1. Effect of ‘Leverage’ or ‘Gearing’

Transactions in OTC accounts carry a high degree of risk. The amount of initial margin is small relative to the value of the OTC contract so that transactions are ‘leveraged’ or ‘geared’. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.

The placing of certain orders (e.g. ‘stop-loss’ order, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.

You should ask the firm with which you deal about the terms and conditions of the specific currencies which you are trading and associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the full currency value).

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. suspension of trading in any currency because of price limits, government intervention or "circuit breakers") may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions.

You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

Before you begin to trade, you should obtain a clear explanation of all commission, fees, markups, markdowns, rollovers, interest rate differential and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

Transactions on currencies of other countries in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

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

OTC business is not traded on a regulated market and therefore does not require open-outcry. Even though quotations or prices are afforded by many computer-based component systems, the quotations and prices may vary due to market liquidity. Many electronic trading facilities are supported by computer-based component systems for the order-routing, execution or matching of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the bank and/or financial institution. Such limits may vary; you should ask the firm with which you deal for details in this respect.

Trading on an electronic trading system may differ not only from trading in the interbank market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.

Disclaimers:

• Internet and System failures:

  Since GCI does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions, delays, when you trade on-line (via Internet).  Furthermore, any losses or foregone profits in Trader's account are the responsibility of the Trader and not GCI, even if software, hardware, or other system failures or errors contributed to such losses or foregone profits. 

• Market risks and on-line trading:

  Trading currencies involves substantial risk that is not be suitable for everyone. See Trader Agreement for more detailed description of risks. Trading on-line, no matter how convenient or efficient, does not necessarily reduce risks associated with currency trading.

• Password protection:

  The Trader is obligated to keep passwords secret and ensure that third parties do not obtain access to the trading facilities. The Trader will be liable to GCI for trades executed by means of the Trader’s password even if such use may be wrongful.

• Quoting errors:

Should quoting errors occur due to a dealer’s mistype of a quote, errors in an automatic price feed, or an erroneous price quote from a Trader, such as but not limited to a wrong big figure quote, GCI will not be liable for the resulting errors in account balances. GCI reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting errors will be resolved on a basis of a fair market value of a currency at the time such an error occurred.

In OTC, firms are not restricted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

风险披露声明

这份简介〈OTC 埸外交易所没有规定，但适用于外汇保证金交易〉不能披露所有外汇保证金和其它保证金〈杠杆式〉投资的风险。在风险性投资项目中，你必须根据个人财务状况、目标和经验，仔细考虑交易合约的内容，你是否适合和能否承担。
　

杠杆式投资
在OTC 埸外交易所，外汇保证金是高风险的投资项目。OTCFX的合约买卖只要求少量百分比的融资，因此称为杠杆式买卖。杠杆式外汇买卖〈外汇保证金〉的风险可以十分重大。投资者所蒙受的亏损可能超过他/她最初的融资。市场在剧烈波动的情况下，投资者可能被要求一接到通知即须存入额外的保证金款额。如投资者未能在所订的时间内提供所需的款额，他/她的未平仓合约可能会被平仓。投资者将要为他/她的户口所出现的任何超损负责。

减低风险指令或操作

市场在剧烈波动的情况下，可能使这些减低风险指令或操作无法执行。即使投资者预先定下减低风险指令或操作，例如「止蚀」或「限价」买卖指令，亦未必可以将亏损限于投资者原先设想的数额。

条款和规定

你必须明确地了解，你想进行交易的外汇的条款、规定附带的义务问题。例如在某些情况下，你可能要交付合约100%的融资。

市场停止运作或报价

市场受业务条款〈例如，无流动资金的〉或者是某市场的受到规限〈例如，汇率限制、政府干预或circuit breakers〉， 可以会今市场停止运作或报价，引起更风险可能。

现金与资产物

你应该仔细考虑，国内或外地的交易所法规，尤其对破产或无力偿还债务的保护。在者某地区的法规中，一旦出现这些情况，可能现金与资产物会被管制。在某些地区，现金不足偿还债务的情况下，会把你的资产物扣押。

佣金及其它交易费用

在你未交易之前，你应该先得到一份清晰的说明，列明一切交易的费用，包括佣金、差价、利息、手续费和其它的续费。这些费用会影响你的投资回报和增加风险。

异地交易

在外地的市场进行外汇交易，就算该市所直接连系你所在地的市场，都有可能增加你额外的风险。因为，某些市场对于本土的投资者和外地的投资者，所提供的保障可能会不一样。在你参与投资之，你必须清楚了解所参与的市埸在这方面的规定，你本土的监管机构不能强制异地的市场厉行你本地的法律。如果你要异地交易，你应该查证两地在上述的分歧。

双重汇率变动

无论异地或本地交易，盈利和亏损会受到你本金的所属的汇率变动而影响。你的盈利和亏损可能因兑换问题有所变动。

金融机构

OTC 外汇埸外交易所不是一般市场，因为没有限制必须喊价。虽然行情和报价计算机联网上显示出来，这并不保证这些行情和报价跟市场流动的一样。很多金融机构以计算机联网作为操作的途径、履行或配合交易。倘若某金融机构的计算机损坏需要暂时分离或终止在计算机联网上的连结，根据金融机构的条约，客户所受的损失可能可以向金融机构讨回。不过不同的金融机构条约，你最先清楚了解。

电子交易

使用电子交易系统交易不但跟在银行交易不一样，而且每电子交易系统本身跟别的电子交易系统也有不一样的。如果你使用电子交易系统交易，在硬件和软件发生问题的情况上，可能会增加你投资上的风险。一旦硬件和软件发生问题的时候，可能令你的指令无法操作或者正常操作。

免责权

计算机系统和互联网故障

GCI 没有创作信息的可能，所信息都经互联网与你的系统连结而接收和传送的。如果你使用互联网交易，而信息在接收和传送方面故障、失真、延迟，GCI 将不会负上任何责任，所引致损失由你自己承担。如果是硬件和软件而引致上述问题出现，GCI 也不会负上任何责任。

汇率变动和网上交易

外汇保证金交易具有风险，不一定适合任何人仕。请参阅开户交易协议来进一步了解风险的问题。在网上交易无论怎样方便和有效都不一定减少或有助减少外汇保证金交易风险。

保护密码

GCI 的客户会获发保护密码，客户必须安全地保管，不要让别人知道而你的交易系统。客户有责任承担在交易系统的一切操作的后果。

行情错误

行情错误是指交易商的错漏、自系统错误或是不正确的显示，例如行情出现大差点，就此所引起交易账户的损失GCI 不会负责。而GCI保留权利作更改或更正交易账户。如有争议，如行情错误会以一个比较公平的价格解决。

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