The expiration of a security futures contract is established by the exchange on which the contract is listed. On the expiration day, security futures contracts cease to exist. Typically, the last trading day of a security futures contract will be the third Friday of the expiring contract month, and the expiration day will be the following Saturday. This follows the expiration conventions for stock options and broad-based stock indexes. Please keep in mind that the expiration day is set by the listing exchange and may deviate from these norms.
證券期貨契約終止期建立在合同列出的交易中。在合同終止期，證券期貨契約停止效力。一般，證券期貨契約最后交易日期即為合同期滿月的第三個(gè)星期五，合同期滿日即為下個(gè)星期六。這一般遵循股票買賣和主要股票指數(shù)的終止協(xié)定。請(qǐng)注意合同期滿日由清單交易規(guī)定且可能偏離這些規(guī)定。
 
 5.1. Cash settlement  現(xiàn)金結(jié)算
 In the case of cash settlement, no actual securities are delivered at the expiration of the security futures contract. Instead, you must settle any open positions in security futures by making or receiving a cash payment based on the difference between the final settlement price and the previous day's settlement price. Under normal
circumstances, the final settlement price for a cash-settled contract will reflect the opening price for the underlying security. Once this payment is made, neither the buyer nor the seller of the security futures contract has any further obligations on the contract.
在現(xiàn)金結(jié)算情況下，證券期貨契約期滿時(shí)并無實(shí)際證券交易。您必須做出或接受基于最終結(jié)算價(jià)格和前一日結(jié)算價(jià)格差額的現(xiàn)金償付以表明證券期貨公開狀態(tài)。正常情況下，現(xiàn)金結(jié)算合同的最終結(jié)算價(jià)格將反映潛在證券的公開價(jià)格。一旦做出這種償付證券期貨買賣雙方對(duì)于合同都將終止更多義務(wù)。
 
5.2. Settlement by physical delivery  物質(zhì)支付結(jié)算
 Settlement by physical delivery is carried out by clearing brokers or their agents with National Securities Clearing Corporation ("NSCC"), an SEC-regulated securities clearing agency. Such settlements are made in much the same way as they are for purchases and sales of the underlying security. Promptly after the last day of trading, the regulated exchange's clearing organization will report a purchase and sale of the underlying stock at the previous day's settlement price (also referred to as the "invoice price") to NSCC. If NSCC does not reject the transaction by a time specified in its rules, settlement is effected pursuant to the rules of NSCC within the normal clearance and settlement cycle for securities transactions, which currently is three business days.
物質(zhì)支付結(jié)算是由清算經(jīng)紀(jì)人或國家證券清算公司（NSCC）和SEC 管理證券清算代理等清算代理機(jī)構(gòu)執(zhí)行的。這種結(jié)算操作和主要證券買賣基本相似。最后交易日后不久，管理交易清算組織將按前一日結(jié)算價(jià)格的主要股票的買賣情況（也認(rèn)為是發(fā)票價(jià)格）匯報(bào)給NSCC。如果NSCC在一定時(shí)期內(nèi)按照其規(guī)則不反對(duì)交易，則按NSCC一般證券交易清除和結(jié)算周期規(guī)定使結(jié)算生效。一般證券交易清除和結(jié)算周期目前為三個(gè)交易日。
 
If you hold a short position in a physically settled security futures contract to expiration, you will be required to make delivery of the underlying securities. If you already own the securities, you may tender them to your brokerage firm. If you do not own the securities, you will be obligated to purchase them. Some brokerage
firms may not be able to purchase the securities for you. If your brokerage firm cannot purchase the underlying securities on your behalf to fulfill a settlement obligation, you will have to purchase the securities through a different firm.
如果您短期持有物質(zhì)結(jié)算證券期貨契約且即將到期，則您需要移交主要證券。如您已持有證券，則可以售給經(jīng)紀(jì)公司。如您未持有證券，則有義務(wù)購買。一些經(jīng)紀(jì)公司可能不能夠?yàn)槟�購買證券。若您的經(jīng)紀(jì)公司不能代表您購買證券以履行結(jié)算義務(wù)，則您必須通過其他公司購買證券。
 
Section 6 - Customer Account Protections 第6部分：客戶賬戶保護(hù)
 Positions in security futures contracts may be held either in a securities account or in a futures account. Your brokerage firm may or may not permit you to choose the types of account in which your positions in security futures contracts will be held. The protections for funds deposited or earned by customers in connection with
trading in security futures contracts differ depending on whether the positions are carried in a securities account or a futures account. If your positions are carried in a securities account, you will not receive the protections available for futures accounts. Similarly, if your positions are carried in a futures account, you will not receive the protections available for securities accounts. You should ask your broker which of these protections will apply to your funds.
證券期貨契約性質(zhì)為證券賬戶或期貨賬目。您的經(jīng)紀(jì)公司可能允許您或不允許您選擇可以在證券期貨契約中表明性質(zhì)的賬戶。與證券期貨契約相關(guān)的資金存款及客戶贏利所得的保護(hù)有差別。這取決于在證券或期貨賬戶是否表述您的性質(zhì)。若您已在證券賬戶中表述您的性質(zhì)，則將不會(huì)在期貨賬戶中得到保護(hù)。同樣，若您已在期貨賬戶中表述您的性質(zhì)，則將不會(huì)在證券賬戶中得到保護(hù)。您應(yīng)當(dāng)詢問您的經(jīng)紀(jì)人什么樣的保護(hù)適用于您的基金。
 
 You should be aware that the regulatory protections applicable to your account are not intended to insure you against losses you may incur as a result of a decline or increase in the price of a security futures contract. As with all financial products, you are solely responsible for any market losses in your account.
您應(yīng)注意適用于您賬戶的保護(hù)并不是旨在降低您由于證券期貨契約價(jià)格升降導(dǎo)致的損失。對(duì)于金融產(chǎn)品，您獨(dú)自負(fù)擔(dān)賬目中的市場(chǎng)損失。
 
 Your brokerage firm must tell you whether your security futures positions will be held in a securities account or a futures account. If your brokerage firm gives you a choice, it must tell you what you have to do to make the choice and which type of account will be used if you fail to do so. You should understand that certain
regulatory protections for your account will depend on whether it is a securities account or a futures account.
您的經(jīng)紀(jì)公司必須告訴您在證券賬戶或期貨賬戶中您的證券期貨性質(zhì)。若您的經(jīng)濟(jì)公司讓您選擇，在您不知如何去做的情況下必須告訴您怎樣去選擇并且將使用哪一種賬戶。您應(yīng)該清楚您的某些賬目保護(hù)取決于是證券賬戶還是期貨賬戶。
 
6.1. Protections for Securities Accounts  證券帳戶保護(hù)
 If your positions in security futures contracts are carried in a securities account, they are covered by SEC rules governing the safeguarding of customer funds and securities. These rules prohibit a broker/dealer from using customer funds and securities to finance its business. As a result, the broker/dealer is required to set aside funds equal to the net of all its excess payables to customers over receivables from customers. The rules also require a broker/dealer to segregate all customer fully paid and excess margin securities carried by the broker/dealer for
customers.
若您安全期貨合同中在證券帳戶性質(zhì)已確定情況下，由維護(hù)客戶資金及證券安全的SEC規(guī)則監(jiān)管。此規(guī)則禁止經(jīng)紀(jì)人和經(jīng)銷者利用客戶資金和證券用于私人目的。因此，要求經(jīng)紀(jì)人和經(jīng)銷者必須準(zhǔn)備超過從客戶處接受資金量的金額以作為可付給客戶的資金儲(chǔ)備。此規(guī)則還要求經(jīng)紀(jì)人和經(jīng)銷者隔離為客戶操作的完全付款和額外富余證券。
 
 The Securities Investor Protection Corporation (SIPC) also covers positions held in securities accounts. SIPC was created in 1970 as a non-profit, non-government, membership corporation, funded by member broker/dealers. Its primary role is to return funds and securities to customers if the broker/dealer holding these assets becomes insolvent. SIPC coverage applies to customers of current (and in some cases former) SIPC members. Most broker/dealers registered with the SEC are SIPC members; those few that are not must disclose this fact to their customers. SIPC members must display an official sign showing their membership. To check whether a firm is a SIPC member, go to www.sipc.org, call the SIPC Membership Department at (202) 371-8300, or write to SIPC Membership Department, Securities Investor Protection Corporation, 805 Fifteenth Street, NW, Suite 800, Washington, DC 20005-2215.
證券投資者保護(hù)公司（SIPC）也覆蓋證券帳戶性質(zhì)。SIPC創(chuàng)立于1970年，是一個(gè)非贏利性、非政府的由會(huì)員經(jīng)紀(jì)人和經(jīng)銷者出資的會(huì)員制企業(yè)。他起初功能是當(dāng)擁有資產(chǎn)的經(jīng)紀(jì)人和經(jīng)銷者破產(chǎn)時(shí)，將基金和證券歸還給客戶。SIPC業(yè)務(wù)包括申請(qǐng)當(dāng)前SIPC會(huì)員消費(fèi)者。大多數(shù)用SEC注冊(cè)的經(jīng)紀(jì)人和經(jīng)銷者為SIPC會(huì)員。少數(shù)不是SIPC會(huì)員的必須將這一事實(shí)向客戶說明。SIPC會(huì)員必須展示官方標(biāo)志以顯示他們的會(huì)員身份。檢驗(yàn)公司是否為SIPC會(huì)員，可于www.sipc.org 網(wǎng)站查詢，另外還可以撥打(202) 371-8300 SIPC 會(huì)員部門電話進(jìn)行查詢或?qū)懶诺矫绹�華盛頓特區(qū)800區(qū)西北15大街805證券投資者保護(hù)公司 SIPC 會(huì)員部門收.
 
 SIPC coverage is limited to $500,000 per customer, including up to $100,000 for cash. For example, if a customer has 1,000 shares of XYZ stock valued at $200,000 and $10,000 cash in the account, both the security and the cash balance would be protected. However, if the customer has shares of stock valued at $500,000 and $100,000 in cash, only a total of $500,000 of those assets will be protected.
SIPC業(yè)務(wù)覆蓋規(guī)定每位客戶500000美金，包括高達(dá)100000現(xiàn)金。例如，若一客戶帳戶中有1000股XYZ公司股票價(jià)值200000美金和100000現(xiàn)金，證券和現(xiàn)金余額都將得到保護(hù)。但是，若一客戶帳戶中有股票價(jià)值500000美金和100000現(xiàn)金，只有資產(chǎn)總數(shù)為500000美金內(nèi)時(shí)才能得到保護(hù)。
 
 For purposes of SIPC coverage, customers are persons who have securities or cash on deposit with a SIPC member for the purpose of, or as a result of, securities transactions. SIPC does not protect customer funds placed with a broker/dealer just to earn interest. Insiders of the broker/dealer, such as its owners, officers, and partners, are not customers for purposes of SIPC coverage.
SIPC這種業(yè)務(wù)覆蓋的目的就是：客戶就是作為SIPC會(huì)員為了進(jìn)行證券交易把證券或現(xiàn)金存放起來的人或客戶就是為了進(jìn)行證券交易而把證券或現(xiàn)金存放起來的人。SIPC并不是保護(hù)客戶資金放置于一處利用經(jīng)紀(jì)人和經(jīng)銷者以僅僅贏得利潤(rùn)。經(jīng)紀(jì)人和經(jīng)銷者內(nèi)部人士如擁有者、官員及股東等并不是SIPC這種業(yè)務(wù)覆蓋的客戶。
 
 6.2. Protections for Futures Accounts  期貨帳戶保護(hù)
 If your security futures positions are carried in a futures account, they must be segregated from the brokerage firm's own funds and cannot be borrowed or otherwise used for the firm's own purposes. If the funds are deposited with another entity (e.g., a bank, clearing broker, or clearing organization), that entity must acknowledge
that the funds belong to customers and cannot be used to satisfy the firm's debts. Moreover, although a brokerage firm may carry funds belonging to different customers in the same bank or clearing account, it may not use the funds of one customer to margin or guarantee the transactions of another customer. As a result, the brokerage firm must add its own funds to its customers' segregated funds to cover customer debits and deficits. Brokerage firms must calculate their segregation requirements daily.
若您的證券期貨成交量以期貨帳戶形式確立，則必須與經(jīng)紀(jì)公司自己的基金隔離并且不得外借或用于經(jīng)紀(jì)公司自己的目的。如果資金以其他實(shí)體的形式存入，（如銀行、清算經(jīng)紀(jì)人和清算組織等）這些實(shí)體必須承認(rèn)資金屬于客戶并且不得用于負(fù)擔(dān)公司債務(wù)。并且，盡管經(jīng)紀(jì)公司可持有屬于不同客戶在同一銀行或過渡帳戶的資金，但不可以使用一位客戶的資金交易或作為另一位客戶資金的保證金。因此，經(jīng)紀(jì)公司必須往客戶隔離資金中注入自己的資金以滿足客戶的借款與赤字。經(jīng)紀(jì)公司必須每日計(jì)算他們的隔離資金需求。
 
You may not be able to recover the full amount of any funds in your account if the brokerage firm becomes insolvent and has insufficient funds to cover its obligations to all of its customers. However, customers with funds in segregation receive priority in bankruptcy proceedings. Furthermore, all customers whose funds are required to
be segregated have the same priority in bankruptcy, and there is no ceiling on the amount of funds that must be segregated for or can be recovered by a particular customer.
當(dāng)經(jīng)紀(jì)公司破產(chǎn)時(shí)，他們沒有足夠資金向每一位客戶履行義務(wù)，因此您可能不能從帳戶中取得任何基金的全額款項(xiàng)。但是有資金在隔離款項(xiàng)中的客戶享有破產(chǎn)清算程序中的優(yōu)先權(quán)。因此，所有擁有隔離資金的客戶在破產(chǎn)清算程序中同樣具有優(yōu)先權(quán)。且對(duì)于必須隔離的資金額度或由客戶提取款項(xiàng)沒有最高額度限制。
 
 Your brokerage firm is also required to separately maintain funds invested in security futures contracts traded on a foreign exchange. However, these funds may not receive the same protections once they are transferred to a foreign entity (e.g., a foreign broker, exchange or clearing organization) to satisfy margin requirements for those products. You should ask your broker about the bankruptcy protections available in the country where the foreign exchange (or other entity holding the funds) is located.
您的經(jīng)紀(jì)公司同時(shí)要求分別保持資金投資于基于證券期貨契約外匯交易領(lǐng)域。但是，一旦他們轉(zhuǎn)移資金到外國實(shí)體（例如外資銀行，兌換和清算組織）以滿足這類產(chǎn)品的交易需求，則可能得不到同樣的保護(hù)。您應(yīng)向您的經(jīng)紀(jì)人要求您所在國家有外匯交易業(yè)務(wù)處（或其他擁有基金的實(shí)體）的破產(chǎn)保護(hù)。
 
Section 7 - Special Risks for Day Traders 第7部分：工作日交易者的特殊風(fēng)險(xiǎn)
Certain traders who pursue a day trading strategy may seek to use security futures contracts as part of their trading activity. Whether day trading in security futures contracts or other securities, investors engaging in a day trading strategy face a number of risks.
一些實(shí)行日常交易的交易者可能把證券期貨契約作為交易行為的一部分。無論以證券期貨契約或其他證券為依據(jù)進(jìn)行日常交易，還是參與到日常交易戰(zhàn)略的投資者交易者都面臨一系列的風(fēng)險(xiǎn)。
 
o Day trading in security futures contracts requires in-depth knowledge of the securities and futures markets and of trading techniques and strategies. In attempting to profit through day trading, you will compete with professional
traders who are knowledgeable and sophisticated in these markets. You should have appropriate experience before engaging in day trading.
證券期貨契約的日常交易需要對(duì)證券期貨市場(chǎng)、交易技巧和戰(zhàn)略等具有豐富的知識(shí)。為了在日常交易中獲利，您必須同具有市場(chǎng)中具有豐富知識(shí)及經(jīng)驗(yàn)的專業(yè)交易者競(jìng)爭(zhēng)。在參與到日常交易前，您必須先積累足夠的經(jīng)驗(yàn)。
 
Day trading in security futures contracts can result in substantial commission charges, even if the per trade cost is low. The more trades you make, the higher your total commissions will be. The total commissions you pay will add to your losses and reduce your profits. For instance, assuming that a round-turn trade costs $16 and you execute an average of 29 round-turn transactions per day each trading day, you would need to generate an annual profit of $111,360 just to cover your commission expenses.
證券期貨契約的日常交易可能導(dǎo)致大量的代理收費(fèi)，即使每次的交易成本很底。您交易次數(shù)越多，總代理費(fèi)用就越高。您付出的總代理費(fèi)用將計(jì)入您的損失并降低您的獲利。例如，設(shè)想每倫交易成本16美圓，每個(gè)交易日您平均進(jìn)行29倫交易，則您每年必須賺得111360美圓以用于抵消您的代理費(fèi)用成本。
 
Day trading can be extremely risky. Day trading generally is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading. In particular, you should not fund day trading activities with funds that you cannot afford to lose.
日常交易可能極其具有風(fēng)險(xiǎn)性。一般說來，日常交易對(duì)于只擁有有限資源與投資、有限交易經(jīng)驗(yàn)和低抗風(fēng)險(xiǎn)能力的投資者來說是不合適的。您應(yīng)有損失所有日常交易資金的準(zhǔn)備。特別地，您不能將不能用于日常交易的資金投入日常交易活動(dòng)中去。
 
Section 8 - Other 第8部分：其它
8.1. Corporate Events 8.1 公司事件
 As noted in Section 2.4, an equity security represents a fractional ownership interest in the issuer of that security. By contrast, the purchaser of a security futures contract has only a contract for future delivery of the underlying security. Treatment of dividends and other corporate events affecting the underlying security may be reflected in the security futures contract depending on the applicable clearing organization rules. Consequently, individuals should consider how dividends and other developments affecting security futures in which they transact will be handled by the relevant exchange and clearing organization. The specific adjustments to the terms of a security futures contract are governed by the rules of the applicable clearing organization. Below is a discussion of some of the more common types of adjustments that you may need to consider.
如2.4部分提到的，證券代表對(duì)于證券發(fā)行者所有證券的部分利益擁有。相反，證券期貨契約的購買僅僅是對(duì)未來潛在證券未來交付的合同。紅利的處理和影響潛在證券的其他法人事件可能通過基于適用清算組織規(guī)則的證券期貨契約反映出來。因此，個(gè)人投資者應(yīng)考慮紅利和其他發(fā)展如何影響證券期貨以確定如何由相關(guān)交易和清算組織進(jìn)行操作。具體證券期貨契約條件調(diào)整由適用清算組織規(guī)則指導(dǎo)，以下是關(guān)于您需要考慮的最常見幾種調(diào)整的討論。
 
 Corporate issuers occasionally announce stock splits. As a result of these splits, owners of the issuer's common stock may own more shares of the stock, or fewer shares in the case of a reverse stock split. The treatment of stock splits for persons owning a security futures contract may vary according to the terms of the security futures
contract and the rules of the clearing organization. For example, the terms of the contract may provide for an adjustment in the number of contracts held by each party with a long or short position in a security future, or for an adjustment in the number of shares or units of the instrument underlying each contract, or both.
法人股票發(fā)行者有時(shí)會(huì)宣布分股。由于分股，擁有市場(chǎng)發(fā)行普通股票的所有者可能擁有更多股票數(shù)量，如果是反向分股情況下則擁有更少股票。對(duì)于擁有證券期貨契約的個(gè)人來說，對(duì)于分股的處理方法可能不同。取決于證券期貨契約的條款和清算組織的規(guī)定。例如，合同的條款可能規(guī)定由雙方訂立在證券期貨長(zhǎng)或短期狀態(tài)下一系列契約的調(diào)整，或規(guī)定股票數(shù)量的調(diào)整或基于每一或兩個(gè)合同的工具單位。
 
 Corporate issuers also occasionally issue special dividends. A special dividend is an announced cash dividend payment outside the normal and customary practice of a corporation. The terms of a security futures contract may be adjusted for special dividends. The adjustments, if any, will be based upon the rules of the exchange and clearing organization. In general, there will be no adjustments for ordinary dividends as they are recognized as a normal and customary practice of an issuer and are already accounted for in the pricing of security futures.
法人股票發(fā)行者有時(shí)會(huì)派發(fā)額外紅利。額外紅利是在正常公司慣例之外公布的現(xiàn)金股息分配。證券期貨契約的條款可能額外紅利而調(diào)整。如若有此種調(diào)整，將遵守且基于交易和清算組織規(guī)定。一般說來，普通紅利沒有調(diào)整，因?yàn)槠胀�紅利是公認(rèn)的發(fā)行者常規(guī)和慣例做法并且在證券期貨定價(jià)中已經(jīng)計(jì)算在內(nèi)。
 
 Corporate issuers occasionally may be involved in mergers and acquisitions. Such events may cause the underlying security of a security futures contact to change over the contract duration. The terms of security futures contracts may also be adjusted to reflect other corporate events affecting the underlying security.
法人股票發(fā)行者可能有時(shí)會(huì)涉及到兼并與收購。這些事件可能會(huì)引起證券期貨契約在契約期間潛在證券的改變。證券期貨契約條款也可能被修改以反映其他影響潛在證券的公司事件。
 
8.2. Position Limits and Large Trader Reporting  成交量限制和大交易商報(bào)告
All security futures contracts trading on regulated exchanges in the United States are subject to position limits or position accountability limits. Position limits restrict the number of security futures contracts that any one person or group of related persons may hold or control in a particular security futures contract. In contrast, position accountability limits permit the accumulation of positions in excess of the limit without a prior exemption. In general, position limits and position accountability limits are beyond the thresholds of most retail investors.
Whether a security futures contract is subject to position limits, and the level for such limits, depends upon the trading activity and market capitalization of the underlying security of the security futures contract.
所有美國基于管制交易的證券期貨契約交易服從于成交量限制或成交量責(zé)任限制。成交量限制限定了證券期貨契約的數(shù)量。任何個(gè)人和團(tuán)體都可以持有或控制某一證券期貨契約。相反，成交量責(zé)任限制允許成交量的積累超過限制不具有先前的豁免權(quán)。一般說來，成交量限制和成交量責(zé)任限制超越大多數(shù)零售投資者的極限。證券期貨契約是否服從于成交量限制以及這種限制的標(biāo)準(zhǔn)取決于交易行為和證券期貨契約潛在證券的市場(chǎng)資本總額。
 
Position limits apply are required for security futures contracts that overlie a security that has an average daily trading volume of 20 million shares or fewer. In the case of a security futures contract overlying a security index, position limits are required if any one of the securities in the index has an average daily trading volume of 20 million shares or fewer. Position limits also apply only to an expiring security futures contract during its last five trading days. A regulated exchange must establish position limits on security futures that are no greater than 13,500 (100 share) contracts, unless the underlying security meets certain volume and shares outstanding thresholds, in which case the limit may be increased to 22,500 (100 share) contracts.
成交量限制應(yīng)用對(duì)于證券期貨契約是需要的，形成日平均成交額為兩千萬股或少一些的證券交易狀態(tài)。在證券期貨契約情況下形成一個(gè)證券指數(shù)。當(dāng)任一證券日平均成交額為兩千萬股或少一些指數(shù)情況下，成交量限制就是必須的了。成交量限制同時(shí)應(yīng)用到在最后五個(gè)交易日即將期滿的證券期貨契約中。管理化的交易必須設(shè)立證券期貨成交量限制為不大于13500（100股）契約，除非潛在證券達(dá)到一定量并且股票業(yè)績(jī)超出開始表現(xiàn)。在這種情況下成交量限制可以增加到22500（100股）契約。
 
For security futures contracts overlying a security or securities with an average trading volume of more than 20 million shares, regulated exchanges may adopt position accountability rules. Under position accountability rules, a trader holding a position in a security futures contract that exceeds 22,500 contracts (or such lower limit established by an exchange) must agree to provide information regarding the position and consent to halt increasing that position if requested by the exchange.
基于證券或日平均成交額超過兩千萬股的證券的證券期貨契約，管理化交易可能適用于成交量責(zé)任規(guī)定。在成交量責(zé)任規(guī)定中，如果交易者在證券期貨契約條件下，交易者持有成交量超過22500契約（或由交易制定的這種更低的限制）則必須同意提供關(guān)于成交量的信息并且如若交易要求的話同意不增加成交量。
 
Brokerage firms must also report large open positions held by one person (or by several persons acting together) to the CFTC as well as to the exchange on which the positions are held. The CFTC's reporting requirements are 1,000 contracts for security futures positions on individual equity securities and 200 contracts for positions on a narrow-
based index. However, individual exchanges may require the reporting of large open positions at levels less than the levels required by the CFTC. In addition, brokerage firms must submit identifying information on the account holding the reportable position (on a form referred to as either an "Identification of Special Accounts Form" or a "Form 102") to the CFTC and to the exchange on which the reportable position exists within three business days of when a reportable position is first established.
經(jīng)紀(jì)公司同時(shí)必須報(bào)告?zhèn)�人（或幾個(gè)人共同參與）大筆成交量到CFTC和產(chǎn)生成交量的交易中去。CFTC報(bào)告要求為個(gè)人證券資產(chǎn)為1000筆證券期貨成交量和200筆較小指數(shù)成交量。但是，個(gè)人交易需要的大型開放成交量水平可能小于CFTC要求的水平。此外，經(jīng)紀(jì)公司必須提交報(bào)告成交量帳目（在相關(guān)特殊帳戶鑒定表格中或表格102中）的確認(rèn)信息給CFTC，并且提交報(bào)告成交量給交易所以報(bào)告當(dāng)報(bào)告成交量初次成立時(shí)三個(gè)工作日內(nèi)的成交量。
 
8.3. Transactions on Foreign Exchanges外匯交易
U.S. customers may not trade security futures on foreign exchanges until authorized by U.S. regulatory authorities. U.S. regulatory authorities do not regulate the activities of foreign exchanges and may not, on their own, compel enforcement of the rules of a foreign exchange or the laws of a foreign country. While U.S. law governs
transactions in security futures contracts that are effected in the U.S., regardless of the exchange on which the contracts are listed, the laws and rules governing transactions on foreign exchanges vary depending on the country in which the exchange is located.
若沒有美國管理權(quán)威部門的授權(quán)，美國消費(fèi)者可能就不會(huì)進(jìn)行外匯的證券期貨交易。美國管理權(quán)威部門不參與管理外匯交易行為也可能不獨(dú)自強(qiáng)制執(zhí)行外匯規(guī)定或外國法律條款。當(dāng)美國法律指引在美國生效的證券期貨契約交易行為而不論該契約是在哪個(gè)交易所列出的情況下，管理外匯交易的法律法規(guī)就會(huì)根據(jù)交易存的在交易所所在國家的不同而有所不同。
 
8.4. Tax Consequences稅務(wù)關(guān)系
For most taxpayers, security futures contracts are not treated like other futures contracts. Instead, the tax consequences of a security futures transaction depend on the status of the taxpayer and the type of position (e.g., long or short, covered or uncovered). Because of the importance of tax considerations to transactions in security futures, readers should consult their tax advisors as to the tax consequences of these transactions.
對(duì)絕大多數(shù)納稅人來說，證券期貨契約不同于其他的期貨契約。相反，證券期貨交易的稅務(wù)關(guān)系取決于納稅人的狀況的成交量的類型（例如，長(zhǎng)或短；封頂和未封頂）。因?yàn)樽C券期貨交易稅務(wù)考慮的重要性，讀者應(yīng)當(dāng)就這些交易的稅務(wù)關(guān)系向他們的稅務(wù)顧問咨詢。
 
Section 9 - Glossary of Terms條款和術(shù)語
This glossary is intended to assist customers in understanding specialized terms used in the futures and securities industries. It is not inclusive and is not intended to state or suggest the legal significance or meaning of any word or term.
此術(shù)語表旨在幫助客戶理解出現(xiàn)在期貨和證券業(yè)的專業(yè)術(shù)語。此術(shù)語表并不完整而且并不是對(duì)任何詞語和條款法律含義和意義進(jìn)行陳述與解釋。
 
Arbitrage - taking an economically opposite position in a security futures contract on another exchange, in an options contract, or in the underlying security.
套利交易 – 在證券期貨契約另一交易中、期權(quán)合約和基礎(chǔ)證券市場(chǎng)中采取經(jīng)濟(jì)上相反的做法。
 
Broad-based security index - a security index that does not fall within the statutory definition of a narrow-based security index (see Narrow-based security index). A future on a broad-based security index is not a security future. This risk disclosure statement applies solely to security futures and generally does not pertain to futures on a broad-based security index. Futures on a broad-based security index are under exclusive jurisdiction of the CFTC.
大盤證券指數(shù) – 證券指數(shù)不僅僅局限于小盤證券指數(shù)的法定含義（見小盤證券指數(shù)）。大盤證券指數(shù)期貨不是證券期貨。這種風(fēng)險(xiǎn)提示陳述僅僅適用于證券期貨，一般不屬于大盤證券指數(shù)期貨范疇。大盤證券指數(shù)期貨僅屬于CFTC權(quán)限。
 
Cash settlement - a method of settling certain futures contracts by having the buyer (or long) pay the seller (or short) the cash value of the contract according to a procedure set by the exchange.
現(xiàn)金結(jié)算 – 根據(jù)交易所程序，由購買者（或長(zhǎng)期）支付給買出者（或短期）契約現(xiàn)金價(jià)值來處理某種期貨契約的方法。
 
Clearing broker - a member of the clearing organization for the contract being traded. All trades, and the daily profits or losses from those trades, must go through a clearing broker.
清算經(jīng)紀(jì)人 – 交易合同清算組織成員。所有交易，以及交易的日常損益，必須通過清算經(jīng)紀(jì)人受理。
 
Clearing organization - a regulated entity that is responsible for settling trades, collecting losses and distributing profits, and handling deliveries.
清算組織：負(fù)責(zé)處理交易、集中損失、分配利潤(rùn)和處理支付的管理實(shí)體。
 
Contract - 1) the unit of trading for a particular futures contract (e.g., one contract may be 100 shares of the underlying security), 2) the type of future being traded (e.g., futures on ABC stock).
契約– 1某一具體期貨契約的交易單位（例如，一個(gè)契約可能是100股潛在股票），2正在交易的期貨類型（例如，ABC股票的期貨）
 
Contract month - the last month in which delivery is made against the futures contract or the contract is cash-settled. Sometimes referred to as the delivery month.
契約月份 – 期貨契約交貨或契約進(jìn)行現(xiàn)金結(jié)算的最后一月。有時(shí)就是指交貨月。
 
Day trading strategy - an overall trading strategy characterized by the regular transmission by a customer of intra-day orders to effect both purchase and sale transactions in the same security or securities.
日交易策略 – 日交易策略是一個(gè)綜合交易策略，其特點(diǎn)為當(dāng)日有效訂單的客戶進(jìn)行定期交易，對(duì)相同證券進(jìn)行買、賣交割。
 
EDGAR - the SEC's Electronic Data Gathering, Analysis, and Retrieval system maintains electronic copies of corporate information filed with the agency. EDGAR submissions may be accessed through the SEC's Web site, www.sec.gov.
EDGAR：SEC電子數(shù)據(jù)收集、分析和恢復(fù)系統(tǒng)。他保留了代理處歸檔的企業(yè)信息電子副件。EDGAR 提交可通過訪問SEC網(wǎng)站www.sec.gov 完成。
 
Futures contract - a futures contract is (1) an agreement to purchase or sell a commodity for delivery in the future; (2) at a price determined at initiation of the contract; (3) that obligates each party to the contract to fulfill it at the specified price; (4) that is used to assume or shift risk; and (5) that may be satisfied by delivery or offset.
期貨契約 – 期貨契約指1將來買賣商品以支付的協(xié)定；2以合同開始設(shè)立的價(jià)格為準(zhǔn)；3每一方都有義務(wù)按照合同指定的價(jià)格履行義務(wù)；4用以承擔(dān)或轉(zhuǎn)移風(fēng)險(xiǎn)；5可能由于支付抵消而滿足條件。
 
Hedging - the purchase or sale of a security future to reduce or offset the risk of a position in the underlying security or group of securities (or a close economic equivalent).
對(duì)沖 – 證券期貨買賣以降低或抵消潛在證券或證券組（或相似的經(jīng)濟(jì)實(shí)體）的成交量風(fēng)險(xiǎn)。
 
Illiquid market - a market (or contract) with few buyers and/or sellers. Illiquid markets have little trading activity and those trades that do occur may be done at large price increments.
非現(xiàn)金市場(chǎng) – 幾乎無購買者和賣出者的市場(chǎng)（或契約）。非現(xiàn)金市場(chǎng)幾乎無交易行為并且交易可能在價(jià)格大幅上漲的情況下完成。
 
Liquidation - entering into an offsetting transaction. Selling a contract that was previously purchased liquidates a futures position in exactly the same way that selling 100 shares of a particular stock liquidates an earlier purchase of the same stock. Similarly, a futures contract that was initially sold can be liquidated by an offsetting purchase.
清算 – 抵消交易。售出先前購買的契約以清算期貨成交量，正如售出某一股票100股以清算先前購買的同支股票。同樣，一開始售出的期貨契約可以通過抵消購買進(jìn)行清算。
 
Liquid market - a market (or contract) with numerous buyers and sellers trading at small price increments.
流通性市場(chǎng) – 擁有大量在價(jià)格漲幅小時(shí)進(jìn)行交易的賣方、買方的市場(chǎng)（或契約）。
 
Long - 1) the buying side of an open futures contact, 2) a person who has bought futures contracts that are still open.
多頭 – 1開放期貨契約的買方；2購買了依然開放型的期貨契約的個(gè)人。
 
Margin - the amount of money that must be deposited by both buyers and sellers to ensure performance of the person's obligations under a futures contract. Margin on security futures contracts is a performance bond rather than a down payment for the underlying securities.
保證金– 由買賣雙方存入錢的數(shù)目以保證期貨契約下個(gè)人義務(wù)的履行。證券期貨契約的富余款是對(duì)潛在證券的義務(wù)履行合同而不是預(yù)付定金。
 
Mark-to-market - to debit or credit accounts daily to reflect that day's profits and losses.
市場(chǎng)對(duì)市場(chǎng) – 日常借貸帳目以反映日常損益。
 
Narrow-based security index - in general, and subject to certain exclusions, an index that has any one of the following four characteristics: (1) it has nine or fewer component securities; (2) any one of its component securities comprises more than 30% of its weighting; (3) the five highest weighted component securities together comprise more than 60% of its weighting; or (4) the lowest weighted component securities comprising, in the aggregate, 25% of the index's weighting have an aggregate dollar value of average daily trading volume of less than $50 million (or
in the case of an index with 15 or more component securities, $30 million). A security index that is not narrow-based is a "broad based security index." (See Broad-based security index).
窄盤證券指數(shù) – 一般受一些意外條件影響，指數(shù)有以下四個(gè)特點(diǎn)：1只有九個(gè)或更少組成證券；2任一組成證券包含超過30%的權(quán)重。3五個(gè)最高權(quán)重組成證券結(jié)合超過60%的權(quán)重。或4最低權(quán)重組成證券包含總量25%指數(shù)權(quán)重；平均日交易資金價(jià)值總量小于5000萬美元（或指數(shù)由15個(gè)以上組成證券，為3000萬美元）。證券指數(shù)非窄盤屬于大盤證券指數(shù)（見大盤證券指數(shù)）。
 
Nominal value - the face value of the futures contract, obtained by multiplying the contract price by the number of shares or units per contract. If XYZ stock index futures are trading at $50.25 and the contract is for 100 shares of XYZ stock, the nominal value of the futures contract would be $5025.00.
票面價(jià)值 – 期貨契約的表面價(jià)值，由股票數(shù)量或每一契約單位乘以契約單位得到。若XYZ股票指數(shù)期貨以50.25美圓交易并且契約包括100股XYZ股票，則期貨契約票面價(jià)值將是5025美圓。
 
Offsetting - liquidating open positions by either selling fungible contracts in the same contract month as an open long position or buying fungible contracts in the same contract month as an open short position.
抵消 – 在同一合約期內(nèi)作為敞口多頭頭寸賣出可代替契約或者同一合約期內(nèi)作為敞口空頭頭寸買入可代替契約進(jìn)行敞口頭寸清算。
 
 
Open interest - the total number of open long (or short) contracts in a particular contract month.
持倉量 – 在某一契約月份未平倉多頭（或空頭）契約的總數(shù)。
 
Open position - a futures contract position that has neither been offset nor closed by cash settlement or physical delivery.
敞口頭寸 – 既未抵消又未通過現(xiàn)金結(jié)算或物質(zhì)支付關(guān)閉的期貨契約頭寸。
 
Performance bond - another way to describe margin payments for futures contracts, which are good faith deposits to ensure performance of a person's obligations under a futures contract rather than down payments for the underlying securities.
績(jī)效公債 – 描述期貨契約保證金支付的另一方法，在期貨契約中用良好信譽(yù)的押金以保證個(gè)人義務(wù)的履行而不是未來證券的預(yù)付金。
 
Physical delivery - the tender and receipt of the actual security underlying the security futures contract in exchange for payment of the final settlement price.
實(shí)際交割–期貨契約等實(shí)際證券的買賣交易的最終結(jié)算價(jià)格。
 
Position - a person's net long or short open contracts.
頭寸 – 個(gè)人凈多頭或短期開放契約。
 
 Regulated exchange - a registered national securities exchange, a national securities association registered under Section 15A(a) of the Securities Exchange Act of 1934, a designated contract market, a registered derivatives transaction execution facility, or an alternative trading system registered as a broker or dealer.
管制交易所 – 是經(jīng)過注冊(cè)的全國性證券交易所，依據(jù)1934年證券交易法案15條A款注冊(cè)的國家證券協(xié)會(huì)。也是指定的契約市場(chǎng)和注冊(cè)派生出來的交易執(zhí)行機(jī)構(gòu)以及注冊(cè)為經(jīng)紀(jì)人或經(jīng)銷商的交易系統(tǒng)。
 
Security futures contract - a legally binding agreement between two parties to purchase or sell in the future a specific quantify of shares of a security (such as common stock, an exchange-traded fund, or ADR) or a narrow-based security index, at a specified price.
證券期貨契約 – 雙方在將來買賣具體數(shù)量證券（例如普通股，開放式基金或ADR）股票數(shù)或以某價(jià)格買賣的小盤證券指數(shù)的法律捆綁協(xié)議。
 
Settlement price - 1) the daily price that the clearing organization uses to mark open positions to market for determining profit and loss and margin calls, 2) the price at which open cash settlement contracts are settled on the last trading day and open physical delivery contracts are invoiced for delivery.
結(jié)算價(jià)格–1) 清算組織使用的日常價(jià)格來標(biāo)志市場(chǎng)開放成交量以決定損益和補(bǔ)充保證金通知。2開放現(xiàn)金結(jié)算契約的價(jià)格在最后交易日產(chǎn)生并且開放物質(zhì)支付契約開票支付。
 
 Short - 1) the selling side of an open futures contract, 2) a person who has sold futures contracts that are still open.
空頭–1)開放期貨契約的賣方，2）已售出依然開放期貨契約的個(gè)人。
 
 Speculating - buying and selling futures contracts with the hope of profiting from anticipated price movements.
投機(jī) – 期望從預(yù)期的價(jià)格波動(dòng)中獲利的期貨契約買賣行為。
 
Spread - 1) holding a long position in one futures contract and a short position in a related futures contract or contract month in order to profit from an anticipated change in the price relationship between the two, 2) the price difference between two contracts or contract months.
價(jià)差–1)持有一種期貨契約的多頭和相關(guān)期貨契約或期貨月的空頭以從預(yù)期兩種價(jià)格關(guān)系改變中獲利。2)兩種契約或契約月的價(jià)格區(qū)別。
 
Stop limit order - an order that becomes a limit order when the market trades at a specified price. The order can only be filled at the stop limit price or better.
限價(jià)止損訂單 – 當(dāng)市場(chǎng)以某價(jià)格交易時(shí)，訂單變成了限價(jià)訂單，訂單僅僅按照限定止損價(jià)格或更好的價(jià)格填單。
 
Stop loss order - an order that becomes a market order when the market trades at a specified price. The order will be filled at whatever price the market is trading at. Also called a stop order.
停止虧損單 – 當(dāng)市場(chǎng)以某價(jià)格交易時(shí)的單子是市價(jià)單，單子是按照市場(chǎng)交易價(jià)格成交。也叫止損單。
 
Tick - the smallest price change allowed in a particular contract.
勾號(hào) – 某一契約中允許的最小價(jià)格改變。
 
 Trader - a professional speculator who trades for his or her own account.
交易者 – 為自己私人帳戶交易的專業(yè)投機(jī)者。
 
Underlying security - the instrument on which the security futures contract is based. This instrument can be an individual equity security (including common stock and certain exchange-traded funds and American Depositary Receipts) or a narrow-based index.
基礎(chǔ)證券 – 證券期貨契約的基礎(chǔ)工具。此工具可以是個(gè)體實(shí)體證券（包括普通股和一些交易型基金和美國托管收據(jù)）或小盤指數(shù)。
 
 Volume - the number of contracts bought or sold during a specified period of time. This figure includes liquidating transactions.
量 – 在某一段時(shí)期內(nèi)契約買賣數(shù)量。此數(shù)字包括清算交易。
 
 Arbitration Agreement 仲裁協(xié)議
 
 You may voluntarily agree to submit your disputes with EXCHANGE to arbitration. If you sign this agreement, you may have agreed to submit all future disputes with EXCHANGE to arbitration if such disputes involve commodity futures contracts, commodity options contracts or currency forex transactions.
您可能自愿把與美國華爾街期貨交易所發(fā)生的爭(zhēng)議提交到仲裁部門。如您簽署此協(xié)議，則您可能已經(jīng)同意當(dāng)與美國華爾街期貨交易所發(fā)生商品期貨交易合同，商品期權(quán)合同或者外匯交易糾紛時(shí)，愿意把爭(zhēng)議提交到仲裁部門。
 
 If you sign this agreement and a dispute arises you will have a choice of at least “3” qualified arbitration forums. You will be provided with a list of such forums when you notify EXCHANGE that you intend to submit a dispute to arbitration or when EXCHANGE notifies you that EXCHANGE intends to submit a dispute to arbitration. Please note that in the Customer Agreement, you have agreed that the venue for all arbitration proceedings shall be within the City of Chicago, State of Illinois.EXCHANGE may elect to collect any deficit balance by instigating a court proceeding against you regardless of whether you have signed this Arbitration Agreement.
如您簽署此協(xié)議并且當(dāng)爭(zhēng)議發(fā)生時(shí)，您將至少可以選擇三個(gè)合格的仲裁委員會(huì)。當(dāng)您通知美國華爾街期貨交易所您即將提交爭(zhēng)議給仲裁委員會(huì)或當(dāng)美國華爾街期貨交易所通知您即將提交爭(zhēng)議給仲裁委員會(huì)時(shí)，您將得到一份仲裁委員會(huì)清單。請(qǐng)注意在客戶協(xié)議中，仲裁受理的地點(diǎn)應(yīng)該位于美國伊利諾斯州的芝加哥。不論您是否簽署本仲裁協(xié)議，美國華爾街期貨交易所可能會(huì)在法院審理中，收集您的交易赤字信息。
 
If a dispute is submitted to arbitration, you will have the right to have the dispute heard by a mixed panel. A mixed panel is composed of one or more arbitrators where the single arbitrator or a majority of the arbitrators are not associated with any contract market.If the dispute is heard by a registered futures association, a mixed panel will be composed of a majority of arbitrators who are not associated with the registered futures association, its members, or the employees of its members. If you choose to have a dispute heard by a mixed panel, EXCHANGE will pay any incremental fees which may be assessed by the arbitration forum for providing a mixed panel, except that you may be required to pay such fees if the arbitrators in the proceeding decide that you acted in bad faith in initiating or conducting the proceeding.
當(dāng)爭(zhēng)議提交到仲裁部門時(shí)，您將有權(quán)讓陪審團(tuán)聽證發(fā)生的爭(zhēng)議。陪審團(tuán)成員由一個(gè)以上仲裁員組成，且唯一的或大部分仲裁員不得和期貨市場(chǎng)有任何聯(lián)系，不是任何期貨市場(chǎng)的成員且不是任何期貨市場(chǎng)的雇員。如果爭(zhēng)議由注冊(cè)期貨協(xié)會(huì)聽證，則組成陪審團(tuán)成員中大部分仲裁員不得與注冊(cè)期貨協(xié)會(huì)有任何聯(lián)系，不是注冊(cè)期貨協(xié)會(huì)的成員且不是注冊(cè)期貨協(xié)會(huì)的雇員。如您選擇由陪審團(tuán)聽證爭(zhēng)議，美國華爾街期貨交易所支付仲裁委員會(huì)評(píng)估以提供陪審團(tuán)的所有增加費(fèi)用，除非如果聽證仲裁員認(rèn)為您一開始就動(dòng)機(jī)不良或操縱聽證而要求您支付此費(fèi)用。
 
Three forums exist for the resolution of commodity disputes: civil court litigation, reparations at the Commodity Futures Trading Commission (CFTC), and arbitration conducted by a self-regulatory or other private organization.
三個(gè)仲裁委員會(huì)為商品爭(zhēng)議設(shè)立：民事法院訴訟，商品期貨貿(mào)易委員會(huì)(CFTC)的賠款，以及自律性和其他私人組織的仲裁。
 
The CFTC recognizes that the opportunity to settle disputes by arbitration may in some cases provide many benefits to Customers, including the ability to obtain an expeditious and final resolution of disputes without incurring substantial costs. The CFTC requires, however, that each Customer individually examine the relative merits of arbitration and that your consent to this arbitration agreement be voluntary.
商品期貨貿(mào)易委員會(huì)(CFTC)承認(rèn)由仲裁機(jī)構(gòu)處理爭(zhēng)議可能在有些情況下給客戶帶來好處，包括不需耗費(fèi)大量成本就可以取得爭(zhēng)議快速最終決議的情況。但是，商品期貨貿(mào)易委員會(huì)(CFTC)要求每一個(gè)客戶仔細(xì)檢查仲裁的相對(duì)優(yōu)缺點(diǎn)并且是您自愿認(rèn)同此仲裁協(xié)議。
 
By signing this agreement, you: (1) May be waiving your right to sue in a court of law; and (2) are agreeing to be bound by arbitration of any claims or counterclaims you or EXCHANGE may submit to arbitration under this agreement. You are not, however, waiving your right to elect instead to petition the CFTC to institute reparation
proceedings under Section 14 of the Commodity Exchange Act with respect to any dispute which may be arbitrated pursuant to this agreement. In the event a dispute arises, you will be notified if EXCHANGE intends to submit the dispute to arbitration. If you believe a violation of the Commodity Exchange Act is involved, and if you prefer to
request a Section 14 “reparations” proceeding before the CFTC, you will have 45 days from the date of such notice in which to make that election.
簽署此協(xié)議，您：(1)可能就放棄了法庭起訴的權(quán)利。(2)同意仲裁機(jī)構(gòu)的訴權(quán)與反訴權(quán)則美國華爾街期貨交易所在此協(xié)議下也可提交爭(zhēng)議給仲裁機(jī)構(gòu)。但是您沒有放棄選擇權(quán)以請(qǐng)求商品期貨貿(mào)易委員會(huì)（CFTC）通過商品交易法案14條相關(guān)任何爭(zhēng)議可遵照此協(xié)議公斷的條款進(jìn)行訴訟。在爭(zhēng)議發(fā)生時(shí)，若美國華爾街期貨交易所欲提交爭(zhēng)議給仲裁機(jī)構(gòu)時(shí)，您將會(huì)得到通知。如果您認(rèn)為已經(jīng)違反了商品交易法案，并且請(qǐng)求在商品期貨貿(mào)易委員會(huì)（CFTC）之前按第十四條“賠款”處理。從您認(rèn)為違反了商品交易法案到作出次選擇有45天時(shí)間。
 
 You need not sign this arbitration agreement to open an account with EXCHANGE. See 17 C.F.R. 166.5.
您不必簽署此仲裁協(xié)議，同樣可以在美國華爾街期貨交易所開戶。見17 C.F.R.部分166.5.
 
 
Arbitration Agreement Acknowledgement
仲裁協(xié)議確認(rèn)
 
 
The undersigned hereby agrees to submit all disputes with EXCHANGE to Arbitration. (Attach a copy of this page for additional Customer Signatures.)
在下面簽字同意把與美國華爾街期貨交易所發(fā)生的爭(zhēng)議提交給仲裁委員會(huì)。（附上此頁附件留作備用）
 
Customer Signature客戶簽字
 
Print Name印刷體姓名 Date 日期
 
Corporate Resolution 公司決議
I, ______Secretary of,______ a corporation organized under the laws of the State of ,do hereby certify that at a meeting of the Board of Directors of the Corporation, the laws of the State of ,do hereby certify that at a meeting of the Board of Directors of the Corporation,
本人 ________秘書_________在此證明，_______公司董事會(huì)成員會(huì)議，按照其章程和議事程序在所有成員出席并代理公司事務(wù)時(shí)舉行。附上的決議適當(dāng)采用，上述決議未被修改、廢除和撤回而且不可以與任何章程規(guī)定或上述公司議事程序相矛盾。
 
each of them or such other person as this Corporation may designate from time to time either in writing or by their apparent authority be and hereby are authorized to trade in Commodities, as defined in the Customer Agreement, for present or future delivery for the account and risk of this Corporation through and with Peregrine Financial Group, Inc. (“EXCHANGE”), the authority hereby granted including the power to do any of the following:
公司每一個(gè)董事會(huì)成員或公司其他人等可能有時(shí)會(huì)使用書面或外在的權(quán)力授權(quán)進(jìn)行商品交易。如客戶協(xié)議所述，同美國華爾街期貨交易所相關(guān)的帳戶和公司風(fēng)險(xiǎn)的即期和未來支付，權(quán)力部門在此認(rèn)同以下的權(quán)利：
 
a. To open an account with EXCHANGE for the purpose of EXCHANGE’s carrying, clearing, and settling all Commodities transactions undertaken by the Corporation and to enter into the Customer Agreement;
a 在美國華爾街期貨交易所開立帳戶以進(jìn)行美國華爾街期貨交易所出事商品交易的運(yùn)輸、清算和結(jié)算。而且同意客戶協(xié)議。
 
b. To buy, sell and trade commodities (as such term is described in the Customer Agreement) for present or future delivery, on margin or otherwise, the power to sell including the power to sell “short”;
b 保證金購買、銷售和交易商品（此條款已在客戶協(xié)議中描述過）以進(jìn)行即期和未來支付；或者相反，“賣”的權(quán)力包括賣“短期”的權(quán)力。
 
c. To deposit with and withdraw from said firm money, commodities, contracts, for the purchase or sale of commodities, securities and other property;
c 在上述公司存取現(xiàn)金、商品或契約以買賣商品、有價(jià)證券和財(cái)產(chǎn)所有。
 
d. To receive requests and demands for additional margin, notices of intention to sell or purchase and other notices and demands of whatever character;
d 接受額外保證金的要求和請(qǐng)求；買賣意圖通知及其他通知以及任何性質(zhì)的要求。
 
e. To receive, confirm and acquiesce in the correctness of notices, confirmations, requests, demands and confirmations of every kind;
e 接受、確認(rèn)和默許通知、確認(rèn)函、請(qǐng)求和要求函及每一種確認(rèn)函電。
 
f. To pay EXCHANGE all fees and commissions incurred in connection with any such transactions and all amounts as may be requested by EXCHANGE from time to time as margin or equity for the Corporation’s account; and
f 支付美國華爾街期貨交易所由于交易產(chǎn)生的所有費(fèi)用與代理費(fèi)用。有時(shí)美國華爾街期貨交易所會(huì)因?yàn)楸ＷC金或公司資產(chǎn)凈值原因要求支付費(fèi)用總數(shù)。
 
g. To settle, compromise, adjust and give releases on behalf of this Corporation with respect to any and all claims, disputes and controversies.
g 代表公司所有相關(guān)要求、爭(zhēng)議和矛盾的處理，妥協(xié)、調(diào)整和解決。
 
 (2) Further Resolved, that EXCHANGE may deal with any and all of the persons directly or indirectly by the foregoing resolution empowered, as though they were dealing with the Corporation directly, and that in the event of any change in the office or powers or persons hereby empowered, the Secretary shall certify such change to EXCHANGE
in writing in the manner herein above provided, which notification, when received, shall be adequate both to terminate the powers of the persons theretofore authorized, and to empower the persons substituted.
(2)深層決議 - 美國華爾街期貨交易所通過先前的決議授權(quán)可能會(huì)同所有個(gè)人直接或間接聯(lián)系，正如同公司直接聯(lián)系。公司、權(quán)力部門或在此授權(quán)的個(gè)人發(fā)生任何變化，秘書將在此用以上書面形式向美國華爾街期貨交易所證明此改變。一旦收到秘書發(fā)出的變更通知，終止先前的授權(quán)人權(quán)力和授權(quán)給替代的授權(quán)人都是可以的。
 
(3) Further Resolved, that in order to induce EXCHANGE to act as Agent on behalf of the Corporation, the execution and delivery of an Account Application, Customer Agreement, Risk Disclosure Statement, Options on Futures Risk Disclosure Statement, and other documents appropriate to induce EXCHANGE to act as Agent, (copies of which have been presented to this meeting and will be filed with the records of the Corporation by any officer of the Corporation) are hereby authorized; and the officers of the Corporation are hereby directed to execute such Agreements by and on behalf of the Corporation and to deliver the same to EXCHANGE.
(3)深層決議,為促使美國華爾街期貨交易所代表以上公司起代理商作用。使美國華爾街期貨交易所擔(dān)當(dāng)代理商作用的帳戶申請(qǐng)表、客戶協(xié)議、泄露風(fēng)險(xiǎn)陳述、期權(quán)期貨風(fēng)險(xiǎn)陳述和其他相關(guān)文件（這些附件已經(jīng)提交給本會(huì)議且將會(huì)由公司領(lǐng)導(dǎo)歸檔到公司檔案中）的處理與交付在此得到審定。公司領(lǐng)導(dǎo)將在此代表公司處理此協(xié)議并且將同樣的文件交付給美國華爾街期貨交易所。
 
(4) Further Resolved, that the Corporation agrees to indemnify and hold harmless EXCHANGE and its associates from any and all loss, damage or liability incurred due to any of the representations or warranties made above that are not true and correct or any of the agreements entered into between the Corporation and EXCHANGE shall not have been fully performed by the Corporation.
(4)深層決議,由于以上陳述或任何作出的保證不真實(shí)和準(zhǔn)確或者以上任何該公司與美國華爾街期貨交易所的協(xié)議未被該公司完全履行導(dǎo)致美國華爾街期貨交易所及其合伙人發(fā)生的任何和所有損失、損害和債務(wù)，該公司負(fù)責(zé)賠償。
 
(5) Further Resolved, that EXCHANGE is authorized to act upon the authority of these resolutions until receipt by it of a certificate showing recission or modification thereof signed by the Secretary of this Corporation and under its seal.
(5)深層決議,除非收到更正和修改證書，美國華爾街期貨交易所授權(quán)遵照這些決議執(zhí)行。在此有公司秘書簽字并附上印章。
 
I further certify that each of the following have been duly elected and is now legally holding the office designated beside his or her respective name:
本人再次證明，以下所有人物由相應(yīng)選舉產(chǎn)生并且各自都在法定的工作崗位上。
 
President主席 Vice President副主席：
 
Treasurer財(cái)務(wù)人員： Secretary秘書：
 
 
I further certify that the foregoing resolutions have not been modified or rescinded and are now in full force and effect and that the Corporation has the power under its Charter and by-laws and applicable laws to take the action set forth in and contemplated by the foregoing resolutions.
本人再次證明，前面所述的決議未被改變和廢除，現(xiàn)正發(fā)揮效力。公司有權(quán)力在章程、議事程序和適用的法律內(nèi)使用前面所述的決議進(jìn)行計(jì)劃。
 
In witness whereof, I have hereunto affixed my hand this day of 20 _____ ,
本人在此見證本文件于20__年_月_日
 
 (Corporate Seal) (公司蓋章)
 
Secretary 秘書簽字
 
Limited Liability Company Resolution 有限責(zé)任制公司決議
 
The undersigned being the manager (or managing members) of , a limited liability company formed under the laws of the State of __________ (“Company”), do hereby certify that the following resolutions were, duly adopted in accordance with the procedures set forth in the limited liability agreement of the Company and that said resolutions have not been amended, rescinded or revoked, and are in no way in conflict with any of the provisions of the Company’s limited liability agreement.
在以下簽字的為_______ 公司經(jīng)理（或管理人員）。公司是依據(jù)_________ 州（公司）法律合法成立的有限責(zé)任制公司。本公司在此證明以下決議依據(jù)有限責(zé)任制公司協(xié)議闡述程序；上述決議未被修改、廢除和撤消且決不與有限責(zé)任制公司協(xié)議任何條款相矛盾。
 
1) Resolved that Name 決議名稱 Title標(biāo)題
Name名稱 Title標(biāo)題
each of them or such other person as this Company may designate from time to time either in writing or by their apparent authority be and hereby are authorized to trade in Commodities, as defined in the Customer Agreement, for present or future delivery for the account and risk of this Company through and with Peregrine Financial Group, Inc. (“EXCHANGE”), the authority hereby granted including the power to do any of the following:
公司每一成員可能有時(shí)會(huì)使用書面或外在的權(quán)力授權(quán)進(jìn)行商品交易。如客戶協(xié)議所述，同美國華爾街期貨交易所相關(guān)的帳戶和公司風(fēng)險(xiǎn)的即期和未來支付，權(quán)力部門在此認(rèn)同以下的權(quán)利：
 
a. To open an account with EXCHANGE for the purpose of EXCHANGE’s carrying, clearing, and settling all Commodities transactions undertaken by the Company and to enter into the Customer Agreement;
a在美國華爾街期貨交易所開立帳戶以進(jìn)行美國華爾街期貨交易所出事商品交易的運(yùn)輸、清算和結(jié)算。而且同意客戶協(xié)議。
 
 b. To buy, sell and trade commodities (as such term is described in the Customer Agreement) for present or future delivery, on margin or otherwise, the power to sell including the power to sell “short”;
b保證金購買、銷售和交易商品（此條款已在客戶協(xié)議中描述過）以進(jìn)行即期和未來支付；或者相反，“賣”的權(quán)力包括賣“短期”的權(quán)力。
 
 c. To deposit with and withdraw from said firm money, commodities, contracts, for the purchase or sale of commodities, securities and other property;
c 在上述公司存取現(xiàn)金、商品或契約以買賣商品、有價(jià)證券和財(cái)產(chǎn)所有。
 
d. To receive requests and demands for additional margin, notices of intention to sell or purchase and other notices and demands of whatever character;
d 接受額外保證金的要求和請(qǐng)求；買賣意圖通知及其他通知以及任何性質(zhì)的要求。
 
e. To receive, confirm and acquiesce in the correctness of notices, confirmations, requests, demands and confirmations of every kind;
e 接受、確認(rèn)和默許通知、確認(rèn)函、請(qǐng)求和要求函及每一種確認(rèn)函電。
 
 f. To pay EXCHANGE all fees and commissions incurred in connection with any such transactions and all amounts as may be requested by EXCHANGE from time to time as margin or equity for the Company’s account; and
f支付美國華爾街期貨交易所由于交易產(chǎn)生的所有費(fèi)用與代理費(fèi)用。有時(shí)美國華爾街期貨交易所會(huì)因?yàn)楸ＷC金或公司資產(chǎn)凈值原因要求支付費(fèi)用總數(shù)。
 
g. To settle, compromise, adjust and give releases on behalf of this Company with respect to any and all claims, disputes and controversies.
g 代表公司所有相關(guān)要求、爭(zhēng)議和矛盾的處理，妥協(xié)、調(diào)整和解決。
 
 This enumeration of specific authority shall not in any way limit or affect any other authority, which the named officials might otherwise have.
這些列出的具體權(quán)力不得限制或影響指定人員享有的其他權(quán)利。
 
 2) Further Resolved, that in order to induce EXCHANGE to act as Agent on behalf of the Company, the execution and delivery of an Account Application, Customer Agreement, Risk Disclosure Statement, Options on Futures Risk Disclosure Statement, and other documents appropriate to induce EXCHANGE to act as Agent, (copies of which have been presented to this meeting and will be filed with the records of the Company by any managing member of the Company) are hereby authorized; and the managing member(s) of the Company are hereby directed to execute such Agreements by and on behalf of the Company and to deliver the same to EXCHANGE.
2)深層決議,為促使美國華爾街期貨交易所代表以上公司起代理商作用。使美國華爾街期貨交易所擔(dān)當(dāng)代理商作用的帳戶申請(qǐng)表、客戶協(xié)議、泄露風(fēng)險(xiǎn)陳述、期權(quán)期貨風(fēng)險(xiǎn)陳述和其他相關(guān)文件（這些附件已經(jīng)提交給本會(huì)議且將會(huì)由公司領(lǐng)導(dǎo)歸檔到公司檔案中）的處理與交付在此得到審定。公司領(lǐng)導(dǎo)將在此代表公司處理此協(xié)議并且將同樣的文件交付給美國華爾街期貨交易所。
 
3) Further Resolved, that the Company agrees to indemnify and hold harmless EXCHANGE and its associates from any and all loss, damage or liability icurred due to any of the representations or warranties made above that are not true and correct or any of the agreements entered into between the Company and EXCHANGE shall not have been
fully performed by the Company.
3)深層決議,由于以上陳述或任何作出的保證不真實(shí)和準(zhǔn)確或者以上任何該公司與美國華爾街期貨交易所的協(xié)議未被該公司完全履行導(dǎo)致美國華爾街期貨交易所及其合伙人發(fā)生的任何和所有損失、損害和債務(wù)，該公司負(fù)責(zé)賠償。
 
4) Further Resolved, that EXCHANGE is authorized to act upon the authority of these resolutions until receipt by it of a certificate showing recission or modification thereof signed by the Managing Member of this Company and under its seal.
4)深層決議,除非收到附有公司印章和公司管理層人員簽名的更正和修改證書，美國華爾街期貨交易所授權(quán)遵照這些決議執(zhí)行。
 
 I further certify that the foregoing resolutions have not been modified or rescinded and are now in full force and effect and that the Company has the power under its certificate of formation and by-laws and applicable laws to take the action set forth in and contemplated by the foregoing resolutions. IN WITNESS WHEREOF, I have hereunto
subscribed my name on behalf of the Company.
本人再次證明，前面所述的決議未被改變和廢除，現(xiàn)正發(fā)揮效力。公司有權(quán)力在章程、議事程序和適用的法律內(nèi)使用前面所述的決議進(jìn)行計(jì)劃。
本人，在此見證本文件并代表公司簽字。
 
Signature of Manager (or managing member)
經(jīng)理（或管理層人員）簽字
Date日期
 
Signature of Manager (or managing member) 經(jīng)理（或管理層人員）簽字
Date日期
 
PERSONAL GUARANTEE 個(gè)人擔(dān)保函
 
In order to induce Peregrine Financial Group, Inc. (“EXCHANGE”) to enter into the foregoing Customer Agreement with_______ (“Customer”) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees to jointly and severally guarantee personally the prompt, full and complete performance of any and all of the duties and obligations of this Customer’s account and the payment of any and all damages, costs (including attorney’s fees and costs of collection) and expenses which may become due to by EXCHANGE from Customer. This guarantee shall remain in full force and effect until the termination of
Customer Agreement, provided that the undersigned shall not be released from their obligations so long as the account and any obligations the account has with EXCHANGE remain unsatisfied.
為促進(jìn)美國華爾街期貨交易所與______（“客戶”）簽署如前所述的客戶協(xié)議，并且由于永久和價(jià)值的充分考慮，以下簽字人員同意作出連帶和個(gè)人快速、完全和完整地履行此客戶帳戶相關(guān)所有責(zé)任和義務(wù)的保證，并且支付美國華爾街期貨交易所向客戶收取的所有到期賠償金成本費(fèi)（包括律師費(fèi)和征收費(fèi)）和其他開支。此擔(dān)保函充分發(fā)揮效力和作用，直到客戶協(xié)議終止。假若美國華爾街期貨交易所對(duì)與其相關(guān)的帳戶或與該帳戶相關(guān)的義務(wù)履行不滿意，則以下簽字人員不能免除義務(wù)。
 
The undersigned hereby expressly waives (a) notice of acceptance of this guarantee by EXCHANGE, (b) notice of any default or non-performance of Customer under the Customer Agreement, (c) notice of any modification to the Customer Agreement or any extension of time granted to the Customer, and (d) all defenses, counterclaims which
the undersigned may at any time have to any claim of EXCHANGE against the Customer. The undersigned expressly acknowledges that amendment or modification of the Customer Agreement or the renewal or extension of any indebtedness of Customer shall not in any manner release, affect or impair the undersigned’s liability under this guarantee. EXCHANGE may, in its sole discretion, proceed against the undersigned to collect any obligation covered by this guarantee without first proceeding against Customer.
 
在以下簽字人員明確放棄(a)美國華爾街期貨交易所關(guān)于此保證的接受通知。(b)在客戶協(xié)議下客戶任何缺席和未履行通知。(c)任何客戶協(xié)議修改和客戶時(shí)間延長(zhǎng)通知。(d)以下簽字人員可能隨時(shí)遇見關(guān)于美國華爾街期貨交易所針對(duì)客戶的所有辯護(hù)與反訴等。以下簽字人員明確認(rèn)可客戶協(xié)議的修正與更改或者客戶負(fù)債的更新與時(shí)限延長(zhǎng)不得以任何方式豁免、影響和削弱以下簽字人員在此擔(dān)保函下的義務(wù)。美國華爾街期貨交易所可能單方面依照此擔(dān)保函職責(zé)在起訴客戶之前先行起訴以下簽字人員。
 
The undersigned agrees to be bound by all provisions of the Customer Agreement, including consenting to Illinois jurisdiction. The undersigned agrees that all actions, disputes, claims or proceedings, arising directly or indirectly in connection with, out of, or related to this Guarantee, shall be adjudicated only in courts or other dispute resolution forums whose situs is within the City of Chicago, State of Illinois. The undersigned hereby specifically consents and submits to the jurisdiction of any State or Federal Court, or arbitration proceeding located within the City of Chicago, State of Illinois. This guarantee shall be construed pursuant to the internal laws of the State of Illinois without reference to conflict-of-law principles.
以下簽字人員同意遵照客戶協(xié)議所有條款，包括認(rèn)可伊利諾斯州權(quán)限。以下簽字人員同意同此擔(dān)保函直接或間接所有相關(guān)行動(dòng)、要求和爭(zhēng)議等，都應(yīng)在伊利諾斯州芝加哥城境內(nèi)的法庭或爭(zhēng)議裁決法庭裁定。以下簽字人員在此明確同意和遵守任何州、聯(lián)邦法庭、伊利諾斯州芝加哥城境內(nèi)的仲裁處理機(jī)構(gòu)的權(quán)限規(guī)定。此擔(dān)保函應(yīng)依據(jù)伊利諾斯州律法解釋且不包括與法律相抵觸的原則。
 
This guarantee shall inure to the benefit of EXCHANGE, its successors and assigns, and shall be binding on the undersigned and their heirs.
此擔(dān)保函旨在利于美國華爾街期貨交易所及其繼任和指派者且和以下簽字人員及其后嗣連帶生效。
 
 Guarantor, Individually 擔(dān)保人，分別簽名 Date日期
Print Name 印刷體姓名
Address地址