外汇与价差合约交易商业条款及条件（第三部分 中英文翻译）

　　SCHEDULE 2附表2 ORDER EXECUTION POLICY订单执行政策

　　Introduction导言

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

　　本订单执行政策阐明City Credit Capital (UK) Limited将如何执行交易或客户下单，本政策应与我方的合约条款一并阅读，但本政策并不构成该合约条款的一部分。

　　Execution services执行服务

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

　　我方提供价差合约(CFDs)和外汇(FX)执行服务，订单必须通过我方的交易平台下达，但若交易平台未能提供有效服务，客户可直接致电我方交易部下单。

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

　　我方作为客户交易的对手方，并为交易下单的执行地点。

　　Execution factors执行因素

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

　　在执行客户订单时，我方需要考虑多方面因素。我方认为价格和费用是最为重要的因素，其次是交易规模、执行和结算速度及可能性。我方将运用我们平衡执行因素上的判断力，设法在一致性基础上为客户取得可能的最佳结果。

　　Price价格

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

　　我方交易平台提供所有交易产品的最新价格，所有价格均为即时报价，只要客户的帐户中存有足够的保证金，我方将按交易平台显示的价格接受下单，尽管我方未确定交易已被执行前，该交易不得视为已执行交易。

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

　　万一所报价格发生错误且下单已按该价格被执行，我方保留撤销该订单的权力。在考虑所有相关因素后，如果一个价格不同于贵方询价时我们通常的报价，这个价格将被视为错误报价。我方从多个数据来源决定标的金融工具的市场价格，如证券股票类产品的数据来源可能是第三方交易所，其它产品如外汇的数据来源通常为指定的批发市场参与者。

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

　　在确定了一个市场价格后，我方随后会考虑多方面因素作出调整以决定我方的价差。这些因素包括任何基于相关标的金融工具所得的任何股利及我方自身的风险管理。基于上述因素，我方的卖出/买入价通常不会与标的金融工具的价格相同。

　　Costs费用

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

　　客户可能需要按其下单支付的费用包括：

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

　　对未平仓交易和平仓交易收取的佣金，部分或全部将支付予中介代理人;

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

　　持有价差合约多头头寸收取的利息，而持有空头头寸的客户通常将获取利息;

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

　　持有一半未平仓外汇交易收取的利息，另一半亦由同一客户支付，这可能导致客户须根据货币利率及持有的多头头寸货币利率支付净利息; (b) (c)

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

　　承担本公司为对冲客户股票价差合约空头头寸而产生的任何借贷成本;买卖价差(「价差」)因产品而异。有关各类产品的价差详情请参见《合约细则》。

　　Size交易规模

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

　　我方订立了交易规模的上限和下限，请查阅交易平台的《合约细则》。对于股票价差合约而言，最大的交易规模可能根据产品的流动性而有所不同。就英国股票而言，交易规模则视乎相关股票的正常市场规模而定。

　　Speed速度

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

　　我方致力确保考虑到某一特定交易对市场的影响，交易延迟可能对价格构成不利的影响，但我方不得不使其与市场影响作出平衡，尤其在出现大量或不间断的订单时，可能会降低执行交易的可能性和/或影响价格。

　　Likelihood of execution and settlement执行和结算可能性

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

　　我方将一直是客户交易的对手方，因此我方也是交易的执行地点。只要一名客户的帐户中有足够的保证金，我方将会按照交易平台显示的价格执行订单。若我方已开始在国外市场执行客户订单且已经开始执行标的金融工具交易，客户将无法取消整个订单。客户可要求我方取消订单中任何尚未完成的部分，但未经我方确认，客户将无法解除自身原先的义务。

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

　　大部分交易将由我方的交易平台自动定价并自动执行。然而，根据诸如异常市场情况或客户订单的规模和性质等因素，某些交易产品可能完全或部分经由人工定价和/或订单经由人工执行。在大量需求人工定价和/或执行时，处理客户订单可能被延迟，这样可能对我方能否执行订单构成影响，而若果我方能执行交易订单，可能对交易执行价格构成影响。

　　Specific instructions特定指示

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

　　一旦客户给我方提供了执行订单的特定指示，这些指示将较本订单执行政策获优先处理。因为客户的特定指示可能包含该交易的任何要素，可能会妨碍我方原本将为客户执行交易取得可能的最佳效益所采取的措施。

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

　　在我方提供的大多数市场上，当相关市场的价格上涨或下降至客户设定的特定价格时，我方可能(根据我方的合约条款)接受客户的订单并执行交易。这些订单通常附加于未平仓头寸，在市场朝着与头寸不利的方向发展时下达的订单称为止损单，当市场朝着有利方向发展时下单则为了获取利润。这些订单根据我方的价格执行。若我方出价达到或降至特定订单价格之下，将会发出卖出指令;若我方出价达到或涨至特定订单价格之上，将会发出买入指令。

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

　　在大多数情况下，当一个指令发出时，它将会以该特定订单价格或与该价格十分接近的价格执行。但这并不获保证，且执行价格可能受标的金融工具价格波动影响而与特定订单价格有很大差异。例如，在继盈利警告或出乎意料的金融决策发布后，这种情况可能发生在一只相关股票上。

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

　　请注意，若一位客户向我方在同一个标的市场下达多项订单并设定了特定订单价格，而这些订单规模比我方的规模大，则我方无法保证以相同的价格执行所有上述订单。

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

　　一些市场可能接受‘担保止损订单’ ，这与止损订单相似，除非客户获得保证不管外界因素如何，订单均可以特定的价格执行。

　　Order handling – aggregation and allocation订单处理 – 合并和分配

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

　　我方以收到订单的次序处理在国外市场执行的订单，除非客户订单的性质或主导市场条件使该次序不可行或客户利益另有要求。一旦我方同意在国外市场执行客户订单，我方一般将会在合适的执行点下单，除非潜在市场的影响要求我方不应这样做。若我方同时接获多项订单，我方可能合并订单并按执行的合并次序分配最终的份额。这意味着我方将以不同价格为客户执行部分份额，也可能以平均价提供单个份额。

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

　　若我方的头寸记录簿指示我方可以与某位客户的订单以相同的方法执行我方帐簿中的订单，则我方将把客户订单与我方订单一同执行，除非合并订单后显示客户将得到相等或更好的执行收入。

　　Review of this Order Execution Policy该订单执行政策复核

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

　　我方将监察本订单执行政策是否符合规定，并至少每年复核一次。我方将作出适当修订，若有任何重大更改将会通知客户。

　　SCHEDULE 3 附表3 Summary of Conflicts of Interest Policy利益冲突政策摘要

　　Introduction导言

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

　　本政策包含可能发生在CCC或本公司雇员与公司客户之间的冲突以及客户与客户之间的冲突。CCC高级管理层有责任确保公司的制度、管理和程序健全，并在冲突发生时足以作出识别及处理。合规管理部会定期复核这些程序，以保证程序得以及时更新和有效地实施，且包含所有相关活动和规章。

　　Guarding against conflicts of interest预防利益冲突

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

　　已实施不同制度和程序将任何利益冲突的潜在性降至最低。下述内容虽然并非详尽无疑，已包括：

　　Identification of conflicts冲突识别

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

　　在识别潜在利益冲突的过程中，CCC将考虑CCC或一名雇员或其它客户是否：

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

　　可能在损害客户利益的情况下获取利益或避免损失;

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

　　为客户提供服务或代表客户进行交易的结果中牵涉利益，该结果明显与客户可获得的利益不同;

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

　　在财务上或其它方面的动机，试图向另一位客户或其它客户提供比该客户更优惠的待遇;

　　carries on the same business as the client; or 与客户从事相同的商业活动;或 receives or will receive from a person other than the client an inducement in relation to a service provided to the client, in the form of monies, goods or services, other than the standard commission or fee for that service.

　　就有关为客户提供服务而接收或将会接收除了客户以外的其它人士以金钱、商品或服务形式给予的赠予，这些赠予不是该服务相关的标准佣金或费用。

　　Management of conflicts冲突管理

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

　　CCC执行多项管理利益冲突政策，包括一个独立政策以及适当时的信息屏障。无论何时当我方意识到冲突的出现，我方将会按照我方的政策和程序处理冲突。在我方无法有效处理冲突或我方认为有必要披露时，我方将会向相关客户披露该冲突。在某些情况下，我方可能会决定不再继续进行引起利益冲突的交易。

　　SCHEDULE 4 附表4 FX外汇

　　1 SCOPE范围

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

　　本附表中的规定适用于外汇交易。

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

　　除非我方明确同意在特定交易中交割相关货币，否则我方与贵方的外汇交易通常将构成货币组合汇率的现货交易。现货交易应在交易的两天后交割，然而，作为对客户提供的其中一项服务，我方将每天自动为客户仓位转仓直至平仓止，且除非我方明确同意就某个特定交易交割相关货币，否则货币交割将不能正常进行。若货币交割确实发生，贵方有责任自行交割或接受货币并支付所有相关费用。

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

　　贵方应知悉本附表包含的产品信息未必是对产品各方面的全面描述。另外，特定产品可能是为某一特定客户或市场量身定做，可能与本附表所载的产品概要在细节上有所不同。相比本附表披露的产品描述及提供的信息，将以特定交易的条款为准。

　　2.1 IMPORTANT: RISKS ASSOCIATED WITH DEALING IN FX

　　重要提示：外汇交易的相关风险

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

　　本附表并未披露外汇交易涉及的所有风险。除非贵方了订立的合约性质以及贵方面临的风险程度，否则不该贸然进行外汇交易。贵方亦应根据本身条件与财务状况，自行衡量是否适合贵方。重要的是贵方必须理解，若贵方愿意承担损失全数投资金额及支付任何佣金或其它交易费用后，贵方才可进行外汇保证金交易。

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

　　外汇交易可能存在巨大的亏损风险，贵方的损失可能超过初期投资。若市场朝不利于贵方头寸的方向波动，则贵方可能在接到通知后，必须于短时间内补缴相当数额的保证金以保留头寸。若在我方规定的时间内贵方没有缴纳所需资金，贵方的头寸可能会以亏本平仓，而且帐户中所造成的任何亏损将由贵方自行承担。

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

　　条件委托订单如止损或限价订单，都不一定可以将贵方的损失降低到预期的金额，因为市场条件可能不允许执行这些订单。

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

　　外汇交易经常利用的杠杆效应，即少量的保证金可导致重大的损失或获利。一个相对小的波动，可导致贵方的投资价值按比例扩大，此结果可能对贵方构成有利或不利的影响。

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

　　隔夜持仓融资涉及费用，这些费用(第8部分所载)是外汇交易的一个重要部分，贵方必须在决定是否进行交易前考虑这些费用。

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

　　与任何投资相关的任何支出或收到的费用将受税收规限，贵方应就这方面征询专业意见。

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

　　鍳于上述各项原因，贵方应根据本身的条件及财务状况，仔细考虑这些产品是否适合贵方。若有任何疑问，请寻求专业意见。

　　FX 外汇

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

　　对于我方与贵方之间的每一笔交易，我方都会作为主事方与贵方进行交易。

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

　　外汇交易涉及贵方认为一种货币的价值相对于另一种货币价值的未来比率，并据此建立头寸。为了进行此交易，贵方将与我方以货币组合进行交易，例如欧元/美元(EUR/USD)或美元/日元(USD/JPY)。我方网站www.cccapital.co.uk提供了货币交易范例。 3 3.1 3.2

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

　　货币组合通常是以一个分隔符分开两个代码表示(例如，GBP/USD)，前者为基准货币，后者则为第二货币。所报价格是以一个单位的基准货币计算第二货币的价值。例如，GBP/USD = 2.0045表示一个单位的英镑(基准货币)可以兑换2.0045单位的美元(第二货币)。我方为每对货币组合所报的价格通常被称为买价和卖价。

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

　　买价是我方基于基准货币的头寸以第二货币支付予贵方的价格，卖价则是贵方基于基准货币的头寸以第二货币付予我方的价格。买价总是低于卖价，买价和卖价之间的差异被称作价差 ，我方从价差中获利。一般而言，价差越大，我方利润越高。

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

　　贵方可通过买涨看涨基准货币价格、或可通过卖空看跌基准货币价格。例如，若贵方认为英镑价格相对于美元价格将会上涨，贵方将与我方建立买涨(或买入)GBP/USD头寸。相反，若贵方认为英镑价值相对于美元价值将会下跌，贵方将决定与我方建立卖空或卖出GBP/USD头寸。

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

　　若贵方选择买涨，货币组合的开盘价将定为我方的卖价。若在合约结束时我方的买价高于合约开始时的卖价，在扣相关费用后，贵方将获得的款项为基准货币单位数目乘以货币组合的开仓卖价与平仓买价的差额。然而，若在合约结束时货币组合的买价没有超过合约开始时货币组合的卖价，则贵方须向我方支付一笔款项，即基准货币单位数目乘以货币对开仓卖价与平仓买价的差额。不管货币组合的价值如何变动，贵方将要向我方支付相关利息、收费、若干交易平台的单据费(将会另行通知贵方)以及Tom/Next融资费用(见第8部分)。

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

　　然而若贵方选择卖空，货币组合的开盘价将定为我方的买价。若在合约结束时货币组合的卖价低于合约开始时的买价，在扣相关费用后，贵方将获得的款项为基准货币单位数目乘以货币组合的开仓买价与平仓卖价的差额。然而，若在合约结束时货币组合的卖价超过合约开始时货币组合的买价，则贵方须向我方支付一笔款项，即以基准货币单位数目乘货币组合开仓买价与平仓卖价的差额。不管货币组合的价值如何变动，贵方将要向我方支付相关利息、收费、若干交易平台的单据费(将会另行通知贵方)以及Tom/Next融资费用(见第8部分)。

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

　　外汇交易涉及在将来某日期结算持仓的义务。我方于伦敦时间每晚十时(标准外汇市场交割日变更时间)结算所有现货交易，其方式是按现行市场汇率对所有交易进行平仓操作，并按反映利息差异的汇率在下一现货日重新开仓(见第8部分)。 3.8

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

　　无论何时订立任何交易以对任何现有交易进行平仓，我方与贵方各自承担的义务应在订立第二笔交易时立即自动终止，但支付此类以平仓交易的任何结算差额款项的义务除外。

　　MARGIN AND LEVERAGE 保证金与杠杆作用

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

　　贵方与我方进行外汇交易时须提供一定金额的保证金，我方将对该保证金施加杠杆作用，这样贵方须承担高程度的风险。杠杆作用以倍数表达，因此交易的名义金额超出所需保证金的数量。

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

　　受本合约条款的个别协定条款附表的规限，我方将就我方规定的各项交易保证金金额以及杠杆数额通知贵方。如货币组合的价格波动不利于贵方，贵方可能接获追加保证金通知，贵方应立即存入额外的保证金。若我方没有收到贵方的额外保证金，我方可在毋需通知贵方的情况下将贵方的持仓平仓。

　　5 STOP, LIMIT LOSS AND TAKE PROFIT ORDERS止损，止限及见利抛售指令

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

　　受贵方的个别条款附表的限制，贵方可与我方协定在进行外汇交易时，利用止损、止限或见利抛售指令限制贵方的损失。此类工具可以协助贵方限制交易风险，我方强烈建议贵方考虑使用此类工具。

　　6 NETTING净额结算

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

　　适用于本附表的任何交易应受如下条款规限，被视为包含于本合约条款净额结算交易定义中所指的交易，在发生违约事件后依据净额(净额结算 条款)的规定下终止和平仓。

　　7 TRADING TIMES交易时间

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

　　我方于周日晚8时与周五晚10时(英国时间)之间提供最新的外汇交易报价。

　　8 INTEREST利息

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

　　从一个交易日滚期至次日的外汇仓位，将以货币组合两种货币之间的利率差额为基础产生融资费用。适用利率被称为TomNext利率，它是次日或下一个营业日的缩写词，因为首个交割日是次日或下一个营业日。TomNext价格反映有关货币在TomNext与现货交割日之间的适用汇率。

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

　　贵方支付卖空货币的利息和获取买涨货币的利息。例如，若贵方买涨英镑/美元，贵方将获取英镑利息并支付美元利息。若英镑利率高于美元，则贵方将收取净利息;但若英镑利息低于美元，则贵方将支付净利息。向贵方提供的TomNext价格将根据贵方是买涨还是卖空而有所不同。CCC可从提供给买涨者的TomNext价格以及提供给卖空者的TomNext价格的差额间获利。

　　SCHEDULE 5附表5 CONTRACTS FOR DIFFERENCES价差合约

　　1 SCOPE 范围

　　1.1 The provisions in this Schedule apply to Transactions CFDs.

　　本附表的规定适用于价差合约交易。

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

　　我方与贵方的价差合约交易通常构成有关标的金融工具价值的价差合约(正如《2000年金融服务及市场法(受监管的活动)法令2001》的第85条所述)，例如一个家公司股票、股指或商品(标的产品)的报价。标的产品毋需进行交割，且贵方没有该标的产品的所有权。

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

　　贵方应知悉本附表包含的产品信息未必是对产品各方面的全面描述。另外，特定产品可能是为某一特定客户或市场量身定做，可能与本附表所载的产品概要在细节上有所不同。相比本附表披露的产品描述及提供的信息，将以特定交易的条款为准。

　　IMPORTANT: RISKS ASSOCIATED WITH DEALING IN CFDS

　　重要提示：价差合约交易的相关风险

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

　　本附表并未披露价差合约交易涉及的所有风险。除非贵方了订立的合约性质以及贵方面临的风险程度，否则不该贸然进行价差合约交易。贵方亦应根据本身条件与财务状况，自行衡量价差合约交易是否适合贵方。重要的是贵方必须理解，若贵方愿意承担损失全数投资金额及支付任何佣金或其它交易费用后，贵方才可进行价差合约保证金交易。

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

　　价差合约交易可能存在巨大的亏损风险，贵方的损失可能超过初期投资。若市场朝不利于贵方头寸的方向波动，则贵方可能在接到通知后，必须于短时间内补缴相当数额的保证金以保留头寸。若在我方规定的时间内贵方没有缴纳所需资金，贵方的头寸可能会以亏本平仓，而且帐户中所造成的任何亏损将由贵方自行承担。

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

　　条件委托订单如止损或限价订单，都不一定可以将贵方的损失降低到预期的金额，因为市场条件可能不允许执行这些订单。

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

　　价差合约交易经常利用的杠杆效应，即少量的保证金可导致重大的损失或收益。一个相对小的波动，可导致贵方的投资价值按比例扩大，此结果可能对贵方构成有利或不利的影响。

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

　　隔夜持仓融资涉及费用，这些费用(在第11部分中提及)是价差合约交易中一个重要的部份，贵方必须在决定是否进行交易前考虑这些费用。

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

　　与任何投资相关的任何支出或收到的费用将受税收规限，贵方应就这方面征询专业意见。

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

　　鍳于上述各项原因，贵方应根据本身的条件及财务状况，仔细考虑这些产品是否适合贵方。若有任何疑问，请寻求专业意见。

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

　　对于我方与贵方之间的每一笔交易，我方都会作为主事方与贵方进行交易。

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

　　价差合约交易包含我方与贵方之间达成的合约，贵方同意当合约终止时与我方交换标的产品开盘价与收盘价之间的差价，乘以按合约中规定的单位数目的金额。若标的产品的价格向有利于贵方的方向变动，则贵方将从我方获取差价。相反，若标的产品的价格向不利于贵方的方向变动，贵方须向我方支付差价。不管标的产品的价格如何变动，贵方须向我方支付佣金、隔夜持仓的利息费用以及根据每日标的产品价格变动确定的追加保证金(价格变动保证金)。

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

　　贵方可通过买涨看涨标的产品价格、或可通过卖空看跌标的产品价格。我方为价差合约所报的价格通常被称为买价和卖价。买价总是低于卖价。买价和卖价之间的差异被称作价差。我方从价差中获利。总的来说价差越大，我方获利越多。

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

　　若贵方选择买涨，标的产品单位的开盘价将定为我方的卖价。若在合约结束时，我方的买价高于我方在合约开始时的卖价，贵方将获得在扣除适当费用后的款项，即以合约代表的单位数乘合约开始时卖价与合约结束时买价的差额。然而，若在合约结束时，买价没有超过合约开始时的卖价，则贵方应支付我方一笔款项，即将合约代表的单位数乘以合约开始时卖价与合约结束时买价的差额。不管标的产品的价格如何变动，贵方都将要支付给我方佣金、适当的利息费用和价格变动保证金。

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

　　然而若贵方选择卖空，标的产品中单位的开盘价将定为我方的买价。若在合约结束时，我方的卖价低于我方在合约开始时的买价，在扣除适当费用后，贵方将获得一笔款项，即以合约代表的单位数乘合约开始时买价与合约结束时卖价的差额。然而，若在合约结束时，卖价没有超过合约开始时的买价，则贵方应支付我方一笔款项，即将合约代表的单位数乘以合约开始时买价与合约结束时卖价的差额。不管标的产品的价格如何变动，贵方将要支付给我方佣金、适当的利息费用和价格变动保证金。

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

　　我方在网站www.cccapital.co.uk提供了价差合约标的产品列表。我方将应要求考虑提供其它价差合约投资工具。

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

　　无论何时订立任何交易以对任何现有交易执行平仓，我方与贵方各自对上述交易的义务均在订立第二笔交易时立即自动终止，除了支付此类以平仓交易的任何结算差额款项的义务。

　　保证金与杠杆作用

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

　　贵方与我方进行价差合约交易时须提供一定金额的保证金，我方将对该保证金施加杠杆作用，这样贵方须承担高程度的风险。杠杆作用以倍数表达，因此交易的名义金额超出所需保证金的数量。

　　4 MARGIN AND LEVERAGE

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

　　我方将就我方规定的各项交易保证金金额以及杠杆数额通知贵方。如标的产品价格波动不利于贵方，贵方可能接获追加保证金通知，贵方应立即存入额外的保证金。若我方没有收到贵方的额外保证金，我方可在毋需通知贵方的情况下将贵方的持仓平仓。

　　5 STOP, LIMIT LOSS & TAKE PROFIT ORDERS止损，止限及见利抛售指令

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

　　贵方可与我方协定，在进行价差合约交易时利用止损、止限或见利抛售指令限制贵方的损失。此类工具可以协助贵方限制交易风险，我方强烈建议贵方考虑使用此类工具。

　　6 STAMP DUTY印花税

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

　　目前，持有价差合约人士不需要缴纳印花税。

　　7 EQUITY CFDS: DIVIDENDS AND COMPANY MEETINGS

　　股票价差合约：股利和公司会议

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

　　贵方将为多头股票价差合约持仓获取股利，而贵方则须向我方支付空头价差合约头寸的股利。

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

　　一个股权价差合约持有者在公司的任何会议中不应享有表决权。

　　8 NETTING净额结算

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

　　适用于本附表的任何交易应受如下条款规限，被视为包含于本合约条款净额结算交易定义中所指的交易，在发生违约事件后依据净额(净额结算 条款)的规定下终止和平仓。

　　9 TRADING TIMES交易时间

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

　　我方将在大多数相关价差合约标的产品市场开放时段提供价差合约报价。

　　10 COMMISSION佣金

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

　　我方对一些价差合约收取佣金，佣金条款将与贵方个别议定。

　　11 INTEREST利息

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

　　我方对一些隔夜多头持仓杠杆交易收取利息，并对一些隔夜空头头寸支付利息。不管我方是否将收取(或是支付)利息，利率将与贵方个别协商。我方向贵方提供的利率，将根据贵方是买空或卖空而有所不同。CCC可从提供给买空者的利率与提供给卖空者的利率差额中获利。

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

　　此中文译本只供参考之用，如与英文有任何歧异，概以英文为准。