外汇与价差合约交易商业条款及条件(第三部分 中英文翻译)

日期:2018-09-13 / 人气: / 来源:http://www.rzfanyi.com/ 作者:译声翻译公司

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

  Introduction导言

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

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

  Execution services执行服务

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

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

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

  我方作为客户交易的对手方,并为交易下单的执行地点。

  Execution factors执行因素

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

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

  Price价格

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

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

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

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

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

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

  Costs费用

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

  客户可能需要按其下单支付的费用包括:

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

  对未平仓交易和平仓交易收取的佣金,部分或全部将支付予中介代理人;

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

  持有价差合约多头头寸收取的利息,而持有空头头寸的客户通常将获取利息;

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