摘要： 27. Partnership Accounts 合伙账户 Where the Customer is a partnership, the Customer represents that the General or Limited Partnership Agreement is in writing and provides that the partnership will not terminate upon the death or incapacit
27. Partnership Accounts 合伙账户
Where the Customer is a partnership, the Customer represents that the General or Limited Partnership Agreement is in writing and provides that the partnership will not terminate upon the death or incapacity of any one of the partners; the partners and the partnership are in compliance with and shall remain in compliance with all rules and regulations applicable to their activities including, but not limited to, the rules and regulations of the CFTC, NFA, the Commodity Exchange Act, and State Laws in which the partnership was formed; the partners are jointly and severally liable to EXCHANGE for any and all transactions and obligations made in conjunction with this account and are bound by all terms and conditions of this Agreement; and the partnership shall promptly notify EXCHANGE in writing of the death or retirement of any partner, or any change in the partnership agreement. The estate of any of
the general partners who shall have died shall be liable, and each survivor shall continue to be liable, to EXCHANGE for any debit balance or loss in the account resulting from the completion of transactions initiated prior to receipt by EXCHANGE of such written notice of death or incurred in the liquidation of the account after receipt of notice of death of a partner.
当客户为合伙人时，客户阐明《普通和有限合伙协议》是书面的，规定当任一合伙人死亡或无能力时，合伙不会中止，合伙人和合伙将遵守，并将一直遵守所有可以应用于他们行为的规章制度，包括，但不限于，商品期货交易委员会（CFTC）,全国期货协会（NFA）的规章制度，商品交易法和该合伙建立所在州的州法律，合伙人对任何和所有与该账户一起形成的交易和义务对交易所负有连带责任，并受本协议所有条款合条件的约束。某合伙人死亡或退休时，或者合伙协议发生任何变化时，该合伙应该及时书面通知交易所。任何已经死亡的普通合伙人的不动产对交易所有责任偿还，以及每个剩下来的合伙人应该继续对交易所有责任偿还任何在交易所接到此书面的死亡通知之前开始的交易给账户带来的借方余额或损失，或者在接到某一合伙人死亡通知以后账户清算导致的借方余额或损失。
28. ERISA Pension Plan Accounts ERISA退休金计划账户
Where the Customer is a plan covered by the Employee Retirement Security Act of 1974 (“ERISA”), Customer acknowledges and understands that EXCHANGE is only providing services hereunder and is not a plan fiduciary as defined in ERISA, and any rules or regulations promulgated there under FG has no discretionary authority or control
with respect to Customers purchase or sale of futures contracts and that the furnishing of market recommendations and information by EXCHANGE is solely for Customers convenience and does not constitute the exercise of such authority or control; and there is no agreement, arrangement, or understanding between Customer and EXCHANGE for investment decisions with respect to the assets of Customer or that EXCHANGE will render individualized investment advice to Customer based on the particular needs of Customer. Customer further represents that it has full power and
authority pursuant to governing agreements and otherwise to enter into this Agreement and to engage in transactions of the kind contemplated herein.
当客户是《1974年雇员退休保障法》（以下简称ERISA）适用的一个计划时，客户确认和知道交易所只提供以下的服务，不是ERISA及其辖的规章制度定义的一个信托计划 ,关于客户购买或者销售期货合约，交易所没有自由决定权和控制权。交易所提供市场建议和信息只是为了方便客户，并不构成决定权和控制权的实施�？突Ш徒灰姿涿挥泄赜诳突ё什蹲示龆ǖ男�、安排和谅解，交易所将按照客户的个别需要，为客户提供个人化的投资建议。客户还阐明按照管理协议它有完全的能力和授权，否则，即签署本协议，从事此处考虑的交易。
29. NO WAIVER OR AMENDMENT 无豁免或修正
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Customer and an authorized officer of EXCHANGE. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by EXCHANGE or EXCHANGE’s agents to assert EXCHANGE’s right under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.
本协议的条款都不能豁免或修正，除非客户和交易所的授权官员一同签署了豁免和修正的书面形式。在任何情况下，本协议各方的任何行为过程，或者交易所或交易所的代理人未能声明本协议下交易所的权力，都不意味着本协议有豁免或者修正。相反的口头协议或指示不是可接收的或可实施的。本文件和此处的附件包含了各方的整个协议，取代任何和所有先前的书面和口头协议，除了此处包含的条款、条件或义务，没有其他的条款、条件或义务。
30. GOVERNING LAW AND JURISDICTION 管理法和权限
This Agreement, and the parties’ rights and obligations here to, shall be governed by, construed and enforced in all respects by the laws of the State of Illinois, where EXCHANGE’s main office is located.
本协议以及各方于此的权利和义务在各方面都应在伊利诺斯州法律的统治、解释和实施之下。伊利诺斯州是交易所总部的所在地。
If any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, regulatory or self-regulatory agency or body, such invalidity or unenforceability shall attach only to such provision or condition. The validity of the remaining provisions and conditions shall not be affected and this Agreement shall be carried out as if any such invalid or unenforceable provision or condition was not contained herein. This Agreement or any section thereof shall not be construed against any party due to the fact that said Agreement or any section
thereof was drafted by said party.
如果有法庭、管制或自我管制机构或组织认为本协议的任何条款和条件无效，此无效性和不能执行性只应适用于这些条款和条件。其余条款和条件的有效性不应受到影响，本协议应继续得以执行，就好像上述无效的和不能执行的条款或条件不包含在此协议内。本协议及其任何条款的解释不应不利于任何一方，因为本协议及其任何条款都是由上述各方起草的。
31. FOREIGN CUSTOMER NOTICE 国外客户公告
Where Customer is not a resident of the United States (hereinafter referred to as “Foreign Customer”), Regulation 15:05 of the United States Code of Federal Regulations (CFR) deems EXCHANGE to be Foreign Customers agent for purposes of accepting delivery and service of any communication issued by or on behalf of the CFTC with respect to any futures or options contracts which are or have been maintained in Foreign Customers account carried by EXCHANGE. Service or delivery of any communication issued by or on behalf of the CFTC to EXCHANGE constitutes valid and effective service or delivery upon the Foreign Customer. Further, pursuant to Regulation 18:07 CFR, may required a Foreign Customer to comply with the filing of various reports with the CFTC upon twenty days notice, except where such Foreign Customer may be required by the CFTC to file such reports within one business day after a special call by the CFTC upon such Foreign Customer. In the event that the CFTC, pursuant to Regulation 21:03 CFR issues a call for information on the account of a Foreign Customer, EXCHANGE, as your agent, may be required to provide any and all information concerning Foreign Customers account, including but not limited to Foreign Customers name and address and the name and address of persons having a ten percent or more beneficial interest in the account, total open futures and options positions in the account and the number of futures contracts against which delivery notices have been issued or received or against which exchanges of futures for cash have been transacted for the period of time specified in the call.
如果客户不是美国的居民（以下称为“国外客户”），美国联邦法规(CFR)的15:05规定主张交易所是国外客户代理人，为交易所持有的外国客户的账户上现有的或者曾经有的任何期货或期权合约，接收商品期货交易委员会（CFTC）发出的或代表商品期货交易委员会（CFTC）的任何通信的发送和服务。商品期货交易委员会（CFTC）向交易所发出的或代表商品期货交易委员会（CFTC）的任何信息的服务或递送构成对外国客户有效和实际的服务或递送。另外，根据CFR的18:07规定，可能会要求某外国客户履行将商品期货交易委员会（CFTC）的各种报告归档，提前20天给出通知，除非商品期货交易委员会（CFTC）特别致电此外国客户，要求这个外国客户在一个工作日内归档此类报告。如果商品期货交易委员会（CFTC）根据CFR第21:03条规定，要求得到某一外国客户账户的信息，交易所作为您的代理人，可能会被要求提供任何或所有关于外国客户账户的信息，包括但不限于外国客户的姓名、地址以及在该账户有着10%或超过10%受益权的人的姓名和地址，该账户所有期货和期权的风险头寸，以及已经收到交割通知书的期货合约的数量和交割通知书已经发出的对象期货合约的数量，或者在上述要求指定的时间期限内已经办理的期货换现金交易的期货合约的数量。
32. TERMINATION 终止
This Agreement shall continue in effect until termination. Customer may terminate this Agreement only at a time when Customer has no open commodity positions and no liabilities held by or owed to EXCHANGE. Termination by Customer shall be effective upon the actual receipt by EXCHANGE, at EXCHANGE’s main office, of written notice of
termination. EXCHANGE may terminate this Agreement at any time. If EXCHANGE elects to terminate this Agreement, EXCHANGE shall have the right, in EXCHANGE’s sole discretion, to sell any property in any account of the Customer, and to close out and liquidate any and all outstanding transactions of Customer, and any such sales or purchases shall be at EXCHANGE’s discretion on any exchange or other market. Prior demand, call or notice of the time and place of such sale or purchase, shall not be construed to be a waiver of EXCHANGE’s rights to sell or to buy without demand or notice. Termination by EXCHANGE shall be effective upon the transmittal of written notice of termination to Customer. Customer’s obligations to EXCHANGE arising out of any deficit balance or indemnification shall survive the termination of this Agreement.
本协议将保持有效，直至协议终止。只有当客户没有风险商品头寸时以及对交易所没有负债时，客户才可以终止此协议。交易所总部确实收到客户终止此协议的书面通知，客户的终止才是有效的。交易所可以在任何时候终止此协议。如果交易所选择终止此协议，交易所应该有权利自行决定卖出客户任何账户上的任何财产，停止和清算客户的任何和所有未清算交易，任何此类的出售和购买在任何交易所或其他市场应由交易所自行决定。之前关于此类出售或购买的时间和地点的要求、通知不应被解释为交易所放弃无需要求或通知就可以出售或购买的权利。交易所向客户发出终止的书面的通知，则交易所的终止生效�？突Ф越灰姿模醋猿嘧钟喽罨蚺獬サ囊逦裨诒拘橹罩购笕匀淮嬖�。
33. INDEMNIFICATION 赔偿
Customer agrees to indemnify and hold harmless EXCHANGE, EXCHANGE’s affiliates, employees, agents, successors and assigns from and against any and all liabilities, losses, damages, costs and expenses, including attorneys fees, incurred by EXCHANGE arising out of Customers failure to fully and timely perform Customers agreements herein or should any of the representations and warranties fail to be true and correct. Customer also agrees to be responsible for and pay promptly to EXCHANGE all damages, costs and expenses, including attorneys fees, incurred by EXCHANGE in the enforcement of any of the provisions of this Agreement and any other agreements between EXCHANGE and Customer. Should customer instigate any legal action against EXCHANGE and is unsuccessful, Customer agrees to indemnify EXCHANGE for all cost EXCHANGE incurs, including but not limited to attorneys’ fees.
客户同意对交易所，交易所的分支机构，雇员，代理人，继承人和受让人赔偿或使他们免于以下各项的法律责任：任何和所有的负债、亏损、损失、成本和开支，包括由于客户未能完全和及时地履行此客户协议，或者某些报告和保证的不真实和不正确而给交易所招致的律师费用。客户还同意对所有损失、成本和支出，包括交易所为了执行本协议和交易所与客户之间的其他协议的条款而导致的律师费用负责，并及时向交易所支付。如果客户发起任何针对交易所的法律诉讼而没有成功的话，客户同意向交易所赔偿交易所的所有开支，包括但不限于律师费用。
34. CROSS TRADE CONSENT 交叉交易许可
Customer acknowledges and agrees that a situation may arise whereby an officer, director, affiliate, associate, employee, floor broker or floor trader associated with EXCHANGE may be the opposing broker for a trade entered for Customer’s Account. Customer consents to any such trans action, subject to any limitations and conditions
contained in the Rules or Regulations of any bank, institution, exchange or board of trade upon which such buy or sell orders are executed, the CFTC, NFA, or the United States Federal Reserve Board, or any other regulatory agency.
客户确认并同意可能会下面这种情况：附属于交易所的某官员、经理、分支机构、合作人、雇员、场内经纪人、场内交易商可能是客户账户参与的某交易的反向经纪人�？突獯死嘟灰�，服从任何购买和售出指令籍以执行的银行，机构，交易所和同业公会、商品期货交易委员会（CFTC）、全国期货协会（NFA）或者美国联邦储备金监察小组或任何其他管理机构的规章制度所包含的任何限制和条件。
35. ELECTRONIC MARKET CONSENT 电子市场许可
Customer authorizes EXCHANGE to enter orders to buy and sell futures contracts on the GLOBEX., the NYMEX ACCESS., and/or the PROJECT A. automated order entry and matching system(s). Customer acknowledges having read and understood the Automated Order Entry Systems Disclosure Statement.
客户授权交易所在GLOBEX，NYMEX ACCESS和/或PROJECT A自动指令输入和配对系统输入指令进行购买和售出期货合约。客户确认已经阅读并已理解象牙色的《风险披露文件》提供的《自动指令输入系统披露声明》。
36. LINKED MARKET CONSENT 连锁市场许可
EXCHANGE may from time to time execute transactions as Customer’s agent on a foreign futures exchange to trade futures, options, and/or Exchange for Physical Commodities, (EFP), pursuant to an agreement between the foreign futures exchange and a domestic futures exchange that a trade executed on one exchange liquidates or establishes a
position on the other exchange. Customers who trade on a foreign futures exchange may not be afforded certainty of the protective measures provided by the Commodity Exchange Act, as amended, the CFTC’s regulations, and the rules of NFA, and any domestic futures exchange, including the right to use reparation proceedings before the CFTC and arbitration proceedings provided by NFA or any domestic futures exchange. Customer authorizes EXCHANGE to trade on foreign futures exchanges. Customer understands that Customer may be giving up the right to have arbitration in association with trades on foreign exchanges.
交易所可能会不时作为客户的代理人在交易期货、期权的国外期货交易所和/或实物商品交易所执行交易，按照国外期货交易所和某个国内期货交易所之间的合约，在某一交易所执行的一项交易在另一个交易所清算或者头寸。在某国外期货市场交易的客户可能不会得到《商品交易法案》（经修正）、商品期货交易委员会（CFTC）制度和全国期货协会（NFA）和任何国内期货交易所的规定所提供的保护性措施，包括在商品期货交易委员会（CFTC）使用赔偿诉讼的权利和全国期货协会（NFA）或其他任何国内期货交易所提供的仲裁诉讼的权利。客户授权交易所在国外期货交易所进行交易�？突е溃突Э梢圆环牌牍饨灰姿系慕灰紫喙氐闹俨玫娜ɡ�。
37. TERMS AND HEADINGS 术语和标题
The term “EXCHANGE” shall be deemed to include Peregrine Financial Group, Inc., EXCHANGE’s divisions, its successors and assigns. The term “Customer” shall mean the party (or parties) executing the Agreement. The term “Agreement” shall include all other agreements and authorizations executed by Customer in connection with the
maintenance of Customer’s Account regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
“交易所”这个词应被认为包括美国华尔街期货交易所（Peregrine Financial Group, Inc.）,交易所的部门及其继承人和受让人。 “客户”这个词应指执行本合约的一方（或多方）。“协议”这个词应该包括所有客户执行的、与客户账户的维护有关的任何其它协议和授权，而不管是什么时候执行。本协议的段落标题只是为了查阅方便而插入的，不限制任何条款的适用性或者影响任何条款的意义。
38. BINDING EFFECT and ACCEPTANCE 约束效果和接受
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with EXCHANGE, irrespective of any change or changes at any time in the personnel of EXCHANGE or EXCHANGE’s successors, assigns, or affiliates. This Agreement, including all authorizations, shall inure to the benefit of EXCHANGE and EXCHANGE’s successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the heirs, estate, executor, trustees, administrators, legal representatives, successors, and assigns of Customer. Customer hereby ratifies all transactions with EXCHANGE effected prior to the date of this Agreement, and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement. The parties agree that this Agreement shall not be deemed to have been accepted by EXCHANGE or become a binding contract between Customer and EXCHANGE until approved at EXCHANGE’s main office and signed by EXCHANGE’s authorized representative.
本协议应具有持续性，并应该单独地和共同地适用于客户在任何时候在交易所开设的或重开的所有账户，与交易所或者EXCHANGE的继承人、受让人或分支机构在任何时候的任何人员变动无关。本协议，包括所有的授权，应该有助于交易所和交易所的继承人和受让人的利益，不管是通过兼并，合并或其他方式；并应对客户和/或客户的继承人，不动产，遗嘱执行人，托管人，遗产管理人，法人代表，继承人和受让人有约束力。客户特此认可在本协议日期之前的与交易所的所有交易生效，同意客户的权利和义务为本协议的条款所支配。各方同意本协议只有在交易所的总部批准后，并由交易所的授权代表签署之后，才能被认为被交易所接受，成为客户和交易所二者之间的约束性合约。
39. RECORDINGS 录音
Customer agrees and acknowledges that all conversations regarding Customers Account(s) between Customer and EXCHANGE may be electronically recorded with or without the use of an automatic tone-warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or EXCHANGE. Customer understands that EXCHANGE destroys such recordings at regular intervals in accordance with EXCHANGEs established business procedures and Customer consents to such destruction.
客户同意和承认无论是否使用自动录音警告，美国百利金融集团和客户之间关于帐户的对话可以通过电子记录�？突�，如果美国百利金融集团和客户之间可能遇到争论和诉讼时，其中一方可以用录音和记录做证据�？突Ю斫夂驮市�，随着美国百利金融集团执行的商业流程录音将被定期清除。
40. FOREIGN CURRENCY TRANSACTION NOTICE 外汇交易通知
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. EXCHANGE IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. AS A RESULT, EXCHANGE'S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS EXCHANGE ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES EXCHANGE OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND EXCHANGE MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS. IF EXCHANGE ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT EXCHANGE MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE EXCHANGE ACTS AS THE BUYER OR SELLER
IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM EXCHANGE OR ANY OF ITS SOLICITORS.
您参与的外汇交易不是在一般的交易所进行。美国百利金融集团作为交易活动的其中一方，当你抛出时，它就买入，当你买入时，它就卖出。所以美国百利金融集团的利益可能和你冲突。除非你的书面协议或其他书面文件里注明美国百利金融集团给出的汇价是与你的交易价。美国百利金融集团提供的汇价可能不是最佳市场价，它可能对不同客户的价格不一样。如果美国百利金融集团选择维持本身风险不进行相对的交易，您应该意识到，在市场走势不利于您的情况下，美国百利金融集团可能获利更多。另外，由于美国百利金融集团在交易中既可以是买家也可以是卖家，所以你得到美国百利金融集团或其经纪商的交易建议后，应该仔细判断市场情况。
41 . ELECTRONIC SIGNATURE 电子签名
EXCHANGE may, at its sole discretion, accept electronic signatures. As such, any signature documents signed and transmitted by facsimile, telecopier or similar electronic system may be accepted as original documents. The signature of any person or entity thereon, considered as an original signature, and will have the same binding effect as an original signature.
美国百利金融集团可能根据自身意愿接受电子签名。因此，任何签名后的文件通过传真，电子传真或类似电子系统发送后都会被认作原始文件。任何人或公司的签字都会被认作原始签名，同时具有原始签名相应的法律效力。
42. CONSENT TO JURISDICTION AND VENUE 同意管辖权和审判地点
Customer agrees that all actions, disputes, claims or proceedings, including, but not limited to, any arbitrations proceeding, including NFA arbitrations, arising directly or indirectly in connection with, out of, or related to or from this Agreement, any other agreement between the Customer and EXCHANGE or any orders entered or transactions effected for Customer’s Account, whether or not initiated by EXCHANGE, shall be adjudicated only in courts or other dispute resolution forums whose situs is within the City of Chicago, State of Illinois. Customer hereby specifically
consents and submits to the jurisdiction of any State or Federal Court, or arbitration proceedings located within the City of Chicago, State of Illinois.
客户同意本协议，或美国百利金融集团和客户之间的任何其他协议，或任何受影响的客户帐户的订单，交易所涉及，相关或其他事项引起的直接或间接的和一切行为，争论，投诉或诉讼，包括但不限于任何仲裁诉讼，NFA 仲裁，不论是否由美国百利金融集团影响，只能在位于美国伊利诺州芝加哥内的法院或其它解决争端的机构进行判决。
Customer waives any claim Customer may have that (a) Customer is not personally subject to the jurisdiction of any State or Federal Court or arbitration proceeding located within the State of Illinois, (b) Customer is immune from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to Customer or Customer’s property, (c) any such suit, action or proceeding is brought in an inconvenient forum, (d) the venue of any such suit, action or proceeding is improper, or (e) this consent or this Agreement may not be enforced in or by such court or arbitration proceeding. Customer
acknowledges that as a condition precedent to Customer instigating any action, dispute, claim or proceeding, including but not limited to any arbitration proceeding, including NFA arbitrations, Customer shall pay to EXCHANGE all deficit balances.
客户放弃下列客户可能会有的主张：（a）客户个人不服从位于伊利诺斯州的任何州或联邦法庭的裁决或仲裁程序，(b)关于客户或者客户的财产，客户免于任何法律诉讼（不管是通过传送传票或通知、判决前拘捕、援助执行的拘捕、执行判决或其他），（c）任何此类的诉讼、起诉或法律行为被带到一个不方便的法庭，（d）此类诉讼、起诉或法律行为的地点不正确，或者（e）本同意声明或者本协议不应在此类法庭、被此类法庭或仲裁程序实施�？突啡峡突еЦ陡灰姿械某嘧钟喽钍强突Х⑵鹑魏嗡咚稀⒄椤⒅髡�、法律行为，包括但不限于任何仲裁程序，包括全国期货协会（NFA）仲裁的前提条件。
Customer further acknowledges that EXCHANGE may elect to collect any deficit balance by instigating a court proceeding against Customer. Nothing in this Agreement shall be construed as to prevent EXCHANGE from proceeding in a judicial forum of EXCHANGE’s choice. Should Customer have instigated an arbitration proceeding, Customer acknowledges that EXCHANGE shall not be compelled to bring its claim, if any, in the arbitration forum nor shall Customer seek to stay EXCHANGE’s proceedings against Customer pending resolution of the arbitration proceeding. No action, regardless of form, arising out of transactions under this Agreement may be brought by the Customer more than one year after the cause of action arose.
客户还确认美国百利可以选择对客户提起法庭诉讼收缴任何赤字余额。本协议的任何内容都不能解释为阻止交易所根据自己的选择在司法场所进行诉讼行为。如果客户已经发起仲裁程序，客户确认美国百利不应被强迫在仲裁场所提出它的主张（如果有的话），客户也不应以等待仲裁程序的解决为由延缓交易所向客户提起诉讼。在诉讼原因发生一年以后，客户不能提起任何源自本协议下交易的诉讼，不管形式如何。
THIS IS A CONTRACTUAL AGREEMENT. DO NOT SIGN UNTIL YOU HAVE READ THE
FOREGOING CAREFULLY.
这是一份契约协议。签署前，请认真阅读以上内容。 请仔细阅读上述条款后签名。
The undersigned acknowledges having received, read and understood the foregoing Customer Agreement. (Attach a copy of this page for additional signatures.) By signing this Agreement containing the Consent to Jurisdiction and Venue, Customer assents to jurisdiction and venue as set forth in Paragraph 42 above, and acknowledges that all clauses contained in this Agreement were freely and knowingly negotiated between the parties. . Additionally, customer acknowledges having received, read and understood the Foreign Currency Transaction Notice in Paragraph 40.
下列签名者确认已经收到、阅读和理解了以上的客户协议。 （附上本页的一份复印件供其他签名者使用。） 此协议包括了“同意管辖权和地点”�？突┦鹆舜诵�，即同意了上面第42节所述的管辖权和审判地点，并确认本协议包含的所有条款经过了均由协议双方在自由、自愿的基础上达成。另外客户确认已经看到，阅读并且理解 40 节所述的外汇交易通知。
Customer Signature客户签名
RISK DISCLOSURE For Futures and Options
期货和期权风险披露声明
This statement is Required to be Furnished to You in Accordance with Rule 1.55, Rule 30.6 and Rule 33.7 of The Commodity Exchange Act. This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if
you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
《商品交易法案》1.55、30.6和33.7的规定要求提供本声明。这一简短的声明没有披露期货和期权交易中的所有风险和其他重要方面。鉴于风险的存在，你应该充分了解你正在签订的此契约（和契约关系）的性质以及你面临的风险的范围之后再办理这个手续。期货和期权交易并不适合大众当中的许多人。你应该仔细考虑你的经历、目标、金融资源和其它相关条件是否适合此类交易。
Futures 期货
1. Effect of 'Leverage' or 'Gearing' “杠杆”效应
Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are ‘leveraged’ or ‘geared’. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.
期货业务有很高的风险。初始保证金的金额相对于期货合约的价值要低，因此这些业务运用了杠杆作用。一个相对较小的市场运动将按一定比例对你存入或即将存入的资金产生较大的影响。这种效应可能对你有利，也可能相反。你可能要承受损失全部的初始保证金和所有其他存入公司以维持你的头寸的资金。如果市场向你的头寸的相反方向运行或者保证金水平提高了，你就可能被要求在很短的时间内另外支付大量的资金以维持你的头寸。如果你未能在规定的时间内遵守另外提供资金的要求，你的头寸就可能在亏损的情况下被清算，你可能将面临赤字。
2. Risk-reducing orders or strategies 风险减少指令或策略
The placing of certain orders (e.g. 'stop-loss' orders, where permitted under local law, or 'stop-limit' orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as 'spread' and 'straddle'
positions may be as risky as taking simple 'long' or 'short' positions.
某些旨在将亏损限制在一定金额内的指令（比如止损指令，在本地法律允许的地方，或停价-限价指令）的提出可能是无效的，因为市场条件可能会使这些指令无法执行。使用头寸组合的策略，比如价差头寸和同价对敲头寸可能和采取简单的多头或空头有同样的风险。
Options 期权
3. Variable degree of risk 不同程度的风险
Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking
into account the premium and all transaction costs.
期权业务有很高的风险。期权的买家和卖家应熟悉期权的类型（比如看跌期权和看涨期权），以考虑交易和相关的风险。你应该计算出在什么范围内，期权价值必须增加以使你的头寸盈利，并考虑期权费和所有交易成本。
The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote. Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.
期权的购买可能冲抵或执行期权或允许期权到期。某个期权的执行会导致现金结算或者买家获得或者移交基础利益。如果该期权在某期货上，买家将获得一个期货头寸，并带有保证金负债（见上述“期货”部分）。如果购买的期权到期无价值，你将损失你的全部投资，包括期权费和交易成本。如果你在考虑购买深度虚值期权，你应该注意此类期权盈利的机会通常很遥远。卖出一个期权通常需承担比买入期权更大的风险。尽管卖家收到的期权费是固定的，但卖家承受的损失可能远高于这个金额。如果市场向不利方向运行的话，卖价有责任提供更多的保证金以维持头寸。卖家还要面临买家执行期权的风险，而且卖家还有义务将期权结算为现金或者买家获得或者移交基础利益。如果该期权在某期货上，卖家将获得一个期货头
寸，并带有保证金负债（见上述“期货”部分）。如果该头寸被持有基础利益的某个相应头寸或者某个期货或另外一个期权的卖家补进，风险可能会降低。如果该期权没有被补进，损失的风险将是没有限制的。
Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.
一些管辖区的某些交易所允许延期支付期权费，是买家有可能受不超过期权费金额的保证金支付债务的影响。买家还要面对损失期权费和交易成本的风险。当期权被执行或到期时，买家对任何当时未偿付的未付期权费负责。
Additional risks common to futures and options
期货和期权的其他常见风险
4. Terms and conditions of contracts 合约的条款与条件
You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circum stances under which you may become obligated to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.
你应该询问你与之建立商务关系的公司，你所交易的具体期货或期权以及相应义务（比如在何种情况下你有义务移交某一期货合约的基础利益，如果是期权的话，则是到期日和执行时间限制）的条款和条件。在某些情况下，未偿付合约的指明事项或条款（包括某一期权的执行价格）可能会被交易所或者清算所修改，以反映基础利益的变化。
5. Suspension or restriction of trading and pricing relationships
交易和定价关系的暂�；蛘呦拗�
Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or 'circuit breakers') may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.
市场条件（比如非流动性）和/或某些市场规则的操作（比如因为涨跌幅限制、市场断路措施，某些合约或者合约月交易暂停）可能会因为难以或者无法实现交易或清算/冲销头寸而增加亏损的风险。如果你已经卖出期权，这可能会增加亏损的风险。
Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge 'fair' value.
另外，基础利益和期货，基础利益和期权之间的正常定价关系可能不存在。比如，当以该期权为基础的期货合约受价格限制支配而期权不受价格限制支配时，这种情况可能发生。没有基础参考价格可能会使判断公平价值变得困难。
6. Deposited cash and property 抵押的现金和财产
You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specified legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.
你应该熟悉被给予保护的钱和其他你为从事国内和国外交易存储的财产，尤其是当某公司无力偿付债务或者破产时。你在多大程度上能够收回你的钱和财产可能取决于具体的法律和当地的规定。在某些管辖区，被特别确定为你自己拥有的财产在金额不足的情况下将以和现金一样的方式被按比例摊派。
7. Commission and other charges 佣金和其他收费
Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
在你开始交易之前，你应该获取一份关于你需负担的所有佣金、费用和其他收费的明确说明。这些收费将影响你的净利润（如果有的话）或者增加你的亏损。
8. Transactions in other jurisdictions 在其他管辖区的交易
Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.
在其他管辖区的市场上的交易，包括与某国内市场正式关联的市场，可能会使你面对其他的风险。这些市场要服从的规章制度可能提供不同的或者更少的投资者保护。在你交易之前，你应询问与你的特定交易相关的规定。你的本地的管理当局将无法在你的交易实现的其他管辖区强制执行管理当局或市场的规定。在你开始交易之前，你应该询问你与之建立商务关系的公司，在你的本地管辖区和其他相关管辖区所能得到的救济类型。
9. Currency risks 货币风险
The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.
在外汇计价合约的交易中的盈利和亏损（不管是在你自己的管辖区还是在其他管辖区进行的交易）将受到汇率波动的影响，因为必须把合约的货币面值兑换为另一种货币。
10. Trading facilities. 交易设施.
Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or member firms. Such limits may vary; you should ask the firm with which you deal for details in this respect.
以计算机为基础的组成系统支持大多数公开喊价和电子交易设施进行交易的买卖盘传递、执行、对盘、登记或者结算。正如所有的设施和系统一样，它们容易发生临时性崩溃和故障。你弥补亏损的能力也许要服从于系统提供者、市场、清算所和/或成员公司所施加的障碍的限制。这样的限制多种多样，有关的具体情况，你应该询问你与之建立商务关系的公司。
11. Electronic trading 电子交易
Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risk associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.
在某一电子交易系统的交易不仅可能与公开喊价市场上的交易不同，也可能与其他电子交易系统上的交易有所不同。如果你在某电子交易系统进行交易，你将面临与该系统有关的风险，包括硬件和软件的故障。任何系统故障的结果可能是你的指令没有按照你的指示执行，或者根本就没有执行。
12. Off-exchange transactions 场外交易
In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize
yourself with applicable rules and attendant risks.
在一些管辖区，并且只有在有限的条件下，允许公司实现场外交易。你与之建立商务关系的公司可能是你交易中的对手�？赡苣岩曰蚋静豢赡芮逅阆钟型反�、评估价值、确定公平价格或者进行风险评估。出于这些原因，这些交易可能会伴随者增加的危险。场外交易可能受到较少的管制或者从属于独立的管制制度。你在从事此类交易之前，你应该熟悉可应用的规定伴随的风险。
Risk Disclosure Acknowledgment风险披露确认
I, the undersigned Customer, received a copy of this Risk Disclosure Statement and I read and understand it. I, also, acknowledge that if I intend to trade options on futures, I read and understand the Options Disclosure Statement and if I intend to trade security futures contracts, I read and understand the Risk Disclosure Statement for Security Futures Contracts and Electronic Trading and Pre-Negotiated Business Disclosure contained on pages 17-30 of this account booklet.
本人为在文件尾签名的客户，收到了一份《风险披露声明》的副本，本人阅读并理解了本文件。另外，我还确认，如果我有意愿进行期货期权交易，我将阅读和理解“期权披露声明”，如果我有意愿进行证券期货合约交易，我将阅读和理解本帐户手册17-30页的“证券期货合约风险披露声明”和“电子交易与预先商定商业披露”。
Customer Signature客户签名
Print Name盖章 Date日期
OPTIONS DISCLOSURE STATEMENT 期权披露声明
BECAUSE OF THE VOLATILE NATURE OF THE COMMODITIES MARKETS, THE PURCHASE AND GRANTING OF COMMODITY OPTIONS INVOLVE A HIGH DEGREE OF RISK. COMMODITY OPTION TRANSACTIONS ARE NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC. SUCH TRANSACTIONS SHOULD BE ENTERED INTO ONLY BY PERSONS WHO HAVE READ AND UNDERSTOOD THIS DISCLOSURE STATEMENT AND WHO UNDERSTAND THE NATURE AND EXTENT OF THEIR RIGHTS AND OBLIGATIONS AND OF THE RISKS INVOLVED IN THE OPTION TRANSACTIONS COVERED BY THIS DISCLOSURE STATEMENT.
因为商品市场具有易波动的特性，商品期权的购买和出让伴随着很高的风险。商品期权交易并不适合大众中的许多人。只有那些已经阅读过并理解本披露声明的人，和那些理解他们权利义务的特性和范围以及本披露声明包含的期权交易所伴随的风险的人才应该进行此类交易。
BOTH THE PURCHASER AND THE GRANTOR SHOULD KNOW WHETHER THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING IS AN OPTION WHICH, IF EXERCISED, RESULTS IN THE ESTABLISHMENT OF A FUTURES CONTRACT (AN "OPTION ON A FUTURES CONTRACT") OR RESULTS IN THE MAKING OR TAKING OF DELIVERY OF THE ACTUAL COMMODITY UNDERLYING THE OPTION (AN "OPTION ON A PHYSICAL COMMODITY"). BOTH THE PURCHASER AND THE GRANTOR OF AN OPTION ON A PHYSICAL COMMODITY SHOULD BE AWARE THAT, IN CERTAIN CASES, THE DELIVERY OF THE ACTUAL COMMODITY UNDERLYING THE OPTION MAY NOT BE REQUIRED AND THAT, IF THE OPTION IS EXERCISED, THE OBLIGATIONS OF THE PURCHASER AND GRANTOR WILL BE SETTLED IN CASH.
买家和出让人都应该知道他们考虑交易的某一期权是一旦执行就会建立一个期货合约的期权（期货合约期权），还是实现以该期权为基础的真实商品的过渡的期权（实物商品期权）。实物商品期权的买家和出让人应认识到在某些情况下，并不一定要求以该期权为基础的真实商品的移交，如果该期权被执行，买家和出让人的义务将以现金结算。
BOTH THE PURCHASER AND THE GRANTOR SHOULD KNOW WHETHER THE PARTICULAR OPTION IN WHICH THEY CONTEMPLATE TRADING IS SUBJECT TO A "STOCK-STYLE" OR "FUTURES-STYLE" SYSTEM OF MARGINING. UNDER A STOCK-STYLE MARGINING SYSTEM, A PURCHASER IS REQUIRED TO PAY THE FULL PURCHASE PRICE OF THE OPTION AT THE INITIATION OF THE TRANSACTION. THE PURCHASER HAS NO FURTHER OBLIGATION ON THE OPTION POSITION. UNDER A FUTURES-STYLE MARGINING SYSTEM, THE PURCHASER DEPOSITS INITIAL MARGIN AND MAY BE REQUIRED TO DEPOSIT ADDITIONAL MARGIN IF THE MARKET MOVES AGAINST THE OPTION POSITION. THE PURCHASER'S TOTAL SETTLEMENT VARIATION MARGIN OBLIGATION OVER THE LIFE OF THE OPTION, HOWEVER, WILL NOT EXCEED THE ORIGINAL OPTION PREMIUM, ALTHOUGH SOME INDIVIDUAL PAYMENT OBLIGATIONS AND/OR RISK MARGIN REQUIREMENTS MAY AT TIMES EXCEED THE ORIGINAL OPTION PREMIUM. IF THE PURCHASER OR GRANTOR DOES NOT UNDERSTAND HOW OPTIONS ARE MARGINED UNDER A STOCK-STYLE OR FUTURES-STYLE MARGINING SYSTEM, HE OR SHE SHOULD REQUEST AN EXPLANATION FROM THE FUTURES COMMISSION MERCHANT ("FCM") OR INTRODUCING BROKER ("IB").
买家和出让人应知道他们考虑交易的某一期权是从属于“股票型”还是“期货型”的保证金制度。股票型保证金制度要求买家支付该期权在该交易发起时的完全购买价格。买家在该期权头寸上就再没有其他义务。在期货型保证金制度下，买家存入初始保证金，如果市场的运行方向与该期权头寸相反，买家可能被要求添加保证金。但是，买家在期权有效期内的全部结算价格变动保证金义务将不会超过原始期权费，尽管一些单个的支付义务和/或风险保证金要求有时会超过原始期权费。如果买家和出让人不理解期权在股票型或期货型保证金制度下是如何收保证金的，他（她）应从期货佣金商（FCM）或中介经纪人（IB）处要求得到解释。
A PERSON SHOULD NOT PURCHASE ANY COMMODITY OPTION UNLESS HE OR SHE IS ABLE TO SUSTAIN A TOTAL LOSS OF THE PREMIUM AND TRANSACTION COSTS OF PURCHASING THE OPTION. A PERSON SHOULD NOT GRANT ANY COMMODITY OPTION UNLESS HE OR SHE IS ABLE TO MEET ADDITIONAL CALLS FOR MARGIN WHEN THE MARKET MOVES AGAINST HIS OR HER POSITION AND, IN SUCH CIRCUMSTANCES, TO SUSTAIN A VERY LARGE FINANCIAL LOSS.
任何人都不应该购买任何商品期权，除非他（她）能够承受期权费和购买该期权的交易成本的全部损失。任何人都不应该出让任何商品期权除非他（她）能够在市场的运行方向与他（她）的头寸相反时满足添加保证金的要求，以及在这种情况下，承受非常大的财务亏损。
A PERSON WHO PURCHASES AN OPTION SUBJECT TO STOCK-STYLE MARGINING SHOULD BE AWARE THAT, IN ORDER TO REALIZE ANY VALUE FROM THE OPTION, IT WILL BE NECESSARY EITHER TO OFFSET THE OPTION POSITION OR TO EXERCISE THE OPTION. OPTIONS SUBJECT TO FUTURES-STYLE MARGINING ARE MARKED TO MARKET, AND GAINS AND LOSSES ARE PAID AND COLLECTED DAILY. IF AN OPTION PURCHASER DOES NOT UNDERSTAND HOW TO OFFSET OR EXERCISE AN OPTION, THE PURCHASER SHOULD REQUEST AN EXPLANATION FROM THE FCM OR IB. CUSTOMERS SHOULD BE AWARE THAT IN A NUMBER OF CIRCUMSTANCES, SOME OF WHICH WILL BE DESCRIBED IN THIS DISCLOSURE STATEMENT, IT MAY BE DIFFICULT OR IMPOSSIBLE TO OFFSET AN EXISTING OPTION POSITION ON AN EXCHANGE.
购买从属于股票型保证金的期权的人应该认识到为了在该期权上实现价值，就必须要么冲抵该期权头寸，要么执行该期权。从属于期货型保证金的期权逐日结算保证金，每天支付和收缴损益。如果某个期权买家不理解如何冲抵或者执行一个期权，该买家应从期货佣金商（FCM）或中介经纪人（IB）处要求得到解释。客户应该认识到在许多情况下（一些情况在本披露声明中将有所描述），在某交易所冲抵一个现有期权头寸将是困难甚至是不可能的
THE GRANTOR OF AN OPTION SHOULD BE AWARE THAT, IN MOST CASES, A COMMODITY OPTION MAY BE EXERCISED AT ANY TIME FROM THE TIME IT IS GRANTED UNTIL IT EXPIRES. THE PURCHASER OF AN OPTION SHOULD BE AWARE THAT SOME OPTION CONTRACTS MAY PROVIDE ONLY A LIMITED PERIOD OF TIME FOR EXERCISE OF THE OPTION.
某期权的出让人应该意识到在大多数情况下，一个商品期权从它被出让直至到期可以在任何时刻被执行。某期权的买家应该意识到一些期权合约可能只为执行该期权提供有限的时间段。
THE PURCHASER OF A PUT OR CALL SUBJECT TO STOCK-STYLE OR FUTURES-STYLE MARGINING
IS SUBJECT TO THE RISK OF LOSING THE ENTIRE PURCHASE PRICE OF THE OPTION-THAT IS, THE PREMIUM CHARGED FOR THE OPTION PLUS ALL TRANSACTION COSTS.
从属于股票型或期货型保证金制度的某看跌期权或看涨期权的买家面临损失某期权全部购买价格的风险，也就是说，向该期权收取的期权费加上所有的交易费用。
THE COMMODITY FUTURES TRADING COMMISSION REQUIRES THAT ALL CUSTOMERS RECEIVE AND ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE STATEMENT BUT DOES NOT INTEND THIS STATEMENT AS A RECOMMENDATION OR ENDORSEMENT OF EXCHANGE-TRADED COMMODITY OPTIONS.
商品期货交易委员会要求所有的客户接收并确认本披露声明的一份副本。但不意味着本声明成为交易所交易商品期货的推荐书或认可。
(1) Some of the risks of option trading. 期权交易的风险
Specific market movements of the underlying future or underlying physical commodity cannot be predicted accurately.
基础期货或基础实物商品的具体市场运行无法得到精确的预测。
The grantor of a call option who does not have a long position in the underlying futures contract or underlying physical commodity is subject to risk of loss should the price of the underlying futures contract or underlying physical commodity be higher than the strike price upon exercise or expiration of the option by an amount greater
than the premium received for granting the call option.
在基础期货合约或者基础实物商品中没有多头头寸的某看涨期权的出让人，如果该基础期货合约或基础实物商品的价格高于执行该期权或该期权到期时的执行价格，而且高出的金额大于出让该看涨期权收到的期权费，则面临着亏损的风险。
The grantor of a call option who has a long position in the underlying futures contract or underlying physical commodity is subject to the full risk of a decline in price or the underlying position reduced by the premium received for granting the call. In exchange for the premium received for granting a call option, the option grantor
gives up all of the potential gain resulting from an increase in the price of the underlying futures contract or underlying physical commodity above the option strike price upon exercise or expiration of the option.
在基础期货合约或者基础实物商品中有多头头寸的某看涨期权的出让人面临着价格或基础头寸（减少的金额是出让该看涨期权所收到的期权费）下跌的完全风险。作为出让看涨期权收到的期权费的交换，该期权出让人放弃了因基础期货合约或者基础实物商品的价格在该期权在执行和到期时之执行价格之上的上涨带来的所有潜在的收益。
The grantor of a put option who does not have a short position in the underlying futures contract or underlying physical commodity (e.g., commitment to sell the physical) is subject to risk of loss should the price of the underlying futures contract or underlying physical commodity decrease below the strike price upon exercise or
expiration of the option by an amount in excess of the premium received for granting the put option.
在基础期货合约或者基础实物商品（比如，售出该实物商品的承诺）中没有空头头寸的某看跌期权的出让人，如果该基础期货合约或基础实物商品的价格跌到执行该期权或该期权到期时的执行价格，而且价格差大于出让该看跌期权收到的期权费，则面临着亏损的风险。
The grantor of a put option on a futures contract who has a short position in the underlying futures contract is subject to the full risk of a rise in the price in the underlying position reduced by the premium received for granting the put. In exchange for the premium received for granting a put option on a futures contract, the option grantor gives up all of the potential gain resulting from a decrease in the price of the underlying futures contract below the option strike price upon exercise or expiration of the option. The grantor of a put option on a physical commodity who has a short position (e.g., commitment to sell the physical) is subject to the full risk of a rise in the price of the physical commodity which must be obtained to fulfill the commitment reduced by the premium received for granting the put.
In exchange for the premium, the grantor of a put option on a physical commodity gives up all the potential gain which would have resulted from a decrease in the price of the commodity below the option strike price upon exercise or expiration of the option.
在基础期货合约中有空头头寸的某看跌期货合约期权的出让人面临着基础头寸价格（减少的金额是出让该看跌期权所收到的期权费）上涨的完全风险。作为出让看跌期货合约期权收到的期权费的交换，该期权出让人放弃了因基础期货合约价格下跌到该期权在执行和到期时之执行价格以下而带来的所有潜在的收益。有空头头寸（比如售出实物商品的承诺）的某看跌实物商品期权的出让人面临着实物商品价格上涨的全部风险。必须得到该实物商品以履行承诺（减少的金额是出让该看跌期权所收到的期权费）。作为期权费的交换，某实物商品看跌期权的出让人放弃了该商品价格下跌至该期货执行或到期时之执行价格以下带来的所有潜在收益。
(2) Description of commodity options 商品期货描述
Prior to entering into any transaction involving a commodity option, an individual should thoroughly understand the nature and type of option involved and the underlying futures contract or physical commodity. The futures commission merchant or introducing broker is required to provide, and the individual contemplating an option
transaction should obtain:
在进入任何涉及商品期权的交易之前，投资者应该完全理解所涉及的期货以及基础期货合约或实物商品的的特性和类型。期货佣金商或者中介经纪人被要求提供，考虑期权交易的个人应该获取下列各项：
(i) An identification of the futures contract or physical commodity underlying the option and which may be purchased or sold upon exercise of the option or, if applicable, whether exercise of the option will be settled in cash;
期货合约的核实，或以该期权为基础的实物商品的核实，哪件将在期权执行时被买卖，以及—如果实际的话—期权的执行是否以现金结算。
(ii) The procedure for exercise of the option contract, including the expiration date and latest time on that date for exercise. (The latest time on an expiration date when an option may be exercised may vary; therefore, option market participants should ascertain from their futures commission merchant or their introducing broker the latest time the firm accepts exercise instructions with respect to a particular option.);
(ii) 执行期权合约的程序，包括到期日期和执行那一天的的最后时刻。（期权可能被执行的到期日的最后时刻可能有所变化，所以期权市场参与者应该从他们的期货佣金商或中介经纪人处确认公司接受某一期权的执行指令的最后时刻。）
(iii) A description of the purchase price of the option including the premium, commissions, costs, fees and other charges. (Since commissions and other charges may vary widely among futures commission merchants and among introducing brokers, option customers may find it advisable to consult more than one firm when opening an option
account.);
(iii) 期权购买价格的说明，包括期权费、佣金、成本、费用和其他收费。因为不同的期货佣金商和中介经纪人收取的佣金和其他费用会相差很大，期货客户可能会发现有必要在开设期权账户时咨询多家公司。
(iv) A description of all costs in addition to the purchase price which may be incurred if the commodity option is exercised, including the amount of commissions (whether termed sales commissions or otherwise), storage, interest, and all similar fees and charges which may be incurred;
(iv) 所有的成本，加上商品期权执行时可能带来的购买价格的说明，包括佣金的数额（无论是以卖出佣金计还是以其他方式）、存储、利息和所有可能的类似费用和收费。
(v) An explanation and understanding of the option margining system;
期权保证金制度的解释和理解。
(vi) A clear explanation and understanding of any clauses in the option contract and of any items included in the option contract explicitly or by reference which might affect the customer's obligations under the contract. This would include any policy of the futures commission merchant or the introducing broker or rule of the exchange on which the option is traded that might affect the customer's ability to fulfill the option contract or to offset the option position in a closing purchase or closing sale transaction (for example, due to unforeseen circumstances that require suspension or termination of trading); and
期权合约任一条款的明确解释和理解，以及期权合同包含的可能会影响客户在合约中义务的条款的解释和理解。这将包括期货佣金商或中介经纪人的政策或期权交易所在的交易所的规定，它们可能会影响客户履行期权合约、在平仓购买或平仓卖出交易中冲抵期权头寸的能力（比如，因为某些不可预见的、要求暂�；蛑罩菇灰椎那榭觯�；以及
(vii) If applicable, a description of the effect upon the value of the option position that could result from limit moves in the underlying futures contract.
如果适用的话，对期权头寸价值影响因素的说明，比如基础期货合约的涨跌停的影响。
(3) The mechanics of option trading 期权交易的机制
Before entering into any exchange-traded option transaction, an individual should obtain a description of how commodity options are traded.
一个人在从事交易所交易期权交易之前，应该获取一份介绍商品期权如何交易的说明。
Option customers should clearly understand that there is no guarantee that option positions may be offset by either a closing purchase or closing sale transaction on an exchange. In this circumstance, option grantors could be subject to the full risk of their positions until the option position expires, and the purchaser of a profitable option might have to exercise the option to realize a profit.
期权客户应该明确理解交易所不会保证期权头寸可以通过平仓购买或者平仓卖出交易得到冲抵。在此情况下，期权出让人在期权头寸到期之前，可能面临其头寸的全部风险，某个有利可图的期权的购买者可能必须执行该期权才能实现盈利。
For an option on a futures contract, an individual should clearly understand the relationship between exchange rules governing option transactions and exchange rules governing the underlying futures contract. For example, an individual should understand what action, if any, the exchange will take in the option market if trading in the underlying futures market is restricted or the futures prices have made a "limit move."
对于一个期货合约的期权而言，投资者必须明确的理解关于期权交易的交易所规定和关于基础期货合约的交易所规定之间的关系。 比如，投资者应该理解，如果基础期货市场的交易受到限制，或者期货价格出现涨跌停的时候，交易所在期权市场如果采取行动的话，会采取什么样的行动。
The individual should understand that the option may not be subject to daily price fluctuation limits while the underlying futures may have such limits, and, as a result, normal pricing relationships between options and the underlying future may not exist when the future is trading at its price limit. Also, underlying futures positions
resulting from exercise of options may not be capable of being offset if the underlying future is at a price limit.
投资者应该理解期权可能不受每日价格波动限制的制约，而基础期货可能会有这种限制。因此，当期货在其价格限制内交易时，期权和基础期货之间的正常定价关系可能不存在。而且，如果基础期货在一个价格限制上的话，期权执行带来的基础期货头寸可能无法被冲抵。
(4) Margin requirements 保证金要求
An individual should know and understand whether the option he or she is contemplating trading is subject to a stock-style or futures-style system of margining. Stock-style margining requires the purchaser to pay the full option premium at the time of purchase. The purchaser has no further financial obligations, and the risk of loss is limited to the purchase price and transaction costs. Futures-style margining requires the purchaser to pay initial margin only at the time of purchase. The option position is marked to market, and gains and losses are collected and paid daily. The purchaser's risk of loss is limited to the initial option premium and transaction costs.
投资者应该知道并理解他（她）考虑交易的期权是从属于证券型还是期货型保证金制度。证券型保证金制度要求买家在购买时支付全部的期权费。买家没有更多的金融义务，亏损的风险限制在购买价格和交易成本之内。期货型保证金制度要求买家在购买时仅支付初始保证金。期权头寸逐日结算保证金，每天支付和收缴损益。买家亏损的风险限制在初始期权费和交易成本之内。
An individual granting options under either a stock-style or futures-style system of margining should understand that he or she may be required to pay additional margin in the case of adverse market movements.
在证券型或者期货型保证金制度下出让期权的人应该理解他（她）可能被要求在不利的市场条件下增加保证金。
(5) Profit potential of an option position 期权头寸的潜在利润
An option customer should carefully calculate the price which the underlying futures contract or underlying physical commodity would have to reach for the option position to become profitable. Under a stock-style margining system, this price would include the amount by which the underlying futures contract or underlying physical commodity
would have to rise above or fall below the strike price to cover the sum of the premium and all other costs incurred in entering into and exercising or closing (offsetting) the commodity option position. Under a future-style margining system, option positions would be marked to market, and gains and losses would be paid and collected daily, and an option position would become profitable once the variation margin collected exceeded the cost of entering the contract position.
期权客户应该仔细计算基础期货合约或基础实物商品必须达到什么价格，该期权头寸才能盈利。在证券型保证金制度下，该价格包括基础期货合约或基础实物商品必须高出或低于执行价格的数额，才能抵偿期权费的总额以及参加并执行或平仓（冲抵）该商品期权头寸带来的所有其他费用。在期货型保证金制度下，期权头寸逐日结算保证金，每天支付和收缴损益。一旦收缴的价格变动保证金超出进入合约头寸的成本，期权头寸就有利可图。
Also, an option customer should be aware of the risk that the futures price prevailing at the opening of the next trading day may be substantially different from the futures price which prevailed when the option was exercised. Similarly, for options on physicals that are cash settled, the physicals price prevailing at the time the option is exercised may differ substantially from the cash settlement price that is determined at a later time. Thus, if a customer does not cover the position against the possibility of underlying commodity price change, the realized price upon option exercise may differ substantially from that which existed at the time of exercise.
另外，期权客户应该意识到这一风险：下一个交易日开盘时占优势的期货价格可能会与期权执行时占优势的期货价格有很大的不同。同样，对于以现金结算的实物商品期权而言，期权被执行时占优势的实物商品的价格可能与晚些时候决定的现金结算价格有很大的不同。因此，如果客户不针对基础商品价格变化的可能性补进头寸，期权执行时的实现价格可能与执行时存在的价格有很大的不同。
(6) Deep-out-of-the-money options 深度虚值期权
A person contemplating purchasing a deep-out-of-the-money option (that is, an option with a strike price significantly above, in the case of a call, or significantly below, in the case of a put, the current price of the underlying futures contract or underlying physical commodity) should be aware that the chance of such an option
becoming profitable is ordinarily remote.
考虑购买深度虚值期权（对于看涨期权而言，执行价格显著高于基础期货合约或基础实物商品的市场价格的期权，或者对于看跌期权而言，显著低于基础期货合约或基础实物商品的市场价格的期权）的人应该认识到类似期权盈利的机会非常遥远。
On the other hand, a potential grantor of a deep-out-of-the-money option should be aware that such options normally provide small premiums while exposing the grantor to all of the potential losses described in section (1) of this disclosure statement.
另一方面，某深度虚值期权潜在的出让人应该认识到此类期权通常提供较少的期权费，但是出让人面对本披露声明第一条包含的所有风险。
(7) Glossary of terms 术语汇编
(i) Contract market -Any board of trade (exchange) located in the United States which has been designated by the Commodity Futures Trading Commission to list a futures contract or commodity option for trading.
合约市场—任何位于美国的、被商品期货交易委员会指定将期货合约或商品期货挂牌交易的交易委员会（交易所）。
(ii) Exchange-traded option; put option; call option-The options discussed in this disclosure statement are limited to those which may be traded on a contract market. These options (subject to certain exceptions) give an option purchaser the right to buy in the case of a call option, or to sell in the case of a put option, a futures contract or the physical commodity underlying the option at the stated strike price prior to the expiration date of the option. Each exchange-traded option is distinguished by the underlying futures contract or underlying physical commodity, strike price, expiration date, and whether the option is a put or a call.
交易所交易期权，看跌期权，看涨期权—本披露声明讨论的期权限于那些可以在某合约市场交易的期权。这些期权（服从于某些例外情况）给期权购买者以下权利：在看涨期权的情况下，在该期权到期日之前，以规定的执行价格买入作为该期权基础的期货合约或者实物商品的权利，在看跌期权的情况下，在该期权到期日之前，以规定的执行价格卖出作为该期权基础的期货合约或者实物商品的权利。每个交易所交易期权由基础期货合约或者基础实物商品，执行价格，到期日以及该期权是看涨还是看跌加以区分。
(iii) Underlying futures contract -The futures contract which may be purchased or sold upon the exercise of an option on a futures contract.
基础期货合约—在某期货合约期权的执行时买入或者卖出的期货合约。
(iv) Underlying physical commodity-The commodity of a specific grade (quality) and quantity which may be purchased or sold upon the exercise of an option on a physical commodity.
基础实物商品—某一特定等级（质量）和数量的商品，可能在某实物商品期权执行之时被买入或卖出。
(v) Class of options-A put or a call covering the same underlying futures contract or underlying physical commodity.
期权类别—对相同基础期货合约或基础实物商品的看跌期权和看涨期权。
(vi) Series of options-Options of the same class having the same strike price and expiration date.
期权系列—具有相同类别，相同的执行价格和相同到期日的期权。
(vii) Exercise price-See strike price. 执行价格—见履约价格。
(viii) Expiration date-The last day when an option may be exercised.
到期日—某期权能被执行的最后日期。
(ix) Premium-The amount agreed upon between the purchaser and seller for the purchase or sale of a commodity option.
期权费—买家或卖家就买入或卖出某商品期权达成一致的金额。
(x) Strike price-The price at which a person may purchase or sell the underlying futures contract or underlying physical commodity upon exercise of a commodity option. This term has the same meaning as the term "exercise price."
履约价格—某人在执行某个商品期货时买入或卖出基础期货合约或基础实物商品的价格。本术语与“执行价格”意义相同。
(xi) Short option position-See opening sale transaction.
空头期货头寸—见开仓卖出交易
(xii) Long option position-See opening purchase transaction.
多头期货头寸—见开仓买入交易
(xiii) Types of options transactions 期货交易类型
(A) Opening purchase transaction-A transaction in which an individual purchases an option and thereby obtains a long option position.
开仓买入交易—投资者买入某头寸，增加多头期货头寸的交易。
(B) Opening sale transaction-A transaction in which an individual grants an option and thereby obtains a short option position.
开仓卖出交易—投资者出让某头寸，增加空头期货头寸的交易。
(C) Closing purchase transaction-A transaction in which an individual with a short option position liquidates the position. This is accomplished by a closing purchase transaction for an option of the same series as the option previously granted. Such a transaction may be referred to as an offset transaction.
平仓买入交易—持有空头期权头寸的投资者结清头寸的交易。平仓买入交易时买入的期权和早些时候卖出的期权是相同系列的。这一交易可以称之为冲抵交易。
(D) Closing sale transaction-A transaction in which an individual with a long option position liquidates the position. This is accomplished by a closing sale transaction for an option of the same series as the option previously purchased. Such a transaction may be referred to as an offset transaction.
平仓卖出交易—持有多头期权头寸的投资者结清头寸的交易。平仓卖出交易时卖出的期权和早些时候买入的期权是相同系列的。这一交易可以称之为冲抵交易。
(xiv) Purchase price-The total actual cost paid or to be paid, directly or indirectly, by a person to acquire a commodity option. This price includes all commissions and other fees, in addition to the option premium.
购买价格—某投资者为收购某商品期货直接地或间接地支付，或即将支付的所有实际成本。这一价格包括除期权费外的所有的佣金和其他费用。
(xv) Grantor, writer, seller-An individual who sells an option. Such a person is said to have a short position.
出让者，立权者，卖家—售出某期权的投资者。这样的投资者持有空头头寸。
(xvi) Purchaser-An individual who buys an option. Such a person is said to have a long position.
买家—买入某期权的投资者。这样的投资者持有多头头寸。
Electronic Trading and Order Routing Systems Disclosure Statement*
电子交易系统和订单引导系统的公开声明
Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the exchange(s) offering the system and/or listing contracts you intend to trade.
电子交易和订单引导系统不同于传统的公开喊价交易池交易和人工买卖盘传递的方法。使用电子系统的交易要服从提供该系统和/或挂牌该合同的交易所的规章制度。在你进行使用电子系统的交易之前，你应该认真阅读提供该系统和/或挂牌你欲交易的合同的交易所的规章制度
DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS
电子交易系统之间的差别
Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.
通过电子系统进行交易或者买卖盘传递因不同的电子系统而大不相同。你应该咨询提供电子系统和/或挂牌被交易合同或传递买卖盘的交易所的规章制度，以了解—就交易系统而言—该系统的对盘程序，开盘和收盘程序和价格，错误交易政策以及交易限制或要求，就整个系统而言，对可能进入该系统的买卖盘类型的终止和限制的进入和底价的资格认证。以上的每一项事宜可能都会给使用某系统交易带来不同的风险因素。每一系统还可能表现出与系统进入、不同的反应时间和安全等方面的风险。就以因特网为基础的系统而言，可能有与系统进入、不同的反应时间和安全有关的其他类型的风险，以及与电子邮件的服务供应商、接收和监督有关的风险。
Risks Associated with System Failure
与系统故障有关的风险
Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority.
通过电子交易或者买卖盘传递系统交易将使你面临系统或组件故障而导致的风险。如果系统或其组件发生故障，有可能在某一时间段内，你无法输入新的指令，执行现有指令，或修改、删除早些时候输入的指令。系统或组件的故障可能会导致指令或指令优先权的丢失。
Simultaneous Open Outcry Pit and Electronic Trading
同时公开喊价交易池和电子交易
Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed.
某些由电子交易系统提供的合约可以在相同的交易时间以电子方式和通过公开喊价方式进行交易。你应该了解提供该系统和/或挂牌该合约的交易所的规章制度，以确定那些不指定特定程序的指令如何得以执行。
Limitation of Liability责任限制
Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the relevant exchange(s) in order to understand these liability limitations.
提供电子交易或买卖盘传递系统和/或挂牌合约的交易所可能采取了限制他们、期货佣金商、软件和通信系统销售商的责任以及限制因系统故障或延迟你可以得到的赔偿数额的规定，这些责任限制规定因不同的交易所而有所不同。你应该咨询相关交易所的规章制度以理解这些责任限制。
*Each exchange's relevant rules are available upon request from the industry professional with whom you have an account. Some exchange's relevant rules also are available on the exchange's internet home page.
*提出要求，你就可以从你与之开设账户的从业人员那里得到每个交易所的相关规定。某些交易所的相关规定还能从该交易所的因特网主页上得到。
Risk Disclosure for futures and Options 证券期货风险披露
This disclosure statement discusses the characteristics and risks of standardized security futures contracts traded on regulated U.S. exchanges. At present, regulated exchanges are authorized to list futures contracts on individual equity securities registered under the Securities Exchange Act of 1934 (including common stock and certain exchange-traded funds and American Depositary Receipts), as well as narrow-based security indices. Futures on other types of securities and options on security futures contracts may be authorized in the future. The glossary of terms appears at the end of the document.
本披露声明讨论的是在规定美国交易所交易的标准化证券期货合约的特点和风险。当前，规定交易所得到授权挂牌《1934年证券交易法》记录的个人权益证券期货合约（包括普通股和某些交易所交易基金以及美国存托凭证）和窄盘证券指数。将来，其他类型的证券期货和证券期货合约期权将得到授权。术语汇编见本文件结尾处。
Customers should be aware that the examples in this document are exclusive of fees and commissions that may decrease their net gains or increase their net losses. The examples also do not include tax consequences, which may differ for each customer.
客户应该认识到本文件中的例子不包括费用和佣金，而费用和佣金可以减少他们的净收益或增加他们的净亏损。这些例子还不包括税收结果，每个客户的税收结果可能有所不同。
Section 1 - Risks of Security Futures 第一部分—证券期货的风险
1.1. Risks of Security Futures Transactions 证券期货交易的风险
Trading security futures contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your broker. This is because futures trading is highly leveraged, with a
relatively small amount of money used to establish a position in assets having a much greater value. If you are uncomfortable with this level of risk, you should not trade security futures contracts.
交易证券期货合约可能并不适合所有的投资者。你可能会在很短的时间内蒙受大量的损失。你亏损的金额有可能是没有限制的，可能超过你起先存在你的经纪人处的金额。这是因为期货交易有很高的杠杆效应，相对较小金额的金钱可以用来建立价值大得多的头寸。到如果你不能接受这样程度的风险，你不应该进行证券期货合约交易。
1.2. General Risks 一般风险
Trading security futures contracts involves risk and may result in potentially unlimited losses that are greater than the amount you deposited with your broker. As with any high risk financial product, you should not risk any funds that you cannot afford to lose, such as your retirement savings, medical and other emergency funds, funds set aside for purposes such as education or home ownership, proceeds from student loans or mortgages, or funds required to meet your living expenses.
交易证券期货合约伴随着风险，可能会导致远高于你存在你的经纪人处金额的亏损�？魉鸾敲挥邢拗频摹Ｕ缛魏胃叻缦盏慕鹑诓芬谎�，你不应该拿你无法负�？魉鸬淖式鹄疵跋�，比如你的退休存款、医疗和其他应急资金及存作下列用途的资金：教育、家庭住宅所有权，学生贷款或按揭贷款，或者满足你生活开支的资金。
Be cautious of claims that you can make large profits from trading security futures contracts. Although the high degree of leverage in security futures contracts can result in large and immediate gains, it can also result in large and immediate losses. As with any financial product, there is no such thing as a "sure winner."
不要轻易声称你可以靠证券期货合约交易赚取很大利润。尽管证券期货合约的高度杠杆效应可能很快带来大量收益，但它也很快可能带来大量亏损。正如其他金融产品一样，没有“常胜将军”。
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