4. Any liability of the Customer to the Company under the Operative Agreements may in whole or in part be released, compounded, compromised or postponed by the Company in its absolute discretion without affecting any rights in respect of that or any liability not so waived, released, compounded, compromised or postponed. A waiver by
the Company of a breach of any of the terms of the Operative Agreements or of a default under these terms does not constitute a waiver of any other breach or default and shall not affect the other terms. A waiver by the Company of a breach of any of the terms of the Operative Agreements or a default under these terms will not prevent the Company
from subsequently requiring compliance with the waived obligation.
有效协议中规定的客户对于公司的任何责任，公司在不影响客户相关利益以及其他不可撤销，放弃，合并，折衷，或是推延的义务的前提下，可以按照自己的绝对意志对其进行全部或部分地撤销，放弃，合并，折衷或是推延。由于公司弃权而产生的与有效协议的相关规定的不一致或是错误，并不影响公司最终要求履行被撤销的职责。
29.5. The rights and remedies provided to the Company under the Operative Agreements are cumulative and are not exclusive of any rights or remedies provided by law.
根据本有效协议，公司规定的权利和补救是累积的，不排除法律规定的任何权力或补救。
29.6. The Company may assign the benefit and burden of the Operative Agreements to a third party in whole or in part, provided that such assignee agrees to abide by the terms of the Operative Agreements. Such assignment shall come into effect ten Business Days following the day the Customer is deemed to have received notice of the assignment in
accordance with the Terms of Business.
公司可分配利益并把本有效协议全部或部分交给第三方承担，规定这些受让人同意遵守本有效协议的条款。根据交易条款，这些转让在客户视为已经收到 转让通知以后的10个工作日内生效。
29.7. If any term of the Operative Agreements (or any part of any term) shall be held by a court of competent jurisdiction to be unenforceable for any reason then such term shall, to that extent, be deemed severable and not form part of this Agreement or the Terms of Business, but the enforceability of the remainder of Operative Agreements shall
not be affected.
如果本有效协议中应遵循有效管辖的法庭的任何条款（或任何条款的任何部分）由于任何原因不能有效执行，这些条款将在一定程度上被视为分割并不属于本协议或交易条款的一部分，本有效协议剩余可实施的条款不受影响。
29.8. The Customer may not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer the Customer’s rights or obligations under the Operative Agreements without prior written consent of the Company and any purported assignment, charge or transfer in violation of this term shall be void.
客户不得受让、收费或者转让，或意图受让、收费或转让客户的权利或义务，在本有效协议下未经公司事先书面同意，任何违反本条款的有意图的受让、收费或转让即属无效。
30. Governing law and jurisdiction 管理法及管辖权
30.1. This Agreement shall be governed by, and construed in accordance with the laws of England.
本协议应按照英格兰法律支配并解释。
30.2. With respect to any proceedings, the Customer irrevocably:
关于一些行为，客户不能撤回的：
(a) agrees that the courts of England shall have exclusive jurisdiction to determine any proceedings, 同意英格兰法庭应具有专属管辖权来确定任何行为
(b) submits to the jurisdiction of English courts,听从英格兰法庭的管辖
(c) waives any objection which the Customer may have at any time to the bringing of any proceedings in any such court, and
客户可以随时在任何此类法庭上诉取消任何异议。
(d) agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Customer.
同意不去声称此类诉讼带来了不便的讨论或法庭对客户没有管辖权。
30.3. Where the Operative Agreements are issued in a language other than English, the English language version shall take precedence in the event of any conflict.
如果本有效协议是以非英文的一种语言发布，如果发生任何冲突，英语版本应优先考虑
31. Interpretation of terms 释义条款
31.1. In this Agreement: 在本协议中
“Act” shall mean the Financial Services and Markets Act 2000.
“ACT”指金融服务市场行为2000
“Affiliate” shall mean in relation to the Company, any entity controlled directly or indirectly, by the Company, any entity that controls directly or indirectly, the Company, or any entity directly or indirectly under common control with the Company. For this purpose, “control” means ownership of a majority of the voting power of the Company or entity.
“附属机构”系指和公司有关的由其直接或间接控制的任何实体，任何直接或间接控制公司的实体，或与公司直接或间接共同控制的任何实体。为此，“控制”是指拥有多数投票权的公司或实体。
“Applicable Rate” shall mean: 可使用的汇率
(a) Federal Funds rate, if the Currency of the Trading Account is US dollars;
联邦基金汇率，若交易账户货币是美元；
(b) Bank of England Official Bank Rate, if the Currency of the Trading Account is Great Britain pounds;
英国官方银行的银行汇率，若交易账户货币是英镑
(c) Key European Central Bank (repo) Interest Rate, if the Currency of the Trading Account is euros; or
主要欧洲中央银行（repo）利率，若交易账户货币是欧元。
(d) Swiss National Bank Key Interest Rate, if the Currency of the Trading Account is Swiss francs.
瑞士国家银行主要利率，若交易账户货币是瑞士法郎。
“Application to Open a Personal/Corporate Margin Trading Account” Form” shall mean the “Application to open a personal/corporate Margin Trading account” form completed by the Customer and accessed through the Website.
“申请开设个人/公司保证金交易账户表”应指当客户通过网站完成的“申请开始个人/公司保证金交易账户”表格。
“Ask” shall mean the higher price in the Quote being the price at which the Customer may buy.
“Ask” 应指在报价中较高的价格作为客户可以购买的价格。
“Balance” shall mean the total financial result of all Completed Transactions and depositing/withdrawal operations on the Trading Account.
余额应指所有完成的交易的总财政情况与交易账户上的存/取款运作情况。
“Base Currency” shall mean the first currency in the Currency Pair against which the Customer buys or sells the Quote Currency.
“基础货币”应指针对客户买卖报价货币的货币对中的第一货币。
“Bid” shall mean the lower price in the Quote being the price at which the Customer may sell.
“喊价”应指报价的最低价作为客户可以出售的价钱
“Business Day” shall mean any day between Monday and Friday, inclusive, on which clearing banks are open in the City of London.
“工作日”应指在伦敦开设的清算银行的包括周一与周五及之间的任何一天
“Client Terminal” shall mean the MetaTrader program version 4, which is used by the Customer in order to obtain information of financial markets (which content is defined by the Company) in real-time, to make technical analysis of the markets, make Transactions, place/modify/delete Orders, as well as to receive notices from the Company. The program can be downloaded on the Website free of charge.
“客户终端”指MT4软件，客户为了即时获得金融市场的信息使用（公司定义内容），进行市场技术分析，交易，定制/修改/取消订单，同时接收公司通知。这个软件可以在网站上免费下载。
“Company News Webpage” shall mean the page of the Website where the Company news is displayed on. At date of this Agreement the information is displayed on http://www.alpari.co.uk/en/company-news/.
“公司新闻网页”应指该公司展示新闻的网页。在本协议日期内资料展示在http://www.alpari.co.uk/en/company-news/.
“Completed Transaction” shall mean two counter deals of the same size (opening a position and closing a position): buy then sell and vice versa.
“完成交易”应指同规模的两次相反交易（开仓与平仓）：购买后销售，反之亦然。
“Contract for Differences” (“CFD”) shall mean a contract, which is a contract for differences by reference to fluctuations in the price of the underlying asset (shares, futures, metals, indices etc.).
“差价和约”（”CFD” ）指这样的合约，即通过参考标的物（股票、期货、金属、指数等）价格的波动的差价和约。
“Contract Specifications” shall mean principal trading terms (Spread, Lot Size, Initial Margin, Hedged Margin etc.) for each Instrument. At the date of this document the information is displayed on http://www.alpari.co.uk/en/cspec/.
“合约规格”应指每个货币对的主要贸易术语（点差、标准手规模，初始保证金，对冲保证金等）。截至本文件，资料展示在http://www.alpari.co.uk/en/cspec/.
“Corporate Event” shall have the meaning set out in clause 15.
“公司事件”应指条款15中阐述的意义
“Currency of the Trading Account” shall mean the currency that the Customer chooses when opening the Trading Account.
“交易账户货币”指当开设交易账户时，客户选择的货币
“Currency Pair” shall mean the object of a Transaction based on the change in the value of one currency against the other.
“货币对”指基于一种货币对另一种货币价值改变的交易物
“Dispute” shall mean either: 纠纷指：
(a) the conflict situation when the Customer reasonably believes that the Company as a result of any action or failure to act breaches one or more terms of the Terms of Business; or
当客户合理认为公司由于任何行为或未执行，违反一条或多条交易条款的条款时的冲突情况。
(b) the conflict situation when the Company reasonably believes that the Customer as a result of any action or failure to act breaches one or more terms of the Terms of Business; or
当公司合理认为客户由于任何行为或未执行，违反一条或多条交易条款的条款时的冲突情况。

(c) the conflict situation when the Customer makes a deal at an Error Quote (Spike), or before the first Quote comes to the Trading Platform on the Market Opening, or at the Quote received by the Customer because a Dealer made a Manifest Error or because of a software failure of the Trading Platform.
当客户以错误报价进行交易时的冲突情况，或在市场开放时，交易平台的第一次报价之前，或由于交易商犯明显错误或由于交易平台的软件失败，客户收到的报价的冲突情况。
“Eligible Counterparty” shall mean an “Eligible Counterparty” for the purposes of the FSA Rules.
"合格交易对手"应指FSA法则的“合格交易对手”。

“Equity” shall mean: Balance + Floating Profit - Floating Loss.
“Equity”指余额+浮动盈利- 浮动损失
“Error Quote (Spike)” shall mean an error Quote with the following characteristics:
错误报价指 以下特征的错误报价：
(a) a significant Price Gap; and
大幅度的价格差距
(b) in a short period of time the price rebounds with a Price Gap; and
在短期内价格以价格差距反弹
(c) before it appears there have been no rapid price movements; and
其看起来没有快速的价格变动前
(d) before and immediately after it appears that no important macroeconomic indicators and/or corporate reports are released.

The Company has the right to delete Error Quotes (Spikes) from the Server’s Quotes Base.
其看起来没有重要宏观经济指标及/或公司发布报告前或即刻.
公司有权基于服务器报价取消错误报价
“Event of Default” shall have the meaning given in clause 26.
“违约事件”指条款26的定义
“Floating Profit/Loss” shall mean current profit/loss on Open Positions calculated at the current Quotes.
“浮动盈利/损失”指以现行报价计算的开仓的现行盈利/损失。
“Force Majeure Event” shall have the meaning as set out in clause 28.
“不可抗力事件”如条款28中阐述
“Free Margin” shall mean funds on the Trading Account, which may be used to open a position. It is calculated as Equity less Necessary Margin.
“自由保证金”指可用于开仓的交易账户的资金，作为少于必要保证金的股本
“FSA” shall mean the Financial Services Authority.
“FSA”指美国金融监管局
“FSA Rules” shall mean the FSA’s Handbook of Rules and Guidance.
“FSA Rules”指FSA规则与指导手册
“Hedged Margin” shall mean the margin required by the Company sufficient to open and maintain Matched Positions. The details for each Instrument are in the Contract Specifications.
“对冲保证金”指公司要求的足够开设并保持对称仓位的保证金。每个货币对的详情在合同规格中列明。
“Indicative Quote” shall mean a Quote at which the Company has the right not to accept any Instructions or execute any Orders.
“指示性报价”指公司有权不接受任何指令或执行任何订单的报价
“Initial Margin” shall mean the margin required by the Company to open a position. The details for each Instrument are in the Contract Specifications.
“初始保证金”应指公司要求的开仓保证金。每个货币对的详情在合同规格中列明。
“Instruction” shall mean an instruction from the Customer to the Company to open/close a position or to place/modify/delete an Order.
“指令”指客户对公司开/关仓或定制/修改/删除订单的指令。
“Instrument” shall mean any Currency Pair or Contract for Differences.
“Instrument”指任何货币对或和约差价
“Leverage” shall mean subject to clauses 2.15-2.18 of the Terms of Business, 1:20, 1:25, 1:40, 1:50, 1:100, 1:200, 1:500 ratio in respect of Transaction Size and Initial Margin. 1:100 ratio means that in order to open a position the Initial Margin is one hundred times less than Transaction Size.
“杠杆比例”指根据交易条款中的条款2.15—2.18，就交易规模与初始保证金而言1:20, 1:25, 1:40, 1:50, 1:100，1：200，1：500的比例。1：100的比例指初始保证金少于交易规模的100倍的开仓。
“Long Position” shall mean a buy position that appreciates in value if market prices increase. In respect of Currency Pairs: buying the Base Currency against the Quote Currency.
指如果市场价格上涨时，买入增值。就货币对而言：针对行价货币购买基础货币
“Lot” shall mean a unit of Securities or Base Currency in the Trading Platform.
“标准手”指在交易平台的一个证券或基础货币单位
“Lot Size” shall mean the number of shares, underlying assets or units of Base Currency in one Lot defined in the Contract Specifications.
“标准手规模”指合同规格定义的一个标准手的股份，基本资产或基础货币单位的数量。
“Маrgin Level” shall mean the percentage Equity to Necessary Margin ratio. It is calculated as (Equity / Necessary Margin) * 100%.
“保证金标准”指产权与必需保证金的百分比。这样计算：（产权/必需保证金）*100%
“Margin Trading” shall mean Leverage trading when the Customer may make Transactions having far less funds on the Trading Account in comparison with the Transaction Size.
“保证金交易”指当客户可能与交易规格比较，在交易账户中以少得多的资金交易时的杠杆交易。
“Matched Positions” shall mean Long and Short Positions of the same Transaction Size opened on the Trading Account for the same Instrument 1.
“Matched Positions” 指为同一货币对开设交易账户的相同交易规模的作多或作空
“Necessary Margin” shall mean the margin required by the Company to maintain Open Positions. The details for each Instrument are specified in the Contract Specifications.
“必需保证金”指公司要求的维持开户的保证金。货币对详情在合同规格中列明
“Non-segregated Funds” shall have the meaning as set out in clause 6.2.
“非分离资金”指条款6.2列明的含义。
“Normal Market Size” shall mean:
“一般市场规模“指：
(a) for the Currency Pair: the maximum number of units of Base Currency that are executed by the Company in the Instant Execution mode. This information for each Instrument is displayed in the Contract Specifications.
货币对：立即执行状态中的公司执行基础货币单位的最大数量。每个货币对的资料在合同规格中明列。
(b) for the Contract for Differences: the maximum number of stocks, shares, contracts or other units that the Company reasonably believes the Underlying Market to be good in at the relevant time.
和约差价：公司合理认为在相关时间内，基本市场良好的股票，股份，合同或其他单位的最大数量。
“Open Position” shall mean a Long Position or a Short Position which is not a Completed Transaction.
“Open Position” 指一个不完整的交易的作多或作空
“Operative Agreements” shall mean this Agreement, the Risk Acknowledgement and Disclosure attached at the schedule to this Agreement and the Terms of Business.
“有效协议”指本协议及本协议和交易条款负责的风险确认及公开。
“Order” shall mean an instruction from the Customer to the Company to open or close a position when the price reaches the Order Level.
“订单”指当价格到达订单标准时，客户对公司要开仓或平仓的一个指示
“Order Level” shall mean the price indicated in the Order.
“订单标准”指订单指示的价钱
“Price Gap” shall mean the following:
“价格差距”指以下：
(c) the current Quote Bid is higher than the Ask of the previous Quote; or
现行喊价高于先前报价
(d) the current Quote Ask is lower than the Bid of the previous Quote.
现行报价低于先前喊价
“Quote” shall mean the information of the current price for a specific Instrument, in the form of the Bid and Ask prices.
“价格”指以喊价或问价的形式，特定货币对的现价信息，
“Quote Currency” shall mean the second currency in the Currency Pair which can be bought or sold by the Customer for the Base Currency.
“价格货币”指客户可买卖基础货币的货币对中的第二货币。
“Quotes Base” shall mean Quotes Flow information stored on the Server.
“报价基础”指服务器储存的价格流动资料。
“Quotes Flow” shall mean the stream of Quotes in the Trading Platform for each Instrument
“价格流动”指在交易平台的每个货币对的价格流动。
“Rate” shall mean the following:
“利率”指以下：
(a) for the Currency Pair: the value of the Base Currency in the terms of the Quote Currency; or
货币对：按照价格货币，基础货币的价值
(b) for the Contract for Differences: the value of one unit of the underlying asset in terms of money.
“合约差价”指基本资产的一个单位的价值。
“Relevant Amount(s)” shall mean Equity in the Customer’s Trading Account.
“相关资金量”指客户交易账户的股本
“Request” shall mean a request from the Customer to the Company given to obtain a Quote. Such a Request shall not constitute an obligation to make a Transaction.
“要求”指客户从公司获得价格的要求。这种要求不应构成进行交易的义务
“Retail Client” shall mean a “Retail Client” for the purposes of the FSA Rules.
“零散客户”指FSA法则规定的含义
“Risk Acknowledgement and Disclosure” shall mean the Risk Acknowledgement and Disclosure attached at the schedule to this Agreement.
“风险确认及公开”指本协议附属表中的风险确认及公开
“Rollover/Interest Policy Webpage” shall mean the webpage at http://www.alpari.co.uk/en/swap-points.html.
“贷款展期/利率政策网页”指http://www.alpari.co.uk/en/swap-points.html.网页。
“Security” shall mean any share, future, forward or option contract, commodity, precious metal, interest rate, debt instrument or stock index.
“债券”指任何股份，期货，远期或期权合同，商品，贵金属，利率，债务或股票指数。
“Segregated Account” shall mean a client bank account as defined by and held in accordance with the FSA Rules.
“分离账户”指根据FSA法则定义的，持有的客户银行账户。
“Segregated Funds” shall have the meaning as set out in clause 6.1.
“分离资金”指条款6.1列明的含义
“Server” shall mean the MetaTrader Server program, version 4. The program is used to execute the Customer’s Instructions or Requests, to provide trading information in real-time mode (the content is defined by the Company), in consideration of the mutual liabilities between the Customer and the Company, subject to terms of the Terms of
Business.
“服务器”指MT4服务器程序。此程序用于执行客户指令或要求，即时提供交易信息（公司定义内容），根据交易条款的款项，考虑到客户和公司共同的责任。
“Services” shall mean the services provided by the Company to the Customer as set out in clause 7.
“服务”指条款7中阐述的公司对客户提供的服务。
“Short Position” shall mean a sell position that appreciates in value if market prices fall. In respect of Currency Pairs: selling the Base Currency against the Quote Currency.
“作空” 指当市场价格下跌时，售出增值。就货币对而言：根据货币价格卖掉基础货币。
“Spread” shall mean the difference between Ask and Bid.
“点差”指喊价与要价的差价
“Trading Account” shall mean the unique personified registration system of all Completed Transactions, Open Positions, Orders and deposit/withdrawal transactions in the Trading Platform.
“交易账户”指所有完整交易的独有的拟人化的注册系统，交易平台的开仓，订单及存/取款交易
“Trading Platform” shall mean all programs and technical facilities which provide real-time Quotes, allow Transactions to be made, Orders to be placed/modified/deleted/executed and calculate all mutual obligations between
the Customer and the Company. The trading platform consists of the Server and the Client Terminal.
“交易平台”指提供即时价格，允许交易，定制/修改/取消/执行订单，在公司与客户之间计算共同义务的所有程序及技术设备。交易平台包括服务器与客户终端。
“Transaction” shall mean any contract or transaction entered into or executed by the Customer or on behalf of the Customer arising under this Agreement and the Terms of Business.
“交易”指在本协议与交易条款下，由客户或代表客户缔结或执行的任何和约或交易
“Transaction Size” shall mean Lot Size multiplied by number of Lots.
“交易规模”指标准手数量增加的标准手规模
“Underlying Market” shall mean the market where the underlying asset for CFD is traded.
“基本市场”指ＣＦＤ交易的基本资产的市场
“Website” shall mean the Company’s website at http://www.alpari.co.uk or such other website as the Company may maintain from time to time for access by customers.
“网站”指公司的网页http://www.alpari.co.uk或客户可获得的公司一次次维持的其他这种网站
“Written Notice” shall have the meaning set out in clause 20.
“书面通知”在条款２0中列明
31.2. All references to a statutory provision include references to:
所有法定条款参考：
(a) any statutory modification, consolidation or re-enactment of it, whether before or after the date of this Agreement, for the time being in force;
任何法定修改，合并或重新制定，不管在本协议日期以前或以后，暂时生效。
(b) all statutory instruments or orders made pursuant to it; and
依照所有法定文书或规则
(c) any statutory provision of which that statutory provision is a re-enactment or modification.
任何法定条文都是可以重新制定或修改的。
31.3. Words denoting the singular include the plural and vice versa; words denoting any gender include all genders; and words denoting persons include corporations, partnerships, other unincorporated bodies and all other legal entities and vice versa.
词表示单数也包括复数，反之亦然；词也表示任何性，包括所有的性；词也表示人，包括公司、合伙企业、其他未注册的团体和所有其他法律实体，反之亦然。
31.4. Unless otherwise stated, a reference to a clause, party or a schedule is a reference to respectively a clause in or a party or schedule to this Agreement.
除非另有说明，条款、一方或附录的参考和协议中的条款、一方或附录的参考是各自独立的。
31.5. The clause headings are inserted for ease of reference only and do not affect the construction of this Agreement.
条款标题的插入是为仅供参考，不会影响对本协议的解释说明

11. Providing Quotes 提供报价

11.1. The Company provides Quotes to the Customer in accordance with the Terms of Business.
公司根据交易条款向客户提供报价。
11.2. The Company shall not be obliged to, but may, at its absolute discretion, execute the Customer’s Requests and Instructions in respect of any Instrument out of normal trading hours specified in the Contract Specifications for that particular Instrument.
公司可完全按照自己的意愿，不对合同规格中针对该货币规定的正常交易时间以外的时段执行客户的要求与指示负责。
11.3. The Company specifies Spread for each Instrument in the Contract Specifications. The Company is entitled to change Spreads without prior Written Notice to the Customer subject to the Terms of Business. Otherwise, the Company shall notify the Customer not less than 14 calendar days prior to any changes in Spreads.
公司在合同规格中明确规定每个货币对的差价。根据交易条款，公司有权在未事先以书面形式通知客户的情况下改变差价。否则，公司应在14天内提前通知客户任何差价改变。
11.4. Quotes displayed on the Website are Indicative Quotes.
网页上列明的报价是指示性报价。
11.5. Although the Company does not ensure that the CFD Quotes it provides are within any specific percentage of the underlying asset price, the Company takes into account the underlying asset price. When the Underlying Market is closed, the Quotes provided by the Company will reflect what the Company believes to be the current Bid and Ask price of the relevant Security of the Underlying Market at that time. The Customer acknowledges that such Quotes will be set by the Company at its absolute discretion.
尽管该公司并不确保其提供的CFD报价在标的资产价格的任何特定比例内，公司仍会考虑标的资产价格。当标的市场关闭时，公司提供的报价反映了公司认为当时标的市场的相对安全的卖出价和买入价。客户承认：此报价由公司自行给出。
12. Customer’s Requests and Instructions 客户要求和指令

12.1. The Company processes and executes Requests and Instructions in accordance with the Terms of Business.
公司依照交易条款审核并执行要求和指令
12.2. The Company is entitled to decline a Request or an Instruction if any of the conditions set out in the Terms of Business or in clause 12.3 of this Agreement is breached before the Request or Instruction is processed by the Company. However, the Company may at its absolute discretion, accept and execute the Request or Instruction,notwithstanding that the conditions in the Terms of Business or in clause 12.3 of this Agreement are breached. If the Company executes the Request or Instruction and becomes aware of any breach of the conditions set out in the Terms of Business or in clause 12.3 of this Agreement, the Company may act in accordance with the Terms of Business.
如果交易条款或本协议的条款12.3中阐述的任何条约在要求与指示被公司审核之前违反，公司有权拒绝请求与指示。然而即使在这种情况下，公司任可自行接受并执行要求或指示。若公司已经执行要求或条款但逐渐意识到交易条款与本协议的条款12.3中阐述的条约的任何违反，公司可依照交易条款的规定实施。
12.3. The conditions referred to in clause 12.2 are as follows:
参照条款12.2的条款如下：
(a) a Quote must be obtained from the Company;
报价必须得到公司承认；
(b) a Quote must not be an Indicative Quote;
报价不得为指示性报价；
(c) if a Quote is provided to the Customer via the Client Terminal or the telephone, the Customer Instruction must be given whilst the Quote is valid;
若报价通过客户终端或电话向客户提供，报价生效的同时必须提供客户指示；
(d) the Company receives and accepts the Instruction before the telephone conversation or before the Internet connection is disrupted;
公司在电话交谈前或网络连接受阻前收到并接受指示；
(e) a Quote must not be manifestly erroneous;
报价不得有明显错误；
(f) a Quote must not be an Error Quote (Spike);
报价不得为错误报价；
(g) the Transaction Size must not be less than the minimum Transaction Size for this Instrument indicated in the Contract Specifications;
交易规模不得低于合同规定的此货币对的最小交易规模
(h) a Force Majeure Event must not have occurred;
不得发生不可抗力。
(i) when the Customer gives a Request or an Instruction to the Company， an Event of Default must not have occurred in respect of the Customer; and
当客户交给公司一个要求或指令，客户不得发生违约行为。
(j) when the Customer opens a position, the Customer shall have sufficient Free Margin to cover the Initial Margin requirement in respect of that Open Position.
当客户开仓时，客户须有足够的自由保证金来支付初始保证金。
12.4. Terms defined in the Operative Agreements are subject to the Transaction Size within Normal Market Size for the specified Instrument (refer to the Website for details). The Company may, at its absolute discretion, change these terms if the Customer wishes to make a Transaction larger than Normal Market Size for the specified Instrument.
有效协议中界定的条款取决于特定的货币对（详情参考网站）在正常市场规模中的交易规模。若客户希望进行大于该货币对的正常市场的交易规模，公司可自行改变这些条款。
12.5. The Company reserves the right not to accept any offer to trade, e.g., if the Company believes that it will not be able to hedge the proposed Transaction in the Underlying Market, or the proposed Transaction is of such a size (too small or too large), that the Company does not wish to accept that Transaction.
公司保留不接受任何交易询盘的权利，例如，如果公司认为将无法在标的市场中对冲拟议中的交易，或拟议中的交易是公司不愿接受那种交易的规模（太小或太大）。
13. Netting 网络

13.1. The amounts payable under the Operative Agreements are automatically converted by the Company into the Currency of the Trading Account at the relevant exchange rate for spot dealings in the foreign exchange market.
有效协议规定的应付额由公司根据在外汇市场的现货交易情况，按相关汇率自动转换为交易账户的货币。
13.2. If the aggregate amount payable under the Operative Agreements by the Customer equals the aggregate amount payable under the Operative Agreements by the Company, then the obligations to make payment of any such amount will be automatically satisfied and discharged.
如果有效协议中规定的可支付的累计金额等同于公司根据有效协议可支付的累计金额，支付任何此金额的义务将自动履行。
13.3. If the aggregate amount payable under the Operative Agreements by one party exceeds the aggregate amount payable under the Operative Agreements by the other party, then the party with the larger aggregate amount shall pay the excess to the other party and all obligations to make payment will be automatically satisfied and discharged.
如果一方根据有效协议应付的累计金额超过另一方，拥有较大累计金额的一方将支付给另一方超出的金额，并且所有的支付义务将自动履行。
13.4. The Customer obligations to pay any due amount shall include all commissions, charges and other costs determined by the Company.
客户支付任何拖欠金额的义务应包括公司规定的所有的佣金，收费及其他费用。
14. Margin requirements 保证金要求

14.1. The Customer shall provide and maintain the Initial Margin and/or Hedged Margin in such limits as the Company, at its sole discretion, may require from time to time under the Operative Agreements. Such sums of money shall only be paid to the Company's bank account in the form of cleared funds. It is the Customer’s responsibility to ensure that the Customer understands how a margin is calculated.
客户应提供并维持初始保证金和/或对冲保证金，因为公司可以自行根据有效协议作不定时的要求。这些钱应以结清的资金形式只支付给公司的银行账户。客户有责任确保其了解如何计算保证金。
14.2. The Customer shall pay Initial Margin and/or Hedged Margin at the moment of opening a position. The amount of Initial Margin and Hedged Margin for each Instrument is defined in the Contract Specifications.
客户应在开仓时支付初始保证金和/或对冲保证金。每个货币对的初始保证金及对冲保证金的总额已在合同中规定。
14.3. If no Force Majeure Event has occurred, the Company is entitled to change margin requirements, giving to the Customer five Business Days Written Notice prior to these amendments.
若未发生不可抗力，公司有权改变保证金要求（提前5个工作日书面通知客户）。
14.4. The Company is entitled to change margin requirements without prior Written Notice in the case of Force Majeure Event.
在不可抗力发生的情况下，公司有权未经事先书面通知边改变保证金要求。
14.5. The Company is entitled to apply new margin requirements amended in accordance with clauses 14.3 and 14.4 to the new positions and to the positions which are already open.
公司有权对新仓或已开仓位实施按照条款14.3和14.4修改的新的保证金要求。
14.6. The Company is entitled to close the Customer’s Open Positions without the consent of the Customer or any prior Written Notice if the Equity is less than 20% of the Necessary Margin.
若股本少于必要保证金的20%，公司有权不经客户同意或任何事先书面通知便关闭客户的已开仓位。
14.7. It is the Customer’s responsibility to notify the Company as soon as the Customer believes that the Customer will be unable to meet a margin payment when due.
客户有责任当认为其到期不能偿付保证金时马上通知公司。
14.8. The Company is not obliged to make margin calls for the Customer. The Company is not liable to the Customer for any failure by the Company to contact, or attempt to contact the Customer.
公司不负责向客户发送保证金通知。公司不负责联络客户或尝试联络客户的任何失败。
14.9. For the purposes of determining whether the Customer has breached clause 14.6 above, any sums referred to therein which are not denominated in the Currency of the Trading Account shall be treated as if they were denominated in the Currency of the Trading Account by converting them into the Currency of the Trading Account at the relevant exchange rate for spot dealings in the foreign exchange market.
为了确定客户是否违反以上的条款14.6，任何已交易帐户中未规定的的货币的形式存在的资金，须根据外汇市场的即期汇率将其兑换成交易帐户中规定的货币。
15. Adjustments 调解

15.1. If any Security becomes subject to possible adjustment as a result of any of the events set out in clause 15.2 below ("Corporate Event"), the Company will determine the appropriate adjustment, if any, to be made to the size, value and/or number of the related Transaction (and or to the level and size of any Order) to:
如果任何证券根据以下的条款15.2（法人事件）阐述的任何事件进行可能的调节，公司按照相关交易的规模，价值和/或数量（任何订单的标准和规模）进行适当的调整。
(a) account for the diluting or concentrating effect necessary to preserve the economic equivalent of the rights and obligations of the parties under that Transaction immediately prior to that Corporate Event; and/or
按照即时交易优于公司事件的原则来处理削弱或集中效应，以保证双方在权利和义务方面的经济对等
(b) replicate the effect of the Corporate Event upon someone with an interest in the relevant underlying Security, to be effective from the date determined by the Company.
在公司制定的有效期内，对于与标的证券有相关利益的客户可重复公司事件效应。
15.2. The events to which clause 15.1 refers are the declaration by the issuer of a Security of the terms of any of the following:
15.1条款中所提及的事实是指证券发行方所做的如下声明：
(a) a subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of shares to existing shareholders by way of a bonus, capitalisation or similar issue;
股票的细分，合并或是重组；股票回购或注销；股票通过红利，资本或类似方式分配给现有股东的股票自由分配；
(b) a distribution to existing holders of the underlying shares of additional shares, other share capital or securities granting the right to payment of dividends and/or proceeds of liquidation of the issuer equally proportionately with such payments to holders of the underlying shares, or Securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe or receive shares, in any case for payment (in cash or otherwise) at less than the prevailing market price per share as determined by the Company;
对给予股息支付权利及/或同等比例的清算收益的标的股份；附加股份；其他股份资金或证券的现持有者的分配与那些给予权利去分配股份或购买、订阅、接收股份的标的股份、证券、权利或认股权的持有者的支付（无论以何种方式（现金或其他）支付并且每股低于公司规定的现行市场价格）。
(c) any other event in respect of the shares similar to any of the above events or otherwise having a diluting or concentrating effect on the market value of the shares; or
任何其他类似于上述情况，且对股票的市场价值有一定的削弱或集中效应的事件。
(d) any event similar to any of the foregoing events or otherwise having a diluting or concentrating effect on the market value of any Security not based on shares.
任何其他类似于上述情况，且对不基于股票的证券市场价值有一定的分散或集中效应的事件。
15.3. Determination of any adjustment or amendment of the size, value and/or number of the Transaction (and/or of the level and size of any Order) shall be at the absolute discretion of the Company and shall be conclusive and binding upon the Customer. The Company shall inform the Customer of any adjustment or amendment under the Operative Agreements as soon as reasonably practicable.
对于交易的规模，价值及/或数量（以及/或任何订单的标准和规模）都应绝对按照公司的意愿执行，且公司所做决定对客户有最终决定性和约束性。按照有效协议，公司对交易的合理操作进行的任何调整和修改都应及时通知客户。
15.4. If at any time a take-over offer is made in respect of a company, then at any time prior to the closing date of such offer the Company may give Written Notice to the Customer of its intention to close a Transaction in respect of that Security. This notice will include the closing date and the closing price.
如果公司方面在任何时间接受一份报盘，在该报盘的截止日期之前，公司可以书面通知客户，以说明其有意结束证券交易。该通知中应该注明结束日期和结束价格。
15.5. Where applicable (e.g. where a Security is based on shares in respect of which the issuer pays dividends) a dividend adjustment will be calculated in respect of Open Positions held on the ex-dividend day for the relevant underlying Security. The dividend adjustment will be credited to the Customer’s Trading Account if the Customer has an open Long Position, and debited if the Customer has an open Short Position.
适当的（例如，证券基于发行人支付股息的股份）股息调整将根据对相关标的证券在无息日持有的开仓仓位计算。若客户持有已开作多仓位，股息调整将信贷给客户的交易账户，若客户持有已开作空仓位，将记入借方账户。
16. Payments 付款

16.1. The Customer may deposit funds into the Trading Account at any time. Deposits will only be accepted by debit card or by cheque in the same name as the Customer, or by bank transfer from the account of the Customer. Under no circumstances will third party or anonymous payments be accepted.
客户可以在任何时候存款到交易账户，存款仅接受结算卡或与客户同名支票，或从客户账户过户到银行。在任何情况下将不会接受第三方或匿名支付。
16.2. The Company has the right to refuse payment by cheque if:
公司有权拒绝支票支付，若：
(a) the cheque is drawn from a non-UK/EU clearing bank; or
支票来自非英国/欧洲清算银行
(b) any payment given has not cleared on the first presentation.
首次支付尚未结清。
16.3. The Customer may withdraw funds from the Trading Account at any time in accordance with the clause 16.4.
依照条款16.4，客户可以在任何时候从交易账户取款。
16.4. If the Customer gives an instruction to withdraw funds from the Trading Account, the Company shall pay the specified amount within two Business Days once the instruction has been accepted, if the following requirements are met:
如果客户给与指令从交易账户取款，一旦指令被接受，公司应在两个工作日内支付指定的金额，若下列要求满足：
(a) the withdrawal instruction includes all necessary information;
取款指令包括所有必要信息
(b) the instruction is to make a bank transfer to the account of the Customer (under no circumstances will payments to third party or anonymous accounts be accepted); and
指令是银行过户到客户账户（在任何情况下将不会接受支付到第三方或匿名账户）
(c) at the moment of payment, the Customer’s Free Margin exceeds the amount specified in the withdrawal instruction including all payment charges.
在付款的同时，客户的自由保证金超过取款指令指定的金额量（包括支付费用）。
16.5. The Company shall debit the Customer’s Trading Account for all payment charges.
公司应将为支付费用取出的金额记入客户的交易账户
16.6. If the Customer has the obligation to pay any amount to the Company which exceeds the Trading Account Equity the Customer shall pay the amount of excess forthwith upon the obligation arising.
若客户有义务支付公司超出交易账户股本的任何金额，客户应立刻履行义务支付超出金额。
16.7. All payments subject to the terms of clause 16 are made by bank transfer or by cheque. If the Company accepts any payments to be made by a debit card it reserves the right to levy a transfer charge.
所有取决于条款16的支付由银行过户或支票支付。若公司接受任何结算卡的支付，其将保留权利征收过户费用
16.8. If the Customer makes a payment by bank transfer or by cheque, the Company shall deposit the sum into the Customer’s Trading Account within one Business Day once the amount is cleared in the bank account of the Company.
若客户由银行过户或支票支付，一旦金额在公司银行账户结清，公司将在一个工作日内向客户交易账户内存入全款。
16.9. The Customer acknowledges and agrees that (without prejudice to any of the Company’s other rights under the Operative Agreements to close out the Customer’s Open Positions and exercise other default remedies against the Customer), where a sum is due and payable to the Company in accordance with the Operative Agreements and sufficient cleared funds are not yet credited to the Customer’s Trading Account, the Company shall be entitled to treat the Customer as having failed to make a payment to the Company and to exercise its rights under the Operative Agreements.
客户确认并同意：（对公司执行在操作协议规定中的关闭客户仓位、执行其他针对客户违约补救的任何其他权利没有偏见。），按照有效协议的规定，针对应付公司的金额及尚未存入客户交易账户的足够清算资金，该公司有权认为客户未对公司付款并且未在有效协议下行使权力。
16.10. The Customer shall make any margin payments or other payments due in US dollars, Euros, Great Britain Pounds or Swiss Francs. The payment amount will be converted into the Currency of the Trading Account at the rate determined by the bank of the Company.
客户应支付任何保证金或其他应付的美元，欧元，英镑或瑞士法郎。支付总金额将根据公司银行决定的汇率兑换为的交易帐户的货币。
16.11. Any amount which is not paid in accordance with clauses 16.4, 16.5 and 16.7 on the due date therefor shall bear interest at the Applicable Rate plus 4% per annum, for each day for which such amount remains unpaid. All debts are legally enforceable.
根据条款16.4 16.5及16.7，任何到期不支付的金额，应承担适用利率上每年再加上4% 的利率（该金额也会被算作未支付的部分）。所有的债务都会受到法律的强制执行。
17. Limitations of liability and indemnity 责任及赔偿的限制

17.1. Nothing in the Operative Agreements will exclude or restrict any obligation or liability which the Company may have or owe to the Customer under the FSA Rules, nor any liability which the Company may incur under the Act or the FSA Rules in respect of a breach of any such obligation, nor will anything in the Operative Agreements require the Customer to indemnify or compensate the Company to any extent prohibited by the FSA Rules.
公司根据FSA规则，有效协议中的可能已经或对客户有义务的任何义务或责任，都不能排除或限制；根据ACT或FSA规则，就任何此种义务的违约也不能排除或限制；根据有效协议的规定，公司发生的在某些程度上被FSA规则禁止的任何责任，不会要求客户进行偿还或补偿。
17.2. In the event the Company may provide advice, information or recommendations to the Customer, the Company shall not be responsible for the profitability of such advice, information or recommendations. The Customer acknowledges that the Company shall not, in the absence of its fraud, wilful default or gross negligence, be liable for any losses, costs, expenses or damages suffered by the Customer arising from any inaccuracy or mistake in any information given to the Customer including, without limitation, information relating to any Transactions. Subject to the right of the Company to void or close any Transaction in the specific circumstances set out the Operative Agreements, any Transaction following such inaccuracy or mistake shall nonetheless remain valid and binding in all respects on both the Company and the Customer.
虽然公司可以对客户提供建议，信息或推荐，但公司概不负责此种建议，信息或推荐的盈利。客户承认：公司不得在没有欺骗，故意违约或重大疏忽的情况下，负责由于提供给客户的任何资料不准确或错误而倒置的任何损失、花费、费用或损害，包括和任何交易有关的无限制的资料。公司有权在指定情况下阐述有效协议，放空或关闭任何交易。伴随此种不准确或错误的任何交易，仍应在公司与客户之间保持有效与约束力。
17.3. The Company will not be liable for any loss or expense incurred by the Customer in connection with, or directly or indirectly arising from:
公司将不承担任何源自以下情形的与客户相关或直接，间接引起的损失或费用：
(a) any error or failure in the operation of the Trading Platform or any delay caused by the Client Terminal;
在交易平台运行的任何错误或失误，或由客户终端引起的任何延迟；
(b) Transactions made via the Client Terminal or by telephone;
通过客户终端或电话达成的交易；
(c) any failure by the Company to perform any of its obligations under the Operative Agreements as a result of a cause beyond its control; or
公司由于无法控制的原因，在有效协议下履行义务的任何失误；
(d) the acts, omissions or negligence of any third party.
任何第三方的行为、遗漏或疏忽。
17.4. The Customer will indemnify the Company and keep the Company indemnified on demand in respect of all liabilities, costs, claims, demands and expenses of any nature whatsoever which the Company suffers or incurs as a direct or indirect result of any failure by the Customer to perform any of the Customer’s obligations under the Operative
Agreements.
客户将就所有由于客户在有效协议下履行其任何义而使公司承受或引起的直接或间接的失误的任何性质的责任、花费、索赔、要求及费用赔偿公司并保持赔偿的义务。
17.5. The Company shall in no circumstances be liable to the Customer for any consequential special or indirect losses, loss of profits, loss of opportunity (including in relation to subsequent market movements), costs, expenses or damages the Customer may suffer in relation to the Operative Agreements, unless otherwise agreed in the Terms of Business.
公司在任何情况下都不因为任何随之发生的专门或间接损、利润损失、机会（包括相关的随后的市场走势）损失、客户可能承受的成本，经费或损害对客户负责。交易条款另有规定的除外。
18. Complaints and Disputes 投诉与纠纷

18.1. The complaints and Disputes resolution procedures are set out in the Terms of Business.
交易条款详细规定了投诉与纠纷争端解决程序。
18.2. If the Customer is a private individual or a firm, charity or organisation with a turnover of less than ￡1,000,000, the Customer may refer the matter to the Financial Ombudsman Service within six months if the Customer is not satisfied with the Company’s final response, or earlier if the Company has failed to provide a final response within eight weeks. Details of the Financial Ombudsman’s role may be found on http://fsahandbook.info/FSA/html/handbook/DISP/2. A copy of the Financial
Ombudsman Service’s explanatory booklet will be enclosed with the Company’s final response.
如果客户是个人或营业额少于￡ 1，000，000的公司、慈善机构或团体，如果客户不满意该公司的最后回应，客户可将此事在6个月内提交给财政监察专员。欲知财政监察员的角色，可登陆http://fsahandbook.info/fsa/html/handbook/disp/2 。财政监察专员服务机构的解释手册将附在公司的最后回应之后。

The Financial Ombudsman Service can be contacted by:

(a) website http://www.financial-ombudsman.org.uk/consumer/complaints.htm,
(b) telephoning 0845 080 1800.

The Company will provide whatever assistance the Company can to the Financial Ombudsman Service and abide with their final decision.
可通过以下途径联络财政监察专员服务机构：

（一）网站http://www.financial-ombudsman.org.uk/consumer/complaints.htm ，
（二）电话0845 080 1800. 。

公司将向财政监察专员服务机构提供所有可能的协助，并维持公司的最后决定权。

18.3. The Customer’s right to take legal action remains unaffected by the existence or use of any complaints procedures referred to above. However, the Financial Ombudsman Service will not adjudicate on any cases where litigation has commenced.

18.3 客户采取法律行动的权利仍然保持不受以上提到的存在或使用任何申诉程序影响。不管怎样，财政监察专员服务机构将不会在诉讼开始时对任何案件作出判决。
19. Communications 沟通

19.1. The rules of communication between the Customer and the Company are set out in the Terms of Business.
客户与公司之间的沟通法则详列于交易条款中。
19.2. The Customer shall give Instructions and Requests only via the Client Terminal or by telephone, in accordance with the Terms of Business.
客户只能依照交易条款，通过客户终端或电话给予指示与要求。
20. Written Notice 书面通知
20.1. Any Written Notice given under this Agreement may be made as follows:
根据本协议，任何书面通知可用下列方式作出：
(a) Trading Platform internal mail; 交易平台内部邮件
(b) email; 电子邮件
(c) facsimile transmission; 传真传输
(d) post; or 邮寄
(e) information published on the Company News Webpage.
在公司新闻网页上登载
20.2. All contact details provided by the Customer, e.g. address, email address or fax number as last notified will be used as applicable. The Customer agrees to accept any notices or messages from the Company at any time.
客户提供的所有联系详情，例如，做备用的地址、电子邮件地址或传真号码将被适当使用。客户同意在任何时候接受来自公司的任何通知或信件。
20.3. Any such Written Notice will be deemed to have been served:
任何此种书面通知将被视为已经送达：
(a) if sent by email, within one hour after emailing it;
如果通过电子邮件发送，发出后一小时内。
(b) if sent by Trading Platform internal mail, immediately after sending it;
若通过交易平台内部邮件发送，发出后极短时间内。
(c) if sent by fax, at the completion of transmission during business hours at its destination or, if not within business hours, at the opening of the next period of business hours, but subject to:
如果通过传真发送，在目的地办公时间内完成传送；如果不是办公时间，在下个办公时间开始时完成，但须：
? proof by the sender that the sender holds a printed transmission report confirming dispatch of the transmitted notice; and
寄件人证明其持有确认发送通知的印输报告。
? the sender not receiving any telephone calls from the recipient within one hour from the above time, that the fax has not been received in a legible form.
寄件人在以上时间后的一小时内未收到接收者的任何电话的情况下，没有受到格式清晰的传真。
(d) if sent by post, seven calendar days after posting it;
若邮寄，寄出后七日内
(e) if posted on the Company News Webpage, within one hour after it has been posted.
如果登载于公司新闻网站，登载后一小时内。
20.4. For the purpose of clause 20, “business hours” mean between 9:00 a.m. and 5:30 p.m. on a Business Day.
条款21中，“办公时间”是指介于上午9：00至下午5：00的英国办公时间
21. Amendment and termination 修订与终止
21.1. The Customer acknowledges that the Company has the right to modify the terms of the Operative Agreements at any time giving to the Customer ten Business Days Written Notice prior to such changes. Any such amendments will become effective on the date specified in the notice and will also apply to positions opened and to Orders placed prior to such date.
客户承认：公司在任何时候有权修改操作协议中的条款，但须在十个工作日内将修改之处以书面形式通知客户。
21.2. The Customer may terminate this Agreement with immediate effect by giving Written Notice to the Company.
一旦客户书面通知公司其终止意愿，本协议将被立即终止。
21.3. The Company may terminate this Agreement with immediate effect by giving Written Notice to the Customer.
一旦公司书面通知客户其终止意愿，本协议将被立即终止。
21.4. Any such termination will not affect any obligation which has already been incurred by either the Customer or the Company in respect of any Open Position or any legal rights or obligations which may already have arisen under the Operative Agreements or any Transactions and deposit/withdrawal operations made thereunder.
任何此类终止将不会影响客户与公司之间已经发生的，关于开仓仓位或任何可能已经根据操作协议或其下的任何交易及存/取款操作执行的法律权利或义务。
21.5. Upon termination of this Agreement, the Company will be entitled without prior notice to the Customer to cease to grant the Customer access to the Trading Platform.
在本协议的终止问题上，公司有权在未事先通知客户的情况下，不准许客户获得交易平台。
21.6. Upon termination of this Agreement, all amounts payable by the Customer to the Company will become immediately due and payable including (but without limitation):
在本协议的终止问题上，客户应付给公司的所有金额将立即到期并支付，它包括（但不限于）：
(a) all outstanding fees, charges and commissions;
所有未偿费用、收费及佣金。
(b) any dealing expenses incurred by terminating this Agreement and charges incurred for transferring the Customer’s investments to another investment firm; and
由于本协议的终止而产生的任何交易费用，以及将客户的投资转移到另一投资公司的收费。
(c) any losses and expenses realised in closing out any Transactions or settling or concluding outstanding obligations incurred by the Company on the Customer’s behalf.
由于任何交易的关闭，或公司代表客户而发生的任何未偿义务的解决或收尾而引起的任何损失和花费。
22. Personal data and recording of telephone calls 个人资料与通话记录
22.1. The Company may use, store or otherwise process personal information provided by the Customer in connection with the provision of the Services.
公司可使用、存储或者处理客户提供的与服务条款相关的个人资料。
22.2. The Company is registered as a data controller in the United Kingdom under the Data Protection Act 1998.
公司根据《个人资料保护法1998》，在英国注册为数据资料监控商。
22.3. If the Customer is an individual, the Company is obliged to supply the Customer, on request, with a copy of personal data which it holds about the Customer (if any), provided that the Customer pays a fee.
如果客户是个人，只要客户支付一定的费用，公司有义务按其要求提供给客户一份个人资料复件，并由客户持有（如果可能）。
22.4. By entering into this Agreement, the Customer will be consenting to the transmittal of the Customer’s personal data (and/or have obtained consent from individuals working on the Customer’s behalf) outside the European Economic Area.
通过缔结这项协议，客户将同意（并且/或已获得代表客户利益的个人的同意）在欧洲经济区以外传送其个人资料。
22.5. The Customer agrees that the Company may pass information about the Customer which the Customer has provided to other companies in the Company’s group and to external companies to help the Company to process and/or analyse it as part of the provision of Services to the Customer. If the Customer does not wish the Customer’s personal data to be used for such purposes, the Customer shall give the Company Written Notice.
客户同意：根据客户服务条款，公司可以传输客户在公司集团的其他公司与外部公司的资料，以便公司加工与/或分析。如果客户并不希望其个人资料用于此种目的，客户应书面通知公司。
22.6. Such personal data may also be used for marketing purposes, or to conduct market research for the Company or other companies in its group that may use the personal data to bring to the attention of the Customer products and services that may be of interest to the Customer and also to assist in the efficient provision of the Services. If the Customer does not wish the Customer’s personal data to be held for such purposes, the Customer shall give the Company Written Notice.
这些个人资料也可用于营销目的，或当公司或其集团内的其他公司进行市场调研时，用以引起客户注意使其对产品和服务感兴趣，同时对服务效率条款起到协助作用。如果客户不希望个人资料用于此种目的，客户应书面通知公司。
22.7. Telephone conversations between the Customer and the Company may be recorded. All Instructions or Requests received by telephone will be binding as if received in writing. Any recordings shall be and remain the sole property of the Company and will be accepted by the Customer as conclusive evidence of the Instructions/Requests or conversations so recorded. The Customer agrees that the Company may deliver copies of transcripts of such recordings to any court, regulatory or government authority.
客户与公司之间的电话交谈可能会被记录。所有用电话收到的指令及要求与收到书面文件一样将具有约束力，任何记录应该并且作为公司独有财产保存，这些记录将作为的指示、要求或对话的确凿证据。客户准许公司可以向法庭、管理或政府机购上交这些记录的副本。
23. Consent to direct contact 同意直接联络
231. The Customer expressly invites the Company, for the purpose of administering the terms of the Operative Agreements or otherwise marketing financial services and products, from time to time, to make direct contact with the Customer by telephone, fax, or otherwise.
为执行操作协议条款或营销金融服务和产品，客户明确邀请公司不定时地通过电话、传真或其他方式直接与客户联络。
23.2. The Customer consents to such communications and acknowledges that such communication would not be considered by the Customer as being a breach of any of the Customer’s rights under any relevant data protection and/or privacy regulations.
客户同意这种沟通，并且确认这种沟通不会违反客户对任何相关的对个人资料的保护和/或隐私的任何权利。
24. Confidentiality 保密性
24.1. The information which the Company holds about the Customer is confidential and will not be used for any purpose other than in connection with the provision of the Services. Information of a confidential nature will be treated as such provided that such information is not already in the public domain. Information of a confidential nature will
only be disclosed to any person other than an Affiliate of the Company, in the following circumstances:
双方持有的客户的资料是保密的，并不得用于与服务条款不相关的任何目的。机密性质的资料将被视为未在公共领域提供的资料。除了公司附属机构，机密性质的资料只有在以下情况下才会透漏给其他人：
(a) where required by law or if requested by any regulatory authority or exchange having control or jurisdiction over the Company (or any respective associate);
法律规定的或被任何对公司有控制权或管辖权的管理机构或交易所规定，
(b) to investigate or prevent fraud or other illegal activity;
调查或防止欺诈等非法活动
(c) to any third party in connection with the provision of Services to the Customer by the Company;
任何有关公司与客户缔结的服务条款的第三方
(d) for purposes ancillary to the provision of the Services or the administration of the Customer’s Trading Account, including, without limitation, for the purposes of credit or identification enquiries or assessments;
为了辅助服务条款或管理客户交易账户，包括（但不限于）为信贷或确认查询或评估。
(e) if it is in the public interest to disclose such information; or
因为公众利益透漏这些资料。
(f) at the Customer’s request or with the Customer’s consent.
在客户要求下或经客户同意。
25. Time of essence
25.1. Time shall be of the essence in the Operative Agreements.
时间应是有效协议的本质。
26. Default 违约
26.1. Each of the following constitutes an “Event of Default”:
以下任意一种情况均构成“违约事件”：
(a) the failure of the Customer to provide any Initial Margin and/or Hedged Margin, or other amount due under the Operative Agreements;
客户未提供任何初始保证金及/或对冲保证金，或根据操作协议规定应付的其他金额。
(b) the failure of the Customer to perform any obligation due to the Company;
客户未完成对公司应负的义务
(c) any breach of clause 14 by the Customer;
客户违反条款14
(d) the initiation by a third party of proceedings for the Customer’s bankruptcy (if the Customer is an individual) or for the Customer’s winding-up or for the appointment of an administrator or receiver in respect of the Customer or any of the Customer’s assets (if the Customer is a company) or (in both cases) if the Customer makes an arrangement or composition with the Customer’s creditors or any procedure which is similar oranalogous to any of the above is commenced in respect of the Customer;
第三方发起的对客户破产的诉讼（若客户是个人）；客户的停业或管理人的任命或客户（或其任何资产）的接收（若客户是公司）；客户作出安排或构成客户债权人或任何与以上相同或类似的客户着手的程序（若客户是个人或公司）。
(e) where any representation or warranty made by the Customer in clause 27 is or becomes untrue;
条款28中的客户作出的任何表示或保证变得不真实。
(f) the Customer is unable to pay the Customer’s debts when they fall due;
客户到期不能支付客户债务。
(g) the Customer (if the Customer is an individual) dies or becomes of unsound mind; or
客户（若客户是个人）死亡或变得精神不正常
(h) any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in clause 26.2.
公司依照条款27.2，合理地认为有必要或有可行性而采取行动的任何其他情形。
26.2. If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following steps:
若违约行为发生，公司有权在任何时候，未经事先书面通知便采取以下一个或更多的步骤：
(a) close out all or any of the Customer’s Open Positions at current Quotes;
关闭所有的或任何客户的目前报价的已开仓位。
(b) debit the Customer’s Trading Account(s) for the amounts which are due to the Company;
把应付公司的金额记入客户交易账户的借方账户中
(c) close any or all of the Customer’s Trading Accounts held with the Company;
关闭任何或所有的公司持有的交易账户。
(d) refuse to open new Trading Accounts for the Customer.
拒绝为客户开设新的交易账户
27. Representations and warranties 表示及保证
27.1. The Customer represents and warrants to the Company, and agrees that each such representation and warranty is deemed repeated each time the Customer gives an Instruction or Request by reference to the circumstances prevailing at such time, that:
客户向公司表示及保证：同意每次表示及保证被视为客户对当时情况每次反复给予的指令或要求。
(a) the information provided by the Customer to the Company in the “Application to Open a Personal/Corporate Margin Trading Account” Form and the Operative Agreements and at any time thereafter is true, accurate and complete in all material respects;
客户在“个人/公司保证金交易开户申请表”中对公司提供的资料，有效协议及在那之后的任何时候，材料方面是真实的，准确地，完整的。
(b) the Customer has read and fully understood the terms of the Operative Agreements including the Risk Acknowledgement and Disclosure;
客户已经阅读并完全明白本有效协议条款，包括风险确认及公开。
(c) the Customer is duly authorised to enter into the Operative Agreements, to give Instructions and Requests and to perform its obligations thereunder;
客户被适时授权遵守操作协议、给予指令及要求及履行其义务。
(d) the Customer acts as principal;
客户作为委托人
(e) the Customer is an individual who has completed an “Application to Open a Personal Margin Trading Account” Form or, if the Customer is a company, the person who has completed “Application to Open a Corporate Margin Trading Account” Form on the Customer’s behalf is duly authorised to do so; and
客户是填写“个人/公司保证金交易开户申请表”的个人；若客户是公司，代表公司填写“个人/公司保证金交易开户申请表”的人将被适时授权去行使客户的权益。
(f) all actions performed under the Operative Agreements will not violate the Act, the FSA Rules or any law, ordinance, charter, by-law or rule applicable to the Customer or to the jurisdiction in which the Customer is resident, or any agreement by which the Customer is bound or by which any of the Customer’s assets are affected.
所有在操作协议下履行的行为将不会违反ACT、FSA法规或适用于客户或客户居住地的任何法律、法规、宪章、地方法律或规则，以及客户受其约束的或影响客户任何资产的任何协议
27.2. In addition to all other rights and remedies available to it, the Company has the right to render any position voidable or to close out any or all positions at the current Quotes at any time, at its absolute discretion, if the Customer breaches clause 27.1.
若客户违反条款28.1，除了所有可获得的其他权利或补偿，公司有权宣布任何仓位无效，或在任何时候，以现行价格自行抛售任何或所有的仓位。
28. Force Majeure 不可抗力
28.1. The Company may, in its reasonable opinion, determine that a Force Majeure Event exists, in which case the Company will, in due course, take reasonable steps to inform the Customer. A Force Majeure Event includes without limitation:
公司可因其合理意见确定不可抗力事件存在。在这种情况下，公司应在适当时候采取合理措施通知客户。不可抗力事件包括但不限于
(a) any act, event or occurrence (including, without limitation, any strike, riot or civil commotion, terrorism, war, act of God, accident, fire, flood, storm, interruption of power supply, electronic, communication equipment or supplier failure, civil unrest, statutory provisions, lock-outs) which, in the Company’s reasonable opinion, prevents the Company from maintaining an orderly market in one or more of the Instruments;
任何行为、事件或发生（包括但不限于任何罢工，暴动或民间骚动、恐怖主义、战争、天灾、意外事故、火灾、洪水、风暴、电源供应中断、电子、通信设备或供应失败、内乱、法定条文、停工），根据公司的合理意见，妨碍公司以一个或多个契约维持一个有序的市场。
(b) the suspension, liquidation or closure of any market or the abandonment or failure of any event to which the Company relates its Quotes, or the imposition of limits or special or unusual terms on the trading in any such market or on any such event.
任何市场的中止，停业清理或关闭，或放弃或未执行公司关于报价的任何事件，或在任何此市场或此事件的交易中，施加限制或特别的不寻常的条款。
28.2. If the Company determines in its reasonable opinion that a Force Majeure Event exists (without prejudice to any other rights under the Operative Agreements) the Company may without prior Written Notice and at any time take any of the following steps:
如果该公司根据其合理意见断定不可抗力的存在（不损害本协议下的任何其他权利），只要公司在这种情况下的决策是合理适当的，公司可以未经事先的书面通知便采取以下步骤。
(a) increase margin requirements;
增加保证金的要求
(b) close out any or all Open Positions at such prices as the Company considers in good faith to be appropriate;
以公司认为真实合适的价格抛售任何所有的开仓仓位
(c) suspend or modify the application of any or all terms of the Operative Agreements to the extent that the Force Majeure Event makes it impossible or impractical for the Company to comply with them; or
中止或修改任何在某种程度上由于不可抗力而使得公司遵守操作协议是不可能的或不切实际的条款
(d) take or omit to take all such other actions as the Company deems to be reasonably appropriate in the circumstances with regard to the position of the Company, the Customer and other customers.
公司在考虑到其客户及其他客户的情况下，采取或遗漏公司视为合理适当的所有此种行为。
29. Miscellaneous 多样性
29.1. The Company has the right to suspend the Customer’s Trading Account at any time for any good reason with or without Written Notice to the Customer.
公司有权在任何时候，因任何正当原因，事先或未经事先书面通知客户便中止客户交易账户。
292. In the event that a situation arises that is not covered under the Operative Agreements, the Company will resolve the matter on the basis of good faith and fairness and, where appropriate, by taking such action as is consistent with market practice.
如果出现有效协议下不存在的情况，公司将基于诚信、公平原则解决此事件，并按照市场惯例酌情采取这样的行动。
29.3. No single or partial exercise of, or failure or delay in exercising any right, power or remedy (under these terms or at law) by the Company shall constitute a waiver by the Company of, or impair or preclude any exercise or further exercise of, that or any other right, power or remedy arising under the Operative Agreements or at law.
在只单独或部分履行，失败或延迟履行任何权利、授权或补偿（根据条款和法律规定）的情况下，公司应自动放弃、削弱或取消在本协议或法律中规定的对其他权利、授权或补偿的履行或进一步履行。

29.4. Any liability of the Customer to the Company under the Operative Agreements may in whole or in part be released, compounded, compromised or postponed by the Company in its absolute discretion without affecting any rights in respect of that or any liability not so waived, released, compounded, compromised or postponed. A waiver by
the Company of a breach of any of the terms of the Operative Agreements or of a default under these terms does not constitute a waiver of any other breach or default and shall not affect the other terms. A waiver by the Company of a breach of any of the terms of the Operative Agreements or a default under these terms will not prevent the Company from subsequently requiring compliance with the waived obligation.
有效协议中规定的客户对于公司的任何责任，公司在不影响客户相关利益以及其他不可撤销、放弃、合并、折衷、或是推延的义务的前提下，可以按照自己的绝对意愿对其进行全部或部分的撤销、放弃、合并、折衷或是推延。由于公司弃权而产生的与有效协议的相关规定的不一致或错误，并不影响公司最终履行被撤销职责的要求。
29.5. The rights and remedies provided to the Company under the Operative Agreements are cumulative and are not exclusive of any rights or remedies provided by law.
根据本有效协议，公司规定的权利和补救是累积的，不排除法律规定的任何权力或补救。
29.6. The Company may assign the benefit and burden of the Operative Agreements to a third party in whole or in part, provided that such assignee agrees to abide by the terms of the Operative Agreements. Such assignment shall come into effect ten Business Days following the day the Customer is deemed to have received notice of the assignment in
accordance with the Terms of Business.
公司可分配利益并把本有效协议全部或部分交给第三方承担，前提是这些受让人同意遵守本有效协议的条款。根据交易条款，这些转让在客户视为已经收到转让通知以后的十个工作日内生效。
29.7. If any term of the Operative Agreements (or any part of any term) shall be held by a court of competent jurisdiction to be unenforceable for any reason then such term shall, to that extent, be deemed severable and not form part of this Agreement or the Terms of Business, but the enforceability of the remainder of Operative Agreements shall
not be affected.
如果本有效协议中应遵循有效管辖的法庭的任何条款（或任何条款的任何部分）由于任何原因不能有效执行，这些条款将在一定程度上被视为分离的并不属于本协议或交易条款的一部分，本有效协议剩余可实施的条款不受影响。
29.8. The Customer may not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer the Customer’s rights or obligations under the Operative Agreements without prior written consent of the Company and any purported assignment, charge or transfer in violation of this term shall be void.
客户不得受让、收费或者转让，或意图受让、收费或转让客户的权利或义务。在本操作协议下未经公司事先书面同意，任何违反本条款的有意图的受让、收费或转让均属无效。
30. Governing law and jurisdiction 管理法及管辖权
30.1. This Agreement shall be governed by, and construed in accordance with the laws of England.
本协议应遵守英国法律，并依据英国法律作出解释。
30.2. With respect to any proceedings, the Customer irrevocably:
对于一些程序，客户是不能撤回的：
(a) agrees that the courts of England shall have exclusive jurisdiction to determine any proceedings, 认可英国法庭应具有专属管辖权来确定任何法定程序。
(b) submits to the jurisdiction of English courts,服从英格兰法庭的管辖
(c) waives any objection which the Customer may have at any time to the bringing of any proceedings in any such court, and
客户可以随时取消在任何此类法庭上诉的任何异议。
(d) agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Customer.
同意不会声称此类诉讼带来了不便的讨论或法庭对客户没有管辖权。
30.3. Where the Operative Agreements are issued in a language other than English, the English language version shall take precedence in the event of any conflict.
如果本有效协议是以非英文的一种语言发布，如果发生任何冲突，英语版本应优先考虑
31. Interpretation of terms 释义条款
31.1. In this Agreement: 在本协议中
“Act” shall mean the Financial Services and Markets Act 2000.
“ACT”指金融服务市场行为2000
“Affiliate” shall mean in relation to the Company, any entity controlled directly or indirectly, by the Company, any entity that controls directly or indirectly, the Company, or any entity directly or indirectly under common control with the Company. For this purpose, “control” means ownership of a majority of the voting power of the Company or entity.
“附属机构”指和公司有关的由其直接或间接控制的任何实体，任何直接或间接控制公司的实体，或与公司直接或间接共同控制的任何实体。为此，“控制”是指拥有多数投票权的公司或实体。
“Applicable Rate” shall mean: 可使用的汇率指
(a) Federal Funds rate, if the Currency of the Trading Account is US dollars;
若交易账户货币是美元，联邦基金汇率；
(b) Bank of England Official Bank Rate, if the Currency of the Trading Account is Great Britain pounds;
若交易账户货币是英镑，英国官方银行的银行汇率；
(c) Key European Central Bank (repo) Interest Rate, if the Currency of the Trading Account is euros; or
若交易账户货币是欧元，主要欧洲中央银行（repo）利率。
(d) Swiss National Bank Key Interest Rate, if the Currency of the Trading Account is Swiss francs.
若交易账户货币是瑞士法郎，瑞士国家银行主要利率。
“Application to Open a Personal/Corporate Margin Trading Account” Form” shall mean the “Application to open a personal/corporate Margin Trading account” form completed by the Customer and accessed through the Website.
“个人/公司保证金交易开户申请表”应指当客户通过网站完成的“个人/公司保证金交易开户申请表”。
“Ask” shall mean the higher price in the Quote being the price at which the Customer may buy.
“买价” 应指客户可买进的最高报价。
“Balance” shall mean the total financial result of all Completed Transactions and depositing/withdrawal operations on the Trading Account.
“余额”应指所有完成的交易的总财政情况与交易账户上的存/取款运作情况。
“Base Currency” shall mean the first currency in the Currency Pair against which the Customer buys or sells the Quote Currency.
“基础货币”应指针对客户买卖报价货币的货币对中的第一货币。
“Bid” shall mean the lower price in the Quote being the price at which the Customer may sell.
“卖价”应指客户可以出售的最低报价。
“Business Day” shall mean any day between Monday and Friday, inclusive, on which clearing banks are open in the City of London.
“工作日”应指对于在伦敦开设的清算银行来说周一与周五之间的任何一天。
“Client Terminal” shall mean the MetaTrader program version 4, which is used by the Customer in order to obtain information of financial markets (which content is defined by the Company) in real-time, to make technical analysis of the markets, make Transactions, place/modify/delete Orders, as well as to receive notices from the Company. The program can be downloaded on the Website free of charge.
“客户终端”指客户为了即时获得金融市场的信息使用（公司定义内容），进行市场技术分析，交易，定制/修改/取消订单，接收公司通知所用的MT4软件。这个软件可以在网站上免费下载。
“Company News Webpage” shall mean the page of the Website where the Company news is displayed on. At date of this Agreement the information is displayed on http://www.alpari.co.uk/en/company-news/.
“公司新闻网页”应指该公司展示新闻的网页。在本协议有效期内资料展示在http://www.alpari.co.uk/en/company-news/.
“Completed Transaction” shall mean two counter deals of the same size (opening a position and closing a position): buy then sell and vice versa.
“完成的交易”应指同规模的两次相反交易（开仓与平仓）：购买后销售，反之亦然。
“Contract for Differences” (“CFD”) shall mean a contract, which is a contract for differences by reference to fluctuations in the price of the underlying asset (shares, futures, metals, indices etc.).
“差价和约”（”CFD” ）指通过参考标的物（股票、期货、金属、指数等）价格波动的和约。
“Contract Specifications” shall mean principal trading terms (Spread, Lot Size, Initial Margin, Hedged Margin etc.) for each Instrument. At the date of this document the information is displayed on http://www.alpari.co.uk/en/cspec/.
“合约规格”应指每个货币对的主要贸易术语（点差、标准手规模，初始保证金，对冲保证金等）。在本文件有效期内，资料展示在http://www.alpari.co.uk/en/cspec/.
“Corporate Event” shall have the meaning set out in clause 15.
“公司事件”应指条款15中阐述的意义
“Currency of the Trading Account” shall mean the currency that the Customer chooses when opening the Trading Account.
“交易账户货币”指当开设交易账户时，客户选择的货币
“Currency Pair” shall mean the object of a Transaction based on the change in the value of one currency against the other.
“货币对”指基于一种货币对另一种货币价值改变的交易物。
“Dispute” shall mean either: 纠纷指：
(a) the conflict situation when the Customer reasonably believes that the Company as a result of any action or failure to act breaches one or more terms of the Terms of Business; or
当客户合理认为公司由于任何行为或未执行、违反一条或多条交易条款时的冲突情况。
(b) the conflict situation when the Company reasonably believes that the Customer as a result of any action or failure to act breaches one or more terms of the Terms of Business; or
当公司合理认为客户由于任何行为或未执行、违反一条或多条交易条款时的冲突情况。

(c) the conflict situation when the Customer makes a deal at an Error Quote (Spike), or before the first Quote comes to the Trading Platform on the Market Opening, or at the Quote received by the Customer because a Dealer made a Manifest Error or because of a software failure of the Trading Platform.
当客户以错误报价进行交易时的冲突情况，或在市场开放时，交易平台的第一次报价之前，或由于交易商犯明显错误或由于交易平台的软件失败，客户收到的报价的冲突情况。
“Eligible Counterparty” shall mean an “Eligible Counterparty” for the purposes of the FSA Rules.
"合格交易对手"应指FSA法则的“合格交易对手”。

“Equity” shall mean: Balance + Floating Profit - Floating Loss.
“权益”指余额+浮动盈利- 浮动损失
“Error Quote (Spike)” shall mean an error Quote with the following characteristics:
错误报价指具有以下特征的错误报价：
(a) a significant Price Gap; and
大幅度的价格差距
(b) in a short period of time the price rebounds with a Price Gap; and
短期内以价格差距反弹的价格
(c) before it appears there have been no rapid price movements; and
其看起来没有快速的价格变动前
(d) before and immediately after it appears that no important macroeconomic indicators and/or corporate reports are released.

The Company has the right to delete Error Quotes (Spikes) from the Server’s Quotes Base.
看起来没有重要宏观经济指标及/或公司发布报告前或短时间内。公司有权基于服务器报价取消错误报价。
“Event of Default” shall have the meaning given in clause 26.
“违约事件”可参照条款26的定义
“Floating Profit/Loss” shall mean current profit/loss on Open Positions calculated at the current Quotes.
“浮动盈利/损失”指以现行报价计算的开仓的现行盈利/损失。
“Force Majeure Event” shall have the meaning as set out in clause 28.
“不可抗力事件”如条款28中阐述
“Free Margin” shall mean funds on the Trading Account, which may be used to open a position. It is calculated as Equity less Necessary Margin.
“自由保证金”指可用于开仓的交易账户的资金它被作为少于必要保证金的权益。
“FSA” shall mean the Financial Services Authority.
“FSA”指英国金融监管局
“FSA Rules” shall mean the FSA’s Handbook of Rules and Guidance.
“FSA Rules”指FSA规则与指导手册
“Hedged Margin” shall mean the margin required by the Company sufficient to open and maintain Matched Positions. The details for each Instrument are in the Contract Specifications.
“对冲保证金”指公司要求的足够开设并保持对称仓位的保证金。每个货币对的详情在合同规格中列明。
“Indicative Quote” shall mean a Quote at which the Company has the right not to accept any Instructions or execute any Orders.
“指示性报价”指公司有权不接受任何指令或执行任何订单的报价
“Initial Margin” shall mean the margin required by the Company to open a position. The details for each Instrument are in the Contract Specifications.
“初始保证金”应指公司要求的开仓保证金。每个货币对的详情在合同规格中列明。
“Instruction” shall mean an instruction from the Customer to the Company to open/close a position or to place/modify/delete an Order.
“指令”指客户对公司开/关仓或定制/修改/删除订单的指令。
“Instrument” shall mean any Currency Pair or Contract for Differences.
“工具”指任何货币对或和约差价
“Leverage” shall mean subject to clauses 2.15-2.18 of the Terms of Business, 1:20, 1:25, 1:40, 1:50, 1:100, 1:200, 1:500 ratio in respect of Transaction Size and Initial Margin. 1:100 ratio means that in order to open a position the Initial Margin is one hundred times less than Transaction Size.
“杠杆比例”指根据交易条款中的条款2.15—2.18的规定，就交易规模与初始保证金而言1:20, 1:25, 1:40, 1:50, 1:100，1：200，1：500的比例。1：100的比例指初始保证金少于交易规模的100倍的开仓。
“Long Position” shall mean a buy position that appreciates in value if market prices increase. In respect of Currency Pairs: buying the Base Currency against the Quote Currency.
“多头”指如果市场价格上涨时，买入增值。就货币对而言：针对行价货币购买基础货币
“Lot” shall mean a unit of Securities or Base Currency in the Trading Platform.
“标准手”指在交易平台的一个证券或基础货币单位
“Lot Size” shall mean the number of shares, underlying assets or units of Base Currency in one Lot defined in the Contract Specifications.
“标准手规模”指合同规格定义的一个标准手的股份、标的资产或基础货币单位的数量。
“Маrgin Level” shall mean the percentage Equity to Necessary Margin ratio. It is calculated as (Equity / Necessary Margin) * 100%.
“保证金标准”指产权与必需保证金的百分比。这样计算：（权益/必需保证金）*100%
“Margin Trading” shall mean Leverage trading when the Customer may make Transactions having far less funds on the Trading Account in comparison with the Transaction Size.
“保证金交易”指当客户可能与交易规格比较，在交易账户中以少得多的资金交易时的杠杆交易。
“Matched Positions” shall mean Long and Short Positions of the same Transaction Size opened on the Trading Account for the same Instrument 1.
“匹配头寸” 指为同一货币对开设交易账户的相同交易规模的作多或作空
“Necessary Margin” shall mean the margin required by the Company to maintain Open Positions. The details for each Instrument are specified in the Contract Specifications.
“必需保证金”指公司要求的维持开户的保证金。货币对详情在合同规格中列明
“Non-segregated Funds” shall have the meaning as set out in clause 6.2.
“非分离资金”指条款6.2列明的含义。
“Normal Market Size” shall mean:
“一般市场规模“指：
(a) for the Currency Pair: the maximum number of units of Base Currency that are executed by the Company in the Instant Execution mode. This information for each Instrument is displayed in the Contract Specifications.
货币对：立即执行状态中的公司执行基础货币单位的最大数量。每个货币对的资料已在合同规格中列明。
(b) for the Contract for Differences: the maximum number of stocks, shares, contracts or other units that the Company reasonably believes the Underlying Market to be good in at the relevant time.
差价合约：公司合理认为在相关时间内，基本市场良好的股票，股份，合同或其他单位的最大数量。
“Open Position” shall mean a Long Position or a Short Position which is not a Completed Transaction.
“Open Position” 指一个不完整的交易的作多或作空。
“Operative Agreements” shall mean this Agreement, the Risk Acknowledgement and Disclosure attached at the schedule to this Agreement and the Terms of Business.
“操作协议”指本协议及本协议和交易条款负责的风险确认及公开。
“Order” shall mean an instruction from the Customer to the Company to open or close a position when the price reaches the Order Level.
“订单”指当价格到达订单标准时，客户对公司要开仓或平仓的一个指示。
“Order Level” shall mean the price indicated in the Order.
“订单标准”指订单指示的价格。
“Price Gap” shall mean the following:
“价差”有以下含义：
(c) the current Quote Bid is higher than the Ask of the previous Quote; or
现行卖价高于先前买价
(d) the current Quote Ask is lower than the Bid of the previous Quote.
现行买价低于先前卖价
“Quote” shall mean the information of the current price for a specific Instrument, in the form of the Bid and Ask prices.
“报价”指以卖价或买价的形式，特定货币对的现价信息，
“Quote Currency” shall mean the second currency in the Currency Pair which can be bought or sold by the Customer for the Base Currency.
“报价货币”指客户可买卖基础货币的货币对中的第二货币。
“Quotes Base” shall mean Quotes Flow information stored on the Server.
“报价基础”指服务器储存的价格流动资料。
“Quotes Flow” shall mean the stream of Quotes in the Trading Platform for each Instrument
“价格流动”指在交易平台的每个货币对的价格流动。
“Rate” shall mean the following:
“利率”指以下：
(a) for the Currency Pair: the value of the Base Currency in the terms of the Quote Currency; or
货币对：按照报价货币，基础货币的价值
(b) for the Contract for Differences: the value of one unit of the underlying asset in terms of money.
“差价合约”指基本资产的一个单位的价值。
“Relevant Amount(s)” shall mean Equity in the Customer’s Trading Account.
“相关资金量”指客户交易账户的股本
“Request” shall mean a request from the Customer to the Company given to obtain a Quote. Such a Request shall not constitute an obligation to make a Transaction.
“请求”指客户从公司获得价格的要求。这种要求不应构成进行交易的义务
“Retail Client” shall mean a “Retail Client” for the purposes of the FSA Rules.
“零散客户”参照FSA法则规定的含义
“Risk Acknowledgement and Disclosure” shall mean the Risk Acknowledgement and Disclosure attached at the schedule to this Agreement.
“风险确认及公开”指本协议附属表中的风险确认及公开
“Rollover/Interest Policy Webpage” shall mean the webpage at http://www.alpari.co.uk/en/swap-points.html.
“贷款展期/利率政策网页”参照http://www.alpari.co.uk/en/swap-points.html.网页。
“Security” shall mean any share, future, forward or option contract, commodity, precious metal, interest rate, debt instrument or stock index.
“债券”指任何股份、期货、远期或期权合同、商品、贵重金属、利率、债务或股票指数。
“Segregated Account” shall mean a client bank account as defined by and held in accordance with the FSA Rules.
“分离账户”指根据FSA法则定义及持有的客户银行账户。
“Segregated Funds” shall have the meaning as set out in clause 6.1.
“分离资金”参照条款6.1列明的含义
“Server” shall mean the MetaTrader Server program, version 4. The program is used to execute the Customer’s Instructions or Requests, to provide trading information in real-time mode (the content is defined by the Company), in consideration of the mutual liabilities between the Customer and the Company, subject to terms of the Terms of
Business.
“服务器”指MT4服务器程序。此程序用于执行客户指令或要求，即时提供交易信息（公司定义内容），根据交易条款的款项，考虑到客户和公司共同的责任。
“Services” shall mean the services provided by the Company to the Customer as set out in clause 7.
“服务”指条款7中阐述的公司对客户提供的服务。
“Short Position” shall mean a sell position that appreciates in value if market prices fall. In respect of Currency Pairs: selling the Base Currency against the Quote Currency.
“作空” 指当市场价格下跌时，售出增值。就货币对而言：根据货币价格卖掉基础货币。
“Spread” shall mean the difference between Ask and Bid.
“点差”指买价与卖价的差价
“Trading Account” shall mean the unique personified registration system of all Completed Transactions, Open Positions, Orders and deposit/withdrawal transactions in the Trading Platform.
“交易账户”指所有完整交易的独有的拟人化的注册系统，交易平台的开仓，订单及存/取款交易
“Trading Platform” shall mean all programs and technical facilities which provide real-time Quotes, allow Transactions to be made, Orders to be placed/modified/deleted/executed and calculate all mutual obligations between
the Customer and the Company. The trading platform consists of the Server and the Client Terminal.
“交易平台”指提供即时价格，允许交易，定制/修改/取消/执行订单，在公司与客户之间计算共同义务的所有程序及技术设备。交易平台包括服务器与客户终端。
“Transaction” shall mean any contract or transaction entered into or executed by the Customer or on behalf of the Customer arising under this Agreement and the Terms of Business.
“交易”指在本协议与交易条款下，由客户或代表客户缔结或执行的任何和约或交易
“Transaction Size” shall mean Lot Size multiplied by number of Lots.
“交易规模”指标准手数量增加的标准手规模
“Underlying Market” shall mean the market where the underlying asset for CFD is traded.
“标的市场”指ＣＦＤ交易的基本资产的市场
“Website” shall mean the Company’s website at http://www.alpari.co.uk or such other website as the Company may maintain from time to time for access by customers.
“网站”指公司的网页http://www.alpari.co.uk或客户可获得的公司不定时维护的其他这种网站
“Written Notice” shall have the meaning set out in clause 20.
“书面通知”在条款２0中列明
31.2. All references to a statutory provision include references to:
所有法定条款参考：
(a) any statutory modification, consolidation or re-enactment of it, whether before or after the date of this Agreement, for the time being in force;
任何法定修改，合并或重新制定，不管在本协议日期以前或以后，暂时生效。
(b) all statutory instruments or orders made pursuant to it; and
依照所有法定文书或规则
(c) any statutory provision of which that statutory provision is a re-enactment or modification.
任何法定条文都是可以重新制定或修改的。
31.3. Words denoting the singular include the plural and vice versa; words denoting any gender include all genders; and words denoting persons include corporations, partnerships, other unincorporated bodies and all other legal entities and vice versa.
表示单数的词也含有复数的意思，反之亦然；表示性别的词也包含其它性别的意思；表示人的词也包括公司、合伙企业、其他未注册的团体和所有其他法律实体，反之亦然。
31.4. Unless otherwise stated, a reference to a clause, party or a schedule is a reference to respectively a clause in or a party or schedule to this Agreement.
除非另有说明，条款、一方或附录的参考和协议中的条款、一方或附录的参考是各自独立的。
31.5. The clause headings are inserted for ease of reference only and do not affect the construction of this Agreement.
插入的条款标题的仅供参考，不会影响对本协议的解释说明

Schedule 1. RISK ACKNOWLEDGEMENT AND DISCLOSURE
　　　　　　　 表１　风险确认及公开
All words and expressions defined in the Operative Agreements shall unless the context requires otherwise have the same meaning in this document.
在文件没有特殊要求的情况下，所有在有效协议中界定的词语，在本文件中都具有相同含义。
1. Acknowledgement　　确认函件
Technical risk　　技术风险
1.1. The Customer shall be responsible for the risks of financial losses caused by the failure of information, communication, electronic and other systems.
　　 对由于信息，通讯，电子设备以及其他系统的失效及故障而引起的财务损失风险，客户应负全部责任。
1.2. While trading via the Client Terminal the Customer shall be responsible for the risks of financial losses caused by:
通过客户终端交易时，客户应负责由以下情况而引起的财务损失风险：
(a) Customer's or Company's hardware or software failure, malfunction or misuse;
　　 (a) 客户或公司的硬件或软件的失效、故障或误用。
(b) Poor Internet connection either on the side of the Customer or the Company or both;
　　 (b) 客户或公司或二者同时的不良网络连接
(c) The wrong settings in the Client Terminal;
(c) 客户终端的错误设置
(d) Delayed Client Terminal updates;
(d) 客户终端的延迟更新
(e) The Customer disregarding the applicable rules described in the Client Terminal user guide and in the FAQ section 2.
　　 客户忽视在FAQ第二部分以及客户终端用户指南中附录的适用规则
1.3. The Customer acknowledges that at times of excessive deal flow the Customer may have some difficulties to be connected over the telephone with a Dealer, especially in a Fast Market (for example, when key macroeconomic indicators are released).
　　 客户需认可，特别是在快速市场，当交易量过大时，客户与交易商在进行电话联系时可能会有产生一定困难（例如，当重要宏观经济指标公布时）
Abnormal market conditions　　市场的异常情况
1.4. The Customer acknowledges that under Abnormal Market Conditions the period during which the Instructions and Requests are executed may be extended.
客户需认可，在市场条件异常的情况下，指令与要求的执行时间可能会延长。
Trading platform　　交易平台
1.5. The Customer acknowledges that only one Request or Instruction is allowed to be in the queue at one time. Once the Customer has sent a Request or an Instruction, any further Requests or Instructions sent by the Customer are ignored and the “Order is locked” message appears until the first Request or Instruction is executed.
　　 客户需认可，每一次只允许执行一个要求或指令。一旦客户发出一个要求或指令，其发送的任何其他的要求或指令将被忽视。在执行第一次请求或指令后，“订单锁定”字样出现。
1.6. The Customer acknowledges that the only reliable source of Quotes Flow information is that of the real/live Server’s Quotes Base. Quotes Base in the Client Terminal is not a reliable source of Quotes Flow information because the connection between the Client Terminal and the Server may be disrupted at some point and some of the Quotes simply may not reach the Client Terminal.
客户需认可，价格量信息的唯一可靠来源基于真实的／同步的服务器报价基础。客户终端的报价基础并不是可靠的价格量信息来源，因为客户终端与服务器之间的连接在某些点位可能会产生中断，以致有些报价无法到达客户终端。
1.7. The Customer acknowledges that when the Customer closes the order placing/modifying/deleting window or the position opening/closing window, the Instruction or Request, which has been sent to the Server, shall not be cancelled.
　　 客户需认可，如果客户关闭订单定制／修改／取消窗口或开／关仓窗口，其已经发送到服务器的指令或要求将不能被取消。
1.8. In case the Customer has not received the result of the execution of the previously sent Instruction but decides to repeat the Instruction, the Customer shall accept the risk of making two Transactions instead of one.
　　 若客户在未收到先前所发送指令的执行结果的情况下，决定重复先前指令，客户应承担两次交易代替一次交易的风险。　　
1.9. The Customer acknowledges that if the Pending Order has already been executed but the Customer sends the Instruction to modify its level and the levels of If-Done Orders at the same time, the only Instruction, which will be executed, is the Instruction to modify Stop Loss and/or Take Profit levels on the Position Opened when the Pending Order triggered.
　　 客户需认可，如果在挂单被执行的同时，客户发送指令修改其标准和若已完成订单标准，唯一将要被执行的指令是当挂单等候时，在已开仓位修改止损点及／或获利标准的指令。
2 At the date of this document the information is displayed on
http://www.alpari.co.uk/en/metatrader4/userguide/index.html and http://www.alpari.co.uk/en/faq/.
自本文件发布起，资料公布在http://www.alpari.co.uk/en/metatrader4/userguide/index.html and http://www.alpari.co.uk/en/faq/
Communication　　沟通
1.10. The Customer shall accept the risk of any financial losses caused by the fact that the Customer has received with delay or has not received at all any notice from the Company.任何由于延迟或没有收到任何来自公司的预先通知而造成的财务损失风险，应由客户承担。
1.11. The Customer acknowledges that the unencrypted information transmitted by e-mail is not protected from any unauthorised access.
　　 客户需认可，由电子邮件传送的未加密信息无法避免其他任何非法访问。
1.12. The Customer is fully responsible for the risks in respect of undelivered Trading Platform internal mail messages sent to the Customer by the Company as they are automatically deleted within 3 (three) calendar days.
　　 鉴于系统的三天自动删除功能，对于由公司发给客户的未寄达交易平台的内部资料，客户负有全面责任。
1.13. The Customer is wholly responsible for the privacy of the information received from the Company and accepts the risk of any financial losses caused by the unauthorised access of the third party to the Customer’s Trading Account.
客户对公司传达的信息隐私负有全部责任，并应承担由于第三方对客户交易账户的非法访问而造成的财务损失风险。
Force Majeure Event　　不可抗力事件
1.14. In case of a Force Majeure Event the Customer shall accept the risk of financial losses.
如发生不可抗力事件，客户应承担损失风险
2. Risk Warning Notice 风险警告通知
This Notice is provided by the Company (“we”, “us”) to the Customer (“you”, “your”) notwithstanding the classification of the Customer as an Intermediate Customer.
尽管客户被分类为中间客户，本通知由公司（我们）提供给客户（你/你们）。
The following statements are intended to make you aware of and disclose to you the potential risk and loss in respect to the trading on the financial markets.
以下声明旨在提醒并使您了解金融市场交易中的潜在风险与损失。
This notice cannot disclose all the risks and other significant aspects of foreign exchange and derivative products such as futures, options, and Contracts for Differences. You should not deal in these products unless you understand their nature and the extent of your exposure to risk. You should also be satisfied that the product is suitable for you in the light of your circumstances and financial position. Certain strategies, such as a “spread” position or a “straddle”, may be as risky as a simple Long or Short position.
本通知不能说明外汇及其衍生产品，如期货，期权以及和约差价的所有风险和其他重要方面。您应在了解其性质及您所要承担的风险度的基础上进行运作。考虑到您的条件及财政状况，您应确信该产品适合您。而某些策略，如“点差”情况或“套利”，可能会像作多或作空一样存在危险。
Although Forex and derivative instruments can be utilised for the management of investment risk, some of these products are unsuitable for many investors. Different instruments involve different levels of exposure to risk and in deciding whether to trade in such instruments you should be aware of the following points:
尽管外汇及其衍生工具可以用于风险投资管理，但其中有些产品对于很多投资者来说并不适合。不同的货币涉及不同程度的风险。要决定是否以某种货币进行交易，您应当注意以下几点：
Effect of Leverage 杠杆效应
2.1. Under Margin Trading conditions even small market movements may have great impact on the Customer’s Trading Account. It is important to note that all accounts trade under the effect of Leverage. The Customer must consider that if the market moves against the Customer, the Customer may sustain a total loss greater than the funds deposited. The Customer is responsible for all the risks, financial resources the Customer uses and for the chosen trading strategy.
在保证金交易条件下，即使是小规模的市场走势也可能会对客户的交易账户产生重大影响。值得注意的是，所有的账户都是在杠杆效应下进行交易的。客户必须考虑到，若市场走势对客户不利，其很可能蒙受多于其存款数额的全损。对于其所使用及选择的交易策略所带来的风险和收益，客户本身负有全部责任。
It is highly recommended that the Customer maintains a Margin Level (percentage Equity to Necessary Margin ratio which is calculated as Equity / Necessary Margin * 100%) of not lower than 1,000%. It is also recommended to place Stop Loss to limit potential losses, and Take Profit to collect profits, when it is not possible for the Customer to manage the Customer’s Open Positions.
我们高度建议客户维持保证金标准不低于1，000%（证券百分比与必需保证金的比例=证券/必需保证金*100%）。与此同时，当客户无法管理其仓位时，应设置止损点来限制潜在的损失并获利，
The Customer shall be responsible for all financial losses caused by the opening of the position using temporary excess Free Margin on the Trading Account gained as a result of a profitable position (cancelled by the Company afterwards) opened at an Error Quote (Spike) or at a Quote received as a result of a Manifest Error.
因错误报价形成的有利仓位（后由公司取消）或明显错误形成的价格，致使客户使用交易账户中暂时过多的自由保证金开仓，由此造成的所有财政损失应由客户承担。
High volatile instruments 剧烈波动货币对
2.2. Some Instruments trade within wide intraday ranges with volatile price movements. Therefore, the Customer must carefully consider that there is a high risk of losses as well as profits.
许多货币对交易的价格常会反复震荡波动。因此，客户须认真考虑与利润同时存在的高风险损失。
Futures 期货
2.3. Transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle the position with cash. They carry a high degree of risk. The gearing or Leverage often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you. Futures transactions have a contingent liability, and you should be aware of the implications of this, in particular the margining requirements, which are set out below.
期货交易涉及在未来某日履行或承担义务，交付合同所标示的资产，或在某些情况下，以现金结算仓位。期货交易存在高度的风险。负债比率或杠杆效应在期货交易中非常普遍，也就是说即使较少的存款或定金也可能造成巨额损失或高额利润。同时，一次相对较小的运作可能造成投资价值的巨大波动，这种情况可能有利于您的操作，也可能会产生不利影响。期货交易为或有负债型交易，您应清楚了解其将产生的影响，尤其是利差要求。下文将作详细阐述。
Options 期权
2.4. There are many different types of options with different characteristics subject to the following conditions.
期权有许多不同类型，且不同期权具有不同特征。
Buying options:
购买期权
Buying options involves less risk than selling options because, if the price of the underlying asset moves against you, you can simply allow the option to lapse. The maximum loss is limited to the premium, plus any commission or other transaction charges. However, if you buy a call option on a futures contract and you later exercise the option, you will acquire the future. This will expose you to the risks described under futures' and contingent liability investment transactions.
购买权风险之所以低于售出权是因为，如果标示资产的价格不利于您，您可以使期权失效。你所承担的最大损失不会超出于利润加上佣金和其他交易的总和。不过，如果您在期权合同上购买选择权后执行期权，您将获得期权，同时也会因此而承担期权及或有负债投资交易的风险。
Writing options: 出售期权

If you write an option, the risk involved is considerably greater than buying options. You may be liable for margin to maintain your position and a loss may be sustained well in excess of the premium received. By writing an option, you accept a legal obligation to purchase or sell the underlying asset if the option is exercised against you, however far the market price has moved away from the exercise price. If you already own the underlying asset which you have contracted to sell (when the options will be known as covered call options) the risk is reduced. If you do not own the underlying asset (uncovered call options) the risk can be unlimited. Only experienced persons should contemplate writing uncovered options, and then only after securing full details of the applicable conditions and potential risk exposure.
出售期权的风险远远高于购买期权。您对用保证金来维持仓位负有责任，并且损失可能会持续超出所得到的利润。出售期权规定，若期权操作不利于您，您将拥有购买或出售标示资产的法定权利，但这个时候市场价格已高于操作价格。当您已经拥有同意销售的标示资产时，风险将会减少。反之，风险系数无法估计。只有有经验的人可以预计writing uncovered options，然后才能获取详细的适用条件及潜在风险。
Contracts for Differences 合约差价
2.5. Investing in a Contract for Differences carries the same risks as investing in a future or an option and you should be aware of these as set out above. Transactions in Contracts for Differences may also have a contingent liability and you should be aware of the implications of this as set out below.
投资和约差价会承担和投资期货或期权相同的风险，您应详细了解上述内容。合同差价交易可能会造成或有负债，您应当了解以下说明的影响。
Off-exchange transactions in derivatives 衍生的场外交易
2.6. CFDs and Forex are off-exchange transactions. While some off-exchange markets are highly liquid, transactions in off-exchange or non transferable derivatives may involve greater risk than investing in on-exchange derivatives because there is no exchange market on which to close out an Open Position. It may be impossible to liquidate an existing position, to assess the value of the position arising from an off-exchange transaction or to assess the exposure to risk. Bid prices and Ask prices need not be quoted, and, even where they are, they will be established by dealers in these
instruments and consequently it may be difficult to establish what is a fair price.
CFDs and Forex是场外转帐交易。由于一些场外市场具有高度流动性，且没有能够抛仓的交易市场，场外交易或非转让衍生物可能比投资外汇衍生物存在更大风险。可能无法对现有仓位进行清偿或从场外交易评估仓位价值或风险。卖价与买价无需报价，即使有报价，也是由货币交易中的交易商确定，因此价格的公平性很难建立。
Foreign markets 海外市场
2.7. Foreign markets will involve different risks from the UK markets. In some cases the risks will be greater. On request, the Company must provide an explanation of the relevant risks and protections (if any) which will operate in any foreign markets, including the extent to which it will accept liability for any default of a foreign firm through whom it deals. The potential for profit or loss from transactions on foreign markets or in foreign denominated contracts will be affected by fluctuations in foreign exchange rates.
海外市场将涉及不同于英国市场的风险，且在某些情况下，风险将会更大。根据要求，公司必须对在海外市场运行的相关风险和保护措施（如果有的话）作出解释，其中包括对其所经营海外公司的违约将承担多少责任。在海外市场或以外方为主体的合同交易中，其潜在利润或损失会受外汇市场汇率波动的影响。
Contingent liability investment transactions 投资交易附带责任
2.8. Contingent liability investment transactions, which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately.
相对于立即支付整个购买价格，投资交易附带责任，要求您针对购买价格作出一系列付款。
If you trade in futures, Contracts for Differences or sell options, you may sustain a total loss of the funds you have deposited to open and maintain a position. If the market moves against you, you may be called upon to pay substantial additional funds at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be responsible for the resulting deficit.
如果您进行期货、合同差价或出售期权的交易，您可能需要承担用于开户并维持仓位的存款的全损。如果市场走势不利于您，您可能需要支付大量额外资金来维持仓位。若在规定时间内无法达到要求，您的仓位可能会按亏损方式被清算，而由此引起的赤字将由您来负责。
Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered the contract.
即使是非保证金交易，一旦您缔结和约，在某些情况下，您仍有义务支付超过付款量的更多款项。
Contingent liability investment transactions which are not traded on or under the rules of a recognised or designated investment exchange may expose you to substantially greater risks.
投资交易附带责任因其不在交易所或未根据被认定或指定的投资交易法则进行交易，可能具有更大的风险。
Collateral 抵押品
2.9. If you deposit collateral as security with the Company, the way in which it will be treated will vary according to the type of transaction and where it is traded. There could be significant differences in the treatment of your collateral depending on whether you are trading on a recognised or designated investment exchange, with the rules of that
exchange (and the associated clearing house) applying, or trading off-exchange. Deposited collateral may lose its identity as your property once dealings on your behalf are undertaken. Even if your dealings should ultimately prove profitable, you may not get back the same assets which you deposited, and may have to accept payment in cash. You
should ascertain from your firm how your collateral will be dealt with.
根据交易类型及交易地点的不同，您作为公司担保存入的抵押品会以不同方式被处理。是否在指定交易场所交易，是否遵守交易场所（或相关清算所）的相关规定，是否进行场外交易，都将会对您抵押品的处理方式产生重大影响。一旦您被代理进行外汇交易，您可能会丧失对所存入抵押品的所有权。即使您的交易最终获利，您也可能无法取回所存入的抵押品，并不得不接受现金付款。您应确定公司对您的抵押品的处理方式。
Commissions佣金
2.10. Before you begin to trade, you should make yourself aware of all commissions and other charges for which you will be liable. If any charges are not expressed in monetary terms (but, for example, as a percentage of contract value), you should ensure that you understand what such charges are likely to amount to.
在交易开始之前，您应了解自己所要承担的所有佣金和其他费用。如果某些费用未在货币条款中标注（但是，例如，作为一个合同价值的百分比），您应确保您了解这些费用的用途。
Suspensions of trading 交易中止
2.11. Under certain trading conditions it may be difficult or impossible to liquidate a position. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange trading is suspended or restricted. Placing a Stop Loss will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an Order at the stipulated price.
在某些情况下，仓位可能难以或无法被清偿。例如，在一定交易时间内，价格快速波动至一定程度，根据相关交易法则，交易将中止或被限制。因为市场条件可能无法以规定的价格执行此订单，所以设置止损点不一定会将您的损失限制在计划金额内。
Clearing house protections 清算所保护
2.12. On many exchanges, the performance of a transaction by your firm (or third party with whom it is dealing on your behalf) is guaranteed by the exchange or clearing house. However, this guarantee is unlikely in most circumstances to cover you, the Customer, and may not protect you if your firm or another party defaults on its obligations to you. On request, the Company must explain any protection provided to you under the clearing guarantee applicable to any on-exchange derivatives in which you are dealing. There is no clearing house for traditional options, nor normally for off-exchange instruments which are not traded under the rules of a recognised or designated investment exchange.
在很多交易中，您代理公司（或代理你交易的第三方）的交易行为由交易所或清算所监管。但是，当您的公司或第三方代理拒绝履行对您的义务时，在大多数情况下，这种监管无法为您（客户）提供保护。根据清算保护的要求，公司对为您所有场内交易所提供的保护必须作出合理解释。对不以认定或指定投资交易法则进行运作的场外货币交易，以及传统期权不提供清算保护。
Insolvency 破产

2.13. The Company’s insolvency or default, may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets which you lodged as collateral and you may have to accept any available payments in cash.
公司的破产或违约可能会导致您的仓位在未经允许的情况下被清算或关闭。在一定情况下，您可能无法收回作为抵押品的实际资产，并且需要接受任何可能的现金付款。
2.14. Segregated Funds will be subject to the protections conferred by the FSA's Client Money Rules.
分隔资金受FSA客户资金法的保护。
2.15. Non-segregated Funds will not be subject to the protections conferred by the FSA's Client Money Rules. Non-segregated Funds will not be segregated from the Company’s money and will be used in the course of the Company’s business, and in the event of the Company’s insolvency you will rank as a general creditor.
非分离资金不受FSA客户资金法保护。非分离资金会被用于公司业务，不能从公司的资金中分离出去。如果该公司破产，您将会被列为一般债权人。
Alpari (UK) Limited
Alpari (UK) 有限公司
June 2007
2007年六月