期货交易风险说明书(合同版本号:东吴201803版)
作者:管理员   时间:2018/4/10 13:14:54  阅读:43575
期货交易风险说明书
市场风险莫测 务请谨慎从事
尊敬的客户:
根据中国证监会的规定,现向您提供本《期货交易风险说明书》。本说明书所称期货交易,是指采用公开的集中交易方式或者国务院期货监督管理机构批准的其他方式进行的以期货合约或者期权合约为交易标的的交易活动。您应当遵循“买卖自负”的金融市场原则,理解期货合约交易与期权合约交易的全部交易规则,认识期货交易风险,自行承担交易结果。
您在考虑是否进行期货交易时,应当明确以下几点:
一、您应当充分了解到,期货合约交易采取保证金交易方式,具有杠杆性,带有高度的风险。相对较小的市场波动,可能使您产生巨大亏损,损失的总额可能超过您存放在期货公司的全部初始保证金以及追加保证金。期权合约交易采取权利金和保证金的交易方式,如您购买期权合约可能没有任何收益,甚至损失全部投资;如您卖出期权合约,您可能发生巨额损失,这一损失可能远大于该期权的权利金,并可能超过您存放在期货公司的全部初始保证金以及追加保证金。
二、您应当充分了解到,假如市场走势对您不利导致您的账户保证金不足时,期货公司会按照期货经纪合同约定的时间和方式通知您在规定时间内追加保证金,以使您能继续持有未平仓合约。如您未于规定时间内存入所需保证金,您持有的未平仓合约将可能在亏损的情况下被强行平仓,您必须承担由此导致的一切损失。
三、您必须认真阅读并遵守期货交易所和期货公司的业务规则,如您无法满足期货交易所和期货公司业务规则规定的要求,您所持有的未平仓合约将可能根据有关规则被强行平仓,您必须承担由此产生的后果。
四、您应当充分了解到,在因市场行情波动剧烈出现单边涨跌停价格、投资者缺乏投资兴趣、流动性的变化或其他因素给某些合约市场的流动性、有效性、持续性等带来不利影响时,您可能会难以或无法将持有的未平仓期货合约或期权合约平仓。如出现这类情况,您的所有保证金有可能无法弥补全部损失,您必须承担由此导致的全部损失。
五、您应当充分了解到,由于国家法律法规的变化、期货交易所交易规则的修改、紧急措施的出台等原因,您持有的未平仓合约可能无法继续持有,您必须承担由此导致的全部损失。
六、您应当充分了解到,交易所根据法律法规规定和中国证监会授权可能会对期货合约或期权合约的交易和行权(履约)进行一些限制。交易所有权根据市场需要暂停期货合约或期权合约交易,如果标的期货合约暂停交易,对应期权合约交易也将暂停交易。
七、您应当充分了解到,由于非期货交易所或者期货公司所能控制的原因,例如:地震、水灾、火灾等不可抗力因素或者计算机系统、通讯系统故障等,可能造成您的指令无法成交或者无法全部成交,您必须承担由此导致的损失。
八、您应当充分了解到,在期货交易中,所有的交易结果须以当日交易所或结算机构的结算数据为依据。如您利用盘中即时回报的交易结果作进一步的交易,您可能会承担额外的风险。
九、您应当充分了解到,期货合约交易可能面临平仓、交割等几种后果,您到时未平仓或参与交割不符合期货交易所相关业务规则规定的,需要承担被强行平仓或交割违约的风险。
十、您应当充分了解到,期权合约交易可能面临平仓、行权或期权到期放弃等几种后果,您应当熟知交易所期权平仓、行权的规则和程序,特别是有关实值期权到期自动行权,虚值期权到期自动放弃的交易规则,妥善处理期权持仓。如您买入期权,行权应该在交易所规定的时间内进行;如您卖出期权,则需要按照交易所规则承担履约责任。行权或履约后,您将获得标的期货合约,同时应当承担标的期货合约的保证金责任。
十一、您应当充分了解到,买入或卖出期权后,您账户的市值权益(与客户权益不同)会随着期权价格的变化而变化,您应当实时关注市值权益、占用的保证金和可用资金的变化情况,妥善处理自己的持仓。另外,非理性的期权交易行为存在交易损失风险,包括买入临近到期深度虚值期权、提前行权、申请深度虚值期权行权等非理性操作。
十二、您应当充分了解到,“套期保值”交易同投机交易一样,同样面临价格波动引起的风险。
十三、您应当充分了解到,如果您未遵守中国证监会关于期货保证金安全存管的规定,将可能会影响您的期货保证金的安全性。
十四、您应当充分了解到,利用互联网进行期货交易时将存在但不限于以下风险,您将承担由此导致的损失:
(一)由于无法控制和不可预测的系统故障、设备故障、通讯故障、电力故障、网络故障及其它因素,可能导致交易系统非正常运行甚至瘫痪,使您的交易指令出现延迟、中断、数据错误等情况;
(二)由于网上交易系统存在被网络黑客和计算机病毒等攻击的可能性,由此可能导致交易系统故障,使交易无法进行及行情信息出现错误或延迟;
(三)由于互联网上的数据传输可能因通信等原因出现延迟、中断、数据错误或不完全,从而使网上交易及行情出现延迟、中断、数据错误或不完全;
(四)由于您未充分了解期货交易及行情软件的实际功能、信息来源、固有缺陷和使用风险,导致您对软件使用不当,造成决策和操作失误;
(五)您的网络终端设备及软件系统与期货公司所提供的网上交易系统不兼容,可能导致无法下达委托或委托失败;
(六)如果您缺乏网上交易经验,可能因操作不当造成交易失败或交易失误;
(七)您的密码失密或被盗用。
十五、您应当充分了解到,从事期货交易您应当承担的所有手续费和相关税费的明确解释。
十六、您应当充分了解到,如果您参与《境外交易者和境外
经纪机构从事境内特定品种期货交易管理暂行办法》规定的特定品种期货交易,支付的与本合同、期货合约等相关的款项涉及货币兑换的,您将承担汇率波动风险。

本《期货交易风险说明书》无法揭示从事期货交易的所有风险和有关期货市场的全部情形。您在入市交易之前,应当全面了解期货交易法律法规、期货交易所及期货公司的业务规则,全面评估自身的经济实力、产品认知能力、风险控制能力、生理及心理承受能力(仅对自然人客户而言)等,审慎决定是否参与期货交易。



Futures Risk Disclosure Statement
MARKET IS UNPREDICTABLE; CAUTION STRONGLY ADVISED
Dear Client,
This Futures Risk Disclosure Statement is provided to you pursuant to requirements of the China Securities Regulatory Commission (CSRC). In this Risk Disclosure, “futures trading” and variations thereof refer to the trading of futures contracts or options contracts through a public and centralized platform or through such other methods as approved by the futures regulatory authority under the State Council. As with other transactions in the financial market, you are obligated to educate yourself on all the trading rules for futures and options contracts, to understand the risks inherent to futures trading, and to assume all the consequences of your buy and sell trades.
When contemplating whether to engage in futures trades, you should ensure that you are fully aware of the following points:
1.    Trading of futures contracts is based on margins, and this leverage carries a high degree of risks. Even minor market fluctuations may incur significant losses that exceed the total amount of initial margin and whatever additional margin you have deposited at the futures firm. Trading of options contracts is based on premium and margin. An options contract may generate no returns to you and may even cause you to lose all your investments; if you elect to sell an options contract, you may incur significant losses that are many times the premium and in excess of the total amount of initial margin and whatever additional margin you have deposited at the futures firm.
2.    If the market moves against you and causes your account to fall below the applicable margin requirement, then to ensure that you can continue to maintain your open positions, the futures firm will require you to deposit additional margin funds by a certain deadline by notifying you according to the time and method agreed upon in your Futures Brokerage Contract. If you fail to do so by the prescribed deadline, your positions may be liquidated at a loss, in which case you will be required to assume all resulting losses.
3.    You must carefully read and fully abide by the trading rules of futures exchanges and your futures firm. Failing to comply with these rules may result in the liquidation of your positions in accordance with applicable provisions, in which case you will be further required to assume all resulting consequences.
4.    You may be frustrated or prevented from closing out your futures or options contract when the liquidity, validity, or continuity in the trading of said contract is negatively impacted by a price limit triggered by significant market volatility, lack of market interest, change in liquidity situation, or other factors. Under such circumstances, the losses you sustain may not be fully covered by the margin in your account, and you will be required to assume all resulting losses.
5.    You might not be able to maintain your positions due to such factors as a change in national laws or regulations, revision to the trading rules of futures exchange, or institution of an emergency action, in which case you will be required to assume all resulting losses.
6.    Exchanges may restrict the trading or exercise of futures contracts and options contracts when and as required by laws and regulations or by orders from the CSRC. Exchanges are further entitled to suspend the trading of a futures or options contract based on market needs. Moreover, trading in an options contract will be automatically suspended if the futures contract underlying that options contract has been suspended from trading.
7.    Your order may not be filled in full or at all due to factors beyond the control of the futures exchange or your futures firm, including but not limited to earthquake, flood, fire or other force majeure event and malfunction of computer systems or communication systems. You must assume all resulting losses.
8.    In futures trading, all trading results are ultimately governed by the current day’s settlement data as kept by the exchange or clearing house. Entering into additional trades based on intraday trading results could expose you to additional risks.
9.    Futures trades may conclude in a number of ways including closing-out and delivery. You must assume the risks of forced liquidation or delivery default if you do not close out positions in time or if you breach the delivery rules of the futures exchange.
10.    Options trades may conclude in a number of ways including closing-out, exercise, or forfeiture at expiration. To properly manage your position holdings, you should be familiar with the exchange’s rules and procedures for closing out and exercising options, and especially the trading rules concerning the automatic exercise of in-the-money options and automatic forfeiture of out-of-the-money options. If you are the options buyer, you should exercise the option within the timeframe set by the exchange; if you are the options seller, you will be required to perform your obligations under the rules of the exchange. After exercising the option or performing those obligations, you will receive the underlying futures contract and be responsible for meeting the associated margin requirements.
11.    You should be fully aware that when you buy or sell an option, the market value of your account (which is different from the customer's equity balance) changes as the option price changes. You should pay close attention to the market value of the account, the occupation of the deposit and the availability of funds and properly handle your positions. In addition, irrational options trading will lead to the risk of trading loss, including the purchase of near-term deep OTM options, exercise in advance, apply for the exercise of deep OTM options and other irrational operations.
12.    Hedging trades are exposed to the same risks arising from price volatility as speculative trades.
13.    Failure to comply with CSRC rules on the custody of margins may compromise the safety of your margin deposits.
14.    Trading futures over the internet may incur losses to you from risks including, but not limited to:
(1)    Disruption or breakdown of trading system due to system, equipment, communication, or network faults, power outages, or other uncontrollable and unforeseeable events, resulting in delay, interruption, or data corruption in order transmission;
(2)    Disruption of the online trading system due to cyberattacks, computer virus, or other security breaches, resulting in stalled trades and error or delay in the transmission of market data;
(3)    Delayed, interrupted, erroneous, or incomplete data transmission over the internet due to communication faults or other reasons, resulting in delayed, interrupted, erroneous, or incomplete online trades or market data;
(4)    Improper use of futures trading and market data software due to your lack of familiarity with its available features, source of information, inherent limitations, and use risks, resulting in decision or operating error;
(5)    Incompatibility between the network end devices and software systems you use and the online trading system run by the futures firm, resulting in unacceptable or failed instructions;
(6)    Improper use of online trading systems due to lack of experience, resulting in failed or erroneous trades; and
(7)    Loss or theft of password.
15.    You should have a detailed understanding of the transaction fees and taxes related to futures trading.
16.    If you trade specified futures products in accordance with the Interim Measures for the Administration of Overseas Traders’ and Overseas Brokers’ Engagement in the Trading of Specified Domestic Futures Products, you will be exposed to currency risks when your payments related to this Futures Brokerage Contract or any futures contracts require currency exchange.
This Risk Disclosure is not intended to provide an exhaustive list of all the risks associated with futures trading or all the circumstances that may occur in the futures market. Before trading futures and options, you should develop a full understanding of the laws and regulations on futures trading as well as of the trading rules of the futures exchange and your futures firm, and fully assess your position in terms of financial resources, product understanding, risk management skills, and for natural persons only, physical and mental fortitude, so that you can make an informed decision on whether futures trading is right for you.