IN ADDITION TO THE APPLICATION, please enclose - MIG Bank

D-CLIENT-01-01-CN_v1.0 

AGREEMENT INDEX / 协议索引 

Individual Bank Account Application 

个人银行账户申请 

1. General Information / 1. 一般信息 Page 1 / 页 1 

2. Form A (Identification of the Beneficial Owner) / 2. 表A (受益所有人确认) Page 3 / 页 3 

3. Declaration of status / 3. 身份声明 Page 4 / 页 4 

4. Signature Card / 4. 签名表 Page 5 / 页 5 

5. UNICEF Donation / 5. 联合国儿童基金会捐助 Page 6 / 页 6 

IN ADDITION TO THE APPLICATION, please enclose / 除申请表外,还请附上 

+ Notarized copy of passport or identity card (with photo and signature). 

The copy must be fully legible and the photograph clear and identifiable. 

+ 经公证的护照或身份证副本(附上照片和签字)。副本必须清晰,照片也必须清楚可辨认 

+ Authentication of signature by a public notary (if not features on the Passport or Identity card) 

+ 经公证的签字证明 (如果护照或身份证上没有此鉴定) 

+ Utility Bill (ex. electricity, telephone, etc.) or a notarized proof of residence 

+ 公用事业票据(例如电费单、电话费单等),或经公证的居住证明 

If you are NOT the beneficial owner of the funds to be deposited as per "Form A" 

(page 3 of this agreement), please enclose 

如果您不是本协议“表A”(第3页)上列出的将存入的资金的受益所有人,请附上 

For each person listed as beneficial owner on the document "Form A" (page 3) 

对于列举在文档“表A”(第3页)受益所有人中的每一个人 

+ Notarized copy of passport or identity card (with photo and signature) 

The copy must be fully legible and the photograph clear and identifiable 

+ 经公证的护照或身份证副本(附上照片和签字)。副本必须清晰,照片也必须清楚可辨认 

+ Utility Bill(s) (ex. electricity, telephone, etc.) or a notarized proof of residence for that person 

+ 此人的公用事业票据(例如电费单、电话费单等),或经公证的居住证明 

For each company listed as beneficial owner on the document "Form A" (page 3) 

对于列举在“表A”(第3页)受益所有人中的每一个企业 

+ Extract of Commercial Register (in original or notarized copy) 

+ 商业登记簿的摘录(需正本或经公证的副本) 

+ Or, if the company is registered in a common law country : 

+ 或,如果企业注册在普通法系的国家: 

- Certificate of Incorporation (in original or notarized copy) 

- 登记执照(需正本或经公证的副本) 

- Memorandum & Articles of Association (in original or notarized copy) 

- 公司组织大纲和章程细则(正本或经公证的副本) 

- Certificate of Good Standing (if Certificate of Incorporation is older than 12 months; in original or notarized copy) 

- 声誉良好的证明(如果企业登记时间超过12个月,需正本或经公证的副本) 

- Certificate of Incumbency or other official document (made by an official State authority) listing the 

directors in charge (all in original or notarized copies). 

- 董事在职证明书或其他列举现任董事的官方(由官方出具)文件(所有都需要正本或经公证的副本) 

M I G BANK Ltd. 

Tel +41 32 722 81 00 

14, rte des Gouttes d’Or 

Fax +41 32 722 81 01 

CH-2008 Neuchâtel 

info@migbank.com 

Switzerland 

www.migbank.com 

Index & List of Documents to Enclose / 索引及需附文件清单

PERSONAL INFORMATION / 个人信息 




Please complete the application form below. If you have any questions about the application, please contact the 

Customer Desk. Fields marked with a “*” are mandatory. 

请完成下面的申请表。如果您对申请有任何疑问,请联系客户服务。“*”号栏目为必填。 

Title / 称呼*: 

Family name / 姓*: 

First name / 名* : 

Mr. / 先生 Mrs. / 夫人 Ms. / 女士 

Date of Birth (Day / Month / Year) / 出生日期(日/月/年)*: 

Passport or identity document number : / 护照或身份证明号码 : 

Nationality / 国籍*: 

Residence Address / 居住地址 

Street & Number / 街道及门牌号码*: 

Place of birth / 出生地: 

City / 城市*: Postal code / 邮政编码*: 

State / Province / 州/省: Country / 国家*: 

Contact details / 详细联系方式 

E-mail / 电子邮件*: 

� NOTE : Please enter your Country Code followed by City Code, then the phone number / � 注意:请依次填写您的国家代码、城市代码、电话号码 

Day Phone Number Mobile Phone 

日常电话号码*: 移动电话号码: 

Alternative Phone Fax Number 

其他联系电话: 传真号: 

Other Personal Information / 其他个人信息 

Occupation / 职业*: Company / 公司*: 

Language for correspondence / 联系语言*: Marital Status / 婚姻状况: 

TYPE OF ACCOUNT / 账户种类 

I wish to open an account in accordance with the General Business Conditions and Safe Custody Regulations of the Bank. 

我愿意依照银行的一般商业条款和安全保管制度开户。 

ONLINE TRADING / 在线交易 

I wish to have access to one or more terminals, including terminal access through the Bank internet browser, for the electronic 

transmission of orders and/or transactions, for my accounts with M I G BANK. 

我希望有权使用一个或多个终端,包括从银行因特网浏览器所登入的终端,从而对我在MIG BANK的账户进行电子传输指令和/或 

交易。 

BASE CURRENCY / 基础货币 

Unless otherwise directed, amounts deposits will be converted in the currency selected below. 

除非另外指明,存入的资金将被兑换为下面所选择的货币 

USD EUR GBP CHF JPY 

Type of currency* 

货币种类* 

美元欧元英镑瑞郎日元 

Estimated initial deposit / 估计首次存款*: 

Estimated total deposit within one year / 估计一年内存款总额*: 

PLANNED INVESTMENT (please check the appropriate boxes) / 计划投资(请在相应的框中作出标记) 

Forex 

外汇 

CFD 

差价合约 

Commodities 

商品 

Futures/Options 

期货/期权 

Bonds/Shares 

债券/股票 

AUD 

澳元 

Funds 

基金 

CAD 

加元 

1. General Information / 一般信息 

1 / 7 | Page




PRODUCT EXPERIENCE (please check the appropriate boxes, all these fields are mandatory) 

投资经历(请在相应的框中作出标记,所有这些选项为必填) 

Nr. of Years 

大概年限 

none / 无 

less than 1 / 少于一年 

1-3 years / 1-3年 

more than 3 / 超过3年 

Forex 

外汇 

CFD 

差价合约 

Commodities 

商品 

Futures/Options 

期货/期权 

Bonds/Shares 

债券/股票 

DO YOU ALREADY HAVE AN ACCOUNT AT MIG BANK? / 你已经有了MIG BANK的账号吗? 

No / 没有 Yes, account number / 有。账号是 

DID YOU OPEN A DEMO ACCOUNT WITH M I G BANK? / 你有没有在M I G BANK开立模拟账户? 

No / 没有 Yes, account number / 有。账号是 

WERE YOU CONTACTED BY A MEMBER OF M I G BANK’S TEAM? 

之前是否有M I G BANK团队成员联系过您? 

No / 没有 Yes, by Mr./Mrs. / 是的,联系人是先生/ 女士: 

HAVE YOU BEEN INTRODUCED TO M I G BANK BY SOMEBODY ? 

曾经有人将您介绍到M I G BANK吗? 

No / 没有 Yes, introduced by / 是的,介绍人是: 

CLIENT FINANCIAL INFORMATION / 客户财务信息 

Origin of money to invest (Select as many as apply, min. 1 choice) / 投资资金的来源(至少选一项,可以多选) 

Savings 

储蓄 

Gift 

获赠 

Earned income/pension 

工作收入/退休金 

Other (please specify) 

其他(请详细说明): 

Inheritance 

继承财产 

DO YOU HAVE AN IMPORTANT PUBLIC FUNCTION? / 您担任重要公职吗? 

Funds 

基金 

Financial markets earnings 

金融市场收益 

Do you hold any prominent public office (e.g. head of state or government; senior politician, high-ranking official in the public administration, the 

judiciary, the armed forces or political party; senior executive officer of a state-owned enterprise of national importance)? Or do you have close 

family, or personal or business relations with any such person? Or does any person likely to be involved in the client relationship or anyone close to 

them hold such office? 

您是否担任重要的公职(如国家和政府的主要领导、高级政府官员、公共管理机构的高级官员、法官、军队官员或政党领导、大型国有企业的高级管 

理人员等)?或者您和这些担任重要公职的人员有紧密的家庭、个人或商业关系吗?或者任何人可能介入客户关系吗,或者任何接近他们的人担任这 

样的职位吗? 

No / 没有 Yes, please describe / 是的,请描述: 

GENERAL CONDITIONS AND CONTRACT DOCUMENTS / 一般条款和合同文件 

By signing below, you hereby agree that you have received, read, understood, consented and accepted any and all of the General 

Business Conditions and Safe Custody Regulations. 

You confirm you have received, read, understood, consented and accepted the “Special risks in securities trading” brochure. 

下方签名表明您确认,您已经收到、阅读、理解、赞同并接受所有的一般商业条款和安全保管制度。您确认已经收到、阅读、理解、赞同并接受《证 

券交易的特别风险》手册 

Place / 地点 Signature / 签名 

Date / 时间 

1. General Information / 一般信息 

2 / 7 | Page

Please note that this form will not be accepted if it contains any alterations 

请注意,本表格涂改无效 

VERIFICATION OF THE BENEFICIAL OWNER / 受益所有人确认 




According to the Swiss regulation the Bank must identify the economical beneficial owner(s) of the assets deposited on the account. 

If you are the beneficial owner of the assets, please check the first box to confirm that you are the beneficial owner and then sign at 

the bottom of the page. If you are not the beneficial owner, please check the second box and fill in all the requested information. 

Please also provide us with a notarized copy of the passport or company documents of this person(s) or company(ies). 

根据瑞士法律,银行必须确认银行账户资产的经济受益所有人。如果您是资产的受益所有人,请在第一个框内作出标记,确认您 

是受益所有人,并在页面下方签字。如果您不是财产的受益所有人,请在第二个框内作出标记,并按需求填写信息。另外还请您提 

供一份这个(这些)人或这家(这些)公司经公证的护照或公司文件的副本。 

The contracting partner hereby declares / 签约人于此声明 

That the contracting partner is the beneficial owner of the assets deposited with M I G BANK 

签约人即在M I G BANK所存资产的受益所有人 

OR / 或 

That the beneficial owner(s) of the assets deposited with M I G BANK is(are) (write below) 

在M I G BANK存款资产的受益所有人是(下方填写): 

Family name / First name 

or Company name 

姓/名或企业名称 

Date of birth or 

incorporation (D / M / Y) 

出生/企业创建日期(日/月/年) 

Nationality or country 

of incorporation 

国籍或企业创建所在国 

Address 

地址 

Country 

国家 

The contracting partner(s) undertake(s) to automatically inform M I G BANK of any changes. 

It is a criminal offence to deliberately provide false information on this item (Art. 251 of the Swiss Penal Code, document forgery; 

penalty : imprisonment for up to five years or a fine). 

签约人承诺,如果信息有任何更改,将主动通知 M I G BANK 

在本表格上蓄意提供虚假信息是犯罪行为 (根据瑞士刑法第 251条,可处以最高5年的监禁或者罚款) 

Translation of documents is provided for the added convenience of the Client. In the event of conflict between the original English 

text and any translation or any other agreement between the Bank and the Client, the English version shall take precedence. 

翻译文件供客户方便之用。若英文原文与任何翻译之内容存在冲突,或者与本行和客户之间的其他协议存在冲突,均应以英文版本为准。 


Date / 时间 

2. Form A (Identification of the Beneficial Owner) / 表格A(受益所有人确认) 

3 / 7 | Page

DECLARATRION OF STAT US OF "NON-US PERSON" OR "US PERSON" 

“非美国人”和“美国人”的身份 

Your answer to this field to this field is mandatory / 本栏目为必填 




The account holder is a “non-US person”, i.e. not a US citizen (be it by single, dual or multiple nationality), does not have 

“resident alien” status (for example by holding a “Green Card” or having carried out frequent visits to the USA in the current 

year and the previous two years). 

签约人是在 M I G BANK 存款资产的受益所有人账户持有人是“非美国人”,即并非美国公民(单一国籍、双国籍或多国籍), 

没有“居住外国人”的身份(例如持有“绿卡”或在当年及过去两年频繁造访美国)。 

OR / 或 

The account holder is a “US person”, i.e. a US citizen (single, dual or multiple nationality) or that he holds the “resident 

alien” status (for example by holding a “Green Card” or having carried out frequent visits to the USA in the current year and 

the previous two years). The account holder accepts that the Bank, due to legal and fiscal reasons, prohibits the access to 

any US securities (in particular access to the US stock markets and US securities listed on other stock markets) as well as other 

investments considered US relevant. 

账户持有人是“美国人”,即美国公民(单一国籍、双国籍或多国籍),或持有“居住外国人”的身份(例如持有“绿卡”或在 

当年及过去两年频繁造访美国)。账户持有人同意,基于法律和财政原因,本银行禁止交易任何美国有价证券(尤其是美国股市 

和在其他股票市场上市的美国股票),以及其他与美国相关的投资。 

Under penalties of perjury, I declare that I have examined the information on this item and to the best of my knowledge and belief, it is true, correct and complete. 

在理解对伪证的惩罚后,本人特此声明,本人已经检查了此处的信息,据本人所知并相信,这些信息是真实、正确和完整的。 

TAXATION OF SAVINGS INCOME FROM THE EUROPEAN UNION 

欧盟征收的利息税 

This point applies only to EU citizens and residents / 本部分仅针对欧盟公民和居民 

The account holder has been informed of the Agreement between Switzerland and the European Union which requires the Bank 

either to apply a withholding tax on relevant interest payments or to communicate all payments of such interests to the relevant 

authorities. 

账户持有人被告知,根据欧盟和瑞士之间的协议,银行被要求代扣相关的利息税,或者将所有此类利息的支付告知相 

关主管部门。 

I authorize the Bank to transmit such information (complete identity, account number, details of interest paid) to the relevant 

tax authorities in my country of residence. 

本人授权银行将这些信息(完整的身份、账号、利息支付的详细资料)发送给本人居住国的相关税务机构。 

OR / 或 

I authorize the Bank to apply the withholding tax rather than informing to the relevant tax authorities in my country of 

residence. 

本人授权银行代扣利息税,而不是将信息提供给本人居住国的相关税务机构。 

Translation of documents is provided for the added convenience of the Client. In the event of conflict between the original English text and any translation or any 

other agreement between the Bank and the Client, the English version shall take precedence. 



Date / 时间 

3. Declaration of status / 3. 身份声明 

4 / 7 | Page

SIGNATURE SPECIMEN / 签名样卡 



Nationality / 国籍*: 

Date of Birth (Day / Month / Year) / 出生日期(日/月/年)*: 

Please sign in both boxes below / 请在下面两个框中签名 




4. Signature Card / 签名卡 

5 / 7 | Page

Please note that it is not mandatory to return this form 

请注意:此表格并不强制要求交回 

CLIENT NAME / 客户姓名 



M I G AND UNICEF / M I G 和联合国儿童基金会 




Since January 1st 2007, M I G BANK collaborates with UNICEF to support its role as the World’s driving force for the wellbeing 

of children. M I G BANK backs this initiative by donating a percentage of its profits to UNICEF projects. 

M I G BANK 自2007年1月1日开始与联合国儿童基金会合作,支持其对全球儿童福利的推动。M I G BANK按照利润的百分比向联合 

国儿童基金会的项目提供捐助。 

We encourage you to join us in this program by selecting the donation of your choice 

我们鼓励您加入这个计划,选择您的捐献方式: 

I wish to donate USD 25.- to UNICEF and therefore instruct M I G bank to withdraw the donation from my account upon 

receipt of the first deposit in my account in order to credit UNICEF 

我希望向联合国儿童基金会捐款25美元。指定 M I G BANK 在收到我账户上的首次存款后,从中提取捐款并转给联合国儿童基金会。 

I wish to donate USD ____________ to UNICEF and therefore instruct M I G BANK to withdraw the donation from 

my account upon receipt of the first deposit in my account in order to credit UNICEF 

我希望向联合国儿童基金会捐款______________美元。指定M I G BANK在收到我账户上的首次存款后,从中提取捐款并转给联 

合国儿童基金会。 

I do not wish to donate to UNICEF 

我不希望向联合国儿童基金会捐款。 

Who is UNICEF ? 

UNICEF is the United Nations Children’s Fund created with the 

purpose in mind to work with others to overcome the obstacles 

that poverty, violence, disease and discrimination place in a 

child’s path. It works in 190 countries through country 

programmes and National Committees. 

It advocates for measures to give children the best start in life, 

because proper care at the youngest age forms the strongest 

foundation for a person’s future. 

It promotes girls’ education – ensuring that they complete 

primary education as a minimum – because it benefits all 

children, both girls and boys. Girls who are educated grow up to 

become better thinkers, better citizens, and better parents to 

their own children. 

It acts so that all children are immunized against common 

childhood diseases, and are well nourished, because it is wrong 

for a child to suffer or die from a preventable illness. 

It works to prevent the spread of HIV / AIDS among young 

people because it is right to keep them from harm and enable 

them to protect others. It helps children and families 

affected by HIV / AIDS to live their lives with dignity. 

联合国儿童基金会是一个怎样的机构? 

联合国儿童基金会的宗旨是集社会各界力量,帮助儿童战胜贫 

穷、暴力、疾病和歧视,帮助他们茁壮成长。联合国儿童基金 

会在全球190个国家以国家计划和国民委员会的方式开展工 

作。 

该组织致力于让儿童拥有最好的人生开端,因为在儿童最小的 

年纪给予正确的呵护将为他们的未来打下最坚实的基础。 

该基金会推动女孩教育——确保她们至少完成初等教育——因 

为这对包括男孩和女孩在内的所有儿童都有益。受过教育的女 

孩长大后可以更好地思考,成为更好的公民,并且成为他们自 

己的孩子的更好的父母。 

该基金会采取行动,确保所有儿童都接种常见病疫苗,并获得 

充足的营养,因为让儿童染上或死于可预防的疾病是不正当 

的。 

该基金会致力于防止艾滋病在青少年当中的传播,因为让他们 

免受伤害并让他们能够保护其他人是最适宜的做法。该基金会 

帮助感染艾滋病的儿童和家庭有尊严地生活。 

5. UNICEF Donation / 联合国儿童基金会捐助 

6 / 7 | Page

It involves everyone in creating protective environments for 

children. It is present to relieve suffering during emergencies, 

and wherever children are threatened, because no child should 

be exposed to violence, abuse or exploitation. 

UNICEF upholds the Convention on the Rights of the Child. It 

works to assure equality for those who are discriminated against, 

girls and women in particular. 

It works for the Millennium Development Goals and is part of the 

Global Movement for Children – a broad coalition dedicated to 

improving the life of every child. Through this movement, and 

events such as the United Nations Special Session on Children, it 

encourages young people to speak out and participate in the 

decisions that affect their lives. 

Please refer to www.unicef.org should you be interested in 

further understanding. 




该基金会让所有人能够参与创建保护儿童的环境,致力于减轻 

儿童受到紧急事件和任何威胁的伤害,因为任何儿童都不应遭 

受暴力、虐待和剥削。 

联合国儿童基金会支持《儿童权利公约》,致力于确保受歧视 

者,尤其是女孩和妇女能得到平等对待。 

该基金会隶属于联合国“新千年人类发展目标”,是“全球儿 

童运动”的一部分,“全球儿童运动”是一个致力于改善所有 

儿童生活的广泛同盟。通过该运动以及“联合国关于儿童问题 

的特别会议”等活动,该基金会鼓励儿童发言,并参与到影响 

他们生活的决定中。 

若想深入了解更多,请登陆网站 www.unicef.org 




Place / 地点 Donor’s Signature / 捐助人签名 

Date / 时间 

5. UNICEF Donation / 联合国儿童基金会捐助 

7 / 7 | Page

INTRODUCTION / 介绍 

This document contains important information regarding the terms and 

conditions applicable to an account holder (i.e. contractual partner) 

hereinafter referred to as the “Client” of M I G Bank (the “Bank”). The 

access to and the use of an account and the Bank’s services are subject to 

the Client’s compliance with all terms and conditions set forth hereinafter. 

The Client understands and acknowledges that the Bank may modify, 

alter or change the terms and conditions set forth herein by posting such 

modifications or changes online or by other communication deemed 

appropriate by the Bank. 

Neither the information nor any opinion expressed in the Bank website 

and/or the Bank contractual or other documentation constitutes a 

solicitation, an offer or a recommendation of the Bank to buy or sell any 

currencies or to engage in financial investments or transactions, or in any 

other transaction. 

The present General Business Conditions (the “Conditions”) and Safe 

Custody Regulations (the “Regulations”, hereinafter collectively referred 

to as the “Conditions and Regulations”) govern the relationship between 

the Client and the Bank (together with the Client hereinafter collectively 

referred to as the “Parties”). 

I. GENERAL BUSINESS CONDITIONS / I.一般商业条款 

1. SERVICES 

Bank’s services include banking transactions (see 2.1) and technical 

installation to enable the Client to conduct banking transactions via the 

Internet (see 2.2) through the Bank’s website (http://migbank.com) or 

through (www.migbank.com). 

The Client acknowledges that the only liable source of information about 

the Bank and its services is the official website of the Bank and the official 

marketing material released by the Bank. The Client takes good notice 

that the Bank does not endorse any information about the Bank nor its 

services that may be contained on any other website or any other 

marketing material. 

2.1 BANKING TRANSACTION 

2.1.1 TRANSACTIONS 

Transactions shall include, but are not limited to : 

a) Spot and forward foreign currency contracts; 

b) Foreign currency OTC options; 

c) Foreign currency rollover transactions; 

d) All related currency transactions; 

e) Precious metals trading;f) CFD’s 

g) Current account; 

h) Fiduciary transactions; 

i) Equity trading 

j) Futures; 

k) Funds; 

l) Options; 

In addition, some investments shall be governed by special agreement 

between the Client and the Bank. 

Transactions may involve margins where the Client is required to deposit 

cash or other assets to secure performance of the Client’s obligations 

under the transaction. 

2.1.2 RISK AWARNESS 

The Client is aware and accepts the risks resulting from foreign exchange 

transactions and all related transactions. Risk of loss in trading foreign 

exchange can be substantial. Before entering into transactions, the Client 

acknowledges that he/she has fully understood : 

+ The nature and fundamentals of the transactions and the market 

underlying such transactions; 

+ The extent of the economic risk to which the Client is exposed as a 

result of such transactions (and determine that such risk is suitable for the 

Client in light of its specific experience in relation to the transaction and 

its financial objectives, circumstances and resources); 

+ The legal terms and conditions for such transactions. 


General Business Conditions And Safe Custody 

Regulations 

本文件包括适用于账户持有人(即契约人)的条款和规定的重要信息,即 

下文中所称的M I G Bank(即“本行”)的“客户”。在登入和使用账号 

和本行的服务时,客户必须遵从下文列举的所有条款和规定。 

客户知道并同意,本行可能会修订、改变或更换本文件中的条款和规 

定,并通过网络或其他本行认为合适的方式将这些修订和更改予以公 

布。 

发布在本行网站以及/或者本行契约、文件中的信息或观点,均不构成 

对任何货币买卖、金融投资或交易、或任何其他交易的诱导、推动或推 

荐。 

现行的一般商业条款(本“条款”)和安全保管制度(本“规章”,下文 

将全部称为“条款和规章”)管辖客户和本行(与客户一起,下文将全部 

称为“当事人”)之间的关系。 

1. 服务 

本行的服务包括本行业务(见2.1)和让客户可以通过本行网站( http:// 

migbank.com或www.migbank.com) 进行网上业务的技术安装(见2.2)。 

客户同意,本行的官方网站和本行发布的官方市场资料才是获取本行信 

息和服务的唯一可靠途径。客户应特别注意,本行不认可在可能出现在 

任何其他网站或其他市场资料上的关于本行和本行服务的信息。 

2.1 本行业务 

2.1.1 业务 

业务将包括,但不仅限于: 

a) 现货和远期外汇合约; 

b) 外汇场外期权; 

c) 外汇展期业务; 

d) 所有相关的外汇业务; 

e) 贵金属交易; 

f) 差价合约; 

g) 活期账户; 

h) 信托业务; 

i) 股市交易; 

j) 期货; 

k) 基金; 

l) 期权 

另外,部分投资将受到客户和本行之间的特别协议的管辖。 

业务可能会涉及到保证金,客户需要存入现金或其他资产,作为客户在 

业务中履行职责的保证。 

2.1.2 风险披露 

客户知道并接受外汇及所有相关业务带来的风险。在外汇交易中,出现 

亏损的风险可能非常高。在开始交易前,客户承认他/她完全理解: 

+ 客户由于这些交易而暴露的经济风险的程度(并根据客户有关该交易 

的具体经验以及其财务目标、状况和资源,确定该风险是否适合); 

+ 客户由于这些交易而暴露的经济风险的程度(并根据客户有关该交易 

的具体经验以及其财务目标、状况和资源,确定该风险是否适合); 

+ 这些交易的法律条款和规定 

General Business Conditions And Safe Custody Regulations / 一般商业条款和安全保管规章 

1 / 14 | Page

The Client should also be aware of the following : 

+ The Client understands the terms and conditions of the transactions to 

be undertaken, including, without limitation : 

- The terms as to price, term, expiration date, restrictions on exercising an 

OTC option and of the terms material to the transactions; 

- Any terms describing risk factors, such as volatility, liquidity, and so on; 

and - The circumstances under which the Client may become obliged to 

make or take delivery of a leveraged foreign exchange transactions or 

options transaction. 

+ The high degree of leverage that is often obtainable in foreign 

exchange and precious metals trading can work against the Client as well 

as for the Client, due to fluctuating market conditions. Trading in such 

instruments can lead to large losses as well as gains in response to a small 

market movement. 

If the market moves against the Client, he/she may not only sustain a total 

loss of its initial margin deposit, and any additional funds deposited with 

the Bank to maintain its position, but the Client may also incur further 

liability to the Bank. The Client may be called upon to “top-up” its margin 

by substantial amounts at short notice to maintain its position, failing 

which the Bank may have to liquidate its position at a loss and the Client 

would be liable for any resulting loss. 

Under certain market conditions the Client may find it difficult or 

impossible to liquidate a position, to assess a fair price or assess risk 

exposure. This can happen, for example, where the market for a 

transaction is illiquid or where there is a failure in electronic or 

telecommunications systems, or where there is the occurrence of an event 

commonly known as “Force Majeure Event”. Placing contingent orders, 

such as “stop-loss” orders, will not necessarily limit losses to the intended 

amounts, as it may be impossible to execute such orders under certain 

market conditions. When placing a stop order or stop loss order, the 

Client must be aware that in certain market conditions the Client may be 

filled at a different price than initially requested. 

Because the prices and characteristics of over-the-counter transactions 

are individually negotiated and there is no central source for obtaining 

prices, there are inefficiencies in transaction pricing. The Bank 

consequently cannot and do not warrant that prices or the prices the Bank 

secures for the Client are or will at any time be the best prices available to 

the Client. 

+ Transactions in options involve a high degree of risk and are not 

suitable for many members of the public. Such transactions should be 

entered into only by persons who have read, understood and familiarized 

themselves with the type of options, style of exercise, the nature and 

extent of rights and obligations and the associated risks. 

The Client acknowledges that many transactions will be affected subject 

to, and in accordance with, Market Rules. In particular, the Client 

acknowledges that Market Rules usually contain wide powers in an 

emergency or otherwise undesirable situation, and the Client agrees that 

if any market or other organization takes any action which affects a 

transaction then the Bank may take any action which it, in its discretion, 

considers desirable in the interests of the Client and/or the Bank. The 

Bank shall not be liable for any loss suffered by the Client as a result of 

the acts or omissions of any market or organization or any action 

reasonably taken by the Bank as a result of such acts or omissions. The 

Bank may, in its reasonable opinion, determine that an emergency or an 

exceptional market condition exists (“Force Majeure”) and in due course, 

will take reasonable steps to inform the Client. 

A Force Majeure Event shall include, but is not limited to, the following : 

a) any act, event or occurrence (including, without limitation, any 

interruption of power supply or electronic or communication equipment 

failure, strike, riot or civil commotion) which, in the Bank opinion, prevents 

it from maintaining an orderly market in one or more of the currencies in 

respect of which the Bank ordinarily allows the Client to enter into 

transactions; 

b) the suspension or closure of any market or the abandonment or failure 

of any event upon which the Bank bases, or to which it in any way relates, 

its quote, or the imposition of limits or special or unusual terms on the 

trading in any such market or on any such event; or 

c) the occurrence of an excessive movement in the level of any exchange 

rate and/or corresponding market. 



Regulations 

客户还应了解以下内容: 

+ 客户理解将实施的交易的条款和规定,包括但不限于: 

- 有关价格、期限、到期日和场外期权执行限制的条款以及重要的交易 

条款; 

- 说明风险因素的任何条款,如波动性、流动性等; 

- 以及客户可能不得不履约或交割杠杆外汇交易或期权交易的情形。 

+ 由于市场的波动性,外汇和贵金属交易中经常能获得的高杠杆率可能 

对客户有利,也有可能造成不利。通过这些工具,就算是小幅市场波 

动,就可能带来巨额收益,也可能导致巨额损失。 

如果市场朝不利于客户的方向变动,他/她不仅可能亏损掉所有的原始 

保证金以及存放于本行的任何维持补充资金,还有可能会导致客户对本 

行的进一步负债。客户可能要按照通知立即“补足”你的保证金亏空以 

保持你的头寸,否则本行可能会在账户处于亏损的状态下强行平仓,客 

户要对由此引起的任何损失承担责任。 

在某些市场状况下,客户可能会发现很难或无法平仓、评估正常价格或 

评估暴露的风险。比如当一项交易的市场无流动性或出现电子或电信系 

统故障,或发生一个通常称为“不可抗力”的事件时,这种情况就会发 

生。一些附加条件委托,如“止损”委托,并不一定会按照预定数额限 

制亏损,因为在某些市场状况下可能无法执行该等委托。在发出限价委 

托或止损委托时,客户必须清楚,在某些市场状况下,客户可能会在与 

最初要求不同的价格上成交。 

因为场外交易的价格和特征是单独议价的,并不存在获取价格的中心来 

源,所以在交易定价中存在效率低下的情况。因此,本行不能也不会保 

证,其价格或提供给客户的价格在任何时候都是或将是客户所能获得的 

最优价格。 

+ 期权交易具有高度风险,对很多公众投资者来说并不适合。该等交易 

应仅由那些已了解、理解和熟悉期权类型、履约方式、权利和义务的性 

质和范围,以及相关风险的人来进行。 

客户承认,很多交易将会受到市场法则影响、并与市场法则保持一致。 

特别地,客户承认,市场法则通常包含在紧急或其他意外情况下的广泛 

权力,客户同意,如果任何市场或其他组织采取任何影响到交易的行 

动,那么本行可单方面决定采取自认为符合客户和/或本行利益的任何 

行动做出应对。如果任何市场或组织的行为和疏忽导致客户受到损 

失,或这些行为和疏忽迫使本行采取适度的举措导致客户受到损失,本 

行概不对此负责。本行可在其认为合理时,宣布进入紧急或异常市场状 

况(“不可抗力事件”),并将采取合理的步骤通知客户。 

不可抗力事件包括,但不限于以下事件: 

a) 在本行看来,妨碍其为客户维持一种或多种货币的有序市场的任何 

行为、事件或事故(包括但不限于,任何电力供应的中断或电子或通信 

设备故障、罢工、暴乱或民变),而在通常情况下本行可以让客户进行 

这些交易; 

b) 本行以之为基础的、或本行以任何方式关联其报价的任何市场的暂 

停或关闭,或任何活动的取消或失败,或在任何此等市场或任何此等活 

动中,交易遭受限制或被施以特殊或不寻常条款,或 

c) 任何汇率和/或相应市场出现过度波动。 


2 / 14 | Page

2.1.3 STREAMLINE DEALING 

The Bank offers streamline dealing and fixed spreads for all Foreign 

Exchange transactions. Streamline dealing does not guarantee that requotes 

will not be given and the client accepts to receive a requote on 

the requested price prior to a trade being confirmed. Requotes are given 

if the requested price is not favorable to the Bank and in case of re-quote, 

the Client is free to accept the new quote and the Bank shall remain 

harmless of any damages or costs arising thereof. In certain market 

conditions and upon Bank’s sole discretion, the Bank may change the 

quoted prices and/or spreads in the online trading platform and the Bank 

shall remain harmless of any damages or costs arising thereof. 

The Client is informed that the Bank does not accept clients using 

scalping methods. In particular, the Bank reserves the right to close all 

open positions of such clients and to close their account(s). 

The Bank also offers a mechanical trade system (MTS, also called “Expert 

Advisor”) linked up to a plot. This system does not only inform about a 

possible entry and exit points but can also generate orders automatically 

on behalf of the Bank’s Client and direct them to the trade server. This 

system is enabled by default. The use of this system is at the Client’s risk. 

The Bank does thus not guarantee the result of the use of this system and 

the Bank shall remain harmless of any damages or costs arising thereof. 

The Bank may at its sole discretion de-activate this feature if the Client is 

deemed to be using this feature for abusive purposes. 

Trailing Stop features are enabled by default. The Client acknowledges 

being fully aware of how this feature works. The use of this feature is at 

the Client’s risk. The Bank does thus not guarantee the result of the use of 

this feature and the Bank shall remain harmless of any damage or costs 

arising thereof. 

The Client may request to have his account not be charged or given any 

swap fees for open positions. Such request is made separately from the 

Client and the Client thereby agrees to pay any additional fees or costs as 

the Bank specifies from time to time for handling such account. If the 

Bank finds that a client is using such account for abusive purposes, the 

Bank may, at its sole discretion, decide to close all open positions for 

such an account and deduct or add any swap fees for all the transactions 

currently and/or previously made with the Client and decline from 

accepting any further request from the Client to be exempted from swap 

fees. 

2.1.4 INSTRUCTIONS / COMMUNICATIONS 

The Client may give the Bank oral or written instructions. The Client is 

authorized to grant, a power of attorney without right of substitution to a 

third person in order to represent him/her in any business with the Bank. 

To that effect, the Client undertakes to use the Bank’s standard form that 

may be downloaded on its website http://migbank.com and must be sent 

duly completed and signed to the Bank. The Bank shall be entitled to act 

upon the oral or written instructions of any person so authorized, 

notwithstanding that the person is not, in fact, so authorized. For these 

purposes, written instructions may be given by letter, facsimile, or via the 

Internet or other electronic means of communication and oral instructions 

in person or by telephone. The Bank shall not be obliged to confirm such 

instructions. 

Any instruction in writing shall set out the names and specimen signatures 

of the Client or person so authorized. 

The Client accepts that the Bank is entitled, though not obliged, to ask 

for personal data in order to establish its identity with greater certainty. 

The Bank shall not incur any liability as a result of refusing to execute any 

order(s) issued by a person whose identity it considers not to have been 

sufficiently established. 

Once an instruction has been given by, or on behalf of the Client, it 

cannot be rescinded, withdrawn or amended without the Bank express 

consent. The Bank may at its absolute discretion refuse any dealing 

instruction given by, or on behalf of, the Client without giving any reason 

or being liable for any loss occasioned thereby. 

The Client shall promptly (and within the limits imposed by the Bank) give 

any instructions the Bank may request from the Client in respect of any 

transaction or proposed transaction. If the Client does not provide such 

instructions promptly, the Bank may, in its absolute discretion, take such 

steps at the Client’s cost as the Bank considers appropriate for its own 

protection or for the protection of the Client. 



Regulations 

2.1.3 流处理交易 

本行在所有外汇交易中提供流处理交易和固定的买卖点差。流处理交易 

并不保证不给出重新报价,客户同意在确认一项交易之前接受对委托价 

格的重新报价。如果本行不接受委托价格,可给出重新报价,在重新报 

价时,客户可自行决定是否接受新的报价,且本行应免于因此造成的任 

何损失或费用。在某些市场状况下,并根据本行的自行决定,本行可能 

会改变在线交易平台的报价/点差,且本行应免于因此造成的任何损失 

或费用。 

客户被告知,本行并不接受客户“剥头皮”交易方式。尤其是,本行保 

留了结此类客户所有未平仓头寸以及关闭其账户的权利。 

本行同时会提供与图表相结合自动交易系统(MTS,亦称“专家顾 

问”)。该系统不仅告知可能的进出点,而且还会为本行客户自动生成 

指令,并将其发送至交易服务器。该系统为默认激活。该系统的使用风 

险将由客户承担。本行并不保证该系统的使用结果,且应免于由此产生 

的任何损失或出现的费用。如果客户被认为滥用该功能,本行可以单 

方面决定撤销该项功能。 

移动止损功能为默认激活。客户承认完全了解该功能的运行。该系统的 

使用风险将由客户承担。本行并不保证该系统的使用结果,且应免于由 

此产生的任何损失或出现的费用。 

客户可要求其账户免于对未平仓头寸收取或支付任何隔夜掉期费用。该 

要求由客户单独做出,客户于此同意,将支付本行不时为处理该账户的 

任何额外费用或成本。如果本行发现客户将该账户用于滥用目的,本行 

可自行决定了结该账户的所有未平仓头寸,扣除或增加客户对当前和/ 

或过去完成的任何交易的所有掉期费用,并拒绝接受客户关于免除掉期 

费用的任何进一步要求。 

2.1.4 指令/通信 

客户可向本行发出口头或书面指令。客户有权通过授权书,委托第三方 

代表(但不可取代)其开展与本行的所有业务。这种情况下,客户承诺, 

使用从本行网站 http://migbank.com下载的标准表格,并在完整填写 

并签名后交回本行。本行应有权依照任何获得该授权的人口头或书面指 

令行事,尽管该人事实上并未获得该授权。为此目的,书面指令可通过 

信函、传真或国际互联网或其他电子通信方式发出,而口头指令可亲自 

或通过电话发出。本行没有义务确认该等指令。 

任何书面形式的指令,应列出客户或授权代理人的姓名和签名样本。 

客户接受,本行有权,但无义务,要求其提供个人资料,以更加肯定地 

确定其身份。如果本行因指令发出人的身份不能得到充分确定而拒绝 

执行指令,本行不承担任何责任。 

指令一经客户或其代理人发出,未经本行明示同意均不得撤销、收回或 

赔偿。本行可无条件地单方面拒绝客户或其代理人发出的任何交易指 

令,无需给出任何理,并不用对由此产生的任何损失承担责任。 

对于银行提出的关于交易或准备交易的要求,客户应即时(且在本行规 

定的时限内)发出指令。如果客户未能即时提供相关指令,本行可单方 

面自行采取任何本行认为对自身或客户带来保护的合适措施,并由客户 

承担费用。 


3 / 14 | Page

If the Client does not provide the Bank with notice of its intention to 

exercise an OTC option at the time stipulated by the Bank, the Bank may 

treat the option as abandoned by the Client and, if so, will notify the 

Client. 

If the Bank does not receive instructions from the Client to settle any 

open transactions by the close of the business day two days prior to value 

date of the said transactions, is hereby authorized (but not obliged) to 

rollover all said transactions to the next value date traded. 

During market holidays and weekends pre-announced by the Bank, the 

Bank does not execute orders for clients. 

The Client agrees to indemnify and hold the Bank harmless for and 

against any damages or losses it may incur as a result of instructions 

transmitted by any of the above means. 

Communications may be made to the Client at such address, telephone, 

facsimile or email address notified from time to time to the Bank for this 

purpose. Any communication by telephone, facsimile or email shall be 

deemed to have been made or (as the case may be) delivered when 

dispatched. Any communication by letter shall be deemed to have been 

made forty-eight hours after being sent to it at that address by prepaid 

first-class post in the case of an address in Switzerland, or, in the case of 

an address outside Switzerland, six business days after being sent to it at 

that address by mail. The Client shall ensure that at all times the Bank will 

be able to communicate with the Client or his appointed representative 

by telephone, facsimile or email. 

At the specific request and at cost of the Client, the Bank will reconstruct 

the instructions and/or the exchange of communications. 

Communications may be made to the Bank at the address and telephone 

number notified to the Client or this purpose and shall be considered to 

have been duly made only upon their actual receipt by the Bank. 

The above conditions are also applicable to any attorney(s) appointed by 

the Client. 

The Client is aware of the risks associated with these means of 

communication and release the Bank from any liability resulting from their 

use. The Client confirms that he/she shall assume all risks of abuse of 

these means of communication, such as non-discovered falsifications, 

mistakes, distortions, duplications, misunderstandings or losses that 

might occur, as a result of instructions given by any of the above 

communication means. 

2.1.5 MARGIN DEPOSITS, COLLATERAL AND PAYMENTS 

The Client shall pay to the Bank : 

a) such amounts of money as required by the Bank, and in a currency 

acceptable to the Bank, as initial or variation margin; 

b) such amounts of money, as may be required from time to time, due to 

the Bank under a transaction; and 

c) such amounts of money as may be required in or towards clearance of 

any debit balance on any account. 

With the prior agreement of the Bank, the Client may provide the Bank 

with a bank guarantee, in a form acceptable to the Bank, instead of cash, 

for the purpose of complying with its obligations under clause above. 

Without limiting the Client’s obligation to pay margin deposits, the Bank 

will have no obligation to ensure margin deposit requirements have been 

satisfied by the Client before effecting a transaction and the Client’s 

obligations in respect of a transaction will not be diminished by any failure 

by the Bank to enforce payment of outstanding margin deposits prior to 

entering into the transaction. 

The Client shall promptly deliver any money deliverable by it under a 

transaction in accordance with the terms of that transaction and with any 

instructions given by the Bank for the purpose of enabling the Bank to 

perform its obligations under any corresponding transaction entered into 

between the Bank and a third party. 

The Bank may (but shall not be obliged to) convert any monies held by it 

for the Client into such other currency as the Bank considers necessary or 

desirable to cover the Client’s obligations and liabilities in that currency at 

such rate of exchange as the Bank shall select. 



Regulations 

如果客户未能在本行规定的时限内向本行通告是否履行场外期权的意 

向,本行将其视为客户放弃该期权,如果是这样,将通知客户。 

如果本行在起息日前两个营业日结束时,仍未收到客户结算任何未平仓 

合约的指令,本行于此有权(但无义务)将所有上述合约展期至下一个 

交易起息日。 

在已经事先预告的市场节假日和周末,本行不会为客户执行任何委托指 

令。 

如果上述方式中,指令的传达造成任何损失或亏损,客户同意做出赔 

偿,及确保本行免于伤害。 

为此,本行会时常通过预留的地址、电话、传真或电子邮件地址与客户 

通信。一旦电话、传真或电子邮件的通信行为发生,即被认为已经做出 

(视情况而定)或送达。任何采用信函方式的通信,对于瑞士国内的地 

址,应在通过邮资已付的一等邮件寄往该地址后48小时;对于瑞士国外 

的地址,在寄往该地址后6个营业日之后,即被认为邮件已送达。客户 

应始终确保本行将能够通过电话、传真或电子邮件与客户或其指定代表 

保持通信。 

如果客户要求并承担费用,本行可以调出指令和/或相互通信的内容。 

客户可以根据本行告知地址和电话号码与本行联系,并应仅在本行实际 

收到时才被认为完成通信。 

上述条款同样适用于客户指认的任何委托人。 

客户知晓与这些通信方式相关的风险,并免除本行由于使用这些方式而 

产生的任何责任。客户于此确认,他/她将承担滥用这些通信方式的一 

切风险,例如由于使用任何上述通信方式发出指令而产生未被发现的伪 

造、错误、差错、曲解或损失。 

2.1.5 保证金、抵押和支付 

客户应支付给本行 

a) 本行要求的款项,并且是本行可接受的货币,作为初始或价格变动保证 

金; 

b) 本行根据交易可能不时要求的应付款项;和 

c) 为清算任何账户的任何借方差额可能要求或需要的任何款项。 

经本行事先同意,客户可以向本行提供经认可的银行担保,而非现金, 

以完成上面条款所提到的责任和义务。 

在不限制客户支付保证金的义务的前提下,本行将无义务确认客户在实施 

交易前已满足保证金要求。即便是本行在开始交易之前,未能强迫客户支 

付所欠的保证金,客户的欠款也不会因此而减少。 

客户应该根据交易相关的条款,立即缴纳每笔交易需支付的费用,以及 

提供本行通知的、以授权本行与第三方在相关交易中履行职责和义务的 

指令。 

本行可以(但并非有义务)将客户持有的任何资金按本行选择的任何汇 

率兑换成本行认为必要的或可取的任何其他货币,以履行该客户该货币 

的义务和负债。 


4 / 14 | Page

If the Client fails to provide any margin deposit or other sum due under 

this Conditions and Regulations in respect of any transaction, the Bank 

may close out any open transaction without prior notice to the Client and 

apply any proceeds thereof to payment of any amounts due to the Bank. 

2.1.6 TRANSACTION MONITORING 

Each transaction entered into by the Bank with the Client can be seen 

through the Online Service provided by the Bank. Transaction entered 

after 23:00 PM CET will be treated as having been effected on the next 

following business day. 

History of transactions can be printed from the Online Service provided 

by the Bank any time. 

The Client must verify the contents of each document received from the 

Bank and all transactions published on its online service continuously. 

Such documents and transactions published shall, in the absence of 

manifest error, be conclusive unless the Client notifies the Bank the 

contrary immediately after having access to this information. 

2.1.7 DEFAULT 

Without prior notice to, or receiving further authority from the Client, 

the Bank shall have the right to close out all or any part of any transaction, 

and realize any assets of the Client held by the Bank, upon or at 

any time after the happening of any of the following events : 

a) the Client fails to make any payment due under these Conditions 

and Regulations on the due date; 

b) the Client fails to observe or perform in whole or in part any of 

the provisions of these Conditions and Regulations or commits a 

material breach of the representations, warrants or undertakings; 

c) the Client dies, is declared absent or becomes of unsound mind; 

d) a bankruptcy petition is presented in respect to the Client or, if a 

partnership, in respect to one or more of its partners or, if a 

company, any steps are taken or proceedings initiated or 

protection sought under, any applicable bankruptcy 

reorganization or insolvency law by it in respect of itself or against 

it including, without limitation, the taking of any steps for the 

appointment of a receiver, trustee, administrator or similar officer 

to be appointed over its undertakings or assets or any part of them; 

e) a petition is presented for the winding up of the Client; 

f) an order is made or a resolution is passed for the winding up of 

the Client (other than for the purposes of a bona fide 

reconstruction or amalgamation); 

g) the Client convenes a meeting for the purpose of making or 

proposing or entering into any arrangement or composition for 

the benefit of its creditors (other than for the purposes of a bona 

fide reconstruction or amalgamation); 

h) a distress, execution, or other process is levied against any 

property of the Client and is not removed, discharged or paid 

within seven days; 

i) any security created by a mortgage or charge created by the 

Client becomes enforceable and the mortgagee or the charge 

take steps to enforce the security; 

j) any indebtedness of the Client or any of its subsidiaries becomes 

immediately due and payable, or capable of being declared so 

due and payable, prior to its stated maturity by reason of default 

of the Client (or any of its subsidiaries) or the Client (or any of its 

subsidiaries) fails to discharge any indebtedness on its due date; 

k) the Bank or the Client is requested to close out a transaction (or 

any part of a transaction) by any regulatory agency or authority; 

l) the Bank reasonably considers it necessary for its own protection. 

Without prejudice to any other rights the Bank may have, it shall be 

entitled to combine or consolidate all or any of the accounts maintained 

by the Client with the Bank to set off any amount at any time 

owing from the Client against any amount owing by the Bank to the 

Client. Any security, guarantee or indemnity given to the Bank by 

the Client for any purpose shall extend to any amount owing from 

the Client after exercise of such right set-off. 



Regulations 

如果客户未能提供本条款和制度要求的任何交易的任何保证金或本条款 

和制度下其他应付款项,本行可了结任何未平仓合约,而无须事先通知 

客户,并将其任何收入用于支付任何应付本行的款项。 

2.1.6 交易监控 

银行与客户之间进行的每次交易,都能在银行提供的在线服务中看到。 

欧洲中部时间下午23:00之后进行的交易,将被视为在接下来的交易日 

生效。 

任何时候都可以通过银行提供的在线服务中,打印历史交易记录。 

客户必须查阅从本行收到的每个文件的内容,以及其在线服务中持续更 

新的交易信息。除非客户在获得这些信息后,立即提出异议,否则,在 

没有明显错误的情况下,银行所发布的文件和交易都是正确可靠的。 

2.1.7 违约 

任何时候发生以下任何事件时,本行可无须事先通知或收到客户的进一 

步授权,随时了结全部或任何部分的任何交易,并将本行持有客户的任 

何资产变现: 

a) 客户未能在到期日支付相关条款和制度下的任何应付款; 

b) 客户未能遵守或履行相关条款和制度全部或任何部分的规定,或实 

性地违反其声明、保证或承诺; 

c) 客户死亡、被宣布失踪或出现精神失常; 

d) 针对客户提出破产申请或,如果是合伙企业,针对其一名或多名合 

伙人或,如果是公司,它就/对自己采取任何步骤或启动法律程序或寻 

求任何适用的破产重组或破产法下的保护,包括但不限于,采取任何步 

骤指定将对其承诺或资产或任何部分指定的接收人、受托人、管理人或 

类似官员; 

e) 客户清盘申请; 

f) 为重组或并购,做出或通过客户清盘的命令或决议; 

g) 客户为制定或提议或订立任何为其债权人的利益之安排或债务和解 

协议之目的召集会议(除为善意重建或合并之目的); 

h) 对客户的任何财产施行扣押、执行或其他程序,且未在七日内取 

消、解除或偿付; 

i) 客户创设的任何抵押或质押担保变为可执行,抵押权人或质押权人 

采取步骤执行该担保; 客户基于抵押或赊购的证券被强制执行,且承 

受抵押人已经开始进行强制执行。 

j) 客户或其任何子公司的任何债务变为立即到期和应付,或由于客户 

(或其任何子公司)违约导致可能在正常期限前出现上述状况,或客户 

(或其任何子公司)在其到期日未能偿还任何债务; 

k) 任何监管机构或当局要求本行或客户了结交易(或交易的任何部 

分); 

l) 本行认为是必要的自我保护的情况。 

在不损及本行可能享有的任何其他权利的前提下,本行有权组合或合并 

客户在本行保有的全部或任何账户,随时将客户所欠的任何款项与本行 

应付客户的任何款项进行抵消。在准确的完成上述抵消后,客户为任何 

目的在本行存放的证券、抵押品或保证物,将转入客户的任意账户中。 


5 / 14 | Page

2.1.8 CLIENT REPRESENTATIONS AND WARRANTIES 

The Client represents, warrants and undertakes at the time this 

agreement is made and the making of each transactions hereunder that : 

a) it is not under any legal disability with respect to, and is not subject to 

any law or regulation which prevents its performance of, this agreement 

or any transaction contemplated by this Agreement; 

b) it has obtained all necessary consents and has the authority to enter 

into this agreement (and if the Client is a company, it is properly 

empowered and has obtained necessary corporate or other authority 

pursuant to its constitutional and organizational documents); 

c) all sums made by way of deposit or security shall, subject to this 

agreement, at all times be free from any charge, lien, pledge or 

encumbrance; 

d) it is in compliance with all laws to which it is subject including, without 

limitation, all tax laws and regulations, exchange control requirements 

and registration requirements; and 

e) the information provided by the Client to the Bank is complete, 

accurate and not misleading in any material respect. 

2.1.9 TAPE RECORDING OF CONVERSATION 

The Client acknowledges and expressly accepts that the Bank shall record 

all telephone conversations between the parties as per regulatory 

applicable requirements. Such recordings shall remain the property of the 

Bank and the Client agrees to the use thereof or transcript there from as 

evidence by the Bank in any dispute or anticipated dispute between the 

parties. 

Any such recordings or transcripts made by the Bank may be destroyed 

by it in accordance with its usual practice. 

2.1.10 BANKING SECRECY INFORMATION DISCLOSURE 

In its capacity as a bank pursuant to the Federal Law on Banks and 

Savings Banks, the Bank is subject to banking secrecy. The Bank is 

therefore obliged to observe the strictest discretion regarding all 

business relations with the Client, even after the Client’s relationship with 

the Bank is ceased. Swiss banking secrecy does, however, only apply to 

data located in Switzerland. 

However, by entering into this agreement the Client authorizes the Bank 

to disclose such information relating to the Client as may be required by 

any law, rule or regulatory authority, including any applicable Market 

Rules, without prior notice to the Client. 

2.1.11 SWISS ACT ON THE PREVENTION OF 

MONEYLAUNDERING (“MLA ”) 

As the Client is aware that the Bank has to comply with the Swiss Federal 

Money Laundering Act the Client agrees to provide the Bank, as per 

separate document, with full and accurate information regarding, among 

others, the identification of the contracting partner, the identification of 

the beneficial owner and the origin of the assets. 

The Bank is also entitled to ask the Client to supply information regarding 

the circumstances or background of a certain transaction. In such event, 

the Client must immediately disclose such information as requested. As 

long as the Client fails to supply the information requested by the Bank, 

the Bank is entitled not to carry out the instructions received from the 

Client, and in particular not to execute instructions requiring the transfer 

of assets. In case the Bank deems the information supplied unsatisfactory 

or incomplete, it may at its discretion immediately terminate the business 

relationship with the Client and ordain that assets may no longer be 

withdrawn. Furthermore, the Bank may, pursuant to the provisions of the 

MLA and the Swiss regulation on banks, submit a report to the competent 

prosecuting authorities and take precautionary measures to freeze the 

Client relationship until the authorities have decided the case at hand. 

Provided the Bank has proceeded in accordance with the provisions and 

regulations set forth in the Swiss legislation for the prevention of money 

laundering (e.g. the MLA) and the rules and regulation of the Swiss 

banking regulator (FINMA), respectively, the Client shall bear losses 

resulting from unexecuted instructions or the delayed execution of 

instructions. 



Regulations 

2.1.8 客户声明和保证 

客户在本协议签订和进行每项交易时,声明、保证和承诺如下: 

a) 本协议及本协议所构成的所有交易,任何情况下都不会失去法律资 

格,并且不会遵从妨碍其执行的法律和法规; 

b) 客户已获得一切必要的批准,并被授权订立本协议(如果客户是一 

家公司,该公司已经获得授权,并依照相关章程和大纲,其拥有必要的 

企业或其他资质); 

c) 本协议下的所有存款和证券方式的资产,在任何时候都将免于担 

保、留置、质押或财产负担; 

d) 遵守所有的管辖法律,包括但不限于,所有税务法律和法规,外汇 

管制要求和注册登记要求;以及 

e) 客户向本行提供的信息,在任何实质性方面都是完整的、准确的和 

不易误解的。 

2.1.9 对话的磁带录音 

客户承认和明确接受,本行可对双方之间的电话通话进行录音。这些录 

音为本行所有,客户同意,当双方出现争议或可能出现争议时,本行可 

以将此录音或副本作为证据。 

本行可以依照自己的通常做法,将这些录音或副本进行销毁。 

2.1.10 银行保密信息披露 

根据银行和储蓄银行的联邦法律,本行应遵从银行保密。在于客户的所 

有业务交往中,本行将遵照最为严谨的做法,即便是本行与客户之间的 

业务关系结束后也是如此。不过,瑞士银行业的保密仅针对在瑞士的数 

据。 

不过,在签署本协议之后,如果有法律、法规或监管机构,包括任何适 

用的市场规则提出要求,客户授权本行向他们提供客户的相关信息,且 

无需事先通知客户。 

2.1.11 瑞士反洗钱法案 

客户清楚,本行必须遵照瑞士联邦反洗钱法案。客户同意,在单独的文 

件中,向本行提供关于签约人和受益所有人身份认证以及资金来源的全 

面、详细信息。 

本行同时有权要求客户提供某一交易的详情和背景。在这种情况下,客 

户必须立即披露所要求的信息。如果客户未能提供本行所要求的信息, 

本行有权拒绝执行该客户发出的指令,尤其是拒绝执行该客户关于资产 

转移的指令。如果本行认为提供的信息不可信或不完整,可单方面自行 

决定立即终止与该客户的业务关系,而且其资产将不能提取。此外,根 

据反洗钱法和瑞士银行法规,本行可向检察部门提交报告,在检察部门 

作出决定之前,冻结本行与客户的关系。 

如果本行的行为符合瑞士关于防止洗钱法律(例如反洗钱法),或瑞士银 

行业监管机构(瑞士金融市场监管局)的条款和法规,客户将承担因本行 

拒绝或延迟执行指令而造成的损失。 


6 / 14 | Page

Furthermore, the Client confirms wishing to execute cross-border or 

foreign currency payments in the future. Learning about the rules for 

cross-border or foreign currency payments the Client authorizes the Bank 

to disclose his name and further Client details in case of payments made 

to Bank account abroad, or payments made in foreign currencies both 

within Switzerland as well as abroad. 

2.1.12 EXAMINATION OF SIGNATURES AND LEGITIMATING 

The Bank undertakes to examine the signatures of Clients and their 

authorized attorneys with care. The Bank is not required to undertake any 

additional extensive check of their identity. The Bank will not be 

responsible for the consequences of any falsifications or faulty 

identification that it has not recognized provided it has observed due 

care. 

2.1.13 CIVIL INCAPACITY 

Losses resulting from the Client’s civil incapacity are exclusively borne by 

the Client, unless that incapacity has been published in an official Swiss 

gazette. In any case, the Client will bear the loss resulting from the civil 

incapacity of the people he/she has mandated or of other third parties 

having access to the Client’s account(s)/save custody account(s). 

2.1.14 JOINT ACCOUNTS 

If the Client is more than one person (in the case of joint account holders), 

the liabilities of each such person shall be joint and several, and the Bank 

may act upon instructions received from any one person who is, or 

appears to the Bank to be, such a person. 

2.1.15 COMPLAINTS BY THE CLIENT 

Any complaint by the Client concerning the execution or non-execution 

of any order, and any dispute concerning an account or other 

communication from the Bank must be issued immediately after receiving 

the information, but not later than one day after the date of 

communication, failing of which the execution or non-execution and the 

corresponding statements and communications will be taken to have 

been approved. In the case of a late complaint, the Client will bear any 

resulting loss. If the Client does not react according to this clause within 

the period of time allowed, statements are deemed to have been 

accepted. Express or tacit acknowledgement of the account statement 

implies approval of the individual headings it contains and of any 

reservation the Bank may have formulated. 

Any claim for indemnification must be addressed in writing (per post) by 

the Client or its representative to the address of the Bank to the attention 

of the Chief Executive Officer. The Client acknowledges that the Bank will 

not answer any claim which is not addressed in writing and/or not signed 

by its author. 

2.1.16 RIGHT OF PLEDGE, LIEN SET-OFF AND RETENTION 

The Bank has a right of lien for the discharge of all indebtedness and the 

Client’s other obligations towards the Bank on securities and other 

property now or hereafter held, carried or maintained by the Bank in its 

possession or control, for any purpose, in or for the benefit of any of the 

Client’s accounts, now or hereafter opened, including any account in 

which the Client may have an interest. The Bank has a right of set-off 

regarding all debts receivable against its existing claims against the Client 

regardless of the dates they are due for payment or the currencies in 

which they are expressed. 

The same applies to all the credits it has granted in exchange for the 

issuing of special guarantees or guarantees in blank. Upon notice served 

on the Client, the Bank is entitled, at its sole discretion, to proceed with 

the compulsory realization or the over-the-counter or market sale of the 

securities pledged, at the Client’s cost if necessary. The Client authorizes 

the Bank and the Bank shall have the right to transfer securities and other 

property held on behalf of the Client or his/her representative from or to 

any other account of the Client at the Bank whenever, in the Bank’s 

judgment, it considers such transfer necessary for its protection. 

The Bank shall, at any time, be entitled to offset against each other the 

balances of all accounts the Client maintains with the Bank (regardless 

of designation of currency of the account) or to offset each balance 

individually. For all its claims arising from its business relations with the 

Client, irrespective of the maturity dates of such claims or of the 

currencies in which they are denominated, including unsecured or 

collateralized claims, the Bank shall have a right of lien and pledge, and 

a right of retention, on all assets held in the Client’s name or otherwise 

deposited with the Bank. 



Regulations 

此外,客户确认希望在未来执行跨国或外汇支付。在了解跨国和外汇支 

付的规则之后,客户授权本行在收到海外付款,或在瑞士国内外收到外 

汇时,披露客户的姓名及进一步信息。 

2.1.12 签名和合法性的核查 

本行承诺将谨慎核对客户及其授权代理人的签名。本行不必承诺对他们 

的身份进行更加深入的查对。如果即便是本行尽守职责,也未能分辨出 

虚假或错误身份,本行对此产生的后果概不负责。 

2.1.13 丧失民事行为能力 

对于因客户丧失民事行为能力所造成的损失,由客户全部承担,除非在 

瑞士官方公报中对此予以通报。在任何情况下,如果客户委托的人或其 

他有权进入该客户账户/储蓄保管账户的第三方丧失民事行为能力,因 

此造成的损失由客户承担。 

2.1.14 联合账户 

如果客户是多人(对于联合账户持有人),他们各人应承担连带责任, 

本行会执行其中任何一人,或本行认为是其中一人的指令。 

2.1.15 客户投诉 

如果客户对于定单的执行或未执行、对账户或来自本行的其他通信有所 

质疑,应在收到信息后立即反馈,不能超过信息发送起之后一天。如果 

没有及时反馈,定单的执行或未执行、相应的声明和通信将被视为获得 

批准。如果在有效期之后投诉,客户将承担所有损失。如果客户在本条 

款规定的时间内没有提出异议,将被视为接受报告。明确表示或默许对 

账户报告的承认,意味着客户同意报告中包括的所有单独的条款,以及 

本行陈述的所有约定。 

任何赔偿要求,都应该是由客户或其代理人,以书面的方式(通过邮 

局),邮寄至本行的首席执行官。如果赔偿要求并非以书面方式,或没 

有签名,本行将不予处理。 

2.1.16 质押权、留置权、抵消权和扣留权 

对于客户对本行发生的所有欠款或其他债务,本行享有债务清偿留置 

权,留置本行当前或今后持有、传送或维护的,因为任何目的、代表客 

户的任何账户的利益而占有或控制的证券或其他的客户财产;客户的账 

户包括当前或今后开立的账户,以及客户可能在其中拥有利益的任何账 

户。本行对客户的所有应收债务享有针对其现有对客户债权的抵消权, 

不论到期还款日如何,也不论是何币种。 

抵消权同样适用于本行发放的所有信贷与特殊抵押品或全额抵押品之间 

的相抵。在通知客户后,本行有权自行决定对质押证券,如有必要按客 

户成本价,采取强制平仓或场外或场内出售。客户授权本行,且本行应 

有权在任何时候当本行根据自身判断认为有必要采取保护性转账措施 

时,将其代表客户或客户的代表持有的证券和其他财产从客户在本行的 

任何其他账户转出或转入此等账户。 

本行任何时候都将有权对客户在本行保有的所有账户的余额(不管账户 

币种如何)进行相互抵消,或单独对某个账户的余额进行相互抵消。对 

于由于与客户的业务关系而引起的一切债权,不管该债权的到期日或其 

货币单位如何,包括无担保或有抵押债权,本行对以客户名义或以其他 

方式存放于本行的所有资产将享有留置权和质押权以及扣留权。 


7 / 14 | Page

2.1.17 FEES AND RATES 

The Bank shall charge fees and rates for its services according to its 

prevailing Schedule of Fees & Rates with which the Client declares himself 

to be in agreement. These fees and rates are published on our website 

www.migbank.com. 

The Client expressly acknowledges that the Bank may pay remunerations 

to third parties, such as business finders and/or external asset managers 

under cooperation agreements. Such remunerations may be based on the 

volume of assets and/or transaction-related fees and rates on any Client 

transaction. The Client will receive a special information from the Bank on 

any additional spread or commission he may be charged as per 

agreement given. 

The Client understands and agrees that the Bank may receive payments, 

or other pecuniary benefits of any kind, from third parties. Such payments 

may be based on the volume of assets invested and/or may be based on 

the volume of clients transaction. The client agrees that such payments 

may be treated and retained by the Bank as compensation in addition to 

that paid by the Client for the services provided by the Bank, and need 

not to be paid on to the Client. The Bank shall not be obliged to disclose 

the nature or amount of any payment received. 

2.1.18 ACCOUNTS MANAGED BY THE CLIENT 

The Client shall be solely responsible for making any investments or 

trading decision on his assets deposited with the Bank and shall make 

such decisions entirely at his own risk. The Client acknowledges and 

agrees that the Bank shall not be liable in respect of any investment or 

trading decision made by the Client or any potential consequences 

resulting therefrom. 

All act performed by the Client shall be fully binding upon the client. The 

Client hereby releases the Bank fully and in advance from any 

responsibility and liability for any of the Client’s act and/or omission. In 

particular, the Bank is under no obligation to examine the instructions of 

the Client with respect to their appropriateness, suitability, frequency or 

extent. No liability shall accrue the Bank in respect of any investment 

decision made by the Client and the Client hereby expressly releases the 

Bank from any obligation to provide any advice, information or warning 

whatsoever in relation to the acts or omissions of the Client. 

2.1.19 ACCOUNTS MANAGED BY A THIRD PARTY 

The Client shall be solely responsible for any investments or trading 

decision done by any Attorney designated by the Client on assets of the 

Client deposited with the Bank and such decisions are made entirely at 

the own risk of the Client. The Client acknowledges and agrees that the 

Bank shall not be liable in respect of any investment or trading decision 

made by the Attorney or any potential consequences resulting therefrom. 

All act performed by an Attorney shall be fully binding upon the Client. 

The Client hereby releases the Bank fully and in advance from any 

responsibility and liability for any of the Attorney’s act and/or omission. In 

particular, the Bank is under no obligation to examine the instructions of 

the Attorney with respect to their appropriateness, suitability, frequency 

or extent. No liability shall accrue the Bank in respect of any investment 

decisions made by the Attorney and the Client hereby expressly releases 

the Bank from any obligation to provide any advice, information or 

warning whatsoever in relation to the acts or omissions of the Attorney. 

Furthermore, the Client acknowledges that the Bank does not monitor 

the volume or the appropriateness of the remuneration paid to the 

Attorney. The Client undertakes to monitor at all times the remuneration 

paid to the Attorney. 



Regulations 

2.1.7 收费 

本行将主要按照客户宣布同意的收费标准对服务收费。收费标准在本行 

网站www.migbank.com上公示。 

客户明确承认,本行可能会向签订了合作协议的业务拓展商和/或外部 

资产管理者之类的第三方支付报酬。此类报酬可能会基于资产数量和/ 

或客户任何交易产生的交易相关费用。本行可能会按照协议向客户收取 

额外点差或佣金,客户将收到相关的特别信息。 

客户了解并同意,本行可能会从第三方收到报酬或其他任何种类的金钱 

利益。此类报酬可能会基于投资资产的数额和/或客户的交易量。客户 

同意,本行可将此类报酬视为额外报酬予以保留,与本行向客户提供服 

务而收取的报酬无关,不需要支付给客户。本行没有义务披露收受的任 

何报酬的的性质或数量。 

2.1.8 账户由客户管理 

客户对存在本行的资产作出任何投资或交易决定,都应该由客户独自负 

责,并且应该为其决定承担全部风险。客户承认并同意,对于客户作出 

的任何投资或交易决定或由此引起的任何潜在后果,本行将概不负责。 

客户的所有行为将完全由客户负责。客户于此完全、提前免除本行对客 

户任何行为和/或疏忽的责任和义务。特别是,本行没有义务检查客户 

指令的正确性、适宜性以及频率或范围。本行不对客户的任何投资决定 

负责,客户于此明确免除本行向客户的行为或疏忽提供任何建议、信息 

或警告等等的义务。 

2.1.9 账户由第三方管理 

客户指定的任何代理人对客户存在本行的资产作出任何投资或交易决 

定,都应该由客户独自负责,并且客户应该为此类决定承担全部风险。 

客户承认并同意,对于代理人作出的任何投资或交易决定或由此引起的 

任何潜在后果,本行将概不负责。 

代理人的所有行为将对客户有完全的约束力。客户于此完全、提前免除 

本行对代理人任何行为和/或疏忽的责任和义务。特别是,本行没有义 

务检查代理人指令的正确性、适宜性以及频率或范围。本行不对代理人 

的任何投资决定负责,客户于此明确免除本行向代理人的行为或疏忽提 

供任何建议、信息或警告等等的义务。 

此外,客户承认,本行不监控付给代理人的报酬的数额或正确性。客户 

负责一直监控付给代理人的报酬。 


8 / 14 | Page

2.2 TECHNICAL INSTALLATION AND PASSWORD 

2.2.1 LOGIN / IDENTIFICATION 

The Bank sends the User ID and password per e-mail. Together with the 

User ID, the password allows access to banking services provided by the 

Bank. The Client is at any time requested to keep the password and the 

User ID secret and to protect them from misuse. 

Anyone who identifies himself/herself each time he/she uses the system 

by entering the User ID and the personal password or identifies himself/ 

herself when remitting orders by telephone to the Bank’s telephone 

consumer representative using the User ID and the personal password, 

has access to the Bank’s electronic transaction devices and other services 

as provided on the Bank’s onlinetrading site. At the occasion of contact 

over the telephone the Bank’s telephone consumer representatives will 

require the complete User ID and three positions of the 8-digit personal 

password, chosen at random. 

The Client is requested to modify the password regularly and to keep it in 

safe custody denying access to third person. The Client bears all risks 

resulting from the loss and the misuse, respectively, of the User ID and/or 

the password. The Bank is not liable for any damages that might result 

from the loss or misuse of the User ID and/or the password. The Client 

undertakes to inform the Bank immediately in the event the account has 

to be blocked and/or the User ID and/or the password have to be 

cancelled and/or replaced. After checking the legitimacy of the Client’s 

identity (User ID and password) and the availability of his/her assets, the 

Bank undertakes to carry out all the orders and instructions received from 

him/her immediately. However, the Bank may decide to accept specific 

orders from the Client only through dedicated sites or by other means 

communicated to the Client. The Bank is entitled at its discretion but not 

bound to accept instructions in writing. Notwithstanding the foregoing, 

the Bank has at any time and at its sole discretion the right to ignore any 

orders and instructions and to require written verification of identity. The 

Bank may, at its own discretion, introduce and require additional levels of 

identification for all or part of its services, including but not limited to 

scratch-lists and/or secure-ID. 

2.2.2 IRREVOCABLE LEGITIMATING 

Whoever legitimates himself/herself according to article 2.2.1 above is 

considered to be entitled to use the Bank’s services. The Bank may 

consider such orders and communications as being undoubtedly 

authorized and issued by the Client and/or his/her legitimate 

representative. 

2.2.3 BLOCKING ACCESS 

The Client may at any time require the Bank to block access to the 

Client’s account immediately. Such blockage can only be revoked by the 

Client in writing. The Bank reserves its right to block the Client’s access 

via the Internet or by telephone at any time, without giving further 

explanation and without further notice, to the extent it deems such a 

blockage appropriate. 

2.2.4 SECURITY / INTERNET RISKS 

The Bank’s liability for any damage occurring on the Client’s or his/her 

representative side, respectively, as a result of transmission errors, failures 

of transmission, technical errors, overload, breakdowns (including but not 

limited to maintenance services due to system maintenance), malfunction, 

interference, illegal invasion (e.g. hacking) and willful blockage of 

telecommunication devices and networks (e.g. “mail bombing”, denial of 

services attacks etc.) or due to other inadequateness of 

telecommunication - or network-service providers is expressly excluded. 

The Client is aware of the fact that data are transmitted over open, 

generally public networks (e.g. the Internet). Therefore, data are 

transmitted regularly and uncontrolled and also outside the borders of 

the country of Switzerland even in the case that sender as well as 

addressee reside in Switzerland. Even in case of encryption of the data 

sender and addressee may not be encrypted which may result in 

conclusion of sender and addressee by third parties. The Bank is not 

liable nor does it guarantee and/ or represent that data transmitted over 

the Internet are correct, accurate or complete. Namely data with regard 

to accounts (transaction confirmations, statements of account, balances 

etc.) as well as information accessible by public, e.g. stock exchange 

quotations or exchange rates, are not binding. 



Regulations 

2.2 技术安装和口令 

2.2.1登录/身份验证 

本行通过电子邮件发送用户名和密码。密码和用户名一起使用才可以进 

入本行提供的银行服务。客户在任何时候都必须对密码和用户名保密, 

防止被滥用。 

任何人每次使用系统时通过输入用户名和密码通过验证,或打电话给本 

行的电话客户代表委托下单时用用户名和密码通过验证,都能进入本行 

在线交易平台的电子交易系统和其他服务。通过电话进行联系时,本行 

的电话客户代表将要求提供完整的用户名和8位数个人密码中3个位置的 

数字,这3个数字的位置随机抽取。 

客户应该定期修改密码并安全保管,防止被第三方知晓。用户名和/或 

密码丢失和被盗用产生的所有风险,均由客户承担。对于用户名和/或 

密码丢失和被盗用可能产生的损失,本行概不负责。一旦账户必须冻 

结,且/或用户名和/或密码必须注销和/或更换,客户保证立即通知本 

行。在检查客户的身份(用户名和密码)合法、资产无误后,本行保证立 

即执行他/她发出的所有委托单和指令。但是,本行可能会只通过专门 

的站点或通过其他通信方式接受客户具体的委托单。本行有权自行决定 

是否、而不是必须接受书面指令。尽管如此,本行任何时候都有权自行 

忽略任何委托单和指令,而要求书面的身份认证。本行可自行决定对其 

所有或部分服务实行更高级别的身份认证并要求客户遵守,包括但不限 

于验证码和/或安全用户名。 

2.2.2 合法性不可取消 

任何人一旦根据上述2.2.1证明其身份合法,将被认为有权使用本行的 

服务。本行可认为此类下单和交流无疑是由客户本人和/或他的/她的合 

法代表授权和发出。 

2.2.3 账户冻结 

客户可在任何时候要求本行立即冻结客户的账户。冻结后客户只有通过 

书面申请才可解除。本行保留在任何时候冻结客户的网上或电话账户的 

权力,无需作进一步解释,无需进一步发出通知,而只需其认为这样的 

冻结是恰当行为。 

2.2.4 安全/因特网风险 

本行对客户或其代表由于以下原因发生的损失明确不负责任,这些原因 

包括:传输错误,传输失败,技术错误,超负荷,崩溃(包括但不限于 

系统维护),故障,干扰,非法入侵(例如黑客)以及蓄意的电信设备和 

网络阻塞(例如“邮件轰炸”、拒绝服务攻击等)或其他由电信或网络服 

务供应商引起的问题。客户清楚这样的事实:数据通过公开、一般而言 

是公共的网络(例如因特网)进行传输。因此,数据的传输是有规则的、 

不受控制的,并且即便发送人和接收人都居住在瑞士,数据还是会传到 

瑞士境外。即便数据进行了加密处理,但发送人和接收人不一定被加 

密,这可能导致第三方推断出发送人和接收人。本行不负责、不保证、 

不代表通过因特网传输的数据的正确性、准确性或完整性。即:无论是 

与账户有关的数据(交易确认、账户明细和账户余额等)还是公开信息 

(如股票报价或汇率)都是如此。 


9 / 14 | Page

The Client is particularly aware of the following Internet relied risks for 

which the Bank shall not be liable : 

+ Inadequate knowledge of the system and defective security measures 

can facilitate unauthorized access. Entirely on his/her own responsibility, 

the Client is under the obligation to inform himself/herself exactly of the 

necessary security measures. 

+ Internet providers may prepare user statistics and thus deduce from 

them that the Client has contacted the Bank. 

+ Particularly via the Internet and through the exchange of diskettes, it is 

also possible for computer viruses to reach the Client’s computer without 

being noticed. 

+ The use of computers that are not permanently used by the Client in 

person adds additional risks. The use and storage or any information 

including, without limitation, the password, the user ID, portfolio 

information, transaction activity, account balances and any other 

information or orders available on the Client’s personal computer is at the 

Client’s own risk and in his/her sole responsibility. 

+ Software and hardware should only be acquired from a trustworthy 

source. 

+ The Client expressly consents to correspondence being sent to him/her 

in electronic form. The Client is aware and accepts any consequences, 

losses and risks that could result from the transmission of information in 

electronic form. 

2.2.5 HARD – AND SOFTWARE 

The Client assumes responsibility for technical access to the Bank’s 

services. The Client is responsible for acquiring, installing and configuring 

hardware and software appropriate to set up connection/communication 

to/with the Bank’s online services (computer, modem, browser, etc.). 

Consequently, the Bank does not assume any responsibility for the access 

provider or for any foreign software and hardware that it has not provided 

itself. 

2.2.6 OUTSOURCING 

The Client is aware and agrees that the Bank may outsource and/or 

assign part(s) of its business areas within its own organization or, under its 

responsibility, with third parties, to provide services on an on-going basis, 

in particular but not limited to the areas of IT, administration or 

accounting. In the event of an outsourcing or assignment the Client will 

be informed accordingly. In this context, the Client is informed that the 

Bank has outsourced some of its IT activities to external professional 

providers. 

2.2.7 LICENSE GRANT AND RIGHT OF USE 

The Bank is supplying the Client with software for use of the Online 

Service. The Client may use the software solely for his/her own internal 

business purposes. Neither the software nor the Online Service may be 

used to provide third party training or as a service bureau for any third 

parties. The Client agrees to use the Online Service and the software 

strictly in accordance with the terms and conditions, as amended from 

time to time by the Bank. The Client also agrees to be bound by any 

rules, procedures and conditions established by the Bank concerning the 

use of the Online Service provided by the Bank. 

2.2.8 ACCESSES AND SECURITY 

The Online Service may be used to transmit, receive and confirm 

execution of orders, subject to prevailing market conditions and 

applicable rules and regulations. The Bank consents to Client’s access 

and use in reliance upon his/her having adopted procedures to prevent 

unauthorized access to and use of the Online Service, and in any event, 

the Client agrees to any financial liability for trades executed through the 

Online Service. The Client acknowledges, represents and warrants that : 

a) He/She has received a number, code or other sequence, which 

provides access to the Online Service (“the Password”). 

b) He/She is the sole and exclusive owner of the Password 

c) He/She is the sole and exclusive owner of any identification number or 

login number (the “Login”) and 

d) He/She accepts full responsibility for use and protection of the 

Password and the Login as well as for any transaction occurring in an 

account opened, held or accessed through the Login and/or Password. 



Regulations 

客户尤其清楚,本行对下列因特网风险概不负责: 

+ 对系统和安全防卫措施的认识不足,会导致未授权的侵入。完全出于 

对他/她自己负责,客户有义务让自己充分了解安全防卫措施。 

+ 因特网服务商可能会准备用户统计数据,通过该统计,可以推断出客 

户与本行有联系。 

+ 尤其是通过因特网或者是交换磁盘,客户电脑可能会在事先不知晓的 

情况下感染病毒。 

+ 如果电脑并非长期只有客户本人使用,将增加额外的风险。客户对于 

其个人电脑的使用、存储或其他任何信息,包括但不限于密码,应自己 

承担风险并自行负责。 

+ 软件和硬件应从安全的渠道获得。 

+ 客户明确同意可以与他/她以电子的方式通信。客户知道并接受以电 

子方式传输的任何信息。 

2.2.5 硬件和软件 

客户自己负责联接到本行服务的技术安装。客户应获取、安装和设置硬 

件/软件,使其能够正确的与本行在线服务(电脑、调制解调器、浏览器 

等)建立联接/实现通信。因此,本行并不负责提供联接,或国外软件以 

及客户所缺的硬件。 

2.2.6 外包 

客户清楚并同意,本行可能外包,或者将本组织内或职责内的部分业务 

领域指派给第三方,以提供先进的服务,尤其但不仅限于IT、管理或财 

务领域。如果出现外包和指派的情况,客户将收到本行的通知。在本协 

议中,客户被通知,本行将部分IT业务外包给专业的服务商。 

2.2.7 许可权和使用权 

本行向客户提供用于在线服务的软件。客户只能将其作为他/她自己内 

部业务的用途。软件和在线服务均不得提供给第三方培训之用,或作为 

第三方的服务部门。客户同意,将严格依照规则和条款使用在线服务和 

软件,本行将对此不时做出修订。客户还同意接受本行就使用其提供的 

在线服务而制订的任何规则、流程和条件的约束。 

2.2.8 访问和安全 

根据现行市场状况和适用规则和规定,在线服务可用于发送、接收委托 

和确认委托的执行。本行同意客户根据他/她已采用的流程访问和使 

用,以防止未授权的访问和使用在线服务,且在任何情况下,客户同意 

对通过在线服务完成的交易承担任何财务责任。客户承认、声明和保 

证: 

a) 他/她已收到一个号码、代码或其他序列号,以实现对在线服务的访 

问(“密码”); 

b) 他/她是该密码的唯一所有人; 

c) 他/她是任何识别号或登录号的唯一的所有人(“登录号”),以及 

d) 他/她对密码和登录号的使用和保护,以及通过该登录号和/或密码 

开立、持有或访问的账户中发生的任何交易承担全部责任。 


10 / 14 | Page

The Client accepts responsibility for the monitoring of his/her account(s). 

The Client will immediately notify the Bank in writing if he/she becomes 

aware of any of the following : 

a) Any loss, theft or unauthorized use of his/her Password(s), Login and/or 

account number(s); or 

b) Any failure by him/her to receive a message indicating that an order 

was received and/or executed; or 

c) Any failure by him/her to receive an accurate confirmation of an 

execution; or 

d) Any receipt of confirmation of an order and/or execution, which he/she 

did not place; or 

e) Any inaccurate information in his/her account balances, positions, or 

transaction history. 

2.2.9 RISK OF ONLINE TRADING 

The Client’s access to the Online Service, or any portion thereof, may be 

restricted or unavailable during periods of peak demands, extreme 

market volatility, systems upgrades or other reasons. The Bank makes no 

express or implied representations or warranties to the Client regarding 

the usability, condition or operation thereof. The Bank does not warrant 

that access to or use of the Online Service will be uninterrupted or error 

free or that the Online Service will meet any particular criteria of 

performance or quality. 

Under no circumstances including negligence, shall the Bank or anyone 

else involved in creating, producing, delivering or managing the Online 

Service be liable for any direct, indirect, incidental, special or 

consequential damages that result from the use of or inability to use the 

Online Service, or out of any breach of any warranty, including, without 

limitation, those for business interruption or loss of profits. 

The Client assumes full responsibility and risk of loss resulting from use of, 

or materials obtained through the Online Service. Neither the Bank, nor 

any of the Bank’s directors, officers, employees, agents, contractors, 

affiliates, third party vendors, facilities, information providers, licensors, 

exchanges, clearing organizations or other suppliers providing data, 

information, or services, warrant that the Online Service will be 

uninterrupted or error free; nor does the Bank make any warranty as to 

the results that may be obtained from the use of the Online Service or as 

to the timeliness, sequence, accuracy, completeness, reliability or content 

of any information, service, or transaction provided through the Online 

service. 

In the event that the Client’s access to the Online Service or any portion 

thereof, is restricted or unavailable, the Client agrees to use other means 

to place his/her orders or access information, such as calling the Bank. 

By placing an order through the Online Service, the Client acknowledges 

that his/her order may not be reviewed by a registered representative 

prior to execution. The Client agrees that the Bank is not liable to him/her 

for any losses, lost opportunities or increased commissions, which may 

result from his/her inability to use the Online Service to place orders or 

access information. 

2.2.10 MARKET DATE AND INFORMATION 

Neither the Bank nor any provider shall be liable in any way to the Client 

or to any other person for : 

a) Any inaccuracy, error or delay in, or omission of any such data, 

information or message or the transmission or delivery of any such data, 

information or message; or 

b) Any loss or damage arising from or occasioned by any such inaccuracy, 

error, delay, omission, non performance, interruption in any such data, 

information or message, due either to any negligent act or omission or to 

any event of “Force Majeure” or any other cause, whether or not within 

the Bank or any provider’s control. The Bank shall not be deemed to have 

received any order or communication transmitted electronically by the 

Client, until the Bank has actual knowledge of such order or 

communication. Additionally, if a client executed a trade at a price which 

at the time the trade was executed was wrong and/or delayed from the 

actual market price, then the Bank may cancel that trade from the Client’s 

account and the Bank shall remain harmless of any damages or costs 

arising thereof. 



Regulations 

客户负责对其账户进行监控。客户如果发现以下任何状况,应立即书面 

通知本行: 

a) 他/她的密码、登录码和/或账号的任何遗失、被盗或擅自使用;或 

b) 他/她未能收到表明委托单已收到和/或执行的任何讯息;或 

c) 他/她未能收到执行的任何正确确认;或 

d) 收到他/她未曾发出的委托和/或执行的任何确认; 

e) 在他/她的账户余额、头寸或交易记录中存在任何错误信息。 

2.2.9 在线交易风险 

客户对在线服务或其任何部分的访问可能会在高峰需求、极端的市场波 

动或系统升级期间或由于其他原因受到限制或无法完成。本行就其可 

用性、条件或操作未向客户做出任何明示或暗示的声明或保证。本行 

不保证在线服务的访问或使用将是不间断的或无差错的,或在线服务将 

满足任何特别的性能或质量标准。 

在任何情形下(包括疏忽),本行和创建、制作、提供或管理在线服务 

时涉及的任何其他人,均免于承担对由于使用或不能使用在线服务引起 

的任何直接、非直接、偶然、特别或间接损失,以及对任何违反承诺带 

来的损失,包括但不限于由于营业中断或利润损失。 

客户明确同意,将独自承担因使用在线服务或从在线服务中获取资料造 

成损失的责任和风险。本行或本行的任何董事、主管、雇员、代理人、 

承包商、关联人、第三方供应商、分支机构、信息提供商、许可人、交 

易所、清算机构,或提供数据以及信息或服务的其他供应商均不保证在 

线服务将是不间断的或无差错的;本行对使用在线服务可获得的结果或 

通过在线服务提供的任何信息、服务或交易的及时性、时序性、准确 

性、完整性、可靠性或内容亦不做出任何保证。 

在客户访问在线服务或其任何部分受到限制或无法实现时,客户同意采 

用其他方式发出他/她的委托单或访问信息,如拨打本行电话。 

通过利用在线服务发出委托单,客户承认,他/她的委托在执行前可能 

没有经过登记代表的审核。客户同意,本行对他/她由于无法使用在线 

服务发出委托或访问信息而可能导致的任何损失、丧失的机会或增加的 

佣金不承担任何责任。 

2.2.10 市场数据和信息 

本行及任何供应商均不以任何方式为以下情况向客户或任何其他人承担 

任何责任: 

a) 任何数据、信息或消息的任何偏差、误差或延迟或遗漏,或任何数 

据、信息或消息的传输或发送中的任何偏差、误差或延迟或遗漏;或 

b)由于任何疏忽行为或遗漏或任何不可抗力事件造成的任何该等数据、 

信息或消息的任何偏差、误差、延迟、遗漏、违约或中断而引起或产生 

的任何损失或损害,或本行在其已实际获知该委托或通知之前,收到的 

客户以电子方式传送的任何委托或通知。此外,如果客户按错误的和/ 

或滞后于实际市场价的价格完成一项交易,那么本行可从客户账户中取 

消交易,且本行应免于因之遭受任何损失或费用。 


11 / 14 | Page

2.2.11 REPRESENTATIONS 

The Client acknowledges that from time to time, and for any reason, the 

Online Service may not be operational or otherwise unavailable for his/ 

her use due to servicing, hardware malfunction, software defect, service 

or transmission interruption or other cause, and he/she agrees to hold the 

Bank and any provider harmless from liability of any damage which results 

from the unavailability of the Online Service. The Client acknowledges 

that he/she has alternative arrangements, which will remain in place for 

the transmission and execution of his/her orders, in the event, for any 

reason, circumstances prevent the transmission and execution of all, or 

any portion of his/her orders through the Online Service. 

The Client represents and warrants that he/she is fully authorized 

to enter into this type of online transactions and under no legal disability 

which prevents him/her from trading, and that he/she shall remain in 

compliance with all laws, rules and regulations applicable to his/her 

business. 

The Client agrees that he/she is familiar with and will abide by any rules or 

procedures adopted by the Bank and any provider in connection with use 

of the Online Service and he/she has provided necessary training in its 

use. The Client shall not (and shall not permit any third party) to copy, 

use, analyze, modify, decompile, disassemble,reverse engineer, translate 

or convert any software provided to him/her in connection with use of the 

Online Service or distribute the software or the Online Service to any 

other third party. 

3. ACCOUNT BALANCES / SCHEDULE OF FEES 

The Client has access to accounts balances and statements through the 

Online Service offered by the Bank. At its own discretion, the Bank may 

send account balances. Interest and commissions are net. Taxes, dues 

and other expenses are debited from Client’s account. The Bank shall be 

remunerated according to the schedule of fees as valid and altered by the 

Bank from time to time, particularly if the conditions prevailing on the 

money market are modified. It will so inform the Client by posting the 

respective information on its website, by circular or by any other 

appropriate means. 

II. SAFE CUSTODY REGULATION / II. 保管制度 

4. GENERAL RULES 

4.1 VALIDITY 

The present Regulations shall apply to the assets and other objects 

(hereinafter referred to as “assets”) entrusted to and accepted by the 

Bank for safe custody. In the case of special agreements or special 

custody accounts governed by special regulations, these shall apply in 

addition to the present Regulations. In the event of differences, the 

Regulations shall prevail. 

4.2 ACCEPTING ASSESTS 

In general, the Bank will accept : 

a) Monies on all kinds; 

b) Securities on all kinds, which are tradable on the banks system, for 

safekeeping in an open custody account; 

c) Money and capital market investments not evidenced in the form of 

securities, for book-entry and administration in an open custody account. 

Notwithstanding the foregoing, the Bank may in its sole discretion refuse 

to accept assets without further explanation. 

4.3 DUTY OF CARE 

The Bank undertakes to safeguard the assets it holds in safe custody with 

the same degree of care as it does with regard to its own assets. 

4.4 DELIVERY 

Provided both the specific period of notice and mandatory legal 

provisions are respected, the Client may request at any time that assets 

be delivered or made available to him/her. The customary periods of time 

required for such delivery shall apply. 



Regulations 

2.2.11 声明 

客户承认,在线服务可能会不时地由于任何原因不可使用,或由于维 

修、硬件故障、软件缺陷、服务或传输中断或其他原因不可供其使用, 

且他/她同意,本行和任何提供商将免于对由于其无法使用在线服务造 

成的任何损失承担责任。客户承认,在出现由于任何情况导致其不能通 

过在线服务传输和执行定单时,他/她有替代方案处理定单的传输和执 

行。 

客户声明和保证,他/她有完整的权利进行此类在线交易,且不存在任 

何法定能力的缺失妨碍他/她交易,而且,他/她将始终遵守其业务适用 

的一切法律、规则和规定。 

客户同意,他/她熟悉且将遵守本行和任何提供商就使用在线服务采用 

的任何规则或流程,而且,他/她已就其使用进行了必要的练习。客户 

不得(且不得允许任何第三方)在使用在线服务时,对向其提供的任何 

有关软件进行复制、应用、分析、修改、解码、反汇编、反向工程、编 

译或转换,或向任何其他第三方散布该软件或在线服务。 

3.账户余额/收费表 

客户可以从本行提供的在线服务中查询账户余额和详细清单。本行可单 

方面决定是否向客户发送余额查询。利息和佣金为净值。税、应付款和 

其他费用从客户的账户中扣除。本行将根据当时生效的收费表收取酬 

劳,收费表会不时更改,尤其是在货币市场环境改变的情况下。收费表 

的更改会通过网上公告、函件或其他合适的形式通知给客户。 

4. 一般规则 

4.1 法律效力 

此处的制度将适用于客户委托给银行、且银行接受进行保管的资产和其 

他物品(下文称“资产”)。如果还存在特别协议或特别制度管理的特别 

保管账户,这些只能作为本制度的补充。如果出现冲突,将以本制度为 

准。 

4.2 接受资产 

一般情况下,本行会接受: 

a) 各种货币资产; 

b)各种能在银行系统交易的有价证券,在未结算的保管账户中进行保 

管; 

c) 以有价证券以外形式存在的金融和资本市场投资,在未结算的保管 

账户中进行记账和管理。对于上述条款,本行拥有解释权。 

4.3 注意义务 

本行承诺给予其保管的资产与其自身资产同等程度的保护。 

4.4交付 

在同时遵守了具体通知期间和强制法律条款的情况下,客户可在任何时 

间要求交付资产或得到资产。此类交付所需时长将适用惯常标准。 


12 / 14 | Page

4.5 FORM OF SAFEKEEPING 

The Bank is expressly authorized to deposit the assets with an external 

custodian for the account of and at the risk of the Client. Unless instructed 

otherwise, the Bank is entitled to hold the assets with other assets of their 

kind, transfer them to a third party for safekeeping or hold them in 

collective depository. If the assets are held in collective depository in 

Switzerland, the Client shall have a right of co-ownership based on the 

relation between the value of the assets deposited by him/her and the 

total value of the collective depository. This does not apply to assets that 

must be held separate due to specific reasons. Assets held abroad shall 

be subject to the laws and established practices of the place where they 

are held. Assets in registered form are only registered in the name of the 

Client on his/her specific request. In such case, he or she accepts that his/ 

her name may be made known to any third party custodian. In cases 

where registering the assets in the Client’s name is not customary or 

possible, the Bank may register such assets in its own name or the name 

of a third party for the account of and at the risk of the Client. Assets 

redeemable by drawings may also be held in collective custody. Assets so 

redeemed shall be distributed among the clients by the Bank in a second 

drawing, using a method which guarantees all clients the same chance of 

being considered as in the first drawing. 

4.6 DEFERRED PRINTING OF CERTIFICATES 

If the physical issuance of certificates is deferred, for the period during 

which the assets are held in the Bank’s custody, the Bank is expressly 

authorized to : 

a) have the certificates in question cancelled upon their delivery into the 

custody account, 

b) carry out, during the period the assets are held in custody and for the 

account of the Client, the usual administration services and issue the 

requisite instructions to the issuer and/or obtain the necessary 

information, and 

c) request the printing of the certificates for the Client in case they are 

withdrawn from the account. 

4.7 ADMINISTRATION 

In the absence of any specific instructions from the Client, the Bank shall 

perform the customary administration services, such as collecting 

coupons and redeemable amounts, obtaining new coupon sheets, 

monitor drawings, calls, conversions and subscription rights, etc., and 

shall generally prompt the Client to make those arrangements which fall 

to him/her as specified hereafter. To proceed in such manner, the Bank 

will use the usual sources of information available to it as a basis. It will 

not, however, assume any responsibility for these activities. In cases the 

Bank is unable to administer individual assets in the customary manner it 

shall notify the Client thereof, using any appropriate means. 

In the case of registered shares not bearing coupons, administrative 

services shall only be performed if the address to which dividends and 

subscription rights are to be delivered is that of the Bank. In the absence 

of any instructions otherwise, the Client is responsible for making all 

arrangements in respect of the safeguarding of the rights accruing to the 

assets. In particular, these rights cover such aspects as the issuing of 

instructions for conversions, the exercising or purchase/sale of 

subscription rights as well as the exercising of conversion rights. If 

instructions are not received in due course, the Bank is authorized, but 

not obliged, to act as it deems appropriate. 

4.8 ACQUISITION OF ASSETS ON A FIDUCIARY BASIS 

Where it is not customary or possible to transfer ownership of assets to 

the Client, the Bank may acquire them or cause them to be acquired in 

either (i) its own name or (ii) the name of a third party and may exercise 

the rights arising from the assets acquired, or cause them to be exercised. 

Such transaction will, however, be executed for the account and at the 

risk of the Client. 



Regulations 

4.5保管形式 

本行获明确授权将客户账户资产存放在外部保管人处,并由客户在结算 

日结账,并承担其风险。除非另有指示,本行有权将这些资产与同类其 

他资产一起持有,将这些资产转交给第三方保管或集体存放。如果这些 

资产集体存放在瑞士,客户将享有基于其存放资产和集体存放资产总值 

之间关系的一个共有权。对于由于特殊原因必须分开持有的资产,本条 

不适用。在瑞士境外持有的资产将适用于持有地的法律和成规。以登记 

形式持有的资产只有在客户明确要求的情况下才会以其本人名字登记。 

此时,他/她认可其名字可能被任何第三方保管人知晓。若发生以客户 

名字登记不符惯例或不具可能性的情况,本行可将此类资产以自身或第 

三方的名义登记,客户在结算日结账并承担其风险。可支取赎回的资产 

也可通过集体保管持有。如此赎回的资产将由本行通过二次支取在客户 

中平分,使用一种方法保证所有客户都有同等机会被视为首次支取。 

4.6凭证打印延迟 

若实物凭证延迟发放,在客户资产由本行保管期间,本行被明确授权: 

a) 有问题的凭证会在其进入保管账户时予以取消, 

b) 在客户资产由本行保管并由客户在结算日结账期间,为客 

户的账户开展常规管理服务,向发行人发出必要的指示及/或获取必要 

的信息,以及 

c) 若凭证从账户取出,要求为客户打印凭证。 

4.7 管理 

若客户无特别指示,本行将提供惯常的管理服务,比如托收息票和可赎 

回资金,获取新息票单,监控取款、调用、转换和优惠认股权等,通常 

还将敦促客户进行今后他有义务实施的一些安排。在这种情况下,本行 

将使用获取信息的通常来源作为依据。本行不应对这些行为承担任何责 

任。如果本行不能以惯常的方式管理个别的资产,将通过任何适当的方 

式通知其客户。 

如果记名股票并没有息票时,只有股息和优惠认股权的发送地址是本行 

地址的情况下,本行才会提供管理服务。如果没有任何其他说明,客户 

应负责安排与维护其资产衍生的权益相关的所有工作。特别地,这些权 

益涵盖发布转换指令、行使或买/卖优惠认股权以及行使转换权等方 

面。如果本行没有及时收到指令,本行将有权但无义务,按照本行认为 

合适的方式进行操作。 

4.8基于信托资产的获得 

如果将资产的所有权转给客户既不符合惯例也不具可能性,本行可获得 

资产,或通过(i) 自己的名义或(ii)第三方的名义令其被获得,而且,将 

行使所获得资产带来的权利,或使其被行使。此类事务将针对账户进 

行,由客户承担风险。 


13 / 14 | Page

III. SPECIAL CLAUSES / III. 特别条款 

5. TERMINATION 

The Bank and the Client are entitled to terminate their relationship in 

writing at any time without further explanation. The termination also 

extinguishes the Client’s right to use the installations and software the 

Bank has made available. 

Upon or any time after termination, the Bank shall have the right (but shall 

not be obliged) to close out all or any part of any open transaction in 

effect at the date of termination and the terms of this agreement shall 

continue to bind both parties in relation to such transactions. 

In case of death, liquidation, bankruptcy of the Client or any other similar 

cause, the Bank may terminate the relation with immediate effect and 

without notice. The Bank shall then close the Client’s positions and keep 

the investments under custody until instructions are provided to the Bank 

by the competent authority. 

6. INDEMNITY AND LIMITATION OF LIABILITY 

The Client hereby agrees to indemnify the Bank and keep the Bank 

indemnified against all losses, expenses, costs (including legal costs), and 

liabilities whatsoever which arise, directly or indirectly, as a result of the 

Bank proper performance of its obligations, or the enforcement of its 

rights pursuant to these Conditions and Regulations, or by reason of any 

breach by the Client of any applicable conditions. 

These indemnities shall be in addition to any other right, indemnity or 

claim which the Bank may have under the general law and shall not be 

affected by any variation or limitation of these Conditions and 

Regulations. 

These indemnities shall survive termination of these Conditions and 

Regulations. 

7. MODIFICATION 

At any time, the Bank is entitled to alter the present Conditions and 

Regulations and the services offered. Such modification shall be reported 

to the Client by appropriate means and will be deemed accepted unless 

the Client submits a written objection within one month from the date of 

communication. 

8. RESERVATION OF LEGAL REGULATIONS 

Any existing or future legal and regulatory provisions in the field of 

banking services, data protection, money laundering, the operation and 

use of the Internet or any other regulation applicable in the frame of the 

services offered by the Bank remain reserved and shall apply to the 

provision of the Bank’s services as from the date when they come into 

effect and to the extent the present Conditions and Regulations do not 

provide otherwise. 

All transactions in the Client’s account shall be subject to the bylaws, 

constitution, rules, regulations, oversight, customs and usages of the 

exchange or market, and its clearing house, if any, on which such 

transactions are executed and/or cleared by the Bank or its agents, 

including but not limited to the Bank’s subsidiaries and affiliates. 

9. APPLICABLE LAW AND JURISDICTION 

These General Business Conditions and Safe Custody Regulations shall 

be governed by Swiss law. The place of performance and the place of 

jurisdiction for any proceedings whatsoever, including for the Client 

domiciled abroad, is NEUCHÂTEL, Switzerland. However, the Bank 

retains the right to file an action in the country of domicile of the Client or 

before any other competent court, in which case Swiss law will still apply. 



Regulations 

5. 协议终止 

本行和客户均有权以书面的方式终止合作关系,并不用进一步解释。终 

止同时意味着客户将失去使用本行此前提供的装置和软件的权利。 

在协议终止时或终止之后的任何时候,本行有权(但并无义务)了结部 

分或全部未平仓头寸,从协议终止当日生效。本协议的条款对于此类交 

易的双方依然具有约束力。 

如果客户死亡、清算、破产,或出现类似状况,本行可能会终止关系, 

立即生效且无需通知。本行届时会了结客户的头寸,并保管其财产,直 

到主管当局对本行发出指令。 

6. 补偿和责任范围 

对于本行在正确履行其责任和义务,或执行此条款和制度的权利时,或 

由于客户违背任何适用条款所直接或间接造成的任何所有损失、费用、 

成本(包括法律成本)和债务,客户于此同意给予本行以补偿。 

这些补偿,将作为本行在普通法所规定的其他权利、赔偿或要求之外的 

补充,并不会受到该等条款和制度更改和限制的影响。 

这些补偿在本条款和制度终止之后,依然有效。 

7. 修改 

本行有权在任何时候修改当前的条款和制度,以及其提供的服务,并通 

过适当的方式,将条款的更改通知给客户。除非客户在通信之日起的一 

个月之内,就此提出书面异议,否则将被视为接受修改。 

8. 法律规则的保留 

任何现有或未来的在银行服务、数据保护、反洗钱、操作和使用因特网 

领域的法律和规章条款,或任何其他在本行提供的服务框架内适用的规 

则,自生效之日起,只要当前条件和规则维持不变,就持续保留且适用 

于本行的服务提供。 

本行或其代理,包括但不限于本行的子公司和分支机构,在交易所或市 

场及其清算所(若有)执行及/或清算交易,客户账户的所有交易都应该遵 

从交易所或市场及其清算所(若有)的规章制度、章程、规定、规则、监 

察、习惯和用法。 

9. 适用法律和审判地 

本一般商业条款和安全保管制度将受到瑞士法律管辖。所有法律程序的 

审判地和管辖地(包括对于居住在国外的客户)均为瑞士的纽沙泰尔 

(NEUCHÂTEL)。但本行保留在客户的居住国或向任何其他有管辖 

权的法院提起诉讼的权利,这种情况下仍适用瑞士法律。 





14 / 14 | Page

INTRODUCTION / 介绍 

WHAT THIS DOCUMENT IS ABOUT 

1_ Since 1 February 1997, commercial trading in securities is governed by 

the Stock Exchange Act (Swiss Federal Act on Stock Exchanges and 

Securities Trading of 24 March 1995). The Act requires securities dealers 

to inform their clients about types of transaction and investments that 

may involve special risks. This brochure contains information about these 

risks. The term “securities dealer” is used in this brochure to mean your 

bank. 

SECURITIES AND THE RISKS INVOLVED 

2_ Securities are standardised certificates which are suitable for mass 

trading, as well as rights not represented by a certificate but with similar 

features (book-entry securities). They include equities, bonds, units of 

mutual funds and derivatives. They are offered to the public in a 

standardised form and denomination, or are sold to more than 20 clients. 

3_ Derivatives are financial instruments for which the price is derived 

either from assets (underlyings) such as equities, bonds, precious metals 

and other commodities; or from benchmark rates such as currencies, 

interest rates and indices; or from credit or catastrophe events. 

4_ An equity option, for example, derives its value from the “underlying” 

equity. In the following chapters, we will go on to look at different types 

of derivatives, including forwards, futures and structured products as well 

as options. 

5_ Securities, and especially derivatives, entail financial risks. Derivatives 

are financial instruments based on a separate underlying and are often 

composed of different elements, which sometimes makes them difficult to 

understand. This is particularly true for “exotic” options. This brochure 

explains these financial instruments and their associated risks. However, it 

is no substitute for the product descriptions provided by issuers and 

securities dealers. If you have any further questions, consult your 

securities dealer. 

6_ There are basically two types of financial instruments : those with 

limited risk and those with unlimited risk. The purchase of equities or 

options involves limited risk. At worst, you will lose the entire amount of 

your invested capital and not make a profit. 

7_ On the other hand, there are certain types of derivatives that can 

require an additional outlay of capital over and above the original 

investment. The obligation to make such margin payments can 

amount to many times the purchase price of the investment. Unlimited 

risk is particularly associated with : 

+ selling (writing) an uncovered call option, 

+ selling (writing) a put option or 

+ forwards and futures transactions. 

YOUR RIGHT TO INFORMATION 

8_ The Stock Exchange Act obliges securities dealers to inform their 

clients about the risks associated with a given type of transaction. 

9_ The obligation to inform is dependent of the client’s level of 

experience and specialist knowledge in the area concerned. Clients 

must be informed about transactions that entail higher levels of risk or 

have a complex risk profile, but not about the specific risks relating to 

individual transactions. 

LIMITS OF THE DUTY TO PROVIDE INFORMATION 

10_ If you are already familiar with the risks pertaining to a particular 

type of transaction, you may choose not to receive this information from 

your securities dealer. 

11_ Securities dealers are not obliged to inform you about normal risks. 

These are not covered in this brochure. Normal risks chiefly include: 

– The risks attached to conventional, widely used financial 

instruments, such as equities, bonds and collective investments (e.g. 

units in mutual funds) 

12_ For example, the debtor (issuer) can get into financial difficulties 

making him/her incapable of payment (credit and default risks). 


Special Risks in Securities Trading 

特别风险和证券交易 

本文件的内容 

1_自1997年2月1日开始,证券的商业交易受到股市交易法案管辖(1995 

年3月24日颁布关于股市和证券交易的瑞士联邦法案)。该法案要求证 

券交易商向其客户介绍可能出现特别风险的交易和投资的种类。 

本手册中的 “证券交易商” 即您的银行。 

证券和其中的风险 

2_证券证券是一种标准的文书,适用于大规模的交易,或以非文书形式 

出现的权力,但具有相同的特点(记账式证券)。其包括股票、债券、共 

同基金单位及衍生品。证券在向公众发行时,有标准的格式和名称,而 

且向超过20个以上的客户发售。 

3_衍生品是一种金融工具,其价格基于股票(标的)、债券、贵金属或其 

他商品;或货币、利率和指数等基准利率;或信用及灾难事件。 

4_以股票期权为例,其价格从“基本的”股票衍生而来。在接下来的章 

节中,我们将了解衍生品的不同种类,包括远期、期货和结构性产品及 

期权。 

5_证券,尤其是衍生品,具有金融风险。衍生品是基于独立的标的资产 

之上的金融工具,经常包括多个组成部分,令其很难理解。尤是“奇异 

型”期权。本手册将解释这些金融工具,以及其中的风险。不过,发行 

商和证券交易商提供的产品说明不可替代。如果您有进一步的疑问,请 

联系您的证券交易商。 

6_基本上有两种金融工具:有限风险的金融工具和无限风险的金融工 

具。购买股票和期权的风险是有限的。在最差的情况下,你会亏损掉你 

投资的所有资产,而且没有盈利。 

7_另一方面,有一些类型的衍生品,能够要求你额外付出比原始投资更 

多的资金。进行这些保证金交易,你承担的债务将是投资品购买价格的 

多倍。无限风险尤其存在于: 

+卖出(立权)无备兑看涨期权 

+卖出(立权)看跌期权,或 

+远期或期货交易 

您的了解情况权 

8_股市交易法案责成证券交易商告知其客户关于某一特定交易中所关联 

的风险。 

9_告知的职责将基于客户的市场经验水平以及相关领域的专业知识来决 

定。客户必须被告知,有些交易将带来更高的风险,或复杂的险,但不 

用被告知单项交易的具体风险。 

提供信息职责的限定 

10_如果您已经熟悉某一类型的交易的风险,您可以选择不从您的证券 

交易商处接收这些信息。 

11_证券交易商没有义务告知您普通风险。本手册中也没有提及普通风 

险。普通风险主要包括: 

- 普遍的、广泛应用的金融工具,例如股票、债券和集体投资(如共同 

基金的单位)中所附带的风险 

12_例如,债务人(发行商)可能会陷入财务困难,从而使他/她没有能力 

支付(信用和违约风险)。 

Introduction / 介绍 

1 / 18 | Page

Country risks 

13_ A country risk can arise if a country restricts securities trading, for 

instance by imposing economic sanctions or currency restrictions. 

Settlement risks 

14_ A settlement risk occurs when you have to pay the purchase price of 

a security in advance but do not actually receive the security until later. In 

this event, the risk is that you will pay the purchase price and receive the 

securities late or even not at all. 

Conversely, when you are obliged to deliver securities that you have 

sold, you may not simultaneously receive the purchase price from the 

buyer. Settlement risks mainly occur in emerging markets (see 209). 

Risks associated with custody of financial instruments 

15_ Financial instruments can be held either in your country or abroad. 

Generally, they are held where they are most often traded, and are 

governed by the regulations that apply there. 

If your securities dealer becomes insolvent, Swiss law stipulates that the 

financial instruments deposited with that dealer will not form part of their 

bankruptcy assets, but will be kept separate for your benefit. However, 

insolvency proceedings can delay the transfer of the financial instruments 

to you or another securities dealer. If a third-party custodian becomes 

insolvent, the law in many countries provides that the financial 

instruments deposited with that custodian by your securities dealer are 

also normally protected. In less advanced markets (see 196 ff.), however, 

financial instruments deposited with a third-party custodian in the 

country concerned may be included in the custodian’s bankruptcy assets. 

Liquidity risk 

16_ Liquidity risk is the risk that you will not always be able to obtain an 

appropriate price for your investment when you sell it. 

When certain securities and derivatives are impossible to sell, or can only 

be sold with difficulty and at a sharply reduced price,the market is said to 

be illiquid. Illiquidity risk occurs especially with shares in unlisted or 

poorly capitalised companies, investments with sales restrictions, and 

certain structured products. 

17_ The Stock Exchange Act does not require securities dealers to inform 

you about risks associated with investments in alternative 

(nontraditional) investments and emerging or developing markets. 

Given the significance of these types of investment, we nonetheless 

explain the risks typically encountered in these markets in Section Two 

of this brochure (see 196 ff. below). 

18_ This brochure does not deal with the issues of taxation or any other 

legal consequences pertaining to securities transactions (e.g.duties of 

disclosure). We advise you to look into these matters yourself or obtain 

professional advice. 

19_ Please read through this document carefully and consult your 

securities dealer if you have any questions. 




国家风险 

13_如果一个国家限制证券交易,例如严厉的经济制裁或外汇管制,此 

类情况下将出现国家风险。 

结算风险 

14_如果你不得不事先支付购买证券的资金,但最后并没有实际收到证 

券,这就构成结算风险。在这种情况下,风险在于你支付了购买证券的 

资金,最后你可能推迟收到或者并没有收到证券。 

相反的,你被责成交付你出售的证券,但与此同时你可能并没有收到买 

方支付的资金。结算风险可能会在新兴市场出现(见209)。 

金融工具保管中的相关风险 

15_金融工具可以保存在您所在国家,或者是国外。通常,金融工具保 

存在其交易最为频繁的地方,并由当地的法规管辖。 

如果您的证券交易商破产,根据瑞士法律的规定,您存放在该交易商处 

的金融工具,不会成为他们的破产资产的一部分,而是会作为您的利益 

单独保管。不过,破产程序可能会延迟您将金融工具转移给您或其他交 

易商的时间。如果第三方保管人破产,很多国家的法律规定,交易商 

存放在保管人处的您的金融工具,同样会正常的得到保护。不过,在一 

些欠发达的国家(见196ff),存放在该国第三方保管人处的金融工具, 

可能会被归入保管人的破产资产。 

流动性风险 

16_当您出售您的投资产品时,可能会难以获得一个合理的价格,这就 

是流动性风险。如果某种证券和衍生品不可能出售,或只能在大幅降价 

后艰难出售,这个市场称之为无流动性。无流动性通常发生在未上市或 

资本状况很差的企业的股票中,或是有销售限制的投资产品,以特定的 

结构性产品。 

17_股市交易法案并没有要求证券交易商告知您关于另类投资(非传统) 

和新兴或发展中市场的投资风险。考虑到这些交易的重要性,本手册还 

是在第二部分(见196ff)对这些市场的典型风险予以介绍。 

18_本手册不涉及税务问题,或其他法律后果(例如,披露的职责)。 

我们建议您自己查询相关信息,或寻求专业建议。 

19_请仔细阅读完本文件,如果有任何问题,咨询您的证券交易商。 

1. Section One / 第一部分 

2 / 18 | Page

TRANSATIONS INVOLVING SPECIAL RISKS / 包含特别风险的交易 

OPTION 

20_ As the buyer of an option, you have the right to buy a specified 

amount of an underlying asset (often simply referred to as the 

“underlying”) from the seller (call option) or sell it to the seller (put 

option) at a predefined price (strike price) up until a set time (expiration 

date). The price you pay for this right is called the premium. 

21_ As the seller (writer) of an option, you must sell the underlying to 

the buyer at the strike price (call option) or buy the underlying from him/ 

her at the strike price (put option) up until the expiration date, 

irrespective of the market value of the underlying asset at the time, if he/ 

she chooses to exercise the option. 

22_ The price of an option is closely linked to that of the underlying 

asset. Any change in the market value of the underlying asset will result 

in a greater change in the price of the option. This is termed the 

leverage effect. It means you participate disproportionately in any rise 

or fall in the market value of the underlying asset. 

23_ The commonest underlying assets for options are : 

– assets such as equities, bonds, precious metals and other commodities, 

– benchmark rates such as currencies, interest rates and indices, 

– derivatives and 

– any combination of the above. 

24_ “American-style” options can normally be exercised on any trading 

day up to the expiration date. 

25_ “European-style” options can only be exercised on the expiration 

date, in other words the date set out in the contract. This does not, 

however, normally affect their tradability on the secondary market (e.g. 

on a stock exchange). 

26_ Where a call option provides for physical settlement, you can 

require the seller of the option (writer) to deliver the underlying asset 

when you exercise the option. With a put option, the writer is obliged to 

buy the underlying asset from you. 

27_ If an option provides for cash settlement, you are only entitled to a 

sum of money corresponding to the difference between the strike price 

and the current market value of the underlying asset. 

28_ A call option is in the money if the current market value of the 

underlying asset is above the strike price. A put option is in the money if 

the current market value of the underlying asset is below the strike price. 

An option that is in the money is said to have an intrinsic value. 

29_ A call option is out of the money if the current market value of the 

underlying asset is below the strike price. A put option is out of the 

money if the current market value of the underlying asset is above the 

strike price. In this case, the option has no intrinsic value. 

30_ If the current market value of the underlying asset is the same as the 

strike price, the option is at the money. In this case, it has no intrinsic 

value. 

31_ The price of an option depends on its intrinsic value and on what is 

referred to as the time value. The latter depends on a variety of factors, 

including the remaining life of the option and the volatility of the 

underlying. The time value reflects the chance that the option will be in 

the money. It is higher for options with a long duration and a very volatile 

underlying and for options that are at the money. 

32_ Warrants are options in securitised form that are traded on an 

exchange or over the counter (OTC). 

33_ Exchange Traded Options are non-securitised, but are traded 

on an exchange. 




期权 

20_您有权利从卖方买入一定数额的标的资产(一般简称为“标的”),即 

看涨期权;或将其卖给卖方(看跌期权)。其中约定规定的时间(到期日) 

和预定的价格(执行价)。您为这个权利所支付的价格,称为期权金。 

21_作为期权的卖方(立权者),如果买方选择履行期权,无论当时标的的 

市场价格处于何种水平,直至到期日之前,您必须按照执行价将标的卖 

给买方(看涨期权),或按照执行价从他/她手中买入标的(看跌期权)。 

22_期权的价格与标的资产的价格密切相关。标的市场价值的任何改变, 

将导致期权价格出现更大幅度的改变。这是由于杠杆的作用。这意味 

着,标的市场价值的涨跌,与您参与的期权涨跌是不成比例的。 

23_期权的最常见标的是: 

- 股票、债券、贵金属,及其他商品等资产 

- 货币、利率和指数等基准率 

- 衍生品,以及 

- 上面各项的组合 

24_“美式期权”通常能够在到期日之前的任何交易日行权。 

25_“欧式期权”只能在到期日当日行权,也就是合约中约定的时间。不 

过,通常这并不会影响其在二级市场(例如在股票市场)的可交易性。 

26_如果一份看涨期权准备实物交割,你可以在行权时,要求期权的卖方 

(立权者)交割标的资产。在看跌期权中,立权者将被责成向你购买标的 

资产。 

27_如果一份期权准备现金交割,你只能获得该标的当时的市场价与执行 

价之间的差价现金。 

28_如果标的的当前市场价值高于执行价,看涨期权是实值期权。如果标 

的的当前市场价值低于执行价,看跌期权是实值期权。如果一份期权为 

实值期权,也就是说其有内在价值。 

29_如果标的的当前市场价值低于执行价,看涨期权是虚值期权。如果标 

的的当前市场价值高于执行价,看跌期权将是虚值期权。这种情下,该 

期权没有内在价值。 

30_如果标的的当前市场价值与执行价相同,该期权是等值期权,没有内 

在价值。 

31_一份期权的价格,取决于其内在价值,以及其时间价值。后者基于多 

种因素,包括期权的剩余时间,以及标的的波动性。时间价值反映出标 

的处于实值状态的机会。如果期权的周期很长,且标的的波动性很高, 

其价格会较高;等值期权的价格也较高。 

32_权证是证券形式的期权,可以在交易所或场外交易。 

33_交易所期权并非证券化,但在交易所内交易。 


3 / 18 | Page

34_ OTC (Over-the-Counter) options are neither securitised nortraded 

on-exchange. They are agreed directly off-exchange betweenthe seller 

and the buyer. If you wish to cancel (close out) an option of this type 

before the expiration date, you must make a corresponding offsetting 

trade with your counterparty. OTC options with precious metals and 

currencies as their underlying are offered publicly as standardised 

products. Tailor-made OTC options, by contrast, are specially created 

for individual investors. 

35_ If you sell an option, you have to deposit either an amount of the 

underlying asset or another form of collateral for the entire duration of 

the contract. The level of this collateral or margin is determined by the 

securities dealer. The exchange stipulates a minimum margin for traded 

options. 

36_ If the margin cover proves insufficient, the securities dealer can 

require you to provide additional collateral (via a margin call). 

37_ Generally speaking, if the market value of the underlying asset falls, 

so does the value of your call option. The value of your put option 

tends to fall if the underlying asset rises in value. Normally, the less your 

option is in the money, the larger the fall in the option’s value. In such 

cases, value reduction normally accelerates close to the expiration date. 

38_ The value of your call option can drop even when the value of the 

underlying remains un changed or rises. This can happen as the time 

value of your option falls or if supply and demand factors are 

unfavourable. Put options behave in precisely the opposite manner. 

39_ You must therefore be prepared for a potential loss in the value of 

your option, or for it to expire entirely without value. In such a scenario, 

you risk losing the whole of the premium you paid. 

40_ If, as writer of a call option, you already have a corresponding 

quantity of the underlying at your disposal, the call option is described 

as covered. If the current market value of the underlying exceeds the 

strike price, your opportunity to make a profit is lost since you must 

deliver the underlying to the buyer at the strike price, rather than selling 

the underlying at the (higher) market value. You must have the 

underlying assets freely available as long as it is possible to exercise the 

option, i.e. they may not, for example, be blocked by being pledged for 

other purposes. Otherwise, you are essentially subject to the same risks 

as when writing an uncovered call option (see 41 below). 

41_ If, as writer of a call option, you do not have a corresponding 

quantity of the underlying at your disposal, the call option is described 

as uncovered. In the case of options with physical settlement, your 

potential loss amounts to the price difference between the strike price 

paid by the buyer and the price you must pay to acquire the underlying 

assets concerned. Options with cash settlement can incur a loss 

amounting to the difference between the strike price and the market 

value of the underlying. 

42_ Since the market value of the underlying can move well above the 

strike price, your potential loss cannot be determined and is theoretically 

unlimited. 

43_ As far as American-style options in particular are concerned, you 

must also be prepared for the fact that the option may be exercised at a 

highly unfavourable time when the markets are against you. If you 

are then obliged to make physical settlement, it may be very expensive 

or even impossible to acquire the corresponding underlying assets. 

44_ You must be aware that your potential losses can be far greater than 

the value of the underlying assets you lodged as collateral (margin cover) 

either when entering into the contract or thereafter. 

45_ As the writer of a put option, you must be prepared for potentially 

substantial losses if the market value of the underlying falls below the 

strike price you have to pay the seller. Your potential loss corresponds to 

the difference between these two values. 

46_ As the writer of an American-style put option with physical 

settlement, you are obliged to accept the underlying assets at the strike 

price if the buyer exercises the option, even though it may be difficult or 

impossible to sell the assets and may well entail substantial losses. 




34_场外期权没有证券化,也不能在交易所交易。它们由买家和卖家在 

交易所外直接协议而成。如果你希望在到期日之前解除(了结)一份场外 

期权,你必须和你的对手做一笔相应的抵消交易。标的为贵金属和货币 

的场外交易,其标的公开发行且标准化。定制型场外期权则相反,专门 

为个别的投资者定制。 

35_如果你卖出一份期权,你必须在合约的整个期限内,存入一定数量 

的标的资产,或其他形式的担保品。担保品和保证金的水平由证券交易 

商决定。交易所规定了期权交易的最低保证金。 

36_如果保证金不足,证券交易商将要求你增加担保品(通过追加保证金 

通知)。 

37_通常情况下,如果标的资产的市场价值下降,你的看涨期权的价值 

也会下降。如果标的资产价值上升,你的看跌期权可能会下跌。一般来 

讲,你的期权实值越少,你的期权跌幅就越大。这种状况下,在接近到 

期日时,期权的价值通常会加速下跌。 

38_即便是在标的价值不变或上涨的情况下,你的看涨期权的价值也会 

下跌。这会在你的期权的时间价值下降或供需情况不利的时候发生。看 

跌期权也会在条件相反的时候,出现同样的状况。 

39_因此,你必须做好你的期权可能出现亏损的准备,或者是在毫无价 

值的情况下过期。在这种状况下,你可能会亏损掉此前支付的所有期权 

金。 

40_如果你是一份看涨期权的立权者,而且已经有相应数量的标的供您 

支配,该看涨期权为备兑。 

如果标的当前的市场价值超过执行价,您获利的机会将丧失,因为您必 

须按照执行价将标的交割给买方,而不是按照(更高的)市场价进行交 

割。您必须尽可能长期的拥有可随时获得的标的资产,因为可能需要履 

行期权。也就是说,也有可能不用履行,例如由于其他原因期权被禁止 

执行。此外,如果您立下一份无备兑的看涨期权,您也会面临同样的风 

险(见下面41)。 

41_如果作为一份看涨期权的立权者,您没有相应数量的标的供您支 

配,该看涨期权为无备兑。 

在这种情况下,如果出现实物交割,您的潜在亏损额将是买家按执行价 

支付给您的数额,与您为获取相关标的所支付的资金之间的差额。现金 

清算期权的亏损,及执行价与标的当时市场价之间的差额。 

42_由于标的的市场价值可能会很大幅度的超过执行价,因此您的潜在 

损失不可能固定,理论上是不受限制的。 

43_美式期权的投资者尤其要注意,您必须做好准备,可能会在一个非 

常不利的时间被要求履约。如果您被责成实物交割,标的可能会非常昂 

贵,甚至不可能获得。 

44_您必须知道,不论是开始合约或是后续发展,您的潜在损失可能远 

高于作为担保品的标的(保证金)的价值。 

45_作为看跌期权的立权者,如果标的的市场价值下降至您必须向卖家 

支付的执行价之下,您必须做好潜在亏损的准备。您潜在的损失,相当 

于两个价格之间的差值。 

46_作为美式看跌期权的立权者,如果期权买家要求行权,在实物交割 

时,您必须以执行价接受标的资产,即便是当时这些资产很难或不可能 

被售出,并由此带来极大的损失。 


4 / 18 | Page

47_ Your potential losses can be far greater than the value of any 

underlying assets you may have lodged as collateral (margin cover). You 

could in a worst case lose your entire capital invested. 

48_ With a covered option, you purchase an underlying asset (equity, 

bond or currency) and simultaneously write a call option on that same 

asset. In return, you are paid a premium, which limits your loss in the 

event of a fall in the market value of the underlying asset. By the same 

token, however, your potential return from any increase in the asset’s 

market value is limited to gains up to the option’s strike price. Traditional 

covered options require that the underlying asset be lodged as 

collateral, which makes you the covered writer. 

49_ Synthetic covered options are based on the idea of replicating 

traditional covered options. However, this is achieved by means of only 

one transaction. Both the purchase of the underlying asset and the writing 

of the call option are carried out synthetically using derivatives. The 

purchase price of such a product is identical to that of the underlying, less 

the premium received for the sale of the call option. Hence, the synthetic 

product is sold more cheaply than its underlying. 

50_ Covered options do not contain a hedge against falls in the 

market value of the underlying. However, by writing a call option 

(traditional covered option) or by calculating the return from the sale of a 

call option into the product price (synthetic covered option), any loss in 

market value of the underlying has less impact than it would in the case of 

a direct investment. In effect, the option premium thereby limits any loss 

in the market value of the underlying. 

51_ Either cash settlement or physical delivery of the underlying takes 

place on the expiration date. If the market value of the underlying on 

expiration is higher than the strike price, the holder of an option with cash 

settlement is paid a specified cash amount as settlement. 

52_ If, however, the market value of the underlying is lower than the strike 

price, the holder of an option with physical settlement receives physical 

delivery of the underlying asset. In this case, the option holder bears the 

full risk associated with the underlying. 

53_ If you acquire two or more options, based on the same underlying, 

which differ in either the option type (call or put), the quantity, the strike 

price, the expiration date or the type of position (long or short), this is 

referred to as an option strategy. 

54_ Given the large number of possible combinations, we cannot go into 

detail here about the risks involved in any particular case. Before entering 

into any such transaction, be sure to consult your securities dealer about 

the particular risks involved. 

55_ Unlike the “plain vanilla” put and call options described above, exotic 

options are linked to additional conditions and agreements. Exotic 

options come in the form of tailor-made OTC options or as warrants. 

56_ Given the special composition of exotic options, their price 

movements can vary markedly from those of their “plain vanilla”cousins. 

57_ You must be aware that larger transactions can trigger price 

movements even shortly before expiration and that these can render an 

option worthless. Before buying or selling any exotic options, be sure to 

seek comprehensive advice about the particular risks involved. 

58_ There is no limit to the possible structures for exotic options. We 

cannot describe in full here the risks involved in any particular case.The 

examples of exotic options listed below can be broadly divided into two 

categories : path-dependent options and options on more than one 

underlying. 

59_ Unlike “plain vanilla” options, for path-dependent options, it is not 

just when the option expires or is exercised that the market value of the 

underlying is important. You also need to take into account fluctuations in 

the market value of the underlying during the life of the option when 

contemplating such an investment. The following are examples of pathdependent 

options : 




47_您的潜在损失,可能会远高于作为担保品的标的资产(保证金)的价 

值。更糟的情况下,可能会亏损掉所有的投资资本。 

48_在备兑的期权中,您购买标的资产(股票、债券或货币),并同时对 

这些资产立下一份看涨期权。作为回报,您获得了期权金,令标的资产 

下跌时的损失受到限制。但这一做法,也让资产上涨的获利被限制在执 

行价水平。传统的备兑期权要求将标的资产作为担保品,让你成为备兑 

立权人。 

49_组合备兑期权基于对传统备兑期权的复制创立。不过,这只需要一 

笔交易就能完成。标的资产和看涨期权的立权,通过衍生的手法将两者 

组合推出。购买此类产品的价格与标的的价格相同,但卖出看涨期权时 

收取的期权金要少。因此,组合产品通常售价低于其标的。 

50_通常,备兑期权不包括对标的市场价值下降的对冲。不过,如果通 

过开立一个看涨期权(传统备兑期权),或将销售一个看涨期权的回报计 

算进产品价格之中,此时如果标的市场价格下跌,对投资者的影响比直 

接投资要小。事实上,期权金限制了标的市场价值的任何下跌。 

51_无论是现金结算还是实物交割,都在到期日进行。如果到期日标的 

的市场价值高于执行价,现金结算期权的持有人将收到结算后的资金。 

52_不过,如果标的的市场价值低于执行价,实物交割期权的持有人将 

收到标的的实物。这种情况下,期权持有人承担与标的相关的全部风 

险。 

53_如果您持有基于同一标的的两个或更多的期权,且这些期权种类(看 

涨或看跌)、数额、执行价、到期日或头寸种类(多头或空头)不同,这 

可以称之为期权策略。 

54_由于可组合的方式众多,我们不能在此列举所有特殊情况中包含的 

风险。在开始任何交易前,请确认向您的证券交易商咨询其中包含的特 

别风险。 

55_与上面的看涨和看跌的“普通式”期权不同,奇异式期权会附加额 

外的条款和协议。奇异式期权会以定制型场外期权或权证的方式出现。 

56_由于奇异式期权的组成独特,其价格走势与“普通式”期权有很大 

的不同。 

57_您必须知道,即便是在非常接近到期日之时,交易规模越大,引起 

的价格变动也会越大,这可以让一份期权变得毫无价值。在买入或卖出 

奇异式期权之前,请确认已经对其相关的特别风险有了全面的了解。 

58_奇异式期权没有结构的限制。我们不能全面的介绍任何特别案例中 

的相关风险。下面列举的奇异式期权案例,可以分为两大类:路径依赖 

型期权,以及超过一个标的的期权。 

59_与“普通式”期权不同,路径依赖型期权在到期和行权时,重要的 

并不是标的的市场价值。在投资此类期权时,您必须将标的在期权合约 

时间内的波动性考虑在其中。下面是路径依赖型期权的例子: 


5 / 18 | Page

Barrier options 

60_ Your exercise rights for knock-in barrier options only arise if the 

market value of the underlying reaches a fixed threshold (barrier) within a 

specified period. Exercise rights for knock-out barrier options expire if 

the market value of the underlying reaches the specified barrier during 

the given time period. 

61_ If this barrier is between the market value of the underlying at the 

time the option was entered into and its strike price, it is referred to as a 

kick-in/kick-out barrier option. 

62_ Double-Barrier options have both an upper and a lower barrier and 

may take the form of knock-in and knock-out barrier options. 

63_ When buying a barrier option, you must be aware that your exercise 

rights only arise when the market value of the underlying reaches the 

barrier (knock-in/kick-in option) or that they expire irrevocably when that 

barrier is reached (knock-out/kickout option). 

Payout options 

64_ The Payout options accord you the right to payment of a fixed 

samount agreed in advance. 

65_ In the case of a digital (otherwise known as “binary”) option, you 

receive payment if the market value of the underlying reaches a fixed 

value once during a specified time period (one-touch digital option) or 

precisely on the day of expiration (all-ornothing option). For the onetouch 

digital option, payment occurs either immediately the barrier is 

reached or on the date of expiration (lock-in option). 

66_ With lock-out options, you only receive the fixed payment if the 

market value of the underlying does not reach the agreed barrier during a 

specified time period. 

67_ If you sell a payout option you owe the fixed amount if the barrier is 

reached, regardless of whether or not the option is in the money when 

exercised or on the expiration date, or to what extent. This means that 

the amount you owe can be considerably larger than the option’s intrinsic 

value. 

Asian options 

68_ For Asian options, an average value is derived from the market value 

of the underlying over a specified time period. This average is used to 

determine the underlying’s value for an average-rate option and to 

calculate the strike price for an averagestrike option. 

69_ The calculation of an average value for the underlying in the case of 

the average-rate option can result in the value of the option on the 

expiration date being considerably lower for the buyer and considerably 

higher for the writer than the difference between the strike price and the 

current market value on expiry. 

70_ For an average-strike option, the average strike price of a call option 

can be considerably higher than the price originally set. For an equivalent 

put option, the strike price can similarly be lower than the price originally 

set. 

Lookback options 

71_ With a lookback option, the market value of the underlying is 

recorded periodically over a specified time period. 

72_ For a strike-lookback option the lowest value (call option) or the 

highest value (put option) of the underlying becomes the strike price. 

73_ The strike price remains unchanged for a price-lookback option, with 

the highest value (call option)/lowest value (put option) being used in 

calculating the option value of the underlying. 

74_ For lookback options, both the calculated strike price and the 

calculated value of the underlying can vary considerably from the market 

prices prevailing on the expiration date. If you sell an option of this type, 

you must be aware that it will always be exercised at the most 

unfavourable value for you. 




障碍期权 

60_如果标的的市场价值在特定的时间内,达到一个固定的关口(障 

碍),您可以行使触发生效期权权力。如果标的的市场价值在约定的时 

间段内,达到某一障碍,这时可以行使令该期权结束的触发失效权力。 

61_如果这个障碍处于期权签订时的标的市场价与执行价之间,则称其 

为触发生效/触发失效期权。 

62_双障碍期权具有上方和下方两个障碍,可以是触发生效,也可以是 

触发失效。 

63_在买入一份障碍期权时,您必须知道,只有标的的市场价格达到障 

碍才能行使权力(触发生效/触发生效期权),或一旦达到障碍就必须终 

止(触发失效/触发失效期权)。 

支付期权 

64_支付期权让您具备对事先约定的固定数目的资金的权力。 

65_在数字期权(也可称为“二元期权”)中,如果标的的市场价值在指 

定的时间段内(一次性数字期权),或正好在到期日当天(无关期权)达到 

约定值,您将可以获得款项。对于一次性数字期权,会在障碍触及后立 

即付款,或在期权到期当日付款(触发生效)。 

66_在触发失效期权中,如果标的的市场价值在规定的时间段内没有达 

到预定的水平,您只能收到此前约定的款项。 

67_如果您卖出一份支付期权,在障碍触及时您会获得约定数目的资 

金,不管期权在履约或到期时是否处于实值状态。这表明您获得的款 

项,可能会大于期权的内在价值。 

68_在亚洲期权中,会在特定时间段内的标的市场价格上形成平均值。 

该均值通常用来决定均价期权中的标的价值,以及计算平均执行价期权 

中的执行价。 

69_计算均价期权中的标的的平均价值,可能会造成到期日当天期权的 

价值与当日执行价与市价之间的差额相比,对于买家大幅下降,而对于 

立权者大幅上升的情况。 

70_对于平均执行价期权,一份看涨期权的平均执行价可能会大幅高于 

之前设定的价格。对于相同的看跌期权,执行价同样可能会大幅低于之 

前设定的价格。 

回望期权 

71_在回望期权中,将在特定的时间段内,定期记录标的的市场价值。 

72_对于执行价回望期权,标的的最低价格(看涨期权)或最高价格(看跌 

期权)将成为执行价。 

73_价格回望期权的执行价格不会改变,在计算标的的期权价值时,会 

采用其最高值(看涨期权)/最低值(看跌期权)。 

74_在回望期权中,计算得出的执行价和计算出的标的价值,可能与到 

期日当天的市场价格有很大的不同。如果您卖出一份此类期权,您必须 

知道,其将永远会在对您最不利的价格行权。 


6 / 18 | Page

Contingent options 

75_ When you buy a contingent option you must pay the premium only if 

the market value of the underlying reaches or exceeds the strike price 

during the life of the option (American-style option) or on the expiration 

date (European-style option). 

76_ You will have to pay the entire premium even if the option is only just 

at the money or just in the money. 

Cliquet and Ladder option 

77_ For cliquet options (also known as ratchet options), the strike price 

is modified for the following period, normally at regular intervals, in line 

with the market value of the underlying. Any intrinsic value of the option is 

locked in. All lock-ins arising over the entire life of the option are 

accumulated. 

78_ For ladder options, these modifications take place when the 

underlying reaches specified market prices, rather than at regular 

intervals. Normally, only the highest intrinsic value is locked in. In rare 

cases, all the intrinsic values recorded are added together. 

79_ If you sell a cliquet option, you are required on the expiration date to 

pay the buyer all the accumulated lock-ins in addition to any intrinsic 

value of the option. If you sell a ladder option you must pay the buyer the 

highest lock-in amount, which can be considerably higher than the 

option’s intrinsic value on the expiration date. Examples of options on 

more than one underlying are : 

Spread and outperformance options 

80_ Both spread and outperformance options are based on two 

underlyings. With a spread option, the absolute difference in movement 

between the two underlyings forms the basis for calculatings the option’s 

value. By contrast, the value of an outperformance option is based on 

the relative difference, i.e. the percentage outperformance of one 

underlying compared to the other. 

81_ Even if the underlying performs positively, the difference between 

the underlyings may be equal or lower in absolute as well as relative 

terms, thus having a negative impact on the value of the option. 

Compound options 

82_ The Compound options have an option as their underlying, i.e. they 

are options on options. 

83_ Compound options can have an especially large leverage effect. If 

you sell an option of this type, you can be faced with very substantial 

obligations. 

Credit default options 

84_ With a credit default option, a credit risk of the original risktaker (risk 

seller) is transferred to a third party (risk buyer), who receives a premium 

in return. If the defined credit event occurs, the risk buyer is obliged to 

effect a cash settlement or take on the non performing loan (or another 

delivery obligation) by way of physical settlement at a previously 

determined price. Credit default options are a form of credit derivatives. 

85_ The risk of chain reactions on the credit market is high and caneasily 

be underestimated. There is also the risk that lack of liquidity will lead to 

price distortions when volumes are low. This may mean that the 

investment can only be sold at a low price, longer term or even not at all. 

FORWARD AND FUTURES 

86_ With forwards and futures you undertake to deliver or take delivery 

of a defined quantity of an underlying on a specified expiration date at a 

price agreed on the contract date. Unlike with options, which (for the 

buyer at least) only give rise to rights, forwards and futures involve both 

parties entering into obligations. You do not have to pay a premium when 

the contract is concluded. 

87_ Forwards and futures can involve special risks. You should therefore 

only make investments of this type if you are familiar with this type of 

instrument, have sufficient liquid assets and are able to absorb any losses 

that may arise. 

88_ Futures are traded on an exchange. They take the form of contracts 

in which the quantity of the underlying and the expiration date are 

standardised. 




75_当您买入一份或然期权,您只有在标的的市场价值在期权有效期之 

内(美式期权)或在到期日当天(欧式期权)达到或超过执行价时,才必须 

支付期权金。 

76_即便是期权处于等值或实值状态,您也可能必须支付全部期权金。 

棘轮和阶梯期权 

77_棘轮期权,也称为棘齿期权,在期权开始后,通常以定期的方式, 

依据标的的市场价值修改执行价。期权的内在价值都会被锁定,在期权 

的整个周期中,所有的锁定收益都将累积。 

78_阶梯期权中,如果标的达到特定的市场价格,将对执行价进行修 

改,而不是定期修改。通常,只有最高的内在价值才会被锁定。只有在 

很少的情况下,所有的内在价值才会被叠加。 

79_如果您卖出一份棘轮期权,您将被要求在到期日向卖家支付期权的 

内在价值并加上所有的累积锁定价值。如果您卖出一份阶梯期权,您必 

须向买家支付最高的锁定数目,该数目可能远高于到期当日期权的内在 

价值。 

超过一个标的的期权例子: 

差价期权和对比期权 

80_差价期权和对比期权基于两个标的。在差价期权中,两种标的行情 

的绝对差,将作为计算期权价值的基础。于此不同的是,在对比期权 

中,其价值将基于相对差,也就是,一种标的与另外一种标的相比,超 

出的百分比。 

81_即便是标的表现良好,但两种标的之间的差额可能会是相同或出于 

绝对负值,或出于相对下跌,这就会对期权价值带来负面影响。 

82_混合期权将一份期权作为其标的,也就是,他们是期权中的期权。 

83_混合期权通常具有特别的杠杆效应。如果您卖出一份此类期权,可 

能会面对非常庞大的债务。 

信贷违约期权 

84_在一份信贷违约期权中,原有的风险承担者(风险卖家)的信贷风 

险,被转移至第三方(风险买家),后者将受到期权金作为回报。如果定 

义的信贷事件发生,风险买家将有责任展开现金清算,或以实物交割的 

方式,按照事先约定的价格,接收不良贷款(或其他债务)。信贷违约期 

权是一种信贷衍生品。 

85_信贷市场出现连锁反应的风险很高,且通常会被低估。同样,如果 

缺乏流动性会导致成交量低迷时期的价格失真。这可能意味着投资将会 

在较低的价格卖出,周期也会较长,甚至不能被卖出。 

远期和期货 

86_在远期和期货中,您承诺将依照合同上所约定的价格,在约定的到 

期日交割或接收事先约定数量的标的。与期权(至少对于买家)只赋予权 

力不同,远期和期货的双方都需要履行责任和义务。在签订合同时您不 

需要支付期权金。 

远期和期货 

87_远期和期货会带来特别风险。如果您已经对该投资工具熟悉、拥有 

足够的流动资产,以及能够承受其中的亏损,就可以进行该项投资。 

88_期货在交易所进行交易并以合同的方式存在,合同中有标准化的标 

的数目和到期日。 


7 / 18 | Page

89_ Forwards are not traded on an exchange; hence they are referred to 

as OTC (over-thecounter) forwards. Their specifications may also be 

standardised; otherwise they may be individually agreed between the 

buyer and seller. 

90_ The most common underlyings for forwards and futures are : 

– assets (equities, bonds, precious metals and other commodities), 

– benchmark rates such as currencies, interest rates and indices. 

91_ When you buy or sell (short) an underlying asset on the futures 

market, you must supply a specified initial margin when entering into the 

contract. This is usually a percentage of the total value of the contracted 

instruments. In addition, a variation margin is calculated periodically 

during the life of the contract. This corresponds to the book profit or loss 

arising from any change in value in the contract or underlying instrument. 

The way in which the variation margin is calculated will depend on the 

rules of the exchange concerned and/or the conditions of the contract. 

92_ As the investor, you are obliged to deposit the required initial and 

variation margin cover with the securities dealer for the entire life of the 

contract. 

93_ In the event of a book loss, the variation margin can be several times 

as large as the initial margin. 

94_ As the investor, you are entitled to close out the contract at anytime 

prior to the expiration date. How this is done depends on the type of 

contract or stock exchange practice. You either “sell” the contract or 

agree an offsetting trade with identical terms. Concluding such an 

offsetting trade means that the obligations to deliver and receive cancel 

one another out. 

95_ If you do not close out the contract prior to the expiration date, you 

and the counterparty must settle it. 

96_ If the underlying in your contract is a physical asset, settlement is 

achieved by physical delivery or a cash payment. Generally, the asset is 

physically delivered. Only in exceptional cases do the contract provisions 

or stock exchange practice call for cash settlement. All other fulfilment 

specifications, especially the definition of the place of fulfilment, can be 

found in the relevant contract provisions. 

97_ The difference between physical delivery and cash settlement is 

that with physical delivery, underlyings amounting to the entire 

contractual value must be delivered, whereas with cash settlement, only 

the difference between the agreed price and the market value on 

settlement needs to be paid. This means that you need more funds 

available for physical delivery than for cash settlement. 

98_ If the underlying in your contract is a reference rate or benchmark, 

fulfilment by physical delivery is not permitted (except for currencies). 

Instead, settlement is always in cash. 

99_ For forward sales, you must deliver the underlying at the price 

originally agreed even if its market value has since risen above the agreed 

price. In such a case, you risk losing the difference between these two 

amounts. 

100_ Theoretically, there is no limit to how far the market value of the 

underlying can rise. Hence, your potential losses are similarly unlimited 

and can substantially exceed the margin requirements. 

101_ For forward purchases, you must take delivery of the underlying at 

the price originally agreed even if its market value has since fallen below 

the agreed price. Your potential loss corresponds to the difference 

between these two values. Your maximum loss therefore corresponds to 

the originally agreed price. Potential losses can substantially exceed the 

margin requirements. 

102_ In order to limit price fluctuations, an exchange may set price limits 

for certain contracts. Find out what price limits are in place before 

effecting forward or futures transactions. This is important since closing 

out a contract can be much more difficult or even impossible if a price 

limit of this type is reached. 

103_ If you sell forward an underlying which you do not hold at the outset 

of the contract, this is referred to as a short sale. In this case, you risk 

having to acquire the underlying at an unfavourable market value in order 

to fulfil your obligation to effect delivery on the contract’s expiration date. 




89_远期不在交易所交易,因此称为场外远期。远期也是标准化的合 

同;不过会在买家和卖家之间单独达成协议。 

90_远期和期权的最常见标的包括: 

- 资产(股票、债券、贵金属和其他商品) 

- 基准率,例如货币、利率和指数 

91_当您在期货市场上买入或卖出(做空)一个标的资产,您必须在签订 

合同时提供一定数目的初始保证金。这通常是合同总额的一个百分比。 

另外,在合同的进行中将定期计算出价格变动保证金。 

这将与合同或标的工具价值变动带来的账面盈利或亏损相一致。价格变 

动保证金的计算方法,将由相关的交易所规则和/或合同的条款决定。 

92_作为投资者,在整个合同周期中,必须存入要求的初始保证金,并 

向证券交易商补足价格变动保证金。 

93_如果出现账面亏损,追加的价格变动保证金可能会是初始保证金的 

多倍。 

94_作为投资者,您有权在到期日之前的任何时候终止合同。具体怎么 

操作,取决于合同的种类,以及股票交易所的惯例。您可以“卖出”该 

合同,或以同样的方式做一笔冲销交易。签订一份冲销合同,表明交割 

和接收的责任和义务相互抵消了。 

95_如果您在到期日之前没有终止合同,您和对手将会进行结算。 

96_如果您合同中的标的是实物资产,结算可以通过实物交割或现金支 

付的方式进行。通常资产都是实物交割。只有在例外的情况下,会根据 

合同条款或交易所惯例,用现金结算。所有的其他细节,尤其是交割地 

点的约定,都能在相应的合同规定中找到。 

97_实物交割和现金结算的区别在于,在实物交割中,整个合同中约定 

所有标的数额都必须交割;在现金结算中,只需要支付合同约定价与当 

时市场价之间的差额即可。这意味着在实物交割交易中,您准备需要比 

现金结算交易更多的资金。 

98_如果合同的标的是参考率或基准物,实物交割不可能实现(货币除 

外)。因此,总是以现金的方式结算。 

99_对于远期销售,即便是市场价值上涨至协议价之上,您也必须按照 

之前约定的价格交割标的。在这种情况下,您面临亏损掉两者之间差额 

的风险。 

100_理论上,标的的市场价值会涨至何处是没有限制的。因此,您潜在 

的损失也是无限的,会远高于保证金的要求。 

101_在远期买入中,即便是市场价格下跌至协议价下方,您也必须按照 

之前约定的价格接收标的。您面临亏损掉两者之间差额的风险。您的最 

大亏损额将取决于之前的约定价。潜在的亏损会远超过保证金的要求。 

102_为了限制价格波动,交易所可能会针对某个合同设定价格限制。在 

远期和期货交易开始生效前,需要确认价格限制在何种水平。这非常重 

要,因为如果此类合同一旦达到限制的价格水平,终止该合同将非常困 

难,甚至不能终止。 

103_如果您卖出远期时,并未持有该标的,这称之为卖空。这种情况 

下,您可能会被不得不在很不利的市场价值下买入标的,以便在到期日 

能够完成交割的职责。 


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104_ The market for standardised OTC forwards is transparent and 

liquid. Hence, contracts can normally be closed out without difficulty. 

There is no actual market for OTC forwards agreed individually, and 

hence the positions they entail may only be closed out with the 

agreement of the counterparty. 

105_ Since combinations comprise a number of elements, closing out 

individual elements can considerably alter the risks inherent in the overall 

position. Before entering into any such transaction, be sure to consult 

your securities dealer about the particular risks involved. 

106_ Given the many possible combinations, we cannot go into detail in 

this brochure about the risks involved in any particular case. Before 

making a purchase, be sure to seek comprehensive advice about these 

risks. 

STRUCTURED PRODUCTS 

107_ Structured products are issued either publicly or privately. Their 

redemption value depends on the performance of one or more 

underlyings. They may have a fixed or unlimited term and consist of one 

or more components. 

108_ Here is a list of the common product categories, based on the 

categorisation model used by the Swiss Structured Products Association 

(SSPA) : 

– capital protection products (see 116 ff. below) 

– yield enhancement products (see 126 ff. below) 

– participation products (see 130 ff. below) 

– leverage products (see 135 ff. below) 

109_ Structured products may be listed for trading on an exchange, but 

do not have to be 

110_ The tradability of a structured product depends on whether the 

issuer or a market maker is prepared to make a price. Even if they are, 

liquidity risks can still arise. If the market is not liquid, you run the risk of 

having to either hold the financial instrument until the end of its term or 

sell it during the term at an unfavourable price. It can also be difficult or 

impossible to determine a fair price or even compare prices at all, as 

there is often only one market maker. 

111_ You bear the risk that the debtor of a structured product may 

become insolvent (issuer risk). The instrument’s value is therefore 

dependent not only on the performance of the underlying asset but also 

on the creditworthiness of the issuer, which may change over the term of 

the structured product. 

112_ Every structured product has its own risk profile, and the risks of its 

individual components may be reduced, eliminated or increased. In 

particular, it may profit to different degrees from rising, constant or falling 

market values of the underlying, depending on the product involved. 

113_ It is extremely important to find out exactly what the risks are before 

acquiring a product of this kind. This information can be found in, for 

example, the issue documents or the product description concerned. 

114_ Structured products are not categorised as collective investments 

under the Collective Investment Schemes Act (Federal Act on Collective 

Investment Schemes of 23 June 2006). Unlike with collective investments, 

the issuer is liable with his or her own assets (as is any guarantor, to the 

extent of a guarantee they have provided), and there is no backing from 

specially protected assets. You therefore need to bear in mind that in 

addition to a potential loss resulting from a decline in the market value of 

the underlyings (market risk), you may in the worst case lose your entire 

investment because the issuer or guarantor becomes insolvent (issuer or 

guarantor risk). 

115_ You do not normally have any entitlement to voting rights or 

dividends if you buy a structured product. 

CAPITAL PROTECTION PRODUCTS 

116_ Some structured products offer capital protection. The level of this 

protection is fixed by the issuer when the product is issued and indicates 

the percentage of the nominal value that will be repaid to the investor on 

expiration. However, capital protection generally only applies at the end 

of the term and may, depending on the product conditions, be (far) lower 

than 100% of the invested capital. 




104_标准化的场外远期市场是透明且流动的。因此,合同通常都会很容 

易终止。对于私下达成协议的场外远期市场,没有实际的交易场所,因 

此,投资者只能与协议的对手终止持有的头寸。 

105_由于包含的因素很多,终止其中一个因素,将改变整个头寸中的风 

险。在开始此类交易之前,确认向您的证券交易商咨询其中相关的特别 

风险。 

106_考虑到组合的种类繁多,我们不能在本手册中一一描述任意案例中 

的风险。在开始交易前,应当对这些风险寻求全面的指导。 

结构性产品 

107_结构性产品可以是公开发行,也可以使私下发行。其赎回价值取决 

于其一个或多个标的的表现。它们可能会有固定或无限制的期限,由一 

个或多个部分组成。 

108_下面是通常所见的产品分类列表,基于瑞士结构性产品协会的分类 

模型: 

- 资产保值型产品(见下面的116ff) 

- 收益增值型产品(见下面的126ff) 

- 参与型产品(见下面的130ff) 

- 杠杆型产品(见下面的135ff) 

109_结构性产品可以在交易所交易,但并不限制在交易所交易。 

110_一个结构性产品的可交易性,取决于其发行商或做市商是否准备定 

价。即便如此,流动性风险还是会上升。如果市场缺乏流动性,您可能 

面临要么将其持有到期限结束,或者是在期限中以不利的价格出售的风 

险。其合理价格甚至相对价格可能非常困难或不可能决定,因为通常只 

有一个做市商存在。 

111_您需要承担结构性产品的债务人破产的风险(发行商风险)。投资工 

具的价值因此不仅基于标的资产的表现,还取决于发行商的信誉度,后 

者会在结构性产品的周期内出现变化。 

112_每个结构性产品,都有其独特的风险,其单独组成部分的风险可能 

会减少、消失或增加。尤其是,根据产品的不同,对于标的市场价值的 

上涨、持稳或下跌,结构性产品会出现不同水平的盈利。 

113_在购买此类产品之前,了解其中的准确风险所在,是非常重要的。 

这些信息可以在诸如产品发行文件中的相关描述中找到。 

114_在集体投资安排法案(2006年23日颁布的关于集体投资的联邦法案) 

规定中,结构性产品并非分类在集体投资类别。与集体投资不同,发行 

商要对他/她自己的资产负责,并且没有特别保护资产的支持。您因此 

需要记住,除了标的市场价值下跌带来潜在损失外(市场风险),在最糟 

的情况下,可能会由于发行商或保证人破产而亏损掉所有的投资(发行 

商或保证人风险)。 

115_如果您购买一份结构性产品,通常没有投票和分红的权利。 

资产保值型产品 

116_有些结构性产品提供资产保值。发行商在发行产品时会约定保护的 

水平,并且给出到期时将支付给投资者的票面价值的百分比。不过,通 

常只会在期限结束时,才会提供资产保值,而且根据产品条款,有可能 

会 (远)低于投资资本的100%。 


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117_ Some structured products offer only conditional capital protection, 

which can be lost if the value touches, falls below or rises above a 

predefined threshold (barrier, knockout level). Repayment is then 

dependent on the performance of one or more underlyings. 

118_ Structured products with capital protection consist of two 

elements, such as a fixedincome investment (especially a bond or a 

money market investment) and an option. This combination enables the 

holder to participate in the performance of one or more underlyings (via 

the option or participation component) while at the same time limiting 

potential losses (via the fixed-income investment or capital protection 

component). The capital protection component may only cover a portion 

of the capital invested. 

119_ The capital protection component determines the minimum 

repayment you receive on expiration, regardless of how the participation 

component performs. 

120_ The capital protection is linked to the nominal value rather than the 

issue price or purchase price. Hence, if the issue/purchase price you pay 

exceeds the nominal value, only the nominal value is capital-protected. 

The protection of your capital outlay drops accordingly. If, however, the 

issue/purchase price is less than the nominal value, the protection of your 

capital outlay rises accordingly. 

121_ The capital protection component can be well under 100% of the 

capital invested, depending on the product. Capital protection does not 

therefore mean 100% repayment of nominal value or the purchase price 

for all products. Structured products with capital protection generally 

offer lower returns than direct investments in the underlying, as the 

capital protection costs money. 

122_ If you wish to sell a structured product with capital protection before 

it expires, you may receive less than the capital protection component as 

the capital protection only applies if you keep the product until the 

redemption date. 

123_ The participation component determines how you benefit from 

price movements in the underlying(s) when you buy a structured product. 

In other words, it fixes the level of your potential return over and above 

the capital protection component. Some structured products with capital 

protection offer only a limited potential participation (those with a cap); 

some (those without a cap) offer unlimited potential participation. Others 

require the market value of the underlying to touch, rise above or fall 

below a specific barrier before you can make a profit. 

124_ The risk on the participation component is the same as that on the 

corresponding option or combination of options. Depending on the 

movements in the market value of the underlyings, the participation 

component may therefore be zero. 

125_ Your maximum loss on a structured product with capital protection 

is limited to the difference between the purchase price and the capital 

protection, provided you continue to hold the product until expiration. 

You may also miss out on a profit due to the fact that full or partial 

repayment of the capital is guaranteed but no income (interest) is paid. 

Please be aware that there is also issuer risk (see 111). 

YIELD ENHANCEMENT PRODUCTS 

126_ Structured products with yield enhancement consist of two 

elements, such as a fixed-income investment and an option (mainly on 

equities or currencies), and possibly a currency swap. This combination 

enables you to participate in the performance of one or more underlyings 

(via the option component). However, these financial instruments offer no 

or only conditional capital protection. The interest that is paid means 

you receive a higher return than with a direct investment if the price of the 

underlying remains essentially unchanged. On the other hand, you will 

not benefit from the full potential return of the underlying. 

127_ If the market value of the underlying rises, you will receive the 

stipulated interest and the nominal value on expiration (equally, the 

product may provide for a discount on the issue price). If the market value 

of the underlying rises sharply, you could possibly have earned a higher 

return on a direct investment. However, if the market value of the 

underlying falls sharply, you will receive both the interest payment and 

the underlying on expiration (unless the product offered a discount on the 

issue price). 




117_有些结构性产品仅提供有条件限制的资产保值,如果价格触及、跌 

破或突破此前预定的关口(障碍、触发失效水平),这些保护将会消失。 

最终的赎回价格将取决于一个或多个标的的表现。 

118_资产保值型的结构性产品包括两个元素,例如固定收益投资(尤其 

是债券或货币市场投资)和一个期权。这种组合令持有者参与到一个或 

多个标的(通过期权或参与成份)的走势中,同时又限制了潜在的亏损 

(通过固定收益投资或资产保值成份)。资产保值成份可能只占到资本投 

资的一部分。 

119_资产保值成份决定您在到期日并不考虑参与成分时,收到的最低回 

报。 

120_资产保值与票面价值相关,而不是发行价或买入价。因此,如果您 

支付的发行价/买入价高于票面价值,只有票面价值是资产保值。此时 

您资本投资的保护减弱。但是如果发行价/买入价低于票面价,资本投 

资的保护将增加。 

121_根据产品不同,资产保值成份可能会大幅度低于投资资产的100%。 

资产保值并不意味着所有产品都有100%的票面价值或购买价值的回报。 

资产保值的结构性产品通常比直接投资标的的回报低,因为资产保值需 

要成本。 

122_如果您希望在到期日之前卖出资产保值型结构性产品,您的所得可 

能会低于资产保值成份,因为只有在保持产品直至期末的情况下,才会 

提供资产保值。 

123_当您购买一份结构性产品时,其中的参与成份决定您从标的价格行 

情中的获利情况。换句话说,这部分将决定超出资产保值成份的潜在回 

报的多少。有些资产保值型结构性产品只提供有限的潜在参与(有封 

顶);有些(没有封顶)怎提供无限的潜在参与。另外有些产品要求标的 

的价值达到、超过或跌破某一障碍,您才能获得利益。 

124_参与成份的风险,与相应的期权或期权组合相同。根据标的市场价 

值的行情,参与部分的收益可能为零。 

125_资产保值型结构性产品中,如果将产品持有至到期日,您的最大亏 

损将限制在买入价和资产保值的差价间。如果全部或部分资产的回报被 

担保但没有收入(利息),您可能会因此损失一些利益。请注意发行商风 

险(见111)。 

收益增值型产品 

126_收益增值型结构性产品由两个元素组成,例如固定收益投资和一个 

期权(主要是股票和货币),也可能是一个货币掉期。这个组合令您参与 

到一个或更多的标的走势中(通过期权成份)。不过,这些金融公布不提 

供,或仅仅有条件的提供资产保值。如果标的的价格保持不变,有利息 

支付表明您的回报将高于直接投资。另一方面,您也可能不能够完全享 

受标的的全部潜在回报。 

127_如果标的的市场价值上升,您将在到期日获得规定的利息,以及票 

面价值(同样的,产品可能会在发行价格给出折扣)。如果标的资产的市 

场价值大幅上涨,您可能会在直接投资中获得更多的回报。不过,如果 

标的的市场价值大幅下跌,您在到期日将会获得利息和标的(除非产品 

在发行价中给出折扣)。 


10 / 18 | Page

128_ Many products with yield enhancement refer to several underlyings. 

You as investor receive the security with the worst performance on 

expiration (either physically or in the form of cash) if the underlying 

touches, rises above or falls below a predefined barrier during the term of 

the financial instrument. If the performance of the underlying is negative, 

the financial instrument can trade some way below the issue price during 

its term even if the barrier is not touched, exceeded or undershot. The 

level of interest rate is directly related to the level of the barrier. The 

nearer the barrier is to the market price of the underlying on the day of 

issue, the higher the interest you receive will generally be, but the higher 

the risk that the barrier will be reached, and vice versa. 

129_ When you invest in a structured product with yield enhancement, 

you could in the worst case scenario lose the entire capital that you have 

invested. 

PARTICIPATION PRODUCTS 

130_ Structured products with participation enable you to participate 

in the performance of one or more underlyings. However, they offer no or 

only conditional capital protection. If the participation product offers 

conditional capital protection, the risk is smaller than with a direct 

investment provided the market value of the underlying does not reach a 

specific barrier (termed the “knock-out”). 

131_ If the market value of the underlying touches, rises above or falls 

below the barrier, you will lose the capital protection. 

132_ The risk of a structured product with participation is generally 

the same as that of the underlying. Unlike with a direct investment, 

however, you do not receive voting rights and you are not entitled to a 

dividend. You do, though, bear the credit risk of the product’s issuer 

133_ Many products with participation refer to several underlyings. You as 

investor receive the security with the worst (or sometimes best) 

performance on expiration (either physically or in the form of cash) if the 

market value of the underlying touches, rises above or falls below a 

predefined barrier during the term of the financial instrument. The 

financial instrument can trade some way below the issue price during its 

term even if the barrier is not touched, exceeded or undershot. Moreover, 

the level of participation is directly related to the level of the barrier. If 

you have a higher risk tolerance when selecting the barrier, you will enjoy 

a higher participation. 

134_ When you invest in a structured product with participation, you 

could in the worst case scenario lose the entire capital that you have 

invested. 

LEVERAGE PRODUCTS 

135_ Structured products with leverage enable you to achieve a 

leverage effect by investing less capital than you would have to if you 

invested directly in the underlying. This means you can benefit from shortterm 

trends. 

136_ Structured products with leverage are suitable for short-term 

speculation but also for strategically hedging a portfolio. 

137_ Because of the leverage effect, you need to carefully and regularly 

monitor the underlying, since structured products with leverage can 

experience a larger rise in profits but also a bigger loss than the 

underlying. 

138_ When you invest in a structured product with leverage, you could in 

the worst case lose the entire capital that you have invested. 

PRODUCTS USED FOR FINANCING OR RISK TRANSFER 

139_ The financial instruments discussed in this section have the same or 

similar profit and loss structures as certain conventional financial 

instruments (equities or bonds). 

140_ Such financial instruments may be listed for trading on an exchange, 

but do not have to be. 

141_ The risks associated with these products are not necessarily the 

same as those of the financial instruments they contain. It is therefore 

extremely important to find out exactly what the risks are before acquiring 

a product of this kind. This information can be found in, for example, the 

product description concerned. 




128_很多收益增值型产品对应多个标的。对于投资者来说,如果标的价 

格在金融工具的期限内触及、超过或跌破一个事先约定的障碍,您将在 

到期日收到表现最差的证券(实物或者是现金的形式)。如果标的的行情 

为下跌,金融工具可能在即便是障碍价格未触及的情况下,交易价格都 

低于发行价。利息的水平与障碍的水平直接相关。障碍价格距离标的在 

发行当日的市场价格越近,通常您收到的利息就越高,不过障碍被触及 

的风险也就越大。反之亦然。 

129_当您投资收益增值型结构性产品时,最糟糕的情况下,您可能会亏 

损掉所有的投资资产。 

参与型产品 

130_参与型结构性产品,让您参与到一个或多个标的的走势之中。不 

过,这些产品不会提供,或仅仅有条件的提供资产保值。如果一个参与 

型结构性产品有条件的提供资产保值,当标的的市场价值没有触及特定 

的障碍(触及失效)时,其风险小于直接投资。 

131_如果标的的市场价值触及、超过或跌破该障碍,您将失去资产保 

值。 

132_参与型结构性产品的风险,通常与标的相同。与直接投资不同的 

是,您没有投票权,也不能分红。同时,还要承担产品发行商的信用风 

险。 

133_很多参与型结构性产品对应多个标的。对于投资者来说,如果标的 

价格在金融工具的期限内触及、超过或跌破一个事先约定的障碍,您将 

在到期日收到表现最差的证券(实物或者是现金的形式)。金融工具可能 

在即便是障碍价格未触及的情况下,交易价格都低于发行价。此外,该 

类产品的利息水平与障碍水平直接相关。如果您在选择障碍时的风险容 

忍度越高,其参与性也会更高。 

134_在投资参与型结构性产品时,最糟的情况下您可能会亏损掉所有的 

投资资产。 

杠杆型产品 

135_杠杆型结构性产品可以带来杠杆效应,相比直接投资标的,会花费 

更少的资本。这意味着您可以从短期走势中获利。 

136_杠杆型结构性产品适合于短线投机,但不适合战略性的资产配置。 

137_由于杠杆效应,您必须谨慎,且定期关注标的,因为杠杆型结构性 

产品能将盈利放大,也能将标的的亏损放大。 

138_当投资杠杆型结构性产品时,最糟的情况下,您可能会亏损掉所有 

的投资资产。 

用作融资或风险转移的产品 

139_本部分讨论的金融工具,与某些常见的金融工具(股票或债券)有相 

同或类似的盈亏结构。 

140_此类金融工具可能会在交易所进行交易,但并非一定如此。 

141_这些产品所关联的风险,并非与其中所包含的金融工具的风险相 

同。在获取此类产品之前,一定要谨记了解其中所包含的确切风险。这 

些信息可以在诸如产品的相关描述说明中找到。 


11 / 18 | Page

142_ There are some products that are mainly used to transfer risks. 

These include credit and catastrophe derivatives. They are financial 

instruments where the “underlying” is an event such as a credit event 

(default of a loan or bond) or a natural disaster. Derivatives of this type 

can be used by the bearer of a risk to transfer it to others. Credit 

derivatives come in the form of swaps, options or hybrid financial 

instruments. 

143_ Credit and catastrophe derivatives involve a liquidity risk. Often 

such instruments cannot be sold before the end of their term, because 

there is no market for them. 

144_ Credit bonds securitise the risks and transfer them to third parties 

as credit-linked notes, collateralised debt obligations and assetbacked 

securities. As a result, the buyer takes on the risk associated with 

a loan portfolio. 

CREDIT-LINKED NOTES (CLN) 

145_ CLN are bonds whose redemption and interest payments depend 

on the performance of a specific underlying or benchmark portfolio (e.g. 

loan, bond). 

146_ Look closely at the creditworthiness of the debtor to which the CLN 

is linked, as the CLN can end up being valueless if a credit event occurs. 

There is an issuer risk, i.e. a credit risk of the issuing bank, just as with 

structured products. The secondary market for CLN is highly illiquid, and 

you should therefore assume that you will not be able to sell one before 

the end of its term. 

COLLATERALISED DEBT OBLIGATIONS (CDO) 

147_ CDO are bonds backed by a diversified debt portfolio (mostly loans, 

bonds or credit default swaps). They give you access to investments that 

are unattractive or even unattainable for individual investors. Since CDO 

are often divided up into a number of tranches with differing credit risks, 

you can decide what credit risk you wish to take on. If a debtor in the debt 

portfolio experiences a credit event, the equity-like tranches are affected 

first: they may be only partially redeemed, or not redeemed at all. If a 

number of debtors default, this affects the remaining tranches in order of 

creditworthiness, until finally the tranche with the highest credit rating 

(comparable to that of first-class bonds) may only be partially redeemed, 

or not redeemed at all. The value of a CDO is based primarily on the 

probability of a credit event affecting the individual companies in the 

portfolio. This probability of default is determined using statistical 

methods and on the basis of historical data, and can cease to be 

meaningful in extreme market conditions. 

148_ Before you invest in a CDO, you should also look at the track record 

of the manager in charge of it: he or she will receive a performance- 

related bonus and will often have a holding in the CDO him/herself. If the 

portfolio is not run by a manager (which is termed a “static” portfolio), its 

composition remains unchanged throughout its term. In this case you 

should pay special attention to the composition of the portfolio. 

149_ CDO typically have a term of several years. As there is generally no 

secondary market, you should assume that you will not be able to sell the 

CDO before the end of its term. 

ASSET-BACKED SECURITIES (ABS) 

150_ In ABSs, risks (such as a range of receivables) are grouped together 

and transferred to a special purpose vehicle (SPV). The SPV finances this 

transaction by issuing securities backed by a pool of assets or a portfolio. 

If the collateral is a mortgage, this kind of instrument is called a 

mortgage-backed security (MBS). The individual components of the 

portfolio would be unattractive or even unobtainable in this form for 

individual investors. However, the composition of the portfolio makes it 

possible to combine together and sell a range of assets and risks. By 

grouping together different types of credit risk, different risk profiles can 

be created. 

151_ Even if a pool or portfolio is created, lack of diversification can 

lead to a concentration of risk. 

152_ Credit bonds are often issued by particular types of offshore 

companies (SPV). In this event you should pay special attention to the 

issuer risk and the quality of government supervision of such SPVs 




142_有些产品主要用于转移风险,其中包括信用和灾难衍生品。这些金 

融工具的标的是一些事件,例如信用事件(贷款或债券违约)或自然灾 

害。 

持有者可以通过此类产品将风险转移至他人。信用衍生品以掉期、期权 

或混合金融工具的方式存在。 

143_信用和灾难衍生品会有流动性风险。通常,此类工具在到期前不可 

能卖出,因为不存在其交易市场。 

144_信用债券可以降低风险,并通过信用联系票据、担保债务凭证和资 

产支持证券的方式,将风险转移给第三方。其结果是,购买者承担一个 

债务资产的风险。 

信用联系票据 

145_信用联系票据是一种债券,其赎回和利息将取决于一个特定标的或 

基准投资品(例如贷款、债券)的走势。 

146_密切关注信用联系票据所联系的债务人的信用度,因为如果一旦发 

生信用事件,信用联系票据将变得毫无价值。这里有发行商风险,就是 

说,发行银行的信用风险,同时还有结构性产品的风险。信用联系票据 

的二级市场流动性很差,要做好到期前一笔都卖不出去的准备。 

担保债务凭证 

147_担保债务凭证是一种债券,由多种债务组合(大部分是贷款、债券 

或信用违约掉期)支持。通过该产品,您可以参与到一些没有吸引力甚 

至个人投资者不可能参与的投资中。根据信用风险的不同,担保债务凭 

证通常被划分为几个等级,您可以决定选择哪一个等级的信用风险。如 

果债务组合中的某个债权人陷入信用事件,“等同于股票”级别的债券 

将最先受到影响:它们可能只能部分赎回,甚至不能赎回。如果出现多 

个债权人违约,将会影响到其他的等级,直到最高信用级别(相当于最 

高等级的债券)的担保债务凭证只能被部分赎回,甚至不能赎回。一份 

担保债务凭证的价值,取决于信用事件影响投资组合中的单个企业的可 

能性。这种违约的可能性会通过统计模型和历史数据来决定,但在极端 

的市场情况下,这些模型和数据都可能失效。 

148_在投资一份担保债务凭证之前,您应该看下负责其业务的经理人的 

记录:他或她是否将会获得业绩奖金,他/她自己是否经常会持有此类 

产品。如果该产品并没有经理人管理(称为静态投资组合),其组成部分 

在整个期限内都不会改变。这种情况下,您需要更加注意投资组合的成 

分。 

149_担保债务凭证通常期限长达数年。因为通常不存在二级市场,您应 

做好在到期前都不能将其出售的准备。 

资产支持证券(ABS) 

150_在 ABS 中,风险(例如可接受的范围)被集合在一起,并转换为特 

别用途载体(SPV)。SPV通过发售受到资产池或资产组合支持的证券来完 

成融资。如果担保品是一个抵押品,这种工具被称为抵押支持证券 

(MBS)。投资组合中的任何单独成分可能会并不受欢迎或个人投资者根 

本不可能获得。不过,资产的组合令其能够合并,并销售一定范围的资 

产和风险。不同种类的信用风险集合,也会有造成不同的风险。 

151_即便是创造出资产池或者是资产组合,如果缺乏多样化,依然会造 

成集中的风险。 

152_信用债券通常由特定类型的离岸公司发行。在这种情况下,您需要 

尤其注意发行商的风险以及政府对此的管理尺度。 


12 / 18 | Page

ADDITIONAL INFORMATION / 附加信息 

ALETERNATIVE (NON-TRADITIONAL) INVESTMENTS 

153_ Alternative or non-traditional investments are investments that 

do not fall within the traditional asset classes, such as equities, bonds or 

money market products. They include a wide range of instruments and 

strategies. This section focuses on the classes that are most important in 

terms of risk information : 

– hedge funds (see 159 ff. below) 

– private equity (see 174 ff. below) 

– real estate (see 182 ff. below) 

– precious metals and other commodities (see 189 ff. below) 

154_ This list is not exhaustive and this brochure cannot point out all the 

risks and issues that need to be taken into account in connection with 

alternative or non-traditional investments. 

Be sure to obtain comprehensive advice before investing in alternative 

or non-traditional investments, and examine the offering carefully. 

155_ Instruments allowing for direct investment can make sense in terms 

of diversifying a portfolio (risk distribution) because their returns are less 

dependent on factors such as the performance of the markets and levels 

of interest rates than those of conventional investments. However, the 

minimum outlay required for direct investments is generally very high, and 

they are often not accessible to all investors. 

156_ To overcome these obstacles and avoid the risks of the large direct 

investments required, the financial sector has developed instruments for 

indirect investment. They include certificates, notes, investment funds, 

funds of funds, commodity futures and forward contracts. All these 

structures are based on one or more of the asset classes mentioned 

below. If you are interested in indirect investments, you need to bear in 

mind not just the risks of alternative investments as an asset class, but also 

the risks of the instrument concerned – the risks associated with 

structured products, for example. Please note that this section does not 

deal with the risks of structured products, forward contracts and futures, 

as these were discussed in the preceding sections (see “Forwards and 

Futures” and “Structured Products”). 

157_ Offshore investments are often structured as funds or partnerships 

(such as limited partnerships) and domiciled in countries where legislation 

and supervision can be weak – hence the name “offshore funds”. The 

Swiss financial supervisory authority does not permit the public 

distribution of such funds in Switzerland. 

158_ The legislation and supervision applying to offshore funds are much 

less strict than for traditional investments, which means that investors 

may enjoy less protection. They may find it difficult to enforce their 

rights, and problems and delays may occur when settling buy and sell 

orders for units of such funds. 

HEDGE FUNDS 

159_ Hedge funds are the best-known form of alternative or 

nontraditional investments. Despite what their name suggests, hedge 

funds do not necessarily have anything to do with hedging. Indeed, they 

take on sometimes very high levels of risk in order to obtain an aboveaverage 

return. Hedge funds include all forms of investment funds, 

investment companies and partnerships that use derivatives not just for 

hedging but also for investment, that are able to engage in short selling 

or take on significant leverage by borrowing. Other features typical of 

hedge funds include their freedom to choose their asset classes, markets 

(including emerging markets) and trading methods. Hedge funds 

normally require high minimum investments. 

They frequently offer only limited opportunities for subscription and 

redemption, with long notice periods. The portfolio managers of hedge 

funds receive performance-related bonuses and often hold a personal 

stake in the funds. 

Pay special attention to the following : 

160_– A hedge fund may be less transparent than a traditional 

investment fund, for example, as investors are not always informed 

about planned strategies and changes to them, or changes of portfolio 

manager. Hedge funds are also not subject to any disclosure 

requirements. 




另类(非传统)投资 

153_另类或非传统投资是股票、债券或货币市场等传统资产领域之外的 

投资。它们包括广泛的投资工具和策略。本部分将集中介绍最需要告知 

其风险的种类: 

- 对冲基金(见下面159ff) 

- 私募股权投资(见下面174ff) 

- 房地产(见下面182ff) 

- 贵金属和其他商品(见下面189ff) 

154_此处的列举不可能详尽,本手册也不可能指出所有与另类或非传统 

投资相关的需要考虑的风险和事项。 

在投资另类或非传统投资前,请获取期相关的详细信息,并仔细了解产 

品。 

155_通过多样化的资产组合(分散风险)的直接投资很有意义,与传统投 

资相比,其对于市场的走势和利息等因素的依赖性更小。不过,通常直 

接投资的最低费用通常都比较高,并且不是所有的投资者都能参与。 

156_为了解决大型直接投资中的这些障碍并规避风险,金融市场发展出 

了间接投资工具。它们包括凭证、票据、投资基金、基金中的基金、商 

品期货和远期合约。所有的这些结构性产品都基于一个或多个下面提及 

的资产种类。如果您对间接投资有兴趣,您需要记住,间接投资不仅存 

在作为资产种类的风险,而且还有投资工具相关的风险——例如与结构 

性产品相关的风险。请注意,本部分并不会讲解结构性产品、远期合约 

和期货的风险,因为已经在前一部分予以介绍(“远期和期货”以 

及“结构性产品”)。 

157_离岸投资通常以基金或合伙人(例如有限合伙人)的方式构成,并运 

行在立法和监管都薄弱的国家——因此得名“离岸基金”。瑞士金融监 

管局不允许瑞士公开发行此类基金。 

158_与传统投资相比,离岸基金所所适用的法律和监管都非常低,这意 

味着投资者可能享有更低的保护。他们可能会发现很难行使其权利,在 

结算此类基金单位的买卖定单时,可能会出现问题和延误。 

对冲基金 

159_对冲基金是另类或非传统投资中最知名的形式。尽管它们称为对冲 

基金,但没有必要与对冲有任何关系。事实上,为了达到超越平均回报 

的目的,他们会承担极高的风险。对冲基金包括所有类型的投资基金、 

投资公司和合伙人公司,这些公司将衍生品不仅用于对冲,而且还会对 

其投资,进行做空或使用非常高的杠杆。对冲基金的其他典型特点是, 

它们可自由的选择资产种类、市场(包括新兴市场)和交易方式。对冲基 

金通常有较高的最低投资额。 

他们通常不会提供很多的加入和赎回的机会,通知期也会很长。对冲基 

金的资产管理人会受到业绩相关的分红,并通常会个人持有基金的股 

份。 

请特别注意下面几点: 

160_对冲基金的透明度可能低于传统投资基金,例如,投资者通常不会 

被告知投资计划和计划的更改,或投资经理人的更改。对冲基金也不遵 

从任何披露要求。 

2. Section Two / 第二部分 

13 / 18 | Page

161_– Unlike traditional collective investments, hedge funds have limited 

liquidity (units may generally only be redeemed once a month, 

quarterly or annually). Normally, investors can only invest in a hedge fund 

at specific times. There are generally long notice periods for redemptions 

and long lock-up periods (periods during which investors are obliged to 

leave their capital in the fund). 

162_– Delays may occur, and unfavourable prices may result, when settling 

buy and sell orders for hedge fund units. There is no guarantee that 

investors will be able to enforce their rights. 

163_ Investors invest in funds of hedge funds or multi-manager hedge 

funds in order to reduce risk. These funds invest their capital in a number 

of hedge funds and spread it across a range of hedge fund managers that 

cover different investment styles, markets and instruments. There are also 

structured products that you can use to invest in hedge funds or hedge 

fund indices. 

164_ The main hedge fund strategies seen on the market are as follows : 

Equity hedge (“long”, “short”) 

165_Equity hedge funds identify undervalued (buy or long position) and 

overvalued (short selling or short position) equities in specific regions or 

market segments and attempt to make profits in the belief that sooner or 

later these positions can be closed out at a profit. 

Arbitrage strategies 

166_ Arbitrage strategies identify price differences between identical or 

similar investments in different markets and try to exploit them. Such 

strategies include equity-market neutral, fixed-income arbitrage, 

convertible-bond arbitrage and mortgage-backedsecurities arbitrage. 

Event-driven 

167_ Managers that pursue this kind of strategy try to make a profit from 

events such as upcoming changes in a company (mergers, takeovers, 

restructurings, turnarounds, etc.). Examples of such strategies are merger 

arbitrage, distressed securities and special situations. 

Global macro 

168_ Hedge funds that pursue global macro strategies attempt to identify 

macro-economic developments such as changes in interest or exchange 

rates at an early stage and exploit them for profit. This category includes 

growth funds and emerging market funds. 

Managed futures 

169_ This type of hedge fund deals in futures (standardised, exchange- 

listed contracts) on financial instruments, currencies and commodities. 

170_ Generally speaking, hedge fund managers do not need to be 

licensed by an authority and are largely unregulated. In particular, hedge 

funds are not subject to the numerous investor protection regulations that 

apply to authorised collective investments. These include rules on liquidity, 

redemption of fund units at any time, avoiding conflicts of interest, fair 

prices for fund units, disclosure and limitations on borrowing. 

171_ Since these rules do not apply to hedge funds, they can use much 

more leverage than traditional authorised funds, and engage in complex 

investment transactions that are not permitted for traditional collective 

investments. A hedge fund is allowed to adopt aggressive strategies 

including the widespread use of short selling, leverage, swaps, arbitrage, 

derivatives and programme trading. Their investment strategies are often 

highly complex and very intransparent. You will often receive little or no 

information about changes of strategy that may lead to a significant 

increase in risk, or receive such information only at a late stage. 

172_ As part of their investment strategy, hedge funds can also use 

derivatives such as futures, options and swaps that may be listed for 

trading on an exchange but do not have to be. These instruments may be 

subject to significant price volatility, resulting in a high risk of loss for the 

fund. The low margins typically required to build up a position in such 

instruments mean that high levels of borrowing can be used. Depending 

on the instrument, a relatively small change in the price of the contract can 

therefore lead to a large profit or loss in comparison with the capital 

lodged as collateral and hence to further, unforeseeable losses that can 

exceed any margin cover. 




161_与传统的集资投资不同,对冲基金流动性有限(份额只能每月/每季 

度/每年赎回一次)。通常,投资者只能在特定的时间投资对冲基金。一 

般来说,赎回的通知期会很长,封闭期(投资者必须将其资产放在基金 

的时期)也会很长。 

162_在进行对冲基金单位的买卖结算时,可能出现延迟或不利价格的情 

况。不能保证投资者能够行使其权利。 

163_投资者可以投资基金中的基金或多经理人对冲基金,以减少风险。 

这些基金将其资产投资于多个对冲基金,并将其分散于多个对冲基金经 

理人,覆盖不同的投资风格、市场和工具。市场上有一些可以让您投资 

于对冲基金或对冲基金指数的结构性产品。 

164_市场上常见的主要对冲基金策略有: 

股票对冲(“做多”,“做空”) 

165_股市对冲基金会辨别特定地区或市场被低估(买入或建立多头)和被 

高估(卖空或建立空头)的股票,并相信这些头寸迟早会在获利的情况下 

顺利出场。 

套利策略 

166_套利策略被辨别不同市场的相同或类似的投资品的价格差,并试图 

对其加以利用。该策略包括股市中性、固定收益套利、可转债套利和抵 

押支持证券套利。 

事件驱动 

167_追求这种策略的经理人会试图从一些事件中获利,例如企业即将发 

生的改变(合并、收购、重组、转型等)。这种策略的例子包括合并套 

利、危难证券和特殊情形等。 

全球宏观 

168_采用全球宏观策略的对冲基金,会尝试辨别宏观经济发展的初级阶 

段,例如利率或汇率的改变,并对其加以利用。这部分包括成长基金和 

新兴市场基金。 

管理期货 

169_此类对冲基金针对金融工具、货币和商品的期货(标准化、交易所 

合约)。 

170_通常来说,对冲基金并不需要任何主管机构颁发执照,很大程度上 

不受监管。尤其是,对冲基金不用遵从那些适用于授权的集资投资的投 

资者保护法规。该等法规包括流动性、可在任何时候赎回基金单位、借 

入时的披露和限制等。 

171_由于这些法规并不适用于对冲基金,它们能够使用比传统认可的基 

金更高的杠杆,并参与到传统的集资投资不允许的复杂投资交易中。对 

冲基金可以适用激进的策略,包括广泛使用卖空、杠杆、掉期、套利、 

衍生品和程序交易。它们的投资策略经常非常复杂并且不透明。您可能 

经常很少收到或不会收到关于策略更改的信息,这些策略会带来极高的 

风险,或许您只会在最后的阶段收到有关的信息。 

172_作为其投资策略的一部分,对冲基金同样会使用期货、期权和掉期 

等交易所上市的衍生品,但它们不需要一定如此。这些工具可能具有极 

大的波动性,造成基金亏损的高风险。这些工具通常在建立头寸时只需 

要较低的保证金,这意味着在借入时使用了高杠杆。根据工具的不同, 

合同价格相对来说较小的变化,可能会造成高于担保资产的盈利或亏 

损,因此进一步和不可预见的亏损可能会超过任何补足的保证金。 


14 / 18 | Page

173_ Investment vehicles that are not listed on an exchange also 

involve further risks as there is neither an exchange nor a secondary 

market where units can be sold or open positions closed out. It may be 

impossible to unwind an existing position or determine the value or risk of 

a position. If a hedge fund sells uncovered options on securities, it may 

be exposing itself to an unlimited risk of loss. 

PRIVATE EQUITY 

174_ Private equity is a form of risk capital financing for companies that 

either are not exchange-listed or – occasionally – wish to delist. 

Investments are usually made at an early stage in a company’s 

development, when its chances of success are uncertain and the risks are 

therefore high. 

175_ Where private equity flows into young companies (start-ups) or small 

companies with growth potential that are at an early stage in their 

development, the term venture capital is also used. Private equity now 

also extends to risk capital made available to a company immediately 

before it goes public (late-stage financing, mezzanine financing). 

Normally the financing is constructed in such a way that the proceeds of 

the initial public offering are used to wholly or partially redeem the 

holdings of the shareholder entrepreneurs. If a change of ownership is 

financed, for example a delisting, the term “buyout” is customarily used. 

176_ The success of a private equity investment depends on the correct 

timing of the “exit” or sale and – especially with indirect investments via a 

fund, for example – on the quality of the private equity manager. The exit 

can be effected by going public (initial public offering or IPO), a sale to 

another company (trade sale) or to another private equity fund (secondary 

sale), or a management buyout. The choice of solution will depend largely 

on the market conditions prevailing at the time. How easy or difficult the 

exit phase is, and whether the proceeds meet expectations, will depend 

on factors such as the performance of the equity markets. 

177_ Private equity investments are not regulated compared to equities 

listed for trading on an exchange. This means that investors may be 

exposed to more risks, for example due to lack of transparency (e.g. 

limited access to financial statements, lack of publication). 

178_ Private equity investments involve considerable risks and can lead to 

substantial losses. They are based on a long-term approach and are much 

less liquid than exchangelisted equities. Normally, private equity 

investments cannot be sold until some years after the original investment. 

You should be aware that your capital will be tied up, either completely or 

with access subject to restrictions, for a long time. No distributions are 

made prior to exit from investments. You do not normally have any 

entitlement to exit early. Companies that are potential candidates for 

private equity investments may have high levels of borrowing and 

therefore be more sensitive than established companies to negative 

market developments such as rising interest rates. There is also a greater 

danger of the company becoming insolvent and going bankrupt than with 

listed companies. 

179_ It is not unusual for further calls for capital to be made at short 

notice after the initial investment. If you fail to comply with such a 

demand, you may lose all the capital you have invested up to that time. 

180_ A change of management in a young company where the 

personality of the individuals occupying key functions is a particularly 

important factor can have a highly detrimental effect on a private equity 

investment. 

181_ With indirect investments, there is no guarantee that the manager 

of a private equity fund will be able to make investments and generate 

profits that fulfil the expectations for this form of investment. The abilities 

of the private equity manager are therefore crucial to the success of an 

indirect investment. 

REAL ESTATE 

182_ Investments in real estate can be made directly or indirectly. Real 

estate comprises office buildings, retail and industrial premises, 

residential property and special real estate (such as hotels or hospitals). 

The variables that determine the value of a property are its location, 

construction, equipment fittings and the variety of ways in which it can be 

used. 

183_ A direct investment involves actually buying property. This will 

usually require a high capital outlay, a long term investment horizon, indepth 

knowledge of the sector, familiarity with the location and often 

personal involvement, as property needs to be professionally managed. 




173_投资于没有在交易所上市的投资载体,同样会有更高的风险,因为 

没有一个交易所或二级市场可供出售或冲销敞口头寸。可能根本没有可 

能解除一份已存在的头寸,或判断一个头寸的价值或风险。如果一个对 

冲基金卖出未备兑的证券期权,可能会将其置于无限亏损的风险。 

私募股份投资 

174_私募股份投资是一种对未上市或准备上市的企业的风险资本投资。 

投资通常发生在企业发展的初级阶段,此时企业成功与否还不能确定, 

风险也较高。 

175_如果私募股权资金进入新建企业或具有成长潜力的小企业,也可称 

其为风险投资。私募股权投资现在已经发展为企业可以在上市前(晚期 

投资,夹层投资)随时可以获得的风险资本。融资的通常方式为,首次 

公开发行的收益,将部分或全部用于返回企业股东的财产。如果所有权 

发生改变,例如从董事中除名,这时就会出现“管理者收购”。 

176_私募股权投资的成功与否,取决于在正确的时机“退出”或卖出 

——例如尤其是通过基金的间接投资,——即取决于私募股权资金的运 

作人。退出可能受到上市(首次公开募发,IPO)、出售给其他企业或出 

售给其他私募股权基金(二次销售),或管理者收购的影响。解决方式的 

选择将很大程度上取决于当时的市场条件。退出的难易程度,以及是否 

能达到预期,将依赖于例如股市的走势等因素。 

177_与交易所上市股票相比,私募股权投资不受监管。这表明投资者可 

能暴露在更多的风险中,例如透明度不足(比如进入财务决算受到限 

制,披露信息不足)。 

178_私人股权投资包括很多的风险,并可能造成极大的亏损。该投资周 

期长,其流动性低于交易所上市的股票。通常,私人股权投资在最初的 

投资数年之后才会被售出。您应该知道,您的资产将在很长的期限内被 

完全占用,或只能有限的使用这些资产。在这些资产退出之前,没有分 

红。通常您没有权利提前退出。 

作为私募股权投资的潜在备选企业,可能承担大量的贷款,因此相对于 

成熟的企业,它们对升息等负面因素的反应会更加敏感。同时,与上市 

企业相比,这些企业更可能会倒闭或破产。 

179_如果在初次投资之外,还被要求进一步的投资,这也并不奇怪。如 

果您不能满足要求,将会失去此前投资的所有资金。 

180_对于个人性格在经营中占到关键的年轻企业,其管理层的变动通常 

对私募股权投资带来非常有害的负面影响。 

181_在间接投资中,不能保证私募股权基金的管理人会进行投资,并达 

到预期的盈利水平。因此私募股权投资的管理人对于间接投资的成功与 

否非常关键。 

房地产 

182_房地产投资可以是直接的,也可以是间接的。房地产包括办公楼、 

店铺和工业场所、住宅和特殊房地产(例如酒店或医院)。决定房产价值 

的因素包括地段、建筑结构、配套设备,以及其用途的多样性。 

183_直接投资包括实际购买房产。这样通常需要付出高额的费用、较长 

的投资周期、对该行业有较深的了解、对地段熟悉,以及亲自参与,因 

为房产需要专业管理。 


15 / 18 | Page

184_ Indirect investments in real estate generally require a lower capital 

outlay than direct investments. Indirect investments are divided into those 

that are exchange-listed and those that are not. Examples of unlisted 

indirect investments include real estate funds, shares of real estate 

companies that are not listed for trading on an exchange, and certificates 

on real estate funds. Real estate funds can reduce risk by diversifying 

across geographical areas and real estate categories. The main category 

of exchange-listed indirect investments is real estate investment trusts 

(REITs). These enable investors to invest in real estate without incurring 

certain disadvantages, such as illiquidity. 

185_ Real estate investments are based on physical assets – land and 

buildings – that are ultimately unique, and in which trading is not 

regulated. 

186_ Where real estate is concerned, it is therefore often difficult, or 

even impossible, to spread risks adequately or diversify investments 

sufficiently. With direct real estate investments especially, the high 

capital outlay required and the illiquidity of the property market makes 

diversification difficult or even impossible. 

187_ Property markets are also frequently intransparent, and require 

precise knowledge of local circumstances. It is therefore vital to involve 

local experts, which hampers access to the market. 

188_ Real estate often reacts to interest rate changes in a similar way to 

bonds: when interest rates are low, for instance, mortgages are cheap and 

it is easy to generate above-average profits. Conversely, high interest 

rates cause profits to contract. Fiscal incentives offered by the state to 

promote home ownership and attractive lending conditions can also lead 

to excessively high prices. 

PRECIOUS METALS AND OTHER COMMODITIES 

189_ Commodities are physical goods that are produced via 

agriculture and mining, for example, and standardised for use as 

the underlying of a transaction. Derivatives on commodities such as 

energy sources, precious and other metals, and agricultural products are 

traded on futures markets. 

190_ Contractual agreements allow investors to buy or sell futures linked 

to the performance of a particular commodity. This means that they can 

buy a standardised amount of a commodity at a specific time in the future 

for a specific price. 

191_ The commonest way in which private individuals invest indirectly in 

commodities is via structured products (see 107 ff. above). There are 

other alternatives, such as commodity swaps and options that are not 

listed for trading on an exchange. These are traded directly between the 

parties concerned and are tailor-madeproducts. More information on how 

forwards and futures work can be found in a separate section of this 

brochure (see 86 ff. above). 

192_ With commodity futures, you may receive physical delivery of the 

commodity concerned on expiration, while structured products normally 

provide for cash payment. If you prefer cash settlement, you will have to 

sell the futures before their expiration date. Such products are therefore 

more risky than, for instance, equities or collective investments. 

193_ The price of commodities is influenced by a number of factors. 

These include: 

– the relationship between supply and demand 

– climate and natural disasters 

– state programmes and regulations, national and international events 

– state intervention, embargoes and tariffs 

– movements in interest and exchange rates 

– trading in commodities and the corresponding contracts 

– provisions relating to monetary policy, trading, fiscal and currency 

controls. 

These variables can lead to additional investment risks. 

194_ Commodities investments are more volatile than conventional 

investments, and yields on commodities can collapse at short notice. The 

volatility of commodity prices also affects the value, and hence the price, 

of a futures contract based on those commodities. Conventional futures 

on oil, base and precious metals are normally easy to trade, regardless of 

their term. 




184_房地产间接投资对资本费用的要求低于直接投资。间接投资分为交 

易所上市和未在交易所上市两种。未上市间接投资包括未在交易所上市 

的房产基金、房产公司股票和基金认购。房地产基金能通过分散地域或 

地产种类来降低风险。交易所上市的主要房地产间接投资是房地产投资 

信托( REITs)。这些信托基金令投资者可以在避免一些诸如流动性差等 

缺点的情况下,投资于房地产。 

185_房地产投资基于实物资产——土地和建筑——这些资产是唯一的, 

其交易没有管制。 

186_在房地产相关领域,通常很难或甚至不可能充分的规避风险或足够 

的分散投资。尤其是对于直接房地产投资,高资本要求和市场流动性差 

令分散投资非常困难或不可能实现。 

187_房产市场通常并不透明,需要对当地环境的非常了解。因此咨询当 

地专家非常重要。 

188_很多时候房地产对于利率的反应与债市相同:例如,当利率较低 

时,抵押成本便宜,此时会更容易获得高于平均的盈利。相反的,在高 

利率时期,会导致获利减少。政府为推动房屋购买的财政刺激政策和优 

惠的贷款条件,同样可以带来很高的价格。 

贵金属和其他商品 

189_商品是指通过诸如农业和矿业所制造的实物产品,并将其标准化 

后,作为交易的标的。以能源、贵金属和其他金属、农产品为标的的衍 

生品会在期货市场交易。 

190_通过合同,投资者能够买入或卖出与某种商品相关联的期货。这意 

味着他们可以在某个特定时间以某个特定价格,买入一定标准数目的某 

种商品。 

191_个人投资者间接投资商品的最常见方式,是通过结构性产品(见 

107ff)。还有另外一些选择,例如未在交易所上市交易的商品掉期和期 

权。后者在交易双方之间直接打成协议,并自定义产品。关于远期和期 

货市场如何运行,可以参照本手册的相关部分(见86ff)。 

192_在商品期货中您可能会在到期日收到商品的实物交割,而结构性产 

品通常提供先进支付。如果您倾向于现金结算,您必须在其到期日之 

前,将期货合约出售。这些产品将对于股票或集资等更具风险。 

193_商品的价格受到多个因素的影响。包括 

- 供需之间的关系 

- 气候和自然灾害 

- 政府计划和规定,国内和国际事件 

- 政府干预、禁运和关税 

- 利率和汇率变化 

- 商品市场和相关合约的交易 

- 货币政策、交易、财政和外汇管制的相关条款 

这些变量可能会导致投资的额外风险。 

194_商品投资的波动性高于传统投资,商品的收益可能会短时间内全部 

丧失。商品价格的波动性还会影响基于该商品的期货合约的价值和价 

格。如果不考虑其条款,基于原油、基础和贵金属的期货通常很容易交 

易。 


16 / 18 | Page

195_ When market activity is limited, a contract can become illiquid. 

Depending on how the yield curve moves, such illiquidity can lead to 

significant price changes. This is a typical feature of commodities. 

INVESTMENTS IN EMERGING MARKETS 

196_ There is no standard definition of the term “emerging markets”. 

In the broadest sense it includes all economies that are not regarded as 

“advanced” (see 197 below). Common criteria for defining what is an 

emerging market are per capita income, the level of development of the 

financial sector, and the proportion of the total economy that is made up 

by the service sector. The creditworthiness of countries that fall within this 

definition can vary widely: from very high to very low, with – in the latter 

case – very high default risk. Although they can be at very different stages 

in their economic development, most emerging markets have a political 

system that is very new (for instance they have only recently become 

democracies) or is currently changing. This means that the political system 

and its institutions may be less stable than in an advanced nation. 

197_ The list of emerging markets is changing constantly. According to 

the criteria applied by the International Monetary Fund in October 2007, 

they include all countries except: Australia, Austria, Belgium, Canada, 

Cyprus, Denmark, Finland, France, Germany, Greece, Hong Kong, 

Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, the Netherlands, 

New Zealand, Norway, Portugal, Singapore, Slovenia, Spain, Sweden, 

Switzerland, Taiwan, the UK and the US. These nations are classed as 

having advanced economies. 

198_ There are risks linked to investments in emerging markets that are 

not encountered in their advanced counterparts. This is also the case 

when the issuer or provider of a product has its headquarters or primary 

focus of activity in an emerging nation. 

199_ Investing in products linked to emerging markets is therefore often 

speculative. Before investing in emerging markets, you should form an 

impression of them that allows you to assess the risks involved. 

200_ When investing in emerging markets, the following risks should be 

taken into account. The list is not exhaustive. Depending on the type of 

investment product, there may be additional risks involved as described 

elsewhere in this brochure. 

Political risk 

201_ A government’s political inexperience or the instability of the 

political system increases the risk of short-term, fundamental shifts in a 

nation’s economy and politics. The consequences for you as an investor 

can include the confiscation of your assets with no compensation, the 

restriction of your rights of disposal over your assets, or government- 

imposed controls. State intervention in specific sectors of industry can 

result in a dramatic fall in the value of investments in those sectors. 

Economic risk 

202_ Emerging market economies are more sensitive to changes in 

interest and inflation rates, which are in any case subject to greater swings 

than in the developed nations. The focus of such economies is often 

relatively narrow, allowing single events to have a magnified impact. In 

addition, emerging nations generally have a lower capital base. Finally, 

their financial markets often lack an adequate structure and sufficient 

supervision. 

Credit risk 

203_ Investments in debt securities (e.g. bonds, notes) issued by 

emerging market governments or companies tend to entail higher levels 

of risk than advanced market debt. This can be due to inferior 

creditworthiness, a high level of government debt, debt restructuring, 

a lack of market transparency or a lack of information. It is also much more 

difficult to assess credit risk due to inconsistent valuation standards and 

the absence of ratings. 

Currency risk 

204_ The currencies of emerging market nations are subject to 

unpredictable fluctuations in value that are larger than those of advanced 

countries. Some countries limit the export of their currency or can impose 

short-term restrictions, or stop pegging their currency to a reference 

currency such as the dollar. Hedging can help limit losses resulting from 

currency swings, but they can never be entirely eliminated. 




195_当市场活动受到限制时,一份合约将变得没有流动性。根据其收益 

率曲线的移动,这些非流动性会导致价格的大幅改变。这是商品市场的 

典型特点。 

新兴市场投资 

196_对于“新兴市场”没有标准的定义,从最广义上讲,其包括所有被 

认为“欠发达”的经济体(见下方的197)。一般会通过人均收入、金融 

部门的发达程度、服务业占到总体经济的比例来作为定义新兴市场的标 

准。在该定义内的经济体的信用度也非常不同:从非常高到非常低,其 

中后者的违约风险非常高。尽管在经济发展过程中,新兴经济体在不同 

的阶段表现也会不同,大部分新兴经济体的政治体系都处于很新的状态 

(例如部分经济体只是在最近才成为民主国家),或正处于变革之中。这 

表明其政治体系和制度的稳定性差于发达国家。 

197_新兴市场国家名单经常变动。经过国际基金组织在2007年10月制定 

的标准,新兴市场包括所有的国家,除以下几个国家和地区之外:澳大 

利亚、奥地利、比利时、加拿大、塞浦路斯、丹麦、芬兰、法国、德 

国、希腊、香港、冰岛、爱尔兰、以色列、意大利、日本、韩国、卢森 

堡、荷兰、新西兰、挪威、葡萄牙、新加坡、斯洛文尼亚、瑞典、瑞 

士、台湾、英国和美国。上述国家被分类为发达国家。 

198_投资者会在新兴市场遇到在发达国家不会发生的相关风险。着同样 

也会发生在发行商或提供商总部或主要业务地位于新兴市场国家的产品 

之中。 

199_新兴市场相关的投资通常都是投机行为。在投资于新兴市场之前, 

您必须确认完全了解和评估该产品的相关风险。 

200_当您投资于新兴市场,应该考虑到下面的这些风险。下面的列举并 

不详尽。根据投资产品的种类不同,可能会有一些本手册之外的其他风 

险。 

政治风险 

201_一个政府的政治经验不足或政治系统不稳定,将增加该国经济和政 

策基本面在短期内变化的风险。作为投资者,您的财产可能在没有补偿 

的情况下被没收,或处理资产的权利收到限制,或被政府接管。政府对 

特定行业的干预,会导致该行业的投资产品价格大幅下挫。 

经济风险 

202_新兴市场经济体对于利率和通胀率的变化更加敏感,在各种情况下 

的波动性都高于发达国家。这些经济体的关注点通常有限,因此单一事 

件就可能引起大规模的影响。另外,新兴国家的资本基础也会较低。最 

后,其金融市场通常机构不完整且缺乏监管。 

信用风险 

203_投资于新兴市场政府或企业债务证券(例如债券、票据)将承受高于 

发达国家债券的风险水平。其原因可能是信用差、政府负债过高、债务 

结构、缺乏市场透明度或信息不足。由于估值标准不一以及缺乏评级, 

很难评估其风险。 

货币风险 

204_新兴市场国家汇率的不可测波动要大于发达国家。有些国家限制该 

国货币外流或实施短期限制,或将其货币盯住诸如美元的其他指导货 

币。对冲有助于限制汇率波动带来的损失,但这种风险不能完全消除。 


17 / 18 | Page

Inflation risk 

205_ Large fluctuations in the value of the currency and an insufficiently 

developed financial market can make it difficult for an emerging market 

nation’s central bank to stick to its inflation targets. As a result, inflation 

may fluctuate more than in advanced countries. 

Market risk 

206_ Because there is little or no supervision of financial markets in 

emerging market nations, regulation, market transparency, liquidity and 

efficiency are often inadequate. Moreover, high volatility and large price 

differences are characteristic of these markets. Finally, the inadequacy or 

absence of regulatory measures gives rise to an increased danger of 

market manipulation or insider trading. 

Market liquidity risk 

207_ Liquidity is dependent on supply and demand. The impact on the 

emerging markets of social, economic and political changes or natural 

disasters can involve a much more rapid and lasting change to this supply 

and demand equation than would be the case in the advanced markets. 

In an extreme case, illiquidity can be the result. This can make it 

impossible for an investor to sell his/her investments. 

Legal risk 

208_ The absence or inadequacy of financial market supervision can lead 

to your legal rights being difficult or impossible to enforce. Moreover, 

legal uncertainty may exist due to the inexperience of the emerging 

nation’s judiciary. 

Settlement risk 

209_ Certain emerging markets have an array of different clearing and 

settlement systems. These are often outmoded and prone to processing 

errors as well as considerable delays in settlement and delivery. Some 

countries do not have any such systems at all (see 14 above). 

Shareholder risk and creditor risk 

210_ Legislation to protect the rights of shareholders and creditors (e.g. 

duties of disclosure, insider trading ban, management responsibilities, 

minority shareholder protection) may often be inadequate or nonexistent. 




通胀风险 

205_汇率的大幅度动荡和金融市场发展不足,可以让新兴市场国家的央 

行很难坚持其通胀目标。因此,这些地区的通胀波动会高于发达国家。 

市场风险 

206_因为新兴市场国家只有松散的,或根本没有金融市场监管,其规 

则、市场透明度、流动性和效率通常非常缺乏。另外,高波动性和大价 

差也是这些市场的特点。最后,缺少或缺失监管,导致市场操纵或内部 

交易的危险上升。 

市场流动性风险 

207_流动性由市场供需决定。社会、经济和政治的变更对新兴市场的供 

需平衡的影响,比发达市场要更为迅速和持久。极端情况下,可导致没 

有流动性。此时,投资者不可能出售其投资产品。 

法律风险 

208_缺失或缺少金融市场监管,会导致您的法律权利很难或不能实施。 

此外,新兴市场的法官缺乏经验,也会带来风险。 

结算风险 

209_某些新兴市场有多种不同的清算和结算系统。经常是过时且容易出 

错,同时,在结算和交割时常有延迟。甚至有些国家连这些系统都没有 

(见14)。 

股东风险和债权人风险 

210_保证股东和债权人权利的法律(例如,披露义务、禁止内部交易、 

管理职责、少数股东保护)可能经常都缺乏或不存在。 





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