Conditions

1. Transaction
   1. Client / Authorized person or Account Representative should state order details clearly (e.g. buy or sell, the number of lot(s), new or liquidation order), and provide the accurate personal information incl. the Account Number and Identity Card Number and/or corresponding A.E. number if order is dealt with an authorized Account Executive. The Company will make a final confirmation for the deals.
   2. Cancellation of executed order(s) is not permitted except acquiring the Company’s consent and confirmation; however, the Company reserves the right to cancel the order(s) when Client / Authorized person or Account Representative fails to provide sufficient information accordingly.
   3. New open position will be deemed in case that client does not state “Liquidation” type (incl. Limit/Stop Order).
   4. Client shall solely take responsibility for any profit or loss resulted from price fluctuation beyond the Company’s trading hours.
   5. Market Order:
      1. If Client instructs to deal as new order(s), however, on insufficient margin, the Company will execute such deal by liquidation with opposite open position(s) of same product(s) on “last in, first out” basis till required margin level may be satisfied. Thereafter, for any non-executed order(s) on insufficient margin, the Company will execute them in accordance with clause 2(i) of the Rule
      2. If Client instructs to deal as liquidation transaction, however, on invalid opposite open position(s) of same product(s), the Company will execute such deal with open position(s) of same product(s) on “last in, first out” basis till residual opposite open position(s) are all squared. Thereafter, for any non-executed order(s) on sufficient margin, they will be deal as new open position(s). For case of failure to fulfill margin requirement, the Company will execute them in accordance with clause 2(i) of the Rule
   6. Limit / Stop Order(s):
      1. Divided into 2 types by validity:
         1. Day close of each trade day; or
         2. Day close of the last trade day of a week (maximum not exceed 5 days ).
      2. Limit / Stop order must be placed and cancelled during the Company’s trading hours only.
      3. Under normal circumstances, Limit / Stop order must be placed US$3 away from the prevailing market price. The Company reserves rights to change immediately the difference between Limit / Stop order price and prevailing market price should there be a rapid change in market condition, and reserves rights to stop receiving, amending or cancelling any Limit / Stop order within half-hour before or after the announcement of economic indicators.
      4. Client’s Limit / Stop order(s) will be executed in normal circumstance(s) but the Company reserves the rights for final approval on Client’s Limit / Stop order(s). In addition, if the market price is over or below the price placed due to market open, the Company will execute the Limit / Stop order by the market opening price(s) instead of the original price placed. Client shall take sole responsibility for any profit or loss caused.
      5. Upon the Company’s final approval (for both newly open and liquidation transaction), client cannot refuse to accept, with any reason (e.g. Client forgets to cancel Limit / Stop order after position(s) are squared), any executed Limit / Stop orders. The Company reserves the rights for final approval on Client’s Limit / Stop order(s).
      6. For newly opened position(s) on insufficient margin, the Company will execute such order(s) in accordance with clause 2(i) of the Rule.
      7. If Client instructs to deal as liquidation transaction, however, on invalid opposite open position(s) of same product(s), the Company will execute such order(s) in accordance with clause 1(v)(b) of the Rule.
      8. The maximum lot(s) placed on Limit/Stop order(s) for each unique price will be equivalent to the maximum of Limit per Dealing Quote.
2. Margin Requirement and Forced Liquidation:
   1. If the Client trades on insufficient margin (including Limit / Stop Order(s)), transaction has to be executed partially according to effective margin only, for transaction lot(s) with insufficient margin, the Company will have an absolute discretion to square the position newly opened by Minimum Spread (a specified spread on the execution price or the market price can be used in special situation) at the moment. The Client irrevocable accepts that in carrying out such act and be responsible for all losses aroused and leave all profits to the Company;
   2. For account(s) with overnight margin shortfall or/& reaching cut-loss point during the trade day, the Company will execute forced liquidation on “last in, first out” basis in same product (1st : Spot positions, 2nd : short positions on options, 3rd : long position on options) till the required margin can be fulfilled. In addition, the maintenance margin for locked position will be deducted firstly and locked position, if any, will be remained before liquidation.
   3. When the overnight maintenance margin of the open position(s) falls below required margin level:
      1. Any shortfall margin will be requested to deposit into Clients’ account(s) by 16:00 on the following trade day. Failure to fulfill required margin level with the market price(s) at the deadline, the Company will execute forced liquidation in accordance with clause 2(ii) of the Rule. Otherwise, Client(s)’ open position will be remained.
      2. The top-up margin deadline does not apply to those cases that shortfall margins have been fully deposited into Client(s)’ account(s) or all open positions have been squared prior to such deadline.
      3. The deadline for margin top-up is 16:00. Failure to make requested payment, the Company has an absolute discretion to execute forced liquidation with the market price at the deadline moment in accordance with clause 2(ii) of the Rule. Client shall be responsible for over-loss incurred, if any.
   4. During non-trade days or market holidays, Client(s)’ open position(s) must fulfill required margin requirement devoted for long holidays. Otherwise, the Company has an absolute discretion to execute forced liquidation with the closure price of the trade day before holiday(s) in accordance with clause 2(ii) of the Rule.
   5. During the trade day, when Client’s account equity falls below cut-loss point owing to market price fluctuation, the Company has an absolute discretion to execute forced liquidation in accordance with clause 2(ii) of the Rule.
   6. For any shortfall margin or over-loss resulted from the opening price after market break-time, the Company has an absolute discretion to execute forced liquidation at day opening price(s) to satisfy the margin requirement in accordance with clause 2(ii) of the Rule. Client shall be responsible for any over-loss of the account incurred.
   7. If Client(s) holds locked-position overnight with insufficient margin caused from storage charge and interest cost, the Company has an absolute discretion to execute forced liquidation pair by pair until required margin level can be maintained.

3. Fund Deposit and Withdrawal
   1. Margin withdrawal will be accepted from 9:00am to 4:00pm from Monday to Friday. (Please refer to Deposit & Withdrawal)
   2. Client may withdraw available balance after deducting the amount of margin requirement for open and locked position(s) in corresponding account(s);
   3. If margin deposit is made by cheque, bank transfer or telegraphic transfer, new order(s) or dismissing locked position could only be made upon receiving confirmation from customer services department;
4. Interest Chargeable and Payable
   1. HK 9999 Tael Gold
      1. The Client irrevocably accepts that interest be chargeable or payable for open positions standing on Clients’ accounts and the rate shall be adjusted with reference to the prevailing rate(s) of The Chinese Gold & Silver Exchange Society and finally determined by the Company followed by notification to be made on online trading platform, daily statement or the website.
   2. LLG & LLS
      1. Interest chargeable or payable for open positions standing on Clients’ accounts will be determined with reference to the prevailing market rate(s) followed by notification;
   3. The Company will not pay interest for Client(s)’ margin on their accounts.
5. Delivery of Account Statement
   1. Client’s statement will be delivered in the following 3 ways:
      1. By Email to designated address; or
      2. By post to designated address; or
      3. By fax to designated number.
6. Rules to Follow for Physical Delivery
   Client shall abide by the following rules:
   1. HK 9999 Tael Gold
      1. Must be in actual delivery of gold;
      2. Must be carried out during the trading hours of 9999 Tael Gold in The Chinese Gold & Silver Exchange Society;
      3. Minimum actual delivery will be 10 taels (only “5 taels” Gold Bar accredited by The Chinese Gold & Silver Exchange Society will be accepted);
      4. The Company shall levy at least HK$20.00 per tael custodian fee for actual delivery;
      5. For a supply shortage in the market, the Company has the right to defer the delivery.

Noted: All charges including custodian and additional spread are subject to adjustment according to market fluctuation without further notice. The Company has absolute rights to terminate physical delivery.

7. Physical Gold Collateral
   1. Client tender physical gold for collateral must be “5 taels” 9999 gold bar accredited by The Chinese Gold & Silver Exchange Society, or 9999 gold bar as certified by the Company, others will not be accepted.
   2. Physical HK 9999 Tael Gold will be discounted at 90% on value as security;
   3. The Client agrees that should the security value together with effective margin in the account fall below our required margin level for client’s open position during a trade day, the Company shall have an absolute discretion to execute forced liquidation on “last in, first out” basis in accordance with clause 2(ii) of the Rule until the required margin level can be satisfied;
   4. If Client holds the locked-position overnight with insufficient margin caused from storage and interest cost, the Company has an absolute discretion to execute forced liquidation pair by pair. Any deficit aroused from such liquidation should be settled within 3 days (e.g. sold to the Company on his pledge with market price). Any delay or default by the Client will result from disposal of security at the prevailing rate of aforesaid settlement deadline (deducting a custodian fee in amount of HK$10 per tael) to cover all debit balances in the account. Client will be held liable if there are still debit balances in the Client’s account(s) with our Company.

N.B.:

1. All transactions must be settled by Hong Kong dollars/US dollars.
2. The Company’s online trading platform is based on Greenwich Mean Time +3 (GMT+3).
3. The Company reserves all rights to change the trading terms followed by notice.