10. EVENTS OF DEFAULT 10 違約事件
10.1 Events of Default: The following shall constitute Events of Default:
(a) you fail to make any payment when due under this Agreement or to make or take delivery of any property when due under, or to observe or perform any other provision of this Agreement and such failure continues for one Business Day after notice of non-performance has been given by the Non-Defaulting Party to the Defaulting Party;
(a) 您未能支付本協(xié)議下任何到期款項(xiàng)或交割或收取本協(xié)議下任何到期財(cái)產(chǎn)，或未能遵守或履行本協(xié)議的任何其它條文，且在非違約方向違約方發(fā)出不履行通知之后一個營業(yè)日仍未改正；
 
 (b) you commence a voluntary case or other procedure seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to you, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each a "Custodian") of you or any substantial part of your assets, or if you take any corporate action to authorise any of the foregoing, and in the case of a reorganisation, arrangement or composition, we do not consent to the proposals;
(b) 您根據(jù)任何破產(chǎn)、無力償債、監(jiān)管、監(jiān)管或類似法律（包括在您破產(chǎn)時(shí)適用于您的任何公司或其它法律）就您自身或您的債務(wù)提出自訴或其它法律程序，尋求或建議清清盤、重組、并購安排或債務(wù)重整、凍結(jié)或延緩償付或其它類似寬免，或?qū)で笪�任您自身或您任何大部分資產(chǎn)的受托人、破產(chǎn)管理人、清盤人、監(jiān)護(hù)人、遺產(chǎn)管理人、托管人、或其他類似人員（各自稱為.托管人.），或如您采取任何公司行動，對上述任何人員做出授權(quán)，以及如發(fā)生重組、
并購安排或債務(wù)重整，而本公司不會同意此類建議；
 
(c) an involuntary case or other procedure is commenced against you seeking or proposing liquidation, reorganisation, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to you, if insolvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such
involuntary case or other procedure either (a) has not been dismissed within five days of its institution or presentation or (b) has been dismissed within such period but solely on the grounds of an insufficiency of assets to cover the costs of such case or other procedure;
(c) 根據(jù)任何破產(chǎn)、無力償債、監(jiān)管、監(jiān)管或類似法律（包括在您破產(chǎn)時(shí)適用于您的任何公司或其它法律）就您自身或您的債務(wù)對您提出非自訴或其它法律程序，尋求或建議清盤、重組、并購安排或債務(wù)重整、凍結(jié)延緩償付或其它類似寬免，或?qū)で笪�任您自身或您任何大部分資產(chǎn)的托管人，且該非自訴或其它法律程序(a) 在提起或提交后五日內(nèi)未被駁回，或(b) 已在五日內(nèi)被駁回，但理由僅為資產(chǎn)不足以償付該訴訟或其它法律程序的費(fèi)用；
 
(d) you die, become of unsound mind, are unable to pay your debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to you; or any indebtedness of yours is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such indebtedness before it would otherwise have been due and payable, or any suit, action or other proceedings relating to this Agreement
are commenced for any execution, any attachment or garnishment, or distress against,
or an encumbrancer takes possession of, the whole or any part of your property, undertaking or assets (tangible and intangible);
(d) 您死亡，變得精神不健全，或根據(jù)任何適用于您的破產(chǎn)、無力償債法律所界定，無力清償?shù)狡趥鶆?wù)；或您的任何債項(xiàng)在到期日未予償付，或在該債項(xiàng)在其它情況下本應(yīng)到期應(yīng)付之前可根據(jù)證明該債項(xiàng)的協(xié)議或文書宣布其到期應(yīng)付，或提起有關(guān)本協(xié)議的任何訴訟、訟案或其它法律程序，以做出任何執(zhí)行、任何查封或扣押，或扣留您的全部或任何部分財(cái)產(chǎn)、業(yè)務(wù)或資產(chǎn)（有形和無形），或您的全部或任何部分財(cái)產(chǎn)、業(yè)務(wù)或資產(chǎn)（有形和無形）承受產(chǎn)權(quán)負(fù)擔(dān)；
 
(e) you or any Credit Support Provider (or any Custodian acting on behalf of either of you or a Credit Support Provider) disaffirms, disclaims or repudiates any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a third party ("Credit Support Provider"), or of you, in favour of us supporting any of your obligations under this Agreement (each a "Credit Support Document");
(e) 您或任何信用支持提供者（或代表您或信用支持提供者行事的任何托管人）拒絕接受、拒絕承認(rèn)或否認(rèn)本協(xié)議或以本公司受益人且支持本
協(xié)議下您的任何義務(wù)的任何擔(dān)保書、押貨預(yù)支協(xié)議、保證金或抵押協(xié)議或文件，或包含第三
方（.信用支持提供者.）或您的義務(wù)的任何其它文件（各自稱為.信用支持文件.）下的任何
義務(wù)；
 
(f) any representation or warranty made or given or deemed made or given by you under this Agreement or any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given;
(f) 您根據(jù)本協(xié)議或任何信用支持文件做出或發(fā)出或被視為做出或發(fā)出的任何陳述或保證，在其做出或發(fā)出或被視為做出或發(fā)出之時(shí)，被證明在任何重大方面具虛假性或誤導(dǎo)性；
 
(g) (i) any Credit Support Provider fails, or you yourself fail to comply with or perform any agreement or obligation to be complied with or performed by you or it in accordance with the applicable Credit Support Document; (ii) any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all your obligations under this Agreement, unless we have agreed in writing
that this shall not be an Event of Default; (iii) any representation or warranty made or given or deemed made or given by any Credit Support Provider pursuant to any Credit
Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given; or (iv) any event referred to in paragraphs (b) to (d) or (h) of this sub-clause occurs in respect of any Credit Support Provider;
(g) (i)任何信用支持提供者或您自身不遵守或不履行根據(jù)適用的信用支持文件應(yīng)由您或信用支持提供者遵守或履行的任何協(xié)議或義務(wù)，(ii) 任何信用支持文件在履行本協(xié)議下的您的全部義務(wù)前失效或不再具有十足效力和作用；經(jīng)本公司書面同意不構(gòu)成違約事件者除外；(iii) 任何信用支持提供者根據(jù)任何信用支持文件做出或發(fā)出或被視為做出或發(fā)出的任何陳述或保證，在其做出或發(fā)出或被視為做出或發(fā)出之時(shí)，被證明在任何重大方面具虛假性或誤導(dǎo)性；或(iv) 發(fā)生本款 (b) 至 (d) 或 (h)段中提述的有關(guān)任何信用支持提供者的任何事件；
 
(h) you are dissolved, or, if your capacity or existence is dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing your dissolution, removal from such a register, or the ending of such a registration;
(h) 您已被解散，或如您的身份或存在取決于正式登記冊記錄，而該登記已被刪除或已終止，或已開始尋求或建議解散您、從登記冊中刪除、或終止該登記的任何程序；
 
(i) where you or your Credit Support Provider is a partnership, any of the events referred to in paragraphs (b) to (d) or (h) of sub-clause 1 of this clause occurs in respect of one or more of your or its partners;
(i) 如您或您的信用支持提供者為合伙企業(yè)，發(fā)生在本條第1款下第(b)段至第(d)段或第(h)段中提述的、與您或該合伙企業(yè)中合作伙伴中一方或多方有關(guān)的任何事件；
 
(j) we consider it necessary or desirable to prevent what we consider is or might be a violation of any Applicable Regulation or good standard of market practice;
(j) 本公司認(rèn)為有必要或應(yīng)當(dāng)防止本公司認(rèn)為違反或可能違反任何適用規(guī)例或市場實(shí)踐良好標(biāo)準(zhǔn)的行為；
 
(k) we consider it necessary or desirable for our own protection or any action is taken or event occurs which we consider might have a material adverse effect upon your ability to perform any of your obligations under this Agreement;
(k) 本公司認(rèn)為有必要或應(yīng)當(dāng)采取自我保護(hù)，或采取任何行動或發(fā)生本公司認(rèn)為可能對您履行本協(xié)議下任何義務(wù)的能力產(chǎn)生重大不利影響的任何事件；
 
 (l) any event of default (however described) occurs in relation to you under any other agreement between us which you are a party to or any other event specified for these purposes in the Individually Agreed Terms Schedule or otherwise occurs.
(l) 發(fā)生根據(jù)本公司與您訂立的任何其它協(xié)議發(fā)生與您有關(guān)的任何違約事件（無論名稱如何），或個別協(xié)定條款附表中或其它文件就此目的所指明的任何其它事件。
 
11. NETTING 11 凈額結(jié)算
11.1 Rights on Default: On the occurrence of an Event of Default, we may exercise our rights under this clause, except that , if so specified by us in the Individually Agreed Terms Schedule or otherwise, in the case of the occurrence of any Event of
Default specified in paragraphs (b) or (c) of the definition of Events of Default (each a "Bankruptcy Default"), the automatic termination provision of this clause shall apply.
違約情況下的權(quán)利：發(fā)生違約事件后，本公司可根據(jù)本條款行使權(quán)利；除非本公司已在個別協(xié)定條款附表或其它文件中指明，如發(fā)生違約事件定義第(b)或(c)段中所指的任何違約事件（各稱.破產(chǎn)違約.），本條款的條文將自動終止。
 
11.2 Liquidation Date: Subject to the following sub-clause, at any time following the occurrence of an Event of Default, we may, by notice to you, specify a date (the "Liquidation Date") for the termination and liquidation of Netting Transactions
in accordance with this clause.
帄倉日期：受下一分條款規(guī)限，本公司可在發(fā)生違約事件后的任何時(shí)間，經(jīng)向您發(fā)出通知后，根據(jù)本條款指定就凈額結(jié)算交易予以終止及帄倉的日期（.帄倉日期.）。
 
11.3 Automatic termination: Where so specified in the Individually Agreed Terms Schedule, the date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.
自動終止：若個別協(xié)定條款附表中如此指定，任何破產(chǎn)違約的發(fā)生日期應(yīng)自動構(gòu)成帄倉日期，而無須本公司發(fā)出任何通知，并隨之適用下款條文。
 
11.4 Calculation of Liquidation Amount: Upon the occurrence of a Liquidation Date:
計(jì)算帄倉金額：出現(xiàn)帄倉日期后：
 
(a) neither of us shall be obliged to make any further payments or deliveries under any Netting Transactions which would, but for this clause, have fallen due for performance on or after the Liquidation Date and such obligations shall be satisfied by settlement (whether by payment, set-off or otherwise) of the Liquidation Amount;
(a) 本公司與您概無義務(wù)根據(jù)任何凈額結(jié)算交易作出任何進(jìn)一步付款或交割，而在如無本條
規(guī)定的情況下，該等付款或交割原應(yīng)會在帄倉日期或之后到期履行，這些負(fù)債應(yīng)通過帄倉金額的結(jié)算（不論是通過付款、抵消或其它方式）償付；
 
(b) we shall (on, or as soon as reasonably practicable after, the Liquidation Date)
determine (discounting if appropriate), in respect of each Netting Transaction referred to in paragraph (a) the total cost, loss or, as the case may be, gain, in each case expressed in the Base Currency specified by us as such in the Individually Agreed Terms Schedule or otherwise in writing or, failing any such specification, the lawful Currency of the United Kingdom (and, if appropriate, including any loss of bargain, cost of funding or, without duplication, cost, loss or, as the case may be, gain as a result of the termination, liquidation, obtaining, performing or re-establishing of any hedge or related trading position) as a result of the termination, pursuant to this Agreement, of each payment or delivery which would otherwise have been required to be made under such Netting Transaction (assuming satisfaction of each applicable condition precedent and having due regard, if appropriate, to such market quotations published on, or official settlement prices set by the relevant Market as may be available on, or immediately preceding, the date of calculation); and
(b) 本公司應(yīng)就第(a)段中所述的每項(xiàng)凈額結(jié)算交易（在帄倉日期或帄倉日期后合理可行情況
下盡快）厘定（提供折扣，如適當(dāng)）因根據(jù)本協(xié)議終止在該凈額結(jié)算交易下若無此終止而本應(yīng)作出的各項(xiàng)付款或交割而產(chǎn)生的總成本、損失或（視情況而定）收益，在各種情況下，以本公司在個別協(xié)定條款附表或其它書面材料中指定的基礎(chǔ)貨幣表示，或如未指定，則以英國法定貨幣表示（且，如適當(dāng)，包括任何買賣損失、籌資成本，或（不重復(fù)計(jì)算）因終止、帄倉、獲取、履行或重建任何對沖或相關(guān)交易倉位而產(chǎn)生的成本、損失或（視情況而定）的收益）（假設(shè)已滿足各項(xiàng)先決條件，且已妥為計(jì)及（如適當(dāng)）在計(jì)算日期或緊接計(jì)算日期之前可獲得的在相關(guān)市場上公布的市場報(bào)價(jià)或由相關(guān)市場設(shè)定的官方結(jié)算價(jià)）；及
 
(c) we shall treat each cost or loss to us, determined as above, as a positive amount
and each gain by us, so determined, as a negative amount and aggregate all of such
amounts to produce a single, net positive or negative amount, denominated in the Base
Currency (the "Liquidation Amount").
(c) 本公司應(yīng)將其以上述方式厘定的本公司承擔(dān)的各項(xiàng)成本或損失金額視為正數(shù)，而將以同
樣方式厘定的本公司的各項(xiàng)收益金額視為負(fù)數(shù)，并將所有這些金額加總為單一的以基礎(chǔ)貨幣計(jì)值的正或負(fù)凈額，（.帄倉金額.）。
 
11.5 Payer: If the Liquidation Amount determined pursuant to this clause is a positive amount, you shall pay it to us and if it is a negative amount, we shall pay it to you. We shall notify you of the Liquidation Amount, and by whom it is payable,
immediately after the calculation of such amount.
付款人：若根據(jù)本條款確定的帄倉金額為正數(shù)，則您應(yīng)將其支付給本公司，而若為負(fù)數(shù)，則本公司應(yīng)向您支付相關(guān)款項(xiàng)。本公司在計(jì)算出帄倉金額后，立即告知您該金額及支付方。
 
11.6 Other transactions: Where termination and liquidation occurs in accordance with this clause, we shall also be entitled, at our discretion, to terminate and liquidate, in accordance with the provisions of this clause, any other transactions entered into between us which are then outstanding.
其它交易：如根據(jù)本條款終止和帄倉，本公司也應(yīng)有權(quán)酌情決定根據(jù)本條款的條文，對雙方之間訂立且尚未完成的任何其它交易進(jìn)行終止及帄倉。
 
11.7 Payment: The Liquidation Amount shall be paid in the Base Currency by the close of business on the Business Day following the completion of the termination and liquidation under this clause (converted as required by applicable law into any
other currency, any costs of such conversion to be borne by you, and (if applicable) deducted from any payment to you). Any Liquidation Amount not paid on the due date shall be treated as an unpaid such amount and bear interest, at the average rate at
which overnight deposits in the currency of such payment are offered by major banks in the London interbank market as of 11.00 am (London time) (or, if no such rate is available, at such reasonable rate as we may select) one 1% per annum for each day
for which such amount remains unpaid.
付款：帄倉金額應(yīng)在根據(jù)本條完成終止或帄倉之后的營業(yè)日結(jié)束營業(yè)之前，以基礎(chǔ)貨幣支付（按照適用法律的要求兌換成任何其它貨幣，任何兌換費(fèi)用將由您承擔(dān)并從向您支付的任何款項(xiàng)扣除（如適當(dāng)））。任何在到期日仍未支付的帄倉金額應(yīng)視為未付帄倉金額，并按照倫敦銀行同業(yè)市場中主要銀行于上午11時(shí)（倫敦時(shí)間）就該款項(xiàng)計(jì)值貨幣提供的隔夜存款的帄均利率（或若無此利率，則按本公司選擇的合理利率）計(jì)息，即這些未付金額按1％的年率按日計(jì)息。
 
11.8 Base Currency: For the purposes of any calculation hereunder, we may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as we shall reasonably select.
基礎(chǔ)貨幣：就本協(xié)議中的任何計(jì)算而言，本公司可按照計(jì)算時(shí)合理選擇的現(xiàn)行匯率，將以其它貨幣計(jì)值的貨幣轉(zhuǎn)換成基礎(chǔ)貨幣。
 
11.9 Payments: Unless a Liquidation Date has occurred or has been effectively set, we shall not be obliged to make any payment or delivery scheduled to be made by us under a Netting Transaction for as long as an Event of Default or any event which may become (with the passage of time, the giving of notice, the making of any determination hereunder, or any combination thereof) an Event of Default with respect to you has occurred and is continuing.
付款：除非已產(chǎn)生或已有效設(shè)定帄倉日期，一旦發(fā)生與您相關(guān)的任何違約事件或可能成為（經(jīng)過一段時(shí)間、發(fā)出通知、在本協(xié)議下做出任何相關(guān)決定或同時(shí)發(fā)生前述三種情況中的任意兩種或前述三種情況同時(shí)發(fā)生）違約事件的任何事件并持續(xù)存在，本公司則無須做出根據(jù)這些凈額結(jié)算交易計(jì)劃作出的付款或交割。
 
11.10 Additional rights: Our rights under this clause shall be in addition to, and not in limitation or exclusion of, any other rights which we may have (whether by agreement, operation of law or otherwise).
11.10 它權(quán)利：此外，本公司在此條款下的權(quán)利增補(bǔ)且不限制或不排除本公司可能享有的（無論因協(xié)議、法律操作或其它）任何其它權(quán)利。
 
11.11 Application of netting to Netting Transactions: Subject to the Individually Agreed Terms Schedule, this clause applies to each Netting Transaction entered into or outstanding between us on or after the date this Agreement takes effect.
11.11 凈額結(jié)算交易的凈額結(jié)算應(yīng)用：受個別協(xié)定條款附表規(guī)限，本條款適用于本協(xié)議生效之日或之后雙方所訂立或尚未完成的任何凈額結(jié)算交易。
 
11.12 Single agreement: This Agreement, the particular terms applicable to each Netting Transaction, and all amendments to any of them shall together constitute a single agreement between us. We both acknowledge that all Netting Transactions entered into on or after the date this Agreement takes effect are entered into in reliance upon the fact that the Agreement and all such terms constitute a single agreement between us.
11.12 單一協(xié)議：本協(xié)議、適用于各凈額結(jié)算交易的特定條款及其所有修訂共同構(gòu)成雙方間的單一協(xié)議。雙方均承認(rèn)，于本協(xié)議生效之日或之后所訂立的所有凈額結(jié)算交易，乃基于本協(xié)議和所有這些條款構(gòu)成雙方之間的單一協(xié)議這一事實(shí)而訂立。
 
11.13 Other agreements: Subject to sub-clause 6 of this clause, the provisions of this clause shall not apply to any Transaction which is subject to liquidation and termination under another agreement. However, any sum resulting from a liquidation and termination under another agreement, may be set-off against the Liquidation
Amount.
11.13 其它協(xié)議：根據(jù)本條款第6分條，本條款的條文不適用于根據(jù)其它協(xié)議須予帄倉和終止的任何交易。但根據(jù)其它協(xié)議帄倉和終止產(chǎn)生的任何金額，可以帄倉金額抵消。
 
12. RIGHTS ON DEFAULT 12. 違約情況下的權(quán)利
12.1 Default: On an Event of Default or at any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the Netting Clause we shall be entitled without prior notice to you:  
12.1 違約：若發(fā)生違約事件，或本公司在任何時(shí)候絕對酌情確定您未履行（或本公司合理認(rèn)為您將來不能或不愿履行）您對本公司負(fù)有的任何義務(wù)，除了本公司在凈額結(jié)算條款下的權(quán)利之外，本公司有權(quán)在無須向您發(fā)出事先通知的情況下：
 
(a) instead of returning to you investments equivalent to those credited to your account, to pay to you the fair market value of such investments at the time we exercise such right, and/or
(a) 不向您歸還金額等于貸記入您賬戶的款項(xiàng)的投資，而是在本公司行使該權(quán)利時(shí)，向您支
付該等投資的公帄市值；及／或
 
(b) to sell such of your investments as are in our possession or in the possession of any nominee or third party appointed under or pursuant to this Agreement, in each case as we may in our absolute discretion select or and upon such terms as we may in our absolute discretion think fit (without being responsible for any lossor diminution in price) in order to realise funds sufficient to cover any amount due by you hereunder, and/or
(b) 在本公司絕對酌情選擇的各種情況下，或按本公司絕對酌情認(rèn)為合適的條款（無須就任
何損失或減價(jià)承擔(dān)責(zé)任），出售本公司管有或根據(jù)或按照本協(xié)議委任的任何代名人或第三方管有的您的投資，以變現(xiàn)足夠資金，彌補(bǔ)您根據(jù)本協(xié)議應(yīng)付的任何金額；及／或
 
(c) to close out, replace or reverse any Transaction, buy, sell, borrow or lend or enter into any other Transaction or take, or refrain from taking, such other action at such time or times and in such manner as, at our sole discretion, we consider necessary or appropriate to cover, reduce or eliminate our loss or liability under
or in respect of any of your contracts, positions or commitments.
(c) 帄倉、替換或撤銷任何交易，購買、出售、借入或借出或訂立任何其它交易，或按本公
司全權(quán)酌情認(rèn)為必要或適當(dāng)?shù)臅r(shí)間和方式，采取或拒絕采取本公司全權(quán)酌情認(rèn)為必要或適當(dāng)?shù)男袆�，以彌補(bǔ)、減少或消除本公司根據(jù)或涉及您的任何合同、持倉或承諾的損失或負(fù)債。
 
13. TERMINATION WITHOUT DEFAULT 13 在無違約情況下終止
13.1 Termination: Unless required by Applicable Regulations, either party may terminate this Agreement (and the relationship between us) by giving ten days written notice of termination to the other. We may terminate this Agreement immediately if you fail to observe or perform any provision of this Agreement or in the event of
your insolvency other than in the case of force majeure. Upon terminating this Agreement, all amounts payable by you to us will become immediately due and payable including (but without limitation):
13.1 終止：除非適用規(guī)例規(guī)定，任何一方可向?qū)Ψ桨l(fā)出10天書面終止通知，終止本協(xié)議（及與本公司之間的關(guān)系）。若您未能遵守或履行本協(xié)議的任何條文，或若您無力償債（不可抗力的情況除外），則本公司可立即終止本協(xié)議。終止本協(xié)議后，您應(yīng)付本公司的所有款項(xiàng)，將成為立即到期應(yīng)付，包括（但不限于）：
 
(a) all outstanding fees, charges and commissions; and
(b) any dealing expenses incurred by terminating this Agreement; and
(c) any losses and expenses realised in closing out any Transactions or settling or concluding outstanding obligations incurred by us on your behalf.
(a) 所有尚未結(jié)清的費(fèi)用、收費(fèi)和傭金；及
(b) 終止本協(xié)議引致的任何交易費(fèi)用；及
(c) 結(jié)清任何交易或結(jié)算或結(jié)束本公司代您行事引致的尚未償還債務(wù)而導(dǎo)致的任何損失和費(fèi)
用。
 
13.2 Existing rights: Termination shall not affect then outstanding rights and obligations (in particular relating to the Indemnities and Limitation of Liability Clause and the Miscellaneous and Governing Law Clause) and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.
13.2 現(xiàn)有權(quán)利：終止不會影響當(dāng)時(shí)尚未履行的權(quán)利和義務(wù)（尤其是關(guān)于賠償保證和責(zé)任限制條款以及其它事項(xiàng)和管轄法律條款），以及繼續(xù)受本協(xié)議監(jiān)管的交易，和雙方就該等交易協(xié)定的具體條款，直至所有義務(wù)均已全面履行為止。
 
 14. EXCLUSIONS, LIMITATIONS AND INDEMNITY 14. 除外責(zé)任、限制和賠償保證
14.1 General Exclusion: Neither we nor our directors, officers, employees, or agents shall be liable for any losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under this Agreement (including any Transaction or where we have declined to enter into a proposed Transaction) unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, wilful default or fraud. In no circumstance, shall we have liability for losses suffered by you or any third party for any special or consequential damage, loss of profits, loss of goodwill or loss of business opportunity arising under or in connection with this Agreement, whether arising out of negligence, breach of contract, misrepresentation or otherwise. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence.
14.1 一般除外責(zé)任：本公司或本公司的董事、高級職員、雇員或代理人，均無須就您在本協(xié)議（包括任何交易或本公司拒絕訂立一項(xiàng)建議交易）下因任何疏忽、違反合同、錯誤陳述或其它原因而引致或蒙受的任何損失、損害、成本或費(fèi)用承擔(dān)法律責(zé)任，除非該損失是可合理預(yù)見的后果，或直接由于本公司或上述各人士的嚴(yán)重疏忽、惡意違約或欺詐產(chǎn)生。本公司在任何情況下均無須承擔(dān)您或任何第三方，由于根據(jù)或關(guān)于本協(xié)議產(chǎn)生的任何特別或相應(yīng)產(chǎn)生的損害、利潤損失、商譽(yù)損失或商機(jī)損失，而蒙受的損失不論屬由于疏忽、違反合同、錯誤陳述或其它原因產(chǎn)生。本協(xié)議下任何內(nèi)容不得限制本公司對由于本公司的疏忽而造成的死亡或人員傷亡承擔(dān)的法律責(zé)任。
 
14.2 Tax implications: Without limitation, we do not accept liability for any adverse tax implications of any Transaction whatsoever.
14.2 稅務(wù)影響：本公司對任何交易的任何不利稅務(wù)影響概不負(fù)責(zé)，且就此不受任何限制。
 
14.3 Changes in the market: Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction is effected.
14.3 市場變動：本公司不承擔(dān)在任何特定交易生效前市場狀況的任何延遲或變化而產(chǎn)生的任何義務(wù)，且就此不受任何限制。
 
14.4 Limitation of Liability: We shall not be liable to you for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, delay, malfunction or failure of transmission, communication or computer facilities, industrial action, act of terrorism, act of God, acts and regulations of any governmental or supra national bodies or authorities or the failure by the relevant intermediate broker or agent, agent or principal of our custodian, sub-custodian, dealer, Market, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations. Nothing in this Agreement will exclude or restrict any duty or liability we may have to you under the regulatory system (as defined in the FSA Rules), which may not be excluded or restricted thereunder.
14.4 責(zé)任限制：本公司無須就由于本公司無法合理控制的任何原因（包括但不限于任何崩潰、延遲、故障或傳送、通信或計(jì)算機(jī)設(shè)施故障、工業(yè)行動、恐怖行為、天災(zāi)、任何政府或超國家機(jī)構(gòu)或機(jī)關(guān)的行為和規(guī)例，或相關(guān)中介經(jīng)紀(jì)人或代理人、本公司的托管人的代理人或主事人、分托管人、經(jīng)銷人、市場、清算所或監(jiān)管或自律組織，出于任何原因，未能履行其義務(wù)），部分或未履行本公司在本協(xié)議下的義務(wù)，而對您負(fù)有法律責(zé)任。本協(xié)議下任何內(nèi)容不得排除或限制本公司根據(jù)監(jiān)管制度（定義見FSA規(guī)則）可能對您承擔(dān)的任何義務(wù)或責(zé)任（根據(jù)該制
度不得對這些義務(wù)或責(zé)任加以排除或限制）。
 
14.5 Responsibility for orders: You will be responsible for all orders entered on your behalf via an Electronic Service and you will be fully liable to us for the settlement of any Transaction arising from it.
14.5指令責(zé)任：您將對代表自己通過電子服務(wù)發(fā)出的任何指令負(fù)責(zé)，還將對本公司因此而產(chǎn)生的任何交易結(jié)算負(fù)全責(zé)。
 
14.6 Entire Agreement: You acknowledge that you have not relied on or been induced to enter into this Agreement by a representation other than those expressly set out in this Agreement. We will not be liable to you (in equity, contract or tort under the Misrepresentation Act 1967) for a representation that is not set out in this Agreement and that is not
fraudulent.
14.6完整協(xié)議：您承認(rèn)，您并非因依賴本協(xié)議未予明確列載的陳述或受其引誘而訂立本協(xié)議。本公司概不就本協(xié)議中未列載及非欺騙性陳述對您（根據(jù)《1967年錯誤陳述法》在衡帄法上、合約或侵權(quán)方面）負(fù)責(zé)。
 
14.7 Indemnity: You shall pay to us such sums as we may from time to time require in or towards satisfaction of any debit balance on any of your accounts with us and, on a full indemnity basis, any losses, liabilities, costs or expenses (including legal
fees), taxes, imposts and levies which we may incur or be subjected to with respect to any of your accounts or any Transaction or any matching Transaction on a Market or with an intermediate broker or as a result of any misrepresentation by you or any violation by you of your obligations under this Agreement (including any Transaction)
or by the enforcement of our rights.
14.7賠償保證：您應(yīng)向本公司支付本公司不時(shí)要求的款項(xiàng)，償還您在本公司的任何賬戶的任何借方結(jié)余，及（按全額賠償基準(zhǔn)）償還本公司就您的任何賬戶，或在市場上或與任何中介經(jīng)紀(jì)人的任何交易或任何匹配交易，或由于您任何錯誤陳述，或您違背本協(xié)議（包括任何交易）下的義務(wù)，或通過強(qiáng)制執(zhí)行本公司的權(quán)利，可能引致或受到的任何損失、負(fù)債、成本或費(fèi)用（包括法律費(fèi)用）、稅項(xiàng)、稅捐或征稅。
 
15. MISCELLANEOUS 15. 其它事項(xiàng)
15.1 Amendments: We have the right to amend this Agreement without obtaining your prior consent unless required by any Applicable Regulations. If we make any material change to this Agreement, we will give at least ten business days notice to you. Such amendment will become effective on the date specified in the notice. Any other amendment must be agreed in writing between us. Unless otherwise agreed, an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.
15.1 修訂：本公司有權(quán)修訂本協(xié)議，而無須獲得您的事先同意，除非任何適用規(guī)例要求。若本公司對本協(xié)議做出任何重大變動，本公司將至少提前十個營業(yè)日向您發(fā)出通知。相關(guān)修訂將自在通知中說明之日起生效。任何其它修訂必須由雙方書面協(xié)定。除非另有協(xié)議，否則修訂不會影響任何尚未執(zhí)行的指令或交易，或已經(jīng)產(chǎn)生的任何法律權(quán)利或義務(wù)。
 
15.2 Notices: Unless otherwise agreed, all notices, instructions and other communications to be given by us under this Agreement shall be given to the address or fax number provided by you to us. Likewise, all notices, instructions and other
communications to be given by you under this Agreement shall be given to the address or fax number (in the Individually Agreed Terms Schedule) and/or by notice in writing by either party. You will notify us of any change of your address in accordance with this clause.
15.2 通知：除非另有協(xié)定，本公司根據(jù)本協(xié)議將要發(fā)出的所有通知、指示及其它通信，應(yīng)發(fā)往您向本公司提供的地址或傳真號碼。同樣，您根據(jù)本協(xié)議將要發(fā)出的所有通知、指示及其它通信，應(yīng)發(fā)往個別協(xié)定條款附表中及／或任何一方書面通知的地址或傳真號碼。您將按照本條規(guī)定，通知本公司關(guān)于您地址的任何變動。
 
15.3 Electronic Communications: Subject to Applicable Regulations, any communication between us using electronic signatures shall be binding as if it were in writing. Orders or instructions given to you via e-mail or other electronic means will constitute evidence of the orders or instructions given.
15.3 電子通訊：根據(jù)適用規(guī)例，雙方之間進(jìn)行電子簽署的任何通訊應(yīng)具約束力，猶如其為書面通訊。通過電郵或其它電子方式向您發(fā)出的指令或指引構(gòu)成已發(fā)出指令或指引的憑證。
 
15.4電話錄音：本公司可無須使用提示音而對電話交談進(jìn)行錄音，以確保即時(shí)、準(zhǔn)確地記錄交易的重大條款及與交易有關(guān)的任何其它重大資料。該等錄音屬于本公司專有財(cái)產(chǎn)，而您接納該等錄音乃為已發(fā)出指令或指示的證據(jù)。
15.4 Recording of calls: We may record telephone conversations without use of a warning tone to ensure that the material terms of the Transaction, and any other material information relating to the Transaction is promptly and accurately recorded. Such records will be our sole property and accepted by you as evidence of the orders or instructions given.
 
15.5 Our records: Our records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. You will not object to the admission of our records as evidence in any legal proceedings because such records are not
originals, are not in writing or are documents produced by a computer. You will not rely on us to comply with your record keeping obligations, although records may be made available to you on request at our absolute discretion.
15.5 本公司記錄：除顯示為錯誤者外，本公司的記錄將構(gòu)成您就本公司服務(wù)，與本公司開展交易的憑證。您不能因?yàn)檫@些記錄并非原件、非書面文件或?yàn)橛?jì)算機(jī)制作文件，反對本公司將記錄作為任何法律程序的證據(jù)。您也不能倚賴本公司履行您的記錄保留義務(wù)，盡管本公司可絕對酌情決定應(yīng)要求向您提供這些記錄。
 
15.6 Your records: You agree to keep adequate records in accordance with Applicable Regulations to demonstrate the nature of orders submitted and the time at which such orders are submitted.
15.6 您的記錄：您同意按照適用規(guī)例求保存一份充分記錄，以證明已提交的指令性質(zhì)和提交時(shí)間。
 
15.7 Investor Protection Schemes: We are a member of the Financial Services Compensation Scheme (the "Scheme") in the United Kingdom. The Scheme is only available to certain types of claimants and claims. Payments to eligible claimants under the
Scheme will vary depending on the type of protected claim (e.g. deposits or investments) the claimants hold with respect to the relevant institution. Payments under the Scheme in respect of investments are subject to a maximum payment to any eligible investor of GBP 48,000, made up of 100% of the first GBP 30,000 and 90% of next GBP 20,000. Further details of the Scheme are available on request or at the Scheme.s official website at www.fscs.org.uk.
15.7投資者保護(hù)計(jì)劃：本公司是英國金融服務(wù)補(bǔ)償計(jì)劃（.該計(jì)劃.）的成員。該計(jì)劃只提供給若干類型的索賠人和索賠。根據(jù)該計(jì)劃向合格索賠人的付款，視乎索賠人就相關(guān)機(jī)構(gòu)所持受保護(hù)索賠（例如，存款或投資）的類型，將有所不同。根據(jù)該計(jì)劃就投資的對任何合格投資人的付款最高上限為48,000英鎊，由首筆30,000英鎊的100%和下一筆20,000英鎊的90%組成。該計(jì)劃的進(jìn)一步詳情可應(yīng)請求提供，或可查閱該計(jì)劃的官方網(wǎng)站：www.fscs.org.uk。
 
15.8 Complaints procedure: We are obliged to put in place internal procedures for handling complaints fairly and promptly. You may submit a complaint to us, for example by letter, telephone, e-mail, or in person. We will send you a written acknowledgement of your complaint promptly following receipt, enclosing details of our complaints procedures, including when and how you may be able to refer your complaint to the
Financial Ombudsman Service. Please contact us if you would like further details regarding our complaints procedures.
15.8 投訴程序：本公司已經(jīng)為公帄及時(shí)地處理投訴意見而制定了內(nèi)部程序。您可向本公司提出投訴意見，例如，用信件、電話、電郵或有專人提出。本公司將在收到意見后，立即就您的投訴意見向您發(fā)出書面確認(rèn)，有關(guān)本公司的投訴程序隨附于本協(xié)議，包括您可將投訴意見轉(zhuǎn)呈金融申訴專員（Financial Ombudsman Service）的時(shí)間和方式。若需本公司投訴程序的進(jìn)一步詳情，請聯(lián)系本公司。
 
15.9 Third Party Rights: This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. You shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void. A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999.
15.9 第三方權(quán)利：本協(xié)議應(yīng)對雙方和各自的繼承人和受讓人有利，并對其具有約束力。未經(jīng)本公司的事先書面同意，您不得轉(zhuǎn)讓、押記或轉(zhuǎn)移或意圖轉(zhuǎn)讓、押記或轉(zhuǎn)移，您在本協(xié)議下的權(quán)利或義務(wù)，或在本協(xié)議中的任何權(quán)益，而違背本條的任何有意轉(zhuǎn)讓、押記或轉(zhuǎn)移，應(yīng)屬無效。不屬于本協(xié)議對手方的人士，根據(jù)1999年《合同法（第三方權(quán)利）》，不享有該等權(quán)利。
 
15.10 Time of essence: Time shall be of the essence in respect of all obligations of yours under this Agreement (including any Transaction).
15.10 時(shí)間要素：時(shí)間是您在本協(xié)議（包括任何交易）下所有義務(wù)的要素。
 
15.11 Rights and remedies: The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. We shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to you. No failure by us to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction) or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.
15.11權(quán)利和補(bǔ)救措施：本協(xié)議規(guī)定的權(quán)利和補(bǔ)救措施為累積性，而并非僅限于法律所規(guī)定的權(quán)利和補(bǔ)救。本公司無須行使任何權(quán)利或補(bǔ)救措施，或按對您有利的方式或時(shí)間行使任何權(quán)利或補(bǔ)救措施。本公司未行使或延遲行使本公司在本協(xié)議（包括任何交易）或其它文件所規(guī)定的任何權(quán)利，不得視為放棄該等或任何其它權(quán)利或補(bǔ)救措施。單一或部分行使權(quán)利或補(bǔ)救措施，不得妨礙進(jìn)一步行使該權(quán)利或補(bǔ)救措施，或行使其它權(quán)利或補(bǔ)救措施。
 
15.12 Set-off: Without prejudice to any other rights to which we may be entitled, we may at any time and without notice to you set off any amount (whether actual or contingent, present or future) owed by you to us against any amount (whether actual or contingent, present or future) owed by us to you. For these purposes, we may ascribe a commercially reasonable value to any amount which is contingent or which for any other reason is unascertained.
15.12抵消：在不損害本公司可能享有的任何其它權(quán)利的原則下，本公司可在無須通知您的情況下，隨時(shí)動用您結(jié)欠本公司的任何金額（不論實(shí)際或或有、現(xiàn)在或?qū)�來），以抵消本公司結(jié)欠您的任何金額（不論實(shí)際或或有、現(xiàn)在或?qū)�來）。就此而言，本公司可按商業(yè)上合理的價(jià)值厘定屬于或有性質(zhì)或因任何其它原因而無法確定的任何金額。  
 
15.13 Partial invalidity: If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected
or impaired.
15.13部分無效：若在任何時(shí)間，根據(jù)任何司法權(quán)區(qū)的法律，本協(xié)議的任何條文在任何方面屬于或成為非法、無效或不可強(qiáng)制執(zhí)行，則本協(xié)議余下條文的合法性、有效性或可強(qiáng)制執(zhí)行性，或該條文在任何其它司法權(quán)區(qū)的合法性、有效性或可強(qiáng)制執(zhí)行性，不受任何影響或減損。
 
16. GOVERNING LAW AND JURISDICTION 16. 管轄法律和司法權(quán)區(qū)
16.1 Governing law: A Transaction which is subject to the Rules of a Market shall be governed by the law applicable to it under those Rules. Subject thereto, this Agreement shall be governed by and construed in accordance with English law.
16.1 管轄法律：根據(jù)市場規(guī)則的交易應(yīng)受其根據(jù)該等規(guī)則適用的法律管轄。據(jù)此，本協(xié)議應(yīng)受英國法律管轄并據(jù)此解釋。
 
16.2 Law applicable to relationship prior to the conclusion of the Agreement: The law applicable to the relationship between us prior to the conclusion of this Agreement is English law.
16.2 本協(xié)議訂立前適用雙方之間關(guān)系的法律：在本協(xié)議訂立前適用雙方之間關(guān)系的法律是英國法律。
 
16.3 Jurisdiction: Each of the parties irrevocably: 16.3 司法權(quán)區(qū)：各方不可撤銷地：
(a) agrees for our benefit that the courts of England shall have jurisdiction to settle any suit, action or other proceedings relating to this Agreement ("Proceedings") and irrevocably submits to the jurisdiction of such courts (provided that this shall not prevent us from bringing an action in the courts of any other jurisdiction); and
(a) 為本公司的利益而同意，英格蘭法院擁有司法管轄權(quán)，處理與本協(xié)議有關(guān)的任何起訴、
訴訟或其它法律程序（.法律程序.），并不可撤銷地服從該等法院的司法管轄權(quán)（前提是不得妨礙本公司在任何其它司法權(quán)區(qū)的法院提出訴訟）；及
 
 (b) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court and agrees not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.
(b) 放棄其在任何時(shí)間對將任何該等法院（就在任何此等法院所提起任何法律程序而言）作為審判地可能可提出的任何反對意見，并同意不會聲稱該等法律程序已經(jīng)在不便的訴訟地提出或該法院對其不擁有司法管轄權(quán)。
 
16.4 Waiver of immunity and consent to enforcement: You irrevocably waive to the fullest extent permitted by applicable law, with respect to yourself and your revenue and assets (irrespective of their use or intended use) all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any courts, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which you or your revenues or assets
might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agree that you will not claim any immunity in any Proceedings. You consent generally in respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings, including, without limitation, the
making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such Proceedings.
16.4放棄豁免權(quán)與同意強(qiáng)制執(zhí)行：您在適用法律允許的最大范圍內(nèi)，就您和您的收入及資產(chǎn)（無論用途或擬訂用途為何），不可撤銷地放棄您或您的收入或資產(chǎn)在任何司法管轄區(qū)法院的任何法律程序中本應(yīng)享有的所有豁免權(quán)，而該豁免權(quán)乃基于主權(quán)或基于 (i)訴訟；(ii) 任何法院的司法管轄權(quán)； (iii) 通過強(qiáng)制執(zhí)行或收回財(cái)產(chǎn)的禁制令或命令給予的濟(jì)助； (iv) 資產(chǎn)查封（無論是在判決之前或之后）和 (v) 任何判決的執(zhí)行或強(qiáng)制執(zhí)行；您還不可撤銷地同意，不會在任何法律程序中就任何豁免權(quán)提出申索。您一般性地同意就任何法律程序給予濟(jì)助，或就這些法律程序發(fā)出法律程序文件，包括但不限于對任何財(cái)產(chǎn)（不論其用途或意向用途）做出、強(qiáng)制執(zhí)行或執(zhí)行這些法律程序中可能發(fā)出或做出的任何命令或判決。
 
16.5 Service of process: If you are situated outside England and Wales, process by which any Proceedings in England are begun may be served on you by being delivered to the address in England or Wales nominated by you for this purpose in the Individually Agreed Terms Schedule. This does not affect our right to serve process in another manner permitted by law.
16.5法律程序文件的送達(dá)：若您位于英格蘭和威爾士以外，則在英格蘭開始的任何法律程序所依據(jù)的法律程序文件，將通過您為此在個別協(xié)定條款附表中指定的英格蘭或威爾士地址送達(dá)予您。這不影響本公司按法律準(zhǔn)許的其它方式送達(dá)法律程序文件的權(quán)利。
 
17. INTERPRETATION 17 釋義
17.1 Interpretation: In this Agreement:
"Applicable Regulations" means:
(a) FSA Rules or any other rules of a relevant regulatory authority;
(b) the Rules of the relevant Market; and
(c) all other applicable laws, rules and regulations as in force from time to time;
17.1 釋義：本協(xié)議中：
“適用規(guī)例.指：
(a) FSA規(guī)則或相關(guān)監(jiān)管機(jī)關(guān)的任何其它規(guī)則；
(b) 相關(guān)市場的規(guī)則；及
(c) 不時(shí)有效的所有其它適用法律、規(guī)則和規(guī)例；
 
 
"Associate" means an undertaking in the same group as us, a representative whom we or an undertaking in the same group as us appoint, or any other person with whom we have a relationship that might reasonably be expected to give rise to a community of interest between us and them;
聯(lián)系人士.指本公司所屬集團(tuán)旗下的企業(yè)，本公司或本公司所屬集團(tuán)旗下企業(yè)委任的代表，或本公司有關(guān)系合理預(yù)期可能引起本公司與其之間共同利益的任何其他人士；
 
"Business Day" means a day which is not a Saturday or a Sunday and upon which banks are open for business in London;
營業(yè)日.指除星期六或星期日外，倫敦的銀行開門營業(yè)之日；
 
"Credit Support Provider" means any person who has entered into any guarantee, hypothecation, agreement, margin or security agreement in our favour in respect of your obligations under this Agreement;
信用支持提供商.指就您在本協(xié)議下的債務(wù)以本公司為受益人達(dá)成任何擔(dān)保、押貨預(yù)支、協(xié)議、保證金或擔(dān)保協(xié)議的任何人士；
 
"Electronic Services" means a service provided by us, for example an internet trading service offering clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic order routing system.
電子服務(wù).指本公司提供的服務(wù)，例如，通過互聯(lián)網(wǎng)服務(wù)、WAP服務(wù)及／或電子指令傳遞系統(tǒng)，為客戶提供利用資料和交易設(shè)施的互聯(lián)網(wǎng)交易服務(wù)。
 
"Event of Default" means any of the events of default as listed in paragraphs (a) to (l) of sub-clause 1 of the Clause headed "Events of Default";
違約事件.指標(biāo)題為.違約事件.的條款中第1分條的第(a)段至(l)段所列的任何違約事件。
 
"FSA Rules" means the rules contained in the Handbook of Rules and Guidance produced by the Financial Services Authority as from time to time in force (as varied by any waiver, dispensations or individual guidance granted by the Financial Services Authority and applicable to ODL Securities Limited)
FSA規(guī)則.指英國金融服務(wù)管理局所頒發(fā)《規(guī)則手冊與指南》中所載不時(shí)有效的規(guī)則（按金融服務(wù)局授予并適用于ODL證券有限公司的任何豁免、特許或個別指南變更）；
 
"Market" means , except in the LIFFE Schedule any regulated market, or multilateral trading facility (as such terms are defined in the FSA Rules);
市場.指，除了LIFFE 附表中以外，任何受監(jiān)管市場，或多邊交易設(shè)施（該等條款的定義見FSA規(guī)則）；
 
"Netting Transaction" means a Transaction which is intended to be subject to the clause entitled "Netting" and for such purposes is identified as a "Netting Transaction" in the Individually Agreed Terms Schedule or by its own terms;.
凈額結(jié)算交易.指意圖受限于.凈額結(jié)算.一條，并就此在個別協(xié)定條款附表或按其自身?xiàng)l款，
被確認(rèn)為.凈額結(jié)算交易.的交易；
 
"Rules" means articles, rules, regulations, procedures and customs, as in force from time to time; and
規(guī)則.指不時(shí)有效的條款、規(guī)則、規(guī)例、程序和慣例；及
 
"System" means all computer hardware and software, equipment, network facilities and other resources and facilities needed to enable you to use an Electronic Service.
系統(tǒng).指為了讓您能夠使用電子服務(wù)所需的所有計(jì)算機(jī)硬件和軟件、設(shè)備、網(wǎng)絡(luò)設(shè)施及其它資源和設(shè)施；
 
"Transaction" means any transaction subject to this Agreement, and includes:
交易.指根據(jù)本協(xié)議的任何交易，包括：
 
(i) a contract made on a Market or pursuant to the Rules of a Market;
(ii) contract which is subject to the Rules of a Market;
 (i) 在市場上或按照市場規(guī)則達(dá)成的合同；
(ii) 受限于市場規(guī)則的合同；
 
(iii) a contract which would (but for its term to
maturity only) be a contract made on, or subject to the Rules of a Market and which,
at the appropriate time, is to be submitted for clearing as a contract made on, or
subject to the Rules of a Market; in any of cases (i), (ii) and (iii) being a future,
option, contract for differences, spot or forward contract of any kind in relation to any commodity, metal, financial instrument (including any security), currency, interest rate, index or any combination thereof; (iv) a transaction which is matched with any transaction within paragraph (i), (ii) or (iii) of this definition; or
(v) any other transaction which we both agree, in any specific Clause, the Individually Agreed Terms Schedule or otherwise, shall be a Transaction.
(iii) 屬于（僅在其到期前的期限內(nèi)）按照或根據(jù)市場規(guī)則達(dá)成的合同，在適當(dāng)時(shí)間，將被提交作為按照或根據(jù)市場規(guī)則達(dá)成的合同清算的合同；若(i)、(ii)及(iii)任何一種情況屬于與任何商品、金屬、金融工具（包括任何證券）、利率、指數(shù)或其任何組合有關(guān)的各種期貨、期權(quán)、差價(jià)合同、現(xiàn)貨或遠(yuǎn)期合同； (iv) 與本定義第(i)、(ii)或(iii)段中的任何交易相匹配的交易；或 (v) 雙方在任何特定條款、特別協(xié)定條款附表或其它中，協(xié)定屬于本協(xié)議交易的任何其它交易。
 
17.2 General interpretation: A reference in this Agreement to a "clause" or "Schedule" shall be construed as a reference to, respectively, a clause or Schedule of this Agreement, unless the context requires otherwise. References in this Agreement to any statute or statutory instrument or Applicable Regulations include any modification, amendment, extension or re-enactment thereof. A reference in this Agreement to "document" shall be construed to include any electronic document.
The masculine includes the feminine and the neuter and the singular includes the plural and vice versa as the context admits or requires. Words and phrases defined in the FSA's Rules have the same meaning in this Agreement unless expressly defined in this Agreement.
17.2一般釋義：除非文意另有所指，本協(xié)議中凡提述.條款.或.附表.應(yīng)理解為分別指本協(xié)議的條款或附表。本協(xié)議中，凡提述任何法規(guī)或法定文書或適用規(guī)例，包括其任何修改、修訂、延展或重訂。本協(xié)議中，凡提述.文件.應(yīng)理解為包括任何電子文件。按文意許可或要求，陽性包括陰性和中性，反之亦然。除非本協(xié)議中明確界定，F(xiàn)SA規(guī)則中定義的詞語和詞組，在本協(xié)議中具有相同含義。
 
17.3 Schedules: The clauses contained in the attached Schedule(s) (as amended from time to time) shall apply. We may from time to time send to you further Schedules in respect of Markets or Transactions. In the event of any conflict between the clauses of any Schedule and this Agreement, the clauses of the Schedule shall prevail. The fact that a clause is specifically included in a Schedule in respect of one Market or Transaction shall not preclude a similar clause being expressed or implied in relation to any other Market or Transaction. So far as applicable, paragraph 1 of
Part 1 of the LIFFE Schedule shall be construed as also applying to and having effect in relation to all other Markets.
17.3附錄：隨附附錄（經(jīng)不時(shí)修訂）所載的條款應(yīng)適用。本公司可不時(shí)向您寄送與市場或交易有關(guān)的進(jìn)一步附錄。如果任何附錄與本協(xié)議的條款存在任何沖突，應(yīng)以附錄條款為準(zhǔn)。附錄中明確包含有關(guān)一種市場或交易的條款這一事實(shí)，并不妨礙存在與任何其它市場或交易有關(guān)的類似明示或隱含條款。在切實(shí)可行范圍內(nèi)，LIFFE附錄第1部分第1段也應(yīng)解釋為適用于所有其它市場，并對其它市場具有效力。
 
17.4 Headings: Headings are for ease of reference only and do not form part of this Agreement.
17.4標(biāo)題：標(biāo)題僅為便于參考而設(shè)，并不構(gòu)成本協(xié)議的一部分。
 
Schedule: Order Execution and Best Execution Policy附表：指令執(zhí)行和最佳執(zhí)行政策
Under MiFID, ODL Securities Ltd (.ODL.) is required to implement an Order Execution Policy and a Best Execution Policy in order to obtain the best results for its clients. The aim of this document is to provide our clients with the appropriate details of these policies in accordance with the Financial Services Authority’s rules requirements and in order to extend to our clients a transparent overview to our business practices.
根據(jù)MiFID，ODL證券有限公司 （‘ODL’）需要執(zhí)行指令執(zhí)行政策和最佳執(zhí)行政策，為其客戶實(shí)現(xiàn)最佳業(yè)績。本文件旨在為本公司客戶提供符合金融服務(wù)管理局規(guī)則要求的適當(dāng)政策詳情，并向本公司客戶清楚介紹本公司業(yè)務(wù)實(shí)踐的大致情況。
 
ODL has put in place Order Execution Policy and Best Execution Policy with a view to provide the best possible results to our clients depending upon the circumstances and market conditions on a best endeavour basis. These policies take into consideration the relevant execution factors with due diligence paid to their comparative importance.
ODL制訂有指令執(zhí)行政策和最佳執(zhí)行政策，旨為在環(huán)境和市況許可的情況下盡最大努力為客戶提供可能的最佳業(yè)績。這些政策考慮了相關(guān)執(zhí)行因素，并盡量考慮其相對重要性。
 
Best Execution最佳執(zhí)行
1. Scope 1. 范圍
ODL understands there to be a duty of Best Execution owed to the client when orders are executed having arisen from either contractual or agency obligations, on the client.s behalf. The duty is not owed when ODL offers prices at which it will be prepared to buy or sell nor when ODL provide a quote in answer to such a request.
ODL了解，代表客戶執(zhí)行指令時(shí)，對客戶負(fù)有因合同或代理人義務(wù)產(chǎn)生的最佳執(zhí)行責(zé)任。 在ODL提供其預(yù)備買／賣價(jià)格，或ODL提供報(bào)價(jià)作為報(bào)價(jià)請求回復(fù)時(shí)，不負(fù)有上述責(zé)任。
 
2. Discretion 2. 酌情決定權(quán)
The general market understanding is that the best possible results for a client would be determined by the price and/or the liquidity of the market. However, ODL may decide, in their absolute discretion, that in certain circumstances, other factors e.g. the need for timely execution of the order are more important in determining the best possible results. This may depend on the type of order, the financial instrument or the market involved.
一般市場共識認(rèn)為，可能為客戶實(shí)現(xiàn)的最佳業(yè)績由市場價(jià)格及／或流動資金決定。但ODL可絕對酌情決定，在若干情況下，指令及時(shí)執(zhí)行需要等其它因素對決定可能實(shí)現(xiàn)的最佳業(yè)績更為重要。這可能取決于指令類型、金融工具或涉及的市場。
 
Order Execution指令執(zhí)行
 
3. Order Capture 3. 指令捕捉
ODL will endeavour to execute the order received in a prompt, fair and expeditious manner, ensuring that potential conflicts of interest between clients or between
the client and ODL are managed effectively. Where there is a lapse of time between ODL.s first quote and the client.s acceptance which causes delay or in the case
that the market conditions have changed, ODL will still be within its rights to execute the order; provided the quote is not significantly out of date and that it still would have met the best execution requirements.
ODL將盡其最大努力，及時(shí)、公帄及快速執(zhí)行所收到的指令，以確保有效控制客戶之間或客戶與ODL之間的潛在利益沖突。如ODL首次報(bào)價(jià)與客戶接受報(bào)價(jià)間的時(shí)間間隔導(dǎo)致延遲，或如市場狀況已發(fā)生變化，ODL仍有權(quán)執(zhí)行指令，惟報(bào)價(jià)并未嚴(yán)重逾期，且仍符合最佳執(zhí)行的要求。
 
4. Order Handling 4. 指令處理
ODL records and executes otherwise comparable orders sequentially and timed to coincide with receipt of the order unless the characteristics of the order or market
conditions make it impractical to do so; or if the client‘s interests demand otherwise. Orders received in a different media cannot be termed otherwise comparable.
ODL記錄并執(zhí)行隨后收到且時(shí)間上與有關(guān)指令一致的在其它方面相若的指令，除非指令特征或市場狀況不允許如此，或客戶的利益另有要求。通過不同媒介收到的指令不能稱作在其它方面相若。
 
5. Order Allocation 5. 指令分配
Depending upon the circumstances, market conditions and order size, ODL may aggregate the client order with those of other clients or transactions on behalf of ODL.
This aggregation is not considered to compromise the client interest although some disadvantage, in relation to a particular order, may occur. In the case of such
aggregated orders being partially executed, ODL will allocate the executed orders in terms of its Order Allocation Policy.
ODL可根據(jù)情況、市場狀況和指令大小，將客戶指令與ODL其他客戶或ODL自營交易的指令進(jìn)行合并。盡管合并對任何特定指令可能會產(chǎn)生不利影響，但不可視為損害客戶利益。如上述合并指令為部分執(zhí)行，ODL會根據(jù)其指令分配政策分配已執(zhí)行指令。
 
6. Execution Venues 6. 執(zhí)行地點(diǎn)
ODL executes client orders at various execution venues. Selecting the execution venues to provide the best execution for the client requires consideration of the
relative importance of the execution factors depending upon the characteristics of:
ODL在若干執(zhí)行地點(diǎn)執(zhí)行客戶指令。為向客戶提供最佳執(zhí)行目的選擇執(zhí)行地點(diǎn)需要基于以下特征考慮不同執(zhí)行因素之間的相對重要性：
 
. The client order; 客戶指令；
. The financial instrument involved; 相關(guān)的金融工具；
. The execution venues and; 執(zhí)行地點(diǎn)及；
. The client classification. 客戶分類。
 
The execution factors that ODL consider are: ODL將考慮的執(zhí)行因素有；
. Price; 價(jià)格；
. Costs; 成本；
. Speed of execution; 執(zhí)行速度；
. Probability of execution and settlement; 執(zhí)行和結(jié)算的可能性；
. Size of order; 指令大�。�
. Nature of order and; 指令性質(zhì)和；
. Other relevant consideration to the execution of the order.
執(zhí)行指令的其它相關(guān)考慮事項(xiàng)。
 
ODL monitor the execution venues and other execution arrangements regularly for their effectiveness and consistency in providing best results.
為高效及統(tǒng)一地提供最佳業(yè)績，ODL將定期監(jiān)督執(zhí)行地點(diǎn)和其它執(zhí)行安排。
 
 
 
7. Methods of Execution 7. 執(zhí)行方法
Depending upon circumstances, ODL may execute orders outside Regulated Markets or MultiLateral Trading Facilities (.MTFs.). ODL believe restricting the execution of orders to Regulated Markets and MTFs may adversely affect the quality of the execution and liquidity. By signing this agreement you expressly consent to our executing your orders outside Regulated Markets and MTFs.
ODL根據(jù)情況在受監(jiān)管市場或多元化交易系統(tǒng)（.MTF.）以外執(zhí)行指令。ODL相信，將指令執(zhí)行限制在受監(jiān)管市場和MTF，可能對執(zhí)行和流動資金的質(zhì)量造成不利影響。您簽署本文件，明確表示同意本公司在受監(jiān)管市場和MTF以外執(zhí)行您的指令。
 
Where ODL provides portfolio management services and / or receiving and transmitting orders for you, we take into account your best interests while placing or transmitting orders to other entities.
如果ODL為您提供投資組合管理服務(wù)及／或接收和轉(zhuǎn)達(dá)指令，本公司將在向其它實(shí)體下達(dá)和轉(zhuǎn)達(dá)指令時(shí)將考慮您的最佳利益。
 
8. Client Limit Orders 8. 客戶限制指令
We are required to publish limit orders given by you should we not be able to execute your order immediately. Please sign and return the attached form to confirm that you agree that when you place a limit order with us that is not immediately executable, we are authorized to exercise our discretion to not publish such an order to a Regulated Market or MTF.
如果本公司不能立即執(zhí)行您的指令，本公司須公布限制指令。請簽署隨附表格并交還本公司，確定您同意在向本公司下達(dá)不能立即執(zhí)行的限制指令時(shí)，本公司有權(quán)酌情決定不向受監(jiān)管市場或MTF公布該限制指令。
 
9. Specific Client Instructions 9. 特定客戶指示
Where you provide ODL with specific instructions in relation to your entire order, or any aspect of your order, for example a preferred execution venue, ODL will execute your order in accordance with your instructions, and to that extent ODL will not owe you a duty of best execution. To the extent that your specific instructions relate to only one or some aspects of the order, ODL will determine any unspecified aspects in accordance with its Order Execution Policy.
如果您給予ODL有關(guān)整體指令，或指令的任何方面的特定指示，例如首選執(zhí)行地點(diǎn)，ODL將根據(jù)您的指示執(zhí)行指令，在這種情況下，ODL將不再對您負(fù)有最佳執(zhí)行責(zé)任。如您的特定指示只與指令的一個或若干方面有關(guān)，ODL將根據(jù)其指令執(zhí)行政策確定未指明的方面。
 
You should be aware that where you provide ODL with specific instructions in relation to the execution of your order, you may prevent ODL from following some or all
of the steps in our Order Execution Policy to obtain the best possible result for you in respect to those aspects affected by your instructions.
您應(yīng)了解，您向ODL提供有關(guān)執(zhí)行您的指令的特定指示時(shí)，可能妨礙ODL按照本公司指令執(zhí)行政策采取部分或所有措施，實(shí)現(xiàn)有關(guān)方面若不受您指示影響而本應(yīng)實(shí)現(xiàn)的最佳業(yè)績。
 
While we take all reasonable steps based on the resources available to us and depending upon the market conditions and circumstances as then prevalent to enable us to provide best possible results to you, we cannot guarantee that we will always be able to provide best execution to each and every order executed on your behalf particularly where you give us specific instructions as to all or part of your order.
盡管本公司根據(jù)可用資源，和當(dāng)時(shí)有助于本公司向您提供可能實(shí)現(xiàn)的最佳業(yè)績的市場狀況和環(huán)境，采用所有合理措施，也無法保證能始終為代您執(zhí)行的每項(xiàng)和所有指令提供最佳執(zhí)行，尤其是當(dāng)您給予本公司有關(guān)您指示全部或部分的指示時(shí)。
 
10. ODL’s Commitment 10. ODL的承諾
ODL.s commitment to provide you with Best Execution does not mean that we owe you any fiduciary responsibility over and above the specific regulatory obligations placed upon us or as may be otherwise contracted between us.
ODL承諾向您提供最佳執(zhí)行，不代表本公司對您負(fù)有超出本公司須履行的特定監(jiān)管義務(wù)，或雙方約定的其它義務(wù)的受信責(zé)任。
 
11. Client Consent 11. 客戶同意
Under MiFID we are required to obtain your consent to our Best Execution Policy and other matters as outlined above. We will consider that you have consented to agreeing such Best Execution Policy by your placing an order with us on, or after the 1st
November 2007.
根據(jù)MiFID，本公司需獲取您對最佳執(zhí)行政策和上述其它事宜的同意。如您于2007年11月1日或以后向本公司下達(dá)指令，本公司將視作您同意接受上述最佳執(zhí)行政策。
 
We are however required to obtain your express consent for execution of your order outside Regulated Markets or MTFs and for exercising our judgement in the matter of
publishing your Limit Orders. We would request you to please provide such consent by signing this Agreement.
但本公司在規(guī)范市場或MTF以外執(zhí)行您的指令或決定是否公開您的限制指令時(shí)，須獲得您的明確同意。本公司要求您簽署本協(xié)議，給予上述同意。
 
12. LANGUAGE 12. 語言：
Language: Any Interpretation of this document is governed by the English version. We accept no responsibility or liability (whatsoever and however caused) for the fitness of the content of the Chinese version
語言：本資料的詮釋以英文為準(zhǔn), 中文翻譯只作參考用途。對于中文部份的內(nèi)容的適當(dāng)性,(不論是何種及如何引致的責(zé)任或法律責(zé)任)本公司不承擔(dān)任何責(zé)任或法律責(zé)任。