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Deposit

1.  You may deposit fund by cheque, ATM transfer or telegraphic transfer (TT) into the following Guotai Junan FX Limited bank account:

Bank Name	Bank Address	Swift Code	Account Name	Bank Code	Account Number
Standard Chartered Bank	4-4A Des Voeux Road Central, Hong Kong	SCBLHKHH	Guotai Junan FX Limited	003	44717752235 (USD)
					44717752154 (HKD)
					44719163784 (CNY)
					44719070301 (AUD)
					44719070263 (CAD)
					44719070328 (JPY)
					44719070298 (EUR)
					44719070271 (GBP)
					44719076873 (CHF)
HSBC	1 Queen’s Road Central, Hong Kong	HSBCHKHHHKH	Guotai Junan FX Limited	004	848073144274 (USD)
					848073144292 (HKD)
					741134621280 (CNY)
					741134621277 (AUD)
					741134621279 (CAD)
					741134621278 (JPY)
					741134621275 (EUR)
					741134621281 (GBP)
					741134621276 (SGD)
Bank of China (Hong Kong)	G/F, 310-312 Hennessy Road, Wanchai, Hong Kong	BKCHHKHH	Guotai Junan FX Limited	012	87592558544 (USD, CNY, AUD, CAD,  JPY, EUR, GBP, CHF)
					87511592088 (HKD)

2.  Please mark your client account number and account name on the bank pay-in slip and sign before you email to cash.ops@gtjas.com.hk or fax it to the Operations Department at (852) 2509 9559 / 2509-4006 before 3:00pm for same-day valuation. All the deposit advices received after 3:00pm will only be credited on the next trading day.

3.  Please provide us the deposit advice to prove the deposit is from your own bank account. The advice includes but not limit to bank statement, cheque image, screen capture of internet banking etc. Otherwise the deposit will be on hold status until you provide the related advice.

4.  If your deposit is made by cheque but fail to provide deposit advice includes but not limit to bank statement, cheque image or screen capture of internet banking to provide the deposit is from your own bank account within 2 working days, there will be handling fee HKD50.00 (subject to bank for the actual amount) for each cheque to retrieve the cheque image from banks. The deposit will be on hold placed until we obtain the information of the depositor from bank and this process may normally require 14 business days (subject to bank for actual time needed).

5.  All pay-in deposit will only be credited to client account after confirmation of settlement.

6.  Third party deposit (i.e. a different name with the account) is not accepted.

7.  When the third party deposit is rejected, we will return the funds via the same mode of original deposit under applicable circumstance. The bank may charge a fee from the refund. The Company shall not be responsible for any bank interest, fees or any loss from you and third parties arising from any such refunds associated with the third party deposits.

8.  If you deposit funds from a third party and used the funds to open positions, we may liquidate all/or parts of your open positions after the funds are confirmed from a third party with bank, without giving prior notices or warnings to you. You are responsible for the positions loss and handling fee arise of funds return.

9.  Please DO NOT make a deposit to your Forex Account until your account opening application has been accepted or Forex account number has been notified to you.

10. All Leveraged FX Trading only are settled with USD as the margin currency. If your USD account balance is insufficient for the margin requirement of Leveraged FX Trading, you have to deposit USD to us or convert other currency’s balance to USD through our currency conversion service to cover the margin shortage, otherwise you will be unable to open positions and we may liquidate all/parts of your position without any prior notice.

11. If your account holds currencies with negative interest charge, we hold the right to charge an interest amount based on the applicable interest rate. The negative interest rates applicable to those currencies are at our discretion.

Withdrawal Methods

1.  You can submit a withdrawal instruction through our Conversion Web System or sign a Withdrawal Instruction form and email it to the Operations Department at cash.ops@gtjas.com.hk or fax it at (852) 2509-9559 / 2509 4006. All instructions received before 2:00 p.m will be processed within the day, and withdrawal instruction received after 2:00 p.m will be processed on the next trade day.

2.  For all funds transfer to the PRC or overseas, our Operations Department will contact you by phone to confirm the withdrawal. If we cannot contact you for confirmation by whatever reason, we reserve the right to reject the withdrawal request.

3.  If you withdraw funds in the form of overseas remittance, the bank usually charges a handling fee for each transaction which will be deducted from your account. For details of the charges, please refer to the Commission and Service Charges Table which will be updated from time to time.

4.  In the case of HKD or foreign currency funds transfer to another local bank, handling fee will be charged. For details of the charges, please refer to the Commission and Service Charges Table which will be updated from time to time.

5.  Withdrawal to the account of a third party (i.e. account with a different name) is not allowed.

Funds Transfer

1. You may freely transfer cash among the accounts in your name within the Guotai Junan Group (as defined in the Client Agreement for Leveraged Foreign Exchange Trading).

2. You are required to give written instruction and signed a Withdrawal Instruction form and email it to the Operations Department at cash.ops@gtjas.com.hk or fax it at (852) 2509 9559 / 2509 4006 before 4:00 pm for same-day process. All funds transfer instruction received after 4:00 pm, will be processed in the next trade day.

3. You may transfer cash among the accounts in your name through the online fund transfer service.

FX Research

FX Settlement Reference Price

Trading Hours of currency conversion from Monday to Friday 9:00am to 4:00pm (except public holiday)

FX Quote

MT4 Platform

Fast Response Time

Even the slightest delay in executing a trade could have impact on investment performance. MT4 has been engineered to utilize multiple highly stable programming languages that enhance the speed of trade execution so your contracts are processed in a rapid fashion under volatile market conditions. While monitoring fluctuations in currency prices, traders depend greatly on accurate quote information. MT4 delivers real-time currency price feed through almost seamless connectivity to the global FX marketplace.

 

Stability

Unlike Java based platforms that are prone to instability and freeze up, MT4 has reduced data volume in order to reduce bandwidth requirements and less information for the trader’s computer and data link to process. As a result the trader will experience consistent data transmission. Trading with confidence means knowing that at the most critical moment your trade will be executed without system delays.

 

Flexibility

MT4 gives the trader the freedom to execute trades from multiple areas including the Quote Window, Trade Window, Full Screen Window, Toolbar and more.

Android Mobile	Android PC
Apple Mobile	Apple PC

                                     

What is FX Market?

• Central banks

• Large commercial banks

• FX brokers and market makers

• FX speculators

• Commercial companies

What is Technical Analysis?
Technical analysis is one of the technique to analyze market, by recognizing the price pattern, trend and technical indicators, traders can forecast the future price movement in Forex market.

How Technical Analysis apply on the products or market?
Although technical analysis can be used in different market, the result would be significant if the technical analysis is applied in the high volume market comparing to single stock. The foreign exchange market is the most actively traded market in the world. More than 4 trillion USD are traded on average every day. The reason why technical analysis is positively related to trading volume is that the more people to use same parameter in the technical indicators, which means many traders hold the similar view in their market forecast or trading strategy even to the market price or stop loss price, the higher accuracy to apply in technical analysis.

What is the framework of Technical Analysis?
Technical analysis is focusing on the price movement. Time volatility and the reason of price fluctuation are not correlated to technical analysis. Rather than fundamental analysis and the personal view on market forecast, technical analysis combines all factors into one, the current price on chart
 
History will repeat itself! If forex traders do not believe history will repeat itself, the core concept in technical analysis, they will not become a technical analysis trader. There is more than a century in the application of technical analysis. From the historical data, the price pattern or trend has a possibility to repeat. Thus, traders can make their market analysis depending from the past trend in Forex market.

Types of Technical Analysis
There are several categories for technical analysis.
 
1.  Pattern
2.  Indicator
3.  Trend
 
Applying the technical indicators above to Forex market, investors can use it in the market analysis.

Candle Stick
Candlestick provides the bullish or bearish information of the market. For example, if you find in Bullish bar, the closing price is higher than opening price. On a contrary, Bearish bar is the opposite of open and close, which represent the declining of the price.

Moving Average
Moving average is the indicator that helping to identify the trend whether is up, down or consolidation. Apart from trend assessing, support and resistance level can be found in moving average. Using the chart above AUD/USD to be the example, we can define the support level when the price dropped until the red moving average line. The rebound exists with the supportive power, which can be defined as support level. Some of the Forex traders will buy at support level. Moreover, resistance level can be also defined. When the price breakaway from the previous support level and the price cannot rise through moving average, it becomes the new resistance level. Overall, investors look to buy at support and sell at resistance level.

Relative Strength Index (RSI)
The range of RSI value would be from 0 to 100, the overbought or oversold situation can be found in the highest and the lowest RSI. Generally, the traditional interpretation to RSI is that it will become overbought when the RSI value is 70 or above. The oversold situation would be identified when the RSI is 30 or below. However, it does not mean that the price will drop nearly when the RSI is in the overbought zone. It is because RSI can be overbought continuously. The sell signal can be defined when RSI dropped from overbought to normal level. Similarly, the price may not rise soon when RSI is in overbought zone. The buy signal appears when RSI rise up to normal level.

Using the chart above to be the example, the price declines after the RSI move down from overbought zone to normal level. (30) Similarly, the price goes up after RSI go up from oversold to normal level.

MACD
MACD is a trend-following indicators by using two moving average line (signal line and MACD line). By using the MACD line (moving average line in longer time period) to identify the market trend and the signal line (moving average line in shorter time period) to find out the trend reversal, it can be defined when signal line cross to MACD line.

Bollinger Bands
Bollinger Bands is created by John Bollinger, which is composited by 3 lines. Typically, the middle line is computed by 20 day moving average. The upper BB line would be the center line plus two standard deviations, while the lower BB line would be the center line minus two standard deviations, which construct the top or bottom in Bollinger band.
 
There are several approaches to apply in Bollinger Bands.
1. The middle line is the boundary to define the trend in Bollinger Bands Generally, the trend will continue when the price increase or fall over the middle.
2. The market is in correction when the bands remain narrow. In this situation, there will be a breakout afterwards.
3. The trend will be expected to continue when the price raise over or fall below to the bands.

Fibonacci Number
Fibonacci number is a popular tool among technical analysis. It is based on the key numbers identified by mathematician Leonardo Fibonacci in the 12th century. Fibonacci number can provide the information of support level, trend reversal or the price of trade execution.
 
Some traders will use the common Fibonacci number, e.g 38.20%, 50.00% 61.80% to trade. The support level appears when the price reached to the number.
 

What is Fundamental Analysis?
Traders established trading strategy through fundamental analysis to forecast from economical data in different countries in order to estimate whether the Forex rate is overpriced or underpriced.

What influences Fundamental Analysis?
Fundamental analysis focuses on macroeconomic data, for example the employment rate, inflation rate, housing sales, economic growth rate, manufacturing production, import or export data, money supply, policy of interest rate or budget situation of the country. Also, we should consider about the speech from central bank or government committee members, even the economic forecast are the part of fundamental analysis.

How to apply Fundamental Analysis?
There are fixed time for the economic indicator announcement, such as the Nonfarm payrolls in the US will be reported on the first Friday of each month. Usually, Forex market will be fluctuated before the announcement of economic data which is represented the preview of market. Comparing to the actual economical data, if the actual data is better than expected, currency can be rallied with momentum. Conversely, the currency will fall with strong selling power. Apart from market expectation, investors can compare to the previous data in order to get a comprehensive understanding to the market.

Influential Economic Indicators
Interest Rate: When the interest rate goes up in the country. Due to the inflow of capital, Forex rate will be appreciated. Generally, Investors would like to purchase the currency with higher interest rate.
 
Employment situation: Economic activity will be slowed-down when the number of employed person dropped. Central bank may cut interest rate to stimulate the consumption power. In this situation, cutting interest rate will be the burden of Forex exchange rate. 
 
GDP Growth: Gross Domestic Product (GDP) will be reported quarterly, which is the major indicator to measure economic activity. High GDP can be defined as high economic growth. Central bank may increase the interest rate to adjust the overheated economy. Forex rate can be supported under the increasing interest rate expectation.
 
Retail sales: This data can reflect the local consumption power.
 
Durable goods Order: Generally, the bigger number of durable goods order represents the upward economy trends. Durable goods are the expensive items that last for longer time than normal goods. The consumers are willing to spend more when the durables goods order increased.

How to trade with Fundamental Analysis?
It can be divided in two parts by using fundamental analysis for trading. Firstly, fundamental analysis is for trading in longer timeframe. The position can be held more than several weeks even several months. It may require some time to reflect the true economy performance in Forex rate.

Apart from the long term trading, some investors may trade in event-driven strategy through fundamental analysis. Investors will trade by their view or market expectation before the announcement of economical data, especially in some important data. For example, if market are expected the weak US consumption data, investors can sell USD buy foreign currencies in advance to make profit into the economical data that matching to expectations.
 
One important point should be noticed that the risk exposure in this trading strategy is high. If the US released the figure that worse than expectation, US dollar may not fall just after the announcement. It is because market may think that US dollar constructed the bottom already, which may cause the appreciation of USD dollar.
 
Furthermore, the currency can be appreciated even the figure is worse than expectation, but better than the previous figure. So, we should keep an eye on the risk of event-driven trading strategy.

Announcement time of major economic indicators
There are the fixed date and time for the economical figure announcement. Please find the list below for the reference. Market may become fluctuated in the time period below.
 
The points to note in Fundamental analysis
Please make sure the date and time of the economical data announcement. No matter you are the short term traders or event-driven traders or not, market volatility will go up in the announcement time period
 
The smaller volatility contained before figure announcement, the bigger fluctuation caused after announcement of the figure. Most of the investors are tend to stay on sidelines rather than entering into market before the important economical figure announcement, especially in the flattened market. The market volatility will be increased after the economical data announcement. This situation will happen in the announcement of US employment figure, interest rate in major countries and the central bank meeting minutes.
 
Generally, the breakout after the announcement of economical data can only maintain in short period of time, sometimes it will be several minutes or several seconds. It is because the breakout after economical data announcement only reflects the first market reaction only. The trend of Forex rate may change by the further analysis or comment from the market.
 
Event-driven trading is composited with high risk. Please control your risk in this trading strategy.
                                     

                                       The following are the currency pairs provided by hte company. Each lot of standard contract is 100,000 amounts of base currency. The minimum order is 0.1-lot that contract is 10,000 amounts of base currency. The Maximum contract amount is 30-lots for each transaction.
 

歐元兌美元	EUR/USD
英鎊兌美元	GBP/USD
美元兌日圓	USD/JPY
美元兌瑞朗	USD/CHF
美元兌加元	USD/CAD
澳元兌美元	AUD/USD
紐元兌美元	NZD/USD
美元兌離岸人民幣	USD/CNH
歐元兌英鎊	EUR/GBP
歐元兌日圓	EUR/JPY
歐元兌瑞朗	EUR/CHF
英鎊兌日圓	GBP/JPY
英鎊兌瑞朗	GBP/CHF
瑞朗兌日圓	CHF/JPY
加元兌日圓	CAD/JPY
澳元兌日圓	AUD/JPY
紐元兌日圓	NZD/JPY
歐元兌加元	EUR/CAD
歐元兌澳元	EUR/AUD
歐元兌紐元	EUR/NZD
英鎊兌加元	GBP/CAD
英鎊兌澳元	GBP/AUD
英鎊兌紐元	GBP/NZD
加元兌瑞朗	CAD/CHF
澳元兌瑞朗	AUD/CHF
澳元兌加元	AUD/CAD
澳元兌紐元	AUD/NZD
紐元兌瑞朗	NZD/CHF
紐元兌加元	NZD/CAD

In general, client can set an expiration time for the order. If it is not set by client, the order will remain pending by default until it is executed by the market or cancelled by client (Good Till Cancel).

Market Orders
Place an order to buy or sell at the prevailing market price. It has no price protection which may lead to the executed price at positive or negative slippage for the client.

Buy Limit Orders / Sell Limit Orders
Allow client to place an order at a specified price to buy below, or sell above the prevailing market price but execution will not be guaranteed because of the market fluctuation. Orders will be executed when the specified price is reached in the market. The executed price of the Buy / Sell limit orders may be favorable for client.

Buy Stop Orders / Sell Stop Orders
Contrary to limit orders, stop orders allow client to set a specified price to buy above, or sell below the prevailing market price. Stop orders will be triggered for execution when the specified price is reached in the market. Once the stop order is triggered, it will be filled at the best price available. It is not guaranteed for stop orders to be filled at the specified price. The executed price may be higher or lower than the price specified by the stop order. In cases where the market gaps up/down or becomes illiquid, including but not limited to during market opening, economic data release and political events, client is exposed to the risk that the executed price may be significantly worse than the specified price.

Take Profit Orders
Allow client to place a limit order on an open position. The open position will be closed at the executed price of the limit order when the specified price is reached in the market.

Stop Loss Orders
Allow client to place a stop order on an open position. When the specified price is reached in the market, such stop order will be triggered and the open position will be closed at the best price available then.

Open position rollover interest table

Rollover interest will be charged at 5:00 a.m. Hong Kong time (summer session) or 6:00a.m. Hong Kong time (winter session) on all carried over positions.

The value date of FX Spot is T+2 normally, and most of the international banks are closed during weekend. Therefore, the rollover interest of weekend will be calculated on Wednesday and it will be 3 days of rollover interest. Meanwhile, there are no rollover interest calculation on every holiday, the value date will postpone 1 day and the rollover interest will be calculated when the value date of traded currency(ies) involve the holiday of the country(ies).

Example 1: General situation

Trade Date	Value Date	Rollover Day Count
Mon (1, Feb)	Wed (3, Feb)	1
Tue (2, Feb)	Thu (4, Feb)	1
Wed (3, Feb)	Fri (5, Feb)	3
Thu (4, Feb)	Mon (8, Feb)	1
Fri (5, Feb)	Tue (9, Feb)	1

Example 2: US Holiday on 8, Feb

Trade Date	Value Date	Rollover Day Count
Mon (1, Feb)	Wed (3, Feb)	1
Tue (2, Feb)	Thu (4, Feb)	1
Wed (3, Feb)	Fri (5, Feb)	4
Thu (4, Feb)	Mon (8, Feb)	0
Fri (5, Feb)	Tue (9, Feb)	1

Example 3: Non-US Holiday on 8, Feb

Trade Date	Value Date	Rollover Day Count (Holiday related CCY)	Rollover Day Count Other CCY)
Mon (1, Feb)	Wed (3, Feb)	1	1
Tue (2, Feb)	Thu (4, Feb)	1	1
Wed (3, Feb)	Fri (5, Feb)	4	3
Thu (4, Feb)	Mon (8, Feb)	1	1
Fri (5, Feb)	Mon (8, Feb)	0	1

Margin requirements and details
The default leverage rate for Guotai Junan FX trading account is set at 20:1, unless client has special request. Please be reminded that the maximum leverage on your Guotai Junan FX trading account is 20:1, which is maximum leverage according to the SFC.

 
Initial Margin
Initial Margin means the margin required to open a position, clients should maintain no less than 5% of the gross principal value of the contract(s) as initial margin in his/her FX account before open a position.

Maintenance Margin
If the equity of the trading account stands at or falls below 3% of the gross principal value of the contract(s), client will receive a margin call notice by electronic means (if applicable). If client are unable to fulfill the maintenance margin requirement 2 hours before the market close on Saturday (i.e. 2:00 am Hong Kong time (Summer session); 3:00 am Hong Kong time (winter session)), the Guotai Junan FX will liquidate part or all the open position(s) until the trading account meets the maintenance margin requirement before the market close on Saturday, without prior notice to the client.

 
Force Liquidation Margin
If the equity of the trading account stands at or falls below 1.5% of the gross principal value of the contract(s), open positions will be liquidated, without prior notice or warning, in descending order of floating loss amount until the trading account stays over 3% of the gross principal value of the contract(s).

The margin call will be issued one or more than one channels by Trading platform alert / Trading platform message / Email / SMS. After the margin call has been issued, client can only close outstanding positions, but not open any new position, unless the close-out of all or parts of the open positions results in sufficient cash equity amount.

Equity must be topped up to the maintenance margin level before the specified deadline; otherwise, some or all positions will be liquidated.
 
If the equity of the trading account stands between 1.5% and 3% of the gross principal value of the contract(s), and clients are unable to fulfill the maintenance margin requirement 2 hours before the market close on Saturday (i.e. before 2:00 a.m. Hong Kong time (summer session); before 3:00 a.m. Hong Kong time (winter session)), the Company will liquidate client’s open position(s) in descending order of floating loss amount, until the trading account meets the maintenance margin requirement before the market close on Saturday, without further notice to clients.
 
If the equity of the trading account falls at or below the force liquidation level, the trading system does not guarantee to liquidate the open positions while the residual equity balance is same as expected by client. The clients account balance in the extreme market situation may fall into a debit balance. Clients will be charged an annual interest rate of 8.00% over the Hong Kong best lending rate (Prime Rate) on your debit balances in your FX account calculated on a daily basis.

A. Trading Platform Information

Trading Platform	MT4
Trading Products	Forex
Business Model	Straight Through Processing(STP), all the client contracts will be delivered to the market and deal directly.
The minimum limit order spread	0.5 pips
Lock Position	Allow
LFX Trading amount per order	Minimum 10,000 amounts of base currency Maximum 3,000,000 amounts of base currency (differ across clients)
Spread Type	Dynamic
EA Trading	Allow
System Time Zone	GMT +5
Settlement Currency	USD

B. Trading Hours
Normal trading hours starts from Monday 6:15 a.m. Hong Kong time (summer session) or 7:15 a.m. Hong Kong time (winter session) and closes on Saturday at 4:00 a.m. Hong Kong time (summer session) or 5:00 a.m. (winter session).

C. Trading Limit
When you open a FX account with us, we will set a trading limit for you. If you maintain open positions exceeding the trading limit, we may liquidate all/or parts of your open positions to keep the open positions below the trading limit, without giving prior notices or warnings.

D. Margin Requirement
You should maintain no less than 5% and 3% of the gross principal value of the contract(s) offered by Guotai Junan FX Limited (the “Company”) as initial margin and maintenance margin respectively. The Company may change the margin requirement and interest rate at any time at its absolute discretion. This requirement once established will apply to existing positions as well as to the new positions in your leveraged foreign exchange trading account.

E. Profit or Loss
Direct Quotation
For Example:
Client open position is SELL 1-lot of EUR/USD at 1.10832 with contract amount EUR 100,000
Client close position is BUY 1-lot of EUR/USD at 1.11856 with contract amount EUR 100,000
100,000 x (1.10832–1.11856) = -USD 1,024.00

Indirect Quotation
For Example:
Client open position is BUY 1-lot of USD/JPY at 107.502 with contract amount USD 100,000
Client close position is SELL 1-lot of USD/JPY at 108.802 with contract amount USD 100,000
100,000 x (108.803–107.502) / 108.803 = USD 1,195.74

Caution: Except the closing price, both rollover interest and commission charges will also affect the profit and loss.

F. Slippage
Slippage means the price difference between the executed price and the client order price. Slippage can be positive or negative. It often occurs with market orders or stop orders during a period when the market volatility is high, the market trade volume is low, or the market bid-offer spread is wide. The Company does not retain any positive or negative slippage, and all such slippages are passed on to clients.

G. Commission
USD50.00 (negotiable) handling fee per $100,000 base currency bought or sold through online trading. An additional of USD10.00 handling fee per $100,000 base currency for bought or sold through phone dealing services.

H. Reset Password
Password is formed by 8 digits including 1 number, 1 uppercase alphabet and 1 lowercase alphabet. Every new password is valid for 90 days, client will get the password changing notice before expiration and the past 3 passwords cannot be reused.

I. Phone Dealing
Dealers of the Company only act as your agents in placing orders. Our dealers are unable to quote executable price. After you placed order requests, the dealers will inform you about the reference prices, status of the orders and the executed prices, while the price will be subject to market fluctuation and may be different from the reference price quoted to you previously.

J. Flow on Phone Dealing
When you make a phone dealing call, the dealer will ask your personal information for verification.

Here is an example of the dealing conversation:

C = Client
D = Guotai Junan FX Dealer
D:    May I have your trading account number, please?
C:    My trading account number is 888888
D:    May I have your date of birth, please?
C:    My date of birth is Jan 1, 1950
D:    May I have your name on this trading account, please?
C:    Chan Tai Man
C:    Please quote AUD/USD
D:    The reference price for AUD/USD is 0.8680/0.8683
C:    I would like to long 1-lot of AUD/USD at market
D:    1-lot of AUD/USD filled at 0.8683

Note: The information above is for reference only. If you have any enquiries, please contact our customer service at (852) 2509 9788 or fx@gtjas.com.hk.

1.General
The following risk disclosure statements cannot disclose all the risks and other significant aspects involved.  The intention is to inform investors that the risk of loss may be substantial in certain circumstances. In light of the risks, the investors should invest or trade only if it understands the nature of the contracts (and contractual relationships) it is entering into and the extent of its exposure to risk. Investors should carefully consider whether an FX transaction or a Bullion transaction, as the case may be (collectively, the “Transaction”) is suitable for it in light of its experience, financial position, resources, objectives and other circumstances. Investors should undertake its own research and study before it invests or trades. Investors are advised to seek independent financial and professional advice before it invests or trades. Investors should seek independent professional advice if it is uncertain of or has not understood any aspect of these risk disclosure statements or the nature and risks involved in investment or trading.
(i)    The Transactions are "non-transferable" and it may be impossible for investors to close out or liquidate them.
(ii)   Guotai Junan FX Limited (“GTJAFX”) may from time to time provide investors with information on investments, products or markets such as research, reports, market trends, investment analysis, commentary or internal ratings on the performance of selected companies, assets, interest rates, exchange rates and/or indices. Investors understand and agree that such information is for reference purposes only when it is not accompanied by a solicitation or recommendation and it should not be construed as any endorsement or recommendation of the investments, products or markets.
(iii)  Investors confirm to GTJAFX that it has sufficient knowledge and experience to be able to evaluate the merits and risks of entering into each Transaction, and investors are able to make, have made or will make its own assessments and decisions on the merits and risks of the Transactions that it enters into and products it will invest in.
(iv)  Rates may fluctuate rapidly.  No indication or quotation of any rate binds GTJAFX until investors have "accepted" it and GTJAFX has thereafter re-confirmed it.
(v)   Past performance is not indicative of future performance. The offering documents or information provided by GTJAFX and/or its affiliates have not been reviewed by the Securities and Futures Commission of Hong Kong (“SFC”) and/or other relevant regulatory authorities and investors are advised to exercise caution in relation to the offer.

2.Commission and Other Charges
Before investors begin to trade, it should obtain a clear explanation of all commission, fees and other charges for which it will be liable. These charges will affect its net profit (if any) or increase its loss.

3.Currency Risks
The profit or loss in Transactions in foreign currency-denominated contracts (whether they are traded in investors' own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the Currency denomination of the contract to another Currency.

4.Risks Relating to Historic Rate Rollover 
Historic rate rollover may be used to conceal losses or to perpetuate fraud as losses are not usually realised unless a transaction is settled or closed-out by GTJAFX.

5.Risks Relating to Exchange Rate Volatility
Substantial losses may be sustained on the contract, trade, product or financial investment if the market conditions move against investors' position.  Market movements may have an impact on the extent of profit/loss investors would be exposed to when there is an upward or downward movement in the relevant rates, and the extent of loss if investors have to liquidate a position should market conditions move against such investors. Investors' position may be liquidated at a loss and investors will also be liable for any resulting deficit in his/its account with GTJAFX.

6.Liquidity Risks
It may be difficult or impossible to liquidate or trade in a Transaction, 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, and where there is the occurrence of an event commonly known as "force majeure".  Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily limit investors' losses to the intended amounts, as it may be impossible to execute such orders under certain market conditions.

7.Liquidity Risk:  Non-Deliverable Forwards
The underlying currency of a NDF Transaction may not have a ready market.  Consequently, the NDF Transaction may be very illiquid and, in such event, investors may sustain substantial losses as the bid/offer spreads may be very wide if the market moves against such investors' position.

8. Off-exchange Transactions
In some jurisdictions, there may be restricted circumstances in which firms are permitted to effect off-exchange Transactions. Off-exchange Transactions have higher counterparty default risk than the exchange-traded Transactions. The firm with which investors deal may be acting as investors' counterparty to the off-exchange Transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these off-exchange Transactions may involve increased risks. Off-exchange Transactions may be less regulated or subject to a separate regulatory regime. Before investors undertake such off-exchange Transactions, it should familiarise itself with applicable rules and attendant risks.

9.Trading Facilities
Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Investors' ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary: Investors should ask GTJAFX for details in this respect.

10.Risk of Trading in the Transactions
Conducting FX and Bullion Trading on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against them as well as for them. Before deciding to under the Transactions, investors should carefully consider their investment objectives, level of experience, and risk appetite. The possibility exists that investors could sustain a loss of some or all of their initial investment and therefore they should not invest money that they cannot afford to lose. Investors should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if they have any doubts. Past returns are not indicative to future results.

The risk of loss in FX and Bullion trading can be substantial. Investors acknowledge and agree that he/it may sustain losses in excess of his/its initial margin funds.  Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily limit losses to the intended amounts. Market conditions may make it impossible to execute such orders. Investors acknowledge and agree that he/it may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, his/its position may be liquidated. Investors will remain liable for any resulting deficit in his/its account. Investors should therefore carefully consider whether such trading is suitable in light of his/its own financial position and investment objectives.

11.Risk of Margin Trading
The risk of loss in financing a transaction by deposit of collateral is significant. Investors acknowledge and agree that he/it may sustain losses in excess of his/its cash and any other assets deposited as collateral with the licensed or registered person. Market conditions may make it impossible to execute contingent orders, such as "stop-loss" or "stop-limit" orders. Investors may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, investors' collateral may be liquidated without his/its consent.  Moreover, investors will remain liable for any resulting deficit in his/its account and interest charged on his/its account. Investors should therefore carefully consider whether such a financing arrangement is suitable in light of his/its own financial position and investment objectives.

12.Risk of Electronic Trading
Trading on an electronic trading system may differ from trading on other electronic trading systems, and investors will be exposed to risks associated with the system and/or the internet if investors undertake transactions on an electronic trading system and/or the internet. Access to the internet or other electronic devices may be limited or unavailable during periods of peak demand, market volatility, systems upgrades or maintenance or for other reasons. Transactions conducted through the internet or other electronic devices may be subject to interruption, transmission blackout, and delayed transmission due to unpredictable traffic congestion and other reasons beyond GTJAFX's control. The internet is, due to technical limitations, an inherently unreliable medium of communication. As a result of such unreliability and/or failures of hardware or software associated with electronic trading systems, there may be delays in the transmission and receipt of Instructions and other information and this may result in delays in the execution of Instructions, failure to execute orders according to Instructions (including execution at prices different from those prevailing prices at the time the Instructions were given) and/or Instructions not being executed at all. Moreover, communications and personal data may be accessed by unauthorised third party; and there are risks of misunderstanding or errors in any communication and such risks shall be absolutely borne by investors. Investors acknowledge and agree that it shall not usually be possible to cancel an Instruction after it has been given. 

13.Risks of Assets Received or Held Outside Hong Kong
Investors acknowledge and agree that the Investors' assets received or held by the licensed or registered person outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the SFO and the rules made thereunder. Consequently, investors' assets may not enjoy the same protection as that conferred on the investors' assets received or held in Hong Kong.

14.Risk of Providing Authority to Hold Mail or to Direct Mail to Third Parties
If investors provide GTJAFX with an authority to hold mail or to direct mail to third parties, it is important for investors to promptly collect in person all contract notes and statements of investors' Account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.

15.Instructions Outside Hong Kong
If investors give any Instruction to GTJAFX outside Hong Kong, investors agree to ensure and represent that such Instruction will have been given in compliance with any applicable law of the relevant jurisdiction from which investors' Instruction is given, and investors further agree that  investors shall, when in doubt, consult legal advisers and other professionals of the relevant jurisdiction. Investors accept that there may be taxes or charges payable to relevant authorities in respect to any Instruction given outside Hong Kong, and investors agree to pay such taxes or charges as applicable.

16. Credit Risk of GTJAFX
If GTJAFX becomes insolvent or defaults on its obligations, investors may only claim as an unsecured creditor of GTJAFX.

17.Credit Risk of the Custodian Bank
All investors’ amounts provided by investors will be deposited into the custody account opened by GTJAFX as trustee with the custodian bank. Investors are exposed to the credit risk of the custodian bank if it becomes insolvent and/or it is unable to repay its debt in full or otherwise. In the event that a custodian bank is unable to repay the custody amount to GTJAFX in full, GTJAFX shall not be liable to make any shortfall to investors and shall not be liable for any loss, costs and expenses of investors. Investors may only recover from the amount (if any) actually received by GTJAFX from the custodian bank on a pro rata basis with all other beneficiary investors and such amount recovered may be substantially less than what investors have provided to GTJAFX in accordance with the agreement entered into with GTJAFX and may be zero.

18.Limited Maximum Potential Gain
The maximum potential gain is capped at the pre-determined exchange rate on the FX products.

19.Early Termination Risk
Early termination may not be permitted. Investor may suffer loss as a result of any early termination requested by the investor.

20.Forwards
Transactions in forwards involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle your position in cash without delivery of the underlying asset.

The seller of a forward contract must deliver the agreed price which can be considerably below the then market price in the case of rising prices. The purchaser of a forward contract on the other hand must accept delivery at the agreed price in the case of falling prices. In both cases, the risk lies in the difference between the agreed price and the market price. This risk is not determinable in advance and can exceed any collateral provided.

21.Derivatives
(i)   A derivative is a financial instrument, the value of which is derived from an underlying asset's value. Rather than trade or exchange the asset itself, an agreement is entered into to exchange money, assets or some other value at some future date based on the underlying asset. A premium may also be payable to acquire the derivative instrument.
(ii)  You should not deal in derivative products unless you understand the nature of the contract you are entering into and the extent of your exposure to risk. You should also be satisfied that the contract is suitable for you in the light of your circumstances and financial position.
(iii)   An investor in derivatives often assumes a high level of risk, even where the intention behind entering to a derivative is to reduce risk by way of hedging, and therefore investments in derivatives should be made with caution, especially for less experienced investors or investors with a limited amount of capital to invest.
(iv)   If a derivative transaction is particularly large or if the relevant market is illiquid (as may be the case with many privately negotiated off-exchange derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous price.
(v)   Off-exchange derivatives may take the form of unlisted transferable securities or bilateral "over-the-counter" contracts ("OTC"). Although these forms of derivatives may be traded differently, both arrangements may be subject to credit risk of the issuer (if transferable securities) or the counterparty (if OTCs) and, like any contract, are subject also to the particular terms of the contract (whether a one-off transferable security or OTC contract, or a master agreement). In particular, with an OTC contract, the counterparty may not be bound to "close out" or liquidate this position, and so it may not be possible to terminate a loss-making contract. Off-exchange derivatives are individually negotiated. As the terms of the transactions are not standardised and no centralised pricing source exists (as exists for exchange traded instruments), the transactions may be difficult to value. Different pricing formulas and financial assumptions may yield different values, and different financial institutions may quote different prices for the same transaction.
(vi)    Derivatives can be used for speculative purposes or as hedges to manage other investment or economic risks. In all cases the suitability of the transaction for the particular investor should be very carefully considered.
(vii)   You are therefore advised to ask about the terms and conditions of the specific derivatives and associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of an underlying asset and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying asset. Normal pricing relationships between the underlying asset and the derivative may not exist in all cases. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to assess "fair" value.

22.Concentration Risk
The value of a Transaction is highly volatile and may be affected by the market, currency, economic, and political conditions of the country to which the currency(ies) of the Transaction relate. This may result in an increased amount of volatility, liquidity, price and foreign exchange risk associated with investments in respect of the currency of one or more countries. If there are any economic and financial difficulties in such country, or if the measures taken by the relevant government or authorities to solve such economic and financial difficulties did not work, this may have significant adverse consequences on your investments in the Transaction and thus adversely affect the overall value of the Transaction. If you have invested all or a substantial amount of your assets in Transactions that are exposed to a small number of currencies, your investment return may be subject to a high concentration risk and you may lose some or all of your investment in the Transactions if the market goes against your view.

23.Settlement Risk
A failure in settling a Transaction may arise from counterparty default, operational problems, market liquidity constraints and other factors and, accordingly, parties to settlement of such Transaction normally assume full and unsecured risk with regard to counterparty exposure. If there is a failure to settle any Transaction, this may have a material adverse impact on the value of such Transaction and you may lose some or all of your investment in such Transaction.

24.Not a Time Deposit
A Transaction is not equivalent to time deposit and does not represent any deposit of money. It is not protected under the Deposit Protection Scheme in Hong Kong.

25.Additional Risks Associated with Bullion Transactions
Bullion Transactions linked to the price of gold or silver may be subject to certain specific risks.
Gold and silver are precious metals. Consequently, Bullion Transactions linked to the price of such commodities may be subject to a number of additional factors specific to precious metals that might cause price volatility. These may include, among others:
?          disruptions in the supply chain, from mining to storage to smelting or refining;
?          adjustments to inventory;
?          variations in production costs, including storage, labor and energy costs;
?          costs associated with regulatory compliance, including environmental regulations;
?          changes in industrial, government and consumer demand, both in individual consuming nations and internationally;
?          precious metal leasing rates;
?          currency exchange rates;
?          level of economic growth and inflation; and
?          degree to which consumers, governments and corporate and financial institutions hold physical gold as a safe haven asset (hoarding) which may be caused by a banking crisis/recovery, a rapid change in the value of other assets (both financial and physical) or changes in the level of geopolitical tension.

These factors interrelate in complex ways, and the effect of one factor on the market value of Bullion Transactions linked to the price of gold or silver may offset or enhance the effect of another factor.

26.Accuracy of Information
The content on this Web site is subject to change at any time without notice, and is provided for the sole purpose of assisting investors to make independent investment decisions. The contents of this document have not been reviewed by the SFC or any other regulatory authority in Hong Kong. GTJAFX has taken reasonable measures to ensure the accuracy of the information on the Web site. However, GTJAFX does not guarantee its accuracy, reliability or completeness, and will not accept liability for any loss or damage that may arise directly or indirectly from the content or your inability to access the Web site, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through this Web site.