美国华尔街期货交易所客户协议（中英文）——第四部分

 
The expiration of a security futures contract is established by the exchange on which the contract is listed. On the expiration day, security futures contracts cease to exist. Typically, the last trading day of a security futures contract will be the third Friday of the expiring contract month, and the expiration day will be the following Saturday. This follows the expiration conventions for stock options and broad-based stock indexes. Please keep in mind that the expiration day is set by the listing exchange and may deviate from these norms.
证券期货契约终止期建立在合同列出的交易中。在合同终止期，证券期货契约停止效力。一般，证券期货契约最后交易日期即为合同期满月的第三个星期五，合同期满日即为下个星期六。这一般遵循股票买卖和主要股票指数的终止协定。请注意合同期满日由清单交易规定且可能偏离这些规定。
 
 5.1. Cash settlement  现金结算
 In the case of cash settlement, no actual securities are delivered at the expiration of the security futures contract. Instead, you must settle any open positions in security futures by making or receiving a cash payment based on the difference between the final settlement price and the previous day's settlement price. Under normal
circumstances, the final settlement price for a cash-settled contract will reflect the opening price for the underlying security. Once this payment is made, neither the buyer nor the seller of the security futures contract has any further obligations on the contract.
在现金结算情况下，证券期货契约期满时并无实际证券交易。您必须做出或接受基于最终结算价格和前一日结算价格差额的现金偿付以表明证券期货公开状态。正常情况下，现金结算合同的最终结算价格将反映潜在证券的公开价格。一旦做出这种偿付证券期货买卖双方对于合同都将终止更多义务。
 
5.2. Settlement by physical delivery  物质支付结算
 Settlement by physical delivery is carried out by clearing brokers or their agents with National Securities Clearing Corporation ("NSCC"), an SEC-regulated securities clearing agency. Such settlements are made in much the same way as they are for purchases and sales of the underlying security. Promptly after the last day of trading, the regulated exchange's clearing organization will report a purchase and sale of the underlying stock at the previous day's settlement price (also referred to as the "invoice price") to NSCC. If NSCC does not reject the transaction by a time specified in its rules, settlement is effected pursuant to the rules of NSCC within the normal clearance and settlement cycle for securities transactions, which currently is three business days.
物质支付结算是由清算经纪人或国家证券清算公司（NSCC）和SEC 管理证券清算代理等清算代理机构执行的。这种结算操作和主要证券买卖基本相似。最后交易日后不久，管理交易清算组织将按前一日结算价格的主要股票的买卖情况（也认为是发票价格）汇报给NSCC。如果NSCC在一定时期内按照其规则不反对交易，则按NSCC一般证券交易清除和结算周期规定使结算生效。一般证券交易清除和结算周期目前为三个交易日。
 
If you hold a short position in a physically settled security futures contract to expiration, you will be required to make delivery of the underlying securities. If you already own the securities, you may tender them to your brokerage firm. If you do not own the securities, you will be obligated to purchase them. Some brokerage
firms may not be able to purchase the securities for you. If your brokerage firm cannot purchase the underlying securities on your behalf to fulfill a settlement obligation, you will have to purchase the securities through a different firm.
如果您短期持有物质结算证券期货契约且即将到期，则您需要移交主要证券。如您已持有证券，则可以售给经纪公司。如您未持有证券，则有义务购买。一些经纪公司可能不能够为您购买证券。若您的经纪公司不能代表您购买证券以履行结算义务，则您必须通过其他公司购买证券。
 
Section 6 - Customer Account Protections 第6部分：客户账户保护
 Positions in security futures contracts may be held either in a securities account or in a futures account. Your brokerage firm may or may not permit you to choose the types of account in which your positions in security futures contracts will be held. The protections for funds deposited or earned by customers in connection with
trading in security futures contracts differ depending on whether the positions are carried in a securities account or a futures account. If your positions are carried in a securities account, you will not receive the protections available for futures accounts. Similarly, if your positions are carried in a futures account, you will not receive the protections available for securities accounts. You should ask your broker which of these protections will apply to your funds.
证券期货契约性质为证券账户或期货账目。您的经纪公司可能允许您或不允许您选择可以在证券期货契约中表明性质的账户。与证券期货契约相关的资金存款及客户赢利所得的保护有差别。这取决于在证券或期货账户是否表述您的性质。若您已在证券账户中表述您的性质，则将不会在期货账户中得到保护。同样，若您已在期货账户中表述您的性质，则将不会在证券账户中得到保护。您应当询问您的经纪人什么样的保护适用于您的基金。
 
 You should be aware that the regulatory protections applicable to your account are not intended to insure you against losses you may incur as a result of a decline or increase in the price of a security futures contract. As with all financial products, you are solely responsible for any market losses in your account.
您应注意适用于您账户的保护并不是旨在降低您由于证券期货契约价格升降导致的损失。对于金融产品，您独自负担账目中的市场损失。
 
 Your brokerage firm must tell you whether your security futures positions will be held in a securities account or a futures account. If your brokerage firm gives you a choice, it must tell you what you have to do to make the choice and which type of account will be used if you fail to do so. You should understand that certain
regulatory protections for your account will depend on whether it is a securities account or a futures account.
您的经纪公司必须告诉您在证券账户或期货账户中您的证券期货性质。若您的经济公司让您选择，在您不知如何去做的情况下必须告诉您怎样去选择并且将使用哪一种账户。您应该清楚您的某些账目保护取决于是证券账户还是期货账户。
 
6.1. Protections for Securities Accounts  证券帐户保护
 If your positions in security futures contracts are carried in a securities account, they are covered by SEC rules governing the safeguarding of customer funds and securities. These rules prohibit a broker/dealer from using customer funds and securities to finance its business. As a result, the broker/dealer is required to set aside funds equal to the net of all its excess payables to customers over receivables from customers. The rules also require a broker/dealer to segregate all customer fully paid and excess margin securities carried by the broker/dealer for
customers.
若您安全期货合同中在证券帐户性质已确定情况下，由维护客户资金及证券安全的SEC规则监管。此规则禁止经纪人和经销者利用客户资金和证券用于私人目的。因此，要求经纪人和经销者必须准备超过从客户处接受资金量的金额以作为可付给客户的资金储备。此规则还要求经纪人和经销者隔离为客户操作的完全付款和额外富余证券。
 
 The Securities Investor Protection Corporation (SIPC) also covers positions held in securities accounts. SIPC was created in 1970 as a non-profit, non-government, membership corporation, funded by member broker/dealers. Its primary role is to return funds and securities to customers if the broker/dealer holding these assets becomes insolvent. SIPC coverage applies to customers of current (and in some cases former) SIPC members. Most broker/dealers registered with the SEC are SIPC members; those few that are not must disclose this fact to their customers. SIPC members must display an official sign showing their membership. To check whether a firm is a SIPC member, go to www.sipc.org, call the SIPC Membership Department at (202) 371-8300, or write to SIPC Membership Department, Securities Investor Protection Corporation, 805 Fifteenth Street, NW, Suite 800, Washington, DC 20005-2215.
证券投资者保护公司（SIPC）也覆盖证券帐户性质。SIPC创立于1970年，是一个非赢利性、非政府的由会员经纪人和经销者出资的会员制企业。他起初功能是当拥有资产的经纪人和经销者破产时，将基金和证券归还给客户。SIPC业务包括申请当前SIPC会员消费者。大多数用SEC注册的经纪人和经销者为SIPC会员。少数不是SIPC会员的必须将这一事实向客户说明。SIPC会员必须展示官方标志以显示他们的会员身份。检验公司是否为SIPC会员，可于www.sipc.org 网站查询，另外还可以拨打(202) 371-8300 SIPC 会员部门电话进行查询或写信到美国华盛顿特区800区西北15大街805证券投资者保护公司 SIPC 会员部门收.
 
 SIPC coverage is limited to $500,000 per customer, including up to $100,000 for cash. For example, if a customer has 1,000 shares of XYZ stock valued at $200,000 and $10,000 cash in the account, both the security and the cash balance would be protected. However, if the customer has shares of stock valued at $500,000 and $100,000 in cash, only a total of $500,000 of those assets will be protected.
SIPC业务覆盖规定每位客户500000美金，包括高达100000现金。例如，若一客户帐户中有1000股XYZ公司股票价值200000美金和100000现金，证券和现金余额都将得到保护。但是，若一客户帐户中有股票价值500000美金和100000现金，只有资产总数为500000美金内时才能得到保护。
 
 For purposes of SIPC coverage, customers are persons who have securities or cash on deposit with a SIPC member for the purpose of, or as a result of, securities transactions. SIPC does not protect customer funds placed with a broker/dealer just to earn interest. Insiders of the broker/dealer, such as its owners, officers, and partners, are not customers for purposes of SIPC coverage.
SIPC这种业务覆盖的目的就是：客户就是作为SIPC会员为了进行证券交易把证券或现金存放起来的人或客户就是为了进行证券交易而把证券或现金存放起来的人。SIPC并不是保护客户资金放置于一处利用经纪人和经销者以仅仅赢得利润。经纪人和经销者内部人士如拥有者、官员及股东等并不是SIPC这种业务覆盖的客户。
 
 6.2. Protections for Futures Accounts  期货帐户保护
 If your security futures positions are carried in a futures account, they must be segregated from the brokerage firm's own funds and cannot be borrowed or otherwise used for the firm's own purposes. If the funds are deposited with another entity (e.g., a bank, clearing broker, or clearing organization), that entity must acknowledge
that the funds belong to customers and cannot be used to satisfy the firm's debts. Moreover, although a brokerage firm may carry funds belonging to different customers in the same bank or clearing account, it may not use the funds of one customer to margin or guarantee the transactions of another customer. As a result, the brokerage firm must add its own funds to its customers' segregated funds to cover customer debits and deficits. Brokerage firms must calculate their segregation requirements daily.
若您的证券期货成交量以期货帐户形式确立，则必须与经纪公司自己的基金隔离并且不得外借或用于经纪公司自己的目的。如果资金以其他实体的形式存入，（如银行、清算经纪人和清算组织等）这些实体必须承认资金属于客户并且不得用于负担公司债务。并且，尽管经纪公司可持有属于不同客户在同一银行或过渡帐户的资金，但不可以使用一位客户的资金交易或作为另一位客户资金的保证金。因此，经纪公司必须往客户隔离资金中注入自己的资金以满足客户的借款与赤字。经纪公司必须每日计算他们的隔离资金需求。
 
You may not be able to recover the full amount of any funds in your account if the brokerage firm becomes insolvent and has insufficient funds to cover its obligations to all of its customers. However, customers with funds in segregation receive priority in bankruptcy proceedings. Furthermore, all customers whose funds are required to
be segregated have the same priority in bankruptcy, and there is no ceiling on the amount of funds that must be segregated for or can be recovered by a particular customer.
当经纪公司破产时，他们没有足够资金向每一位客户履行义务，因此您可能不能从帐户中取得任何基金的全额款项。但是有资金在隔离款项中的客户享有破产清算程序中的优先权。因此，所有拥有隔离资金的客户在破产清算程序中同样具有优先权。且对于必须隔离的资金额度或由客户提取款项没有最高额度限制。
 
 Your brokerage firm is also required to separately maintain funds invested in security futures contracts traded on a foreign exchange. However, these funds may not receive the same protections once they are transferred to a foreign entity (e.g., a foreign broker, exchange or clearing organization) to satisfy margin requirements for those products. You should ask your broker about the bankruptcy protections available in the country where the foreign exchange (or other entity holding the funds) is located.
您的经纪公司同时要求分别保持资金投资于基于证券期货契约外汇交易领域。但是，一旦他们转移资金到外国实体（例如外资银行，兑换和清算组织）以满足这类产品的交易需求，则可能得不到同样的保护。您应向您的经纪人要求您所在国家有外汇交易业务处（或其他拥有基金的实体）的破产保护。
 
Section 7 - Special Risks for Day Traders 第7部分：工作日交易者的特殊风险
Certain traders who pursue a day trading strategy may seek to use security futures contracts as part of their trading activity. Whether day trading in security futures contracts or other securities, investors engaging in a day trading strategy face a number of risks.
一些实行日常交易的交易者可能把证券期货契约作为交易行为的一部分。无论以证券期货契约或其他证券为依据进行日常交易，还是参与到日常交易战略的投资者交易者都面临一系列的风险。
 
o Day trading in security futures contracts requires in-depth knowledge of the securities and futures markets and of trading techniques and strategies. In attempting to profit through day trading, you will compete with professional
traders who are knowledgeable and sophisticated in these markets. You should have appropriate experience before engaging in day trading.
证券期货契约的日常交易需要对证券期货市场、交易技巧和战略等具有丰富的知识。为了在日常交易中获利，您必须同具有市场中具有丰富知识及经验的专业交易者竞争。在参与到日常交易前，您必须先积累足够的经验。
 
Day trading in security futures contracts can result in substantial commission charges, even if the per trade cost is low. The more trades you make, the higher your total commissions will be. The total commissions you pay will add to your losses and reduce your profits. For instance, assuming that a round-turn trade costs $16 and you execute an average of 29 round-turn transactions per day each trading day, you would need to generate an annual profit of $111,360 just to cover your commission expenses.
证券期货契约的日常交易可能导致大量的代理收费，即使每次的交易成本很底。您交易次数越多，总代理费用就越高。您付出的总代理费用将计入您的损失并降低您的获利。例如，设想每伦交易成本16美圆，每个交易日您平均进行29伦交易，则您每年必须赚得111360美圆以用于抵消您的代理费用成本。
 
Day trading can be extremely risky. Day trading generally is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading. In particular, you should not fund day trading activities with funds that you cannot afford to lose.
日常交易可能极其具有风险性。一般说来，日常交易对于只拥有有限资源与投资、有限交易经验和低抗风险能力的投资者来说是不合适的。您应有损失所有日常交易资金的准备。特别地，您不能将不能用于日常交易的资金投入日常交易活动中去。
 
Section 8 - Other 第8部分：其它
8.1. Corporate Events 8.1 公司事件
 As noted in Section 2.4, an equity security represents a fractional ownership interest in the issuer of that security. By contrast, the purchaser of a security futures contract has only a contract for future delivery of the underlying security. Treatment of dividends and other corporate events affecting the underlying security may be reflected in the security futures contract depending on the applicable clearing organization rules. Consequently, individuals should consider how dividends and other developments affecting security futures in which they transact will be handled by the relevant exchange and clearing organization. The specific adjustments to the terms of a security futures contract are governed by the rules of the applicable clearing organization. Below is a discussion of some of the more common types of adjustments that you may need to consider.
如2.4部分提到的，证券代表对于证券发行者所有证券的部分利益拥有。相反，证券期货契约的购买仅仅是对未来潜在证券未来交付的合同。红利的处理和影响潜在证券的其他法人事件可能通过基于适用清算组织规则的证券期货契约反映出来。因此，个人投资者应考虑红利和其他发展如何影响证券期货以确定如何由相关交易和清算组织进行操作。具体证券期货契约条件调整由适用清算组织规则指导，以下是关于您需要考虑的最常见几种调整的讨论。
 
 Corporate issuers occasionally announce stock splits. As a result of these splits, owners of the issuer's common stock may own more shares of the stock, or fewer shares in the case of a reverse stock split. The treatment of stock splits for persons owning a security futures contract may vary according to the terms of the security futures
contract and the rules of the clearing organization. For example, the terms of the contract may provide for an adjustment in the number of contracts held by each party with a long or short position in a security future, or for an adjustment in the number of shares or units of the instrument underlying each contract, or both.
法人股票发行者有时会宣布分股。由于分股，拥有市场发行普通股票的所有者可能拥有更多股票数量，如果是反向分股情况下则拥有更少股票。对于拥有证券期货契约的个人来说，对于分股的处理方法可能不同。取决于证券期货契约的条款和清算组织的规定。例如，合同的条款可能规定由双方订立在证券期货长或短期状态下一系列契约的调整，或规定股票数量的调整或基于每一或两个合同的工具单位。
 
 Corporate issuers also occasionally issue special dividends. A special dividend is an announced cash dividend payment outside the normal and customary practice of a corporation. The terms of a security futures contract may be adjusted for special dividends. The adjustments, if any, will be based upon the rules of the exchange and clearing organization. In general, there will be no adjustments for ordinary dividends as they are recognized as a normal and customary practice of an issuer and are already accounted for in the pricing of security futures.
法人股票发行者有时会派发额外红利。额外红利是在正常公司惯例之外公布的现金股息分配。证券期货契约的条款可能额外红利而调整。如若有此种调整，将遵守且基于交易和清算组织规定。一般说来，普通红利没有调整，因为普通红利是公认的发行者常规和惯例做法并且在证券期货定价中已经计算在内。
 
 Corporate issuers occasionally may be involved in mergers and acquisitions. Such events may cause the underlying security of a security futures contact to change over the contract duration. The terms of security futures contracts may also be adjusted to reflect other corporate events affecting the underlying security.
法人股票发行者可能有时会涉及到兼并与收购。这些事件可能会引起证券期货契约在契约期间潜在证券的改变。证券期货契约条款也可能被修改以反映其他影响潜在证券的公司事件。
 
8.2. Position Limits and Large Trader Reporting  成交量限制和大交易商报告
All security futures contracts trading on regulated exchanges in the United States are subject to position limits or position accountability limits. Position limits restrict the number of security futures contracts that any one person or group of related persons may hold or control in a particular security futures contract. In contrast, position accountability limits permit the accumulation of positions in excess of the limit without a prior exemption. In general, position limits and position accountability limits are beyond the thresholds of most retail investors.
Whether a security futures contract is subject to position limits, and the level for such limits, depends upon the trading activity and market capitalization of the underlying security of the security futures contract.
所有美国基于管制交易的证券期货契约交易服从于成交量限制或成交量责任限制。成交量限制限定了证券期货契约的数量。任何个人和团体都可以持有或控制某一证券期货契约。相反，成交量责任限制允许成交量的积累超过限制不具有先前的豁免权。一般说来，成交量限制和成交量责任限制超越大多数零售投资者的极限。证券期货契约是否服从于成交量限制以及这种限制的标准取决于交易行为和证券期货契约潜在证券的市场资本总额。
 
Position limits apply are required for security futures contracts that overlie a security that has an average daily trading volume of 20 million shares or fewer. In the case of a security futures contract overlying a security index, position limits are required if any one of the securities in the index has an average daily trading volume of 20 million shares or fewer. Position limits also apply only to an expiring security futures contract during its last five trading days. A regulated exchange must establish position limits on security futures that are no greater than 13,500 (100 share) contracts, unless the underlying security meets certain volume and shares outstanding thresholds, in which case the limit may be increased to 22,500 (100 share) contracts.
成交量限制应用对于证券期货契约是需要的，形成日平均成交额为两千万股或少一些的证券交易状态。在证券期货契约情况下形成一个证券指数。当任一证券日平均成交额为两千万股或少一些指数情况下，成交量限制就是必须的了。成交量限制同时应用到在最后五个交易日即将期满的证券期货契约中。管理化的交易必须设立证券期货成交量限制为不大于13500（100股）契约，除非潜在证券达到一定量并且股票业绩超出开始表现。在这种情况下成交量限制可以增加到22500（100股）契约。
 
For security futures contracts overlying a security or securities with an average trading volume of more than 20 million shares, regulated exchanges may adopt position accountability rules. Under position accountability rules, a trader holding a position in a security futures contract that exceeds 22,500 contracts (or such lower limit established by an exchange) must agree to provide information regarding the position and consent to halt increasing that position if requested by the exchange.
基于证券或日平均成交额超过两千万股的证券的证券期货契约，管理化交易可能适用于成交量责任规定。在成交量责任规定中，如果交易者在证券期货契约条件下，交易者持有成交量超过22500契约（或由交易制定的这种更低的限制）则必须同意提供关于成交量的信息并且如若交易要求的话同意不增加成交量。
 
Brokerage firms must also report large open positions held by one person (or by several persons acting together) to the CFTC as well as to the exchange on which the positions are held. The CFTC's reporting requirements are 1,000 contracts for security futures positions on individual equity securities and 200 contracts for positions on a narrow-
based index. However, individual exchanges may require the reporting of large open positions at levels less than the levels required by the CFTC. In addition, brokerage firms must submit identifying information on the account holding the reportable position (on a form referred to as either an "Identification of Special Accounts Form" or a "Form 102") to the CFTC and to the exchange on which the reportable position exists within three business days of when a reportable position is first established.
经纪公司同时必须报告个人（或几个人共同参与）大笔成交量到CFTC和产生成交量的交易中去。CFTC报告要求为个人证券资产为1000笔证券期货成交量和200笔较小指数成交量。但是，个人交易需要的大型开放成交量水平可能小于CFTC要求的水平。此外，经纪公司必须提交报告成交量帐目（在相关特殊帐户鉴定表格中或表格102中）的确认信息给CFTC，并且提交报告成交量给交易所以报告当报告成交量初次成立时三个工作日内的成交量。
 
8.3. Transactions on Foreign Exchanges外汇交易
U.S. customers may not trade security futures on foreign exchanges until authorized by U.S. regulatory authorities. U.S. regulatory authorities do not regulate the activities of foreign exchanges and may not, on their own, compel enforcement of the rules of a foreign exchange or the laws of a foreign country. While U.S. law governs
transactions in security futures contracts that are effected in the U.S., regardless of the exchange on which the contracts are listed, the laws and rules governing transactions on foreign exchanges vary depending on the country in which the exchange is located.
若没有美国管理权威部门的授权，美国消费者可能就不会进行外汇的证券期货交易。美国管理权威部门不参与管理外汇交易行为也可能不独自强制执行外汇规定或外国法律条款。当美国法律指引在美国生效的证券期货契约交易行为而不论该契约是在哪个交易所列出的情况下，管理外汇交易的法律法规就会根据交易存的在交易所所在国家的不同而有所不同。
 
8.4. Tax Consequences税务关系
For most taxpayers, security futures contracts are not treated like other futures contracts. Instead, the tax consequences of a security futures transaction depend on the status of the taxpayer and the type of position (e.g., long or short, covered or uncovered). Because of the importance of tax considerations to transactions in security futures, readers should consult their tax advisors as to the tax consequences of these transactions.
对绝大多数纳税人来说，证券期货契约不同于其他的期货契约。相反，证券期货交易的税务关系取决于纳税人的状况的成交量的类型（例如，长或短；封顶和未封顶）。因为证券期货交易税务考虑的重要性，读者应当就这些交易的税务关系向他们的税务顾问咨询。
 
Section 9 - Glossary of Terms条款和术语
This glossary is intended to assist customers in understanding specialized terms used in the futures and securities industries. It is not inclusive and is not intended to state or suggest the legal significance or meaning of any word or term.
此术语表旨在帮助客户理解出现在期货和证券业的专业术语。此术语表并不完整而且并不是对任何词语和条款法律含义和意义进行陈述与解释。
 
Arbitrage - taking an economically opposite position in a security futures contract on another exchange, in an options contract, or in the underlying security.
套利交易 – 在证券期货契约另一交易中、期权合约和基础证券市场中采取经济上相反的做法。
 
Broad-based security index - a security index that does not fall within the statutory definition of a narrow-based security index (see Narrow-based security index). A future on a broad-based security index is not a security future. This risk disclosure statement applies solely to security futures and generally does not pertain to futures on a broad-based security index. Futures on a broad-based security index are under exclusive jurisdiction of the CFTC.
大盘证券指数 – 证券指数不仅仅局限于小盘证券指数的法定含义（见小盘证券指数）。大盘证券指数期货不是证券期货。这种风险提示陈述仅仅适用于证券期货，一般不属于大盘证券指数期货范畴。大盘证券指数期货仅属于CFTC权限。
 
Cash settlement - a method of settling certain futures contracts by having the buyer (or long) pay the seller (or short) the cash value of the contract according to a procedure set by the exchange.
现金结算 – 根据交易所程序，由购买者（或长期）支付给买出者（或短期）契约现金价值来处理某种期货契约的方法。
 
Clearing broker - a member of the clearing organization for the contract being traded. All trades, and the daily profits or losses from those trades, must go through a clearing broker.
清算经纪人 – 交易合同清算组织成员。所有交易，以及交易的日常损益，必须通过清算经纪人受理。
 
Clearing organization - a regulated entity that is responsible for settling trades, collecting losses and distributing profits, and handling deliveries.
清算组织：负责处理交易、集中损失、分配利润和处理支付的管理实体。
 
Contract - 1) the unit of trading for a particular futures contract (e.g., one contract may be 100 shares of the underlying security), 2) the type of future being traded (e.g., futures on ABC stock).
契约– 1某一具体期货契约的交易单位（例如，一个契约可能是100股潜在股票），2正在交易的期货类型（例如，ABC股票的期货）
 
Contract month - the last month in which delivery is made against the futures contract or the contract is cash-settled. Sometimes referred to as the delivery month.
契约月份 – 期货契约交货或契约进行现金结算的最后一月。有时就是指交货月。
 
Day trading strategy - an overall trading strategy characterized by the regular transmission by a customer of intra-day orders to effect both purchase and sale transactions in the same security or securities.
日交易策略 – 日交易策略是一个综合交易策略，其特点为当日有效订单的客户进行定期交易，对相同证券进行买、卖交割。
 
EDGAR - the SEC's Electronic Data Gathering, Analysis, and Retrieval system maintains electronic copies of corporate information filed with the agency. EDGAR submissions may be accessed through the SEC's Web site, www.sec.gov.
EDGAR：SEC电子数据收集、分析和恢复系统。他保留了代理处归档的企业信息电子副件。EDGAR 提交可通过访问SEC网站www.sec.gov 完成。
 
Futures contract - a futures contract is (1) an agreement to purchase or sell a commodity for delivery in the future; (2) at a price determined at initiation of the contract; (3) that obligates each party to the contract to fulfill it at the specified price; (4) that is used to assume or shift risk; and (5) that may be satisfied by delivery or offset.
期货契约 – 期货契约指1将来买卖商品以支付的协定；2以合同开始设立的价格为准；3每一方都有义务按照合同指定的价格履行义务；4用以承担或转移风险；5可能由于支付抵消而满足条件。
 
Hedging - the purchase or sale of a security future to reduce or offset the risk of a position in the underlying security or group of securities (or a close economic equivalent).
对冲 – 证券期货买卖以降低或抵消潜在证券或证券组（或相似的经济实体）的成交量风险。
 
Illiquid market - a market (or contract) with few buyers and/or sellers. Illiquid markets have little trading activity and those trades that do occur may be done at large price increments.
非现金市场 – 几乎无购买者和卖出者的市场（或契约）。非现金市场几乎无交易行为并且交易可能在价格大幅上涨的情况下完成。
 
Liquidation - entering into an offsetting transaction. Selling a contract that was previously purchased liquidates a futures position in exactly the same way that selling 100 shares of a particular stock liquidates an earlier purchase of the same stock. Similarly, a futures contract that was initially sold can be liquidated by an offsetting purchase.
清算 – 抵消交易。售出先前购买的契约以清算期货成交量，正如售出某一股票100股以清算先前购买的同支股票。同样，一开始售出的期货契约可以通过抵消购买进行清算。
 
Liquid market - a market (or contract) with numerous buyers and sellers trading at small price increments.
流通性市场 – 拥有大量在价格涨幅小时进行交易的卖方、买方的市场（或契约）。
 
Long - 1) the buying side of an open futures contact, 2) a person who has bought futures contracts that are still open.
多头 – 1开放期货契约的买方；2购买了依然开放型的期货契约的个人。
 
Margin - the amount of money that must be deposited by both buyers and sellers to ensure performance of the person's obligations under a futures contract. Margin on security futures contracts is a performance bond rather than a down payment for the underlying securities.
保证金– 由买卖双方存入钱的数目以保证期货契约下个人义务的履行。证券期货契约的富余款是对潜在证券的义务履行合同而不是预付定金。
 
Mark-to-market - to debit or credit accounts daily to reflect that day's profits and losses.
市场对市场 – 日常借贷帐目以反映日常损益。
 
Narrow-based security index - in general, and subject to certain exclusions, an index that has any one of the following four characteristics: (1) it has nine or fewer component securities; (2) any one of its component securities comprises more than 30% of its weighting; (3) the five highest weighted component securities together comprise more than 60% of its weighting; or (4) the lowest weighted component securities comprising, in the aggregate, 25% of the index's weighting have an aggregate dollar value of average daily trading volume of less than $50 million (or
in the case of an index with 15 or more component securities, $30 million). A security index that is not narrow-based is a "broad based security index." (See Broad-based security index).
窄盘证券指数 – 一般受一些意外条件影响，指数有以下四个特点：1只有九个或更少组成证券；2任一组成证券包含超过30%的权重。3五个最高权重组成证券结合超过60%的权重。或4最低权重组成证券包含总量25%指数权重；平均日交易资金价值总量小于5000万美元（或指数由15个以上组成证券，为3000万美元）。证券指数非窄盘属于大盘证券指数（见大盘证券指数）。
 
Nominal value - the face value of the futures contract, obtained by multiplying the contract price by the number of shares or units per contract. If XYZ stock index futures are trading at $50.25 and the contract is for 100 shares of XYZ stock, the nominal value of the futures contract would be $5025.00.
票面价值 – 期货契约的表面价值，由股票数量或每一契约单位乘以契约单位得到。若XYZ股票指数期货以50.25美圆交易并且契约包括100股XYZ股票，则期货契约票面价值将是5025美圆。
 
Offsetting - liquidating open positions by either selling fungible contracts in the same contract month as an open long position or buying fungible contracts in the same contract month as an open short position.
抵消 – 在同一合约期内作为敞口多头头寸卖出可代替契约或者同一合约期内作为敞口空头头寸买入可代替契约进行敞口头寸清算。
 
 
Open interest - the total number of open long (or short) contracts in a particular contract month.
持仓量 – 在某一契约月份未平仓多头（或空头）契约的总数。
 
Open position - a futures contract position that has neither been offset nor closed by cash settlement or physical delivery.
敞口头寸 – 既未抵消又未通过现金结算或物质支付关闭的期货契约头寸。
 
Performance bond - another way to describe margin payments for futures contracts, which are good faith deposits to ensure performance of a person's obligations under a futures contract rather than down payments for the underlying securities.
绩效公债 – 描述期货契约保证金支付的另一方法，在期货契约中用良好信誉的押金以保证个人义务的履行而不是未来证券的预付金。
 
Physical delivery - the tender and receipt of the actual security underlying the security futures contract in exchange for payment of the final settlement price.
实际交割–期货契约等实际证券的买卖交易的最终结算价格。
 
Position - a person's net long or short open contracts.
头寸 – 个人净多头或短期开放契约。
 
 Regulated exchange - a registered national securities exchange, a national securities association registered under Section 15A(a) of the Securities Exchange Act of 1934, a designated contract market, a registered derivatives transaction execution facility, or an alternative trading system registered as a broker or dealer.
管制交易所 – 是经过注册的全国性证券交易所，依据1934年证券交易法案15条A款注册的国家证券协会。也是指定的契约市场和注册派生出来的交易执行机构以及注册为经纪人或经销商的交易系统。
 
Security futures contract - a legally binding agreement between two parties to purchase or sell in the future a specific quantify of shares of a security (such as common stock, an exchange-traded fund, or ADR) or a narrow-based security index, at a specified price.
证券期货契约 – 双方在将来买卖具体数量证券（例如普通股，开放式基金或ADR）股票数或以某价格买卖的小盘证券指数的法律捆绑协议。
 
Settlement price - 1) the daily price that the clearing organization uses to mark open positions to market for determining profit and loss and margin calls, 2) the price at which open cash settlement contracts are settled on the last trading day and open physical delivery contracts are invoiced for delivery.
结算价格–1) 清算组织使用的日常价格来标志市场开放成交量以决定损益和补充保证金通知。2开放现金结算契约的价格在最后交易日产生并且开放物质支付契约开票支付。
 
 Short - 1) the selling side of an open futures contract, 2) a person who has sold futures contracts that are still open.
空头–1)开放期货契约的卖方，2）已售出依然开放期货契约的个人。
 
 Speculating - buying and selling futures contracts with the hope of profiting from anticipated price movements.
投机 – 期望从预期的价格波动中获利的期货契约买卖行为。
 
Spread - 1) holding a long position in one futures contract and a short position in a related futures contract or contract month in order to profit from an anticipated change in the price relationship between the two, 2) the price difference between two contracts or contract months.
价差–1)持有一种期货契约的多头和相关期货契约或期货月的空头以从预期两种价格关系改变中获利。2)两种契约或契约月的价格区别。
 
Stop limit order - an order that becomes a limit order when the market trades at a specified price. The order can only be filled at the stop limit price or better.
限价止损订单 – 当市场以某价格交易时，订单变成了限价订单，订单仅仅按照限定止损价格或更好的价格填单。
 
Stop loss order - an order that becomes a market order when the market trades at a specified price. The order will be filled at whatever price the market is trading at. Also called a stop order.
停止亏损单 – 当市场以某价格交易时的单子是市价单，单子是按照市场交易价格成交。也叫止损单。
 
Tick - the smallest price change allowed in a particular contract.
勾号 – 某一契约中允许的最小价格改变。
 
 Trader - a professional speculator who trades for his or her own account.
交易者 – 为自己私人帐户交易的专业投机者。
 
Underlying security - the instrument on which the security futures contract is based. This instrument can be an individual equity security (including common stock and certain exchange-traded funds and American Depositary Receipts) or a narrow-based index.
基础证券 – 证券期货契约的基础工具。此工具可以是个体实体证券（包括普通股和一些交易型基金和美国托管收据）或小盘指数。
 
 Volume - the number of contracts bought or sold during a specified period of time. This figure includes liquidating transactions.
量 – 在某一段时期内契约买卖数量。此数字包括清算交易。
 
 Arbitration Agreement 仲裁协议
 
 You may voluntarily agree to submit your disputes with EXCHANGE to arbitration. If you sign this agreement, you may have agreed to submit all future disputes with EXCHANGE to arbitration if such disputes involve commodity futures contracts, commodity options contracts or currency forex transactions.
您可能自愿把与美国华尔街期货交易所发生的争议提交到仲裁部门。如您签署此协议，则您可能已经同意当与美国华尔街期货交易所发生商品期货交易合同，商品期权合同或者外汇交易纠纷时，愿意把争议提交到仲裁部门。
 
 If you sign this agreement and a dispute arises you will have a choice of at least “3” qualified arbitration forums. You will be provided with a list of such forums when you notify EXCHANGE that you intend to submit a dispute to arbitration or when EXCHANGE notifies you that EXCHANGE intends to submit a dispute to arbitration. Please note that in the Customer Agreement, you have agreed that the venue for all arbitration proceedings shall be within the City of Chicago, State of Illinois.EXCHANGE may elect to collect any deficit balance by instigating a court proceeding against you regardless of whether you have signed this Arbitration Agreement.
如您签署此协议并且当争议发生时，您将至少可以选择三个合格的仲裁委员会。当您通知美国华尔街期货交易所您即将提交争议给仲裁委员会或当美国华尔街期货交易所通知您即将提交争议给仲裁委员会时，您将得到一份仲裁委员会清单。请注意在客户协议中，仲裁受理的地点应该位于美国伊利诺斯州的芝加哥。不论您是否签署本仲裁协议，美国华尔街期货交易所可能会在法院审理中，收集您的交易赤字信息。
 
If a dispute is submitted to arbitration, you will have the right to have the dispute heard by a mixed panel. A mixed panel is composed of one or more arbitrators where the single arbitrator or a majority of the arbitrators are not associated with any contract market.If the dispute is heard by a registered futures association, a mixed panel will be composed of a majority of arbitrators who are not associated with the registered futures association, its members, or the employees of its members. If you choose to have a dispute heard by a mixed panel, EXCHANGE will pay any incremental fees which may be assessed by the arbitration forum for providing a mixed panel, except that you may be required to pay such fees if the arbitrators in the proceeding decide that you acted in bad faith in initiating or conducting the proceeding.
当争议提交到仲裁部门时，您将有权让陪审团听证发生的争议。陪审团成员由一个以上仲裁员组成，且唯一的或大部分仲裁员不得和期货市场有任何联系，不是任何期货市场的成员且不是任何期货市场的雇员。如果争议由注册期货协会听证，则组成陪审团成员中大部分仲裁员不得与注册期货协会有任何联系，不是注册期货协会的成员且不是注册期货协会的雇员。如您选择由陪审团听证争议，美国华尔街期货交易所支付仲裁委员会评估以提供陪审团的所有增加费用，除非如果听证仲裁员认为您一开始就动机不良或操纵听证而要求您支付此费用。
 
Three forums exist for the resolution of commodity disputes: civil court litigation, reparations at the Commodity Futures Trading Commission (CFTC), and arbitration conducted by a self-regulatory or other private organization.
三个仲裁委员会为商品争议设立：民事法院诉讼，商品期货贸易委员会(CFTC)的赔款，以及自律性和其他私人组织的仲裁。
 
The CFTC recognizes that the opportunity to settle disputes by arbitration may in some cases provide many benefits to Customers, including the ability to obtain an expeditious and final resolution of disputes without incurring substantial costs. The CFTC requires, however, that each Customer individually examine the relative merits of arbitration and that your consent to this arbitration agreement be voluntary.
商品期货贸易委员会(CFTC)承认由仲裁机构处理争议可能在有些情况下给客户带来好处，包括不需耗费大量成本就可以取得争议快速最终决议的情况。但是，商品期货贸易委员会(CFTC)要求每一个客户仔细检查仲裁的相对优缺点并且是您自愿认同此仲裁协议。
 
By signing this agreement, you: (1) May be waiving your right to sue in a court of law; and (2) are agreeing to be bound by arbitration of any claims or counterclaims you or EXCHANGE may submit to arbitration under this agreement. You are not, however, waiving your right to elect instead to petition the CFTC to institute reparation
proceedings under Section 14 of the Commodity Exchange Act with respect to any dispute which may be arbitrated pursuant to this agreement. In the event a dispute arises, you will be notified if EXCHANGE intends to submit the dispute to arbitration. If you believe a violation of the Commodity Exchange Act is involved, and if you prefer to
request a Section 14 “reparations” proceeding before the CFTC, you will have 45 days from the date of such notice in which to make that election.
签署此协议，您：(1)可能就放弃了法庭起诉的权利。(2)同意仲裁机构的诉权与反诉权则美国华尔街期货交易所在此协议下也可提交争议给仲裁机构。但是您没有放弃选择权以请求商品期货贸易委员会（CFTC）通过商品交易法案14条相关任何争议可遵照此协议公断的条款进行诉讼。在争议发生时，若美国华尔街期货交易所欲提交争议给仲裁机构时，您将会得到通知。如果您认为已经违反了商品交易法案，并且请求在商品期货贸易委员会（CFTC）之前按第十四条“赔款”处理。从您认为违反了商品交易法案到作出次选择有45天时间。
 
 You need not sign this arbitration agreement to open an account with EXCHANGE. See 17 C.F.R. 166.5.
您不必签署此仲裁协议，同样可以在美国华尔街期货交易所开户。见17 C.F.R.部分166.5.
 
 
Arbitration Agreement Acknowledgement
仲裁协议确认
 
 
The undersigned hereby agrees to submit all disputes with EXCHANGE to Arbitration. (Attach a copy of this page for additional Customer Signatures.)
在下面签字同意把与美国华尔街期货交易所发生的争议提交给仲裁委员会。（附上此页附件留作备用）
 
Customer Signature客户签字
 
Print Name印刷体姓名 Date 日期
 
Corporate Resolution 公司决议
I, ______Secretary of,______ a corporation organized under the laws of the State of ,do hereby certify that at a meeting of the Board of Directors of the Corporation, the laws of the State of ,do hereby certify that at a meeting of the Board of Directors of the Corporation,
本人 ________秘书_________在此证明，_______公司董事会成员会议，按照其章程和议事程序在所有成员出席并代理公司事务时举行。附上的决议适当采用，上述决议未被修改、废除和撤回而且不可以与任何章程规定或上述公司议事程序相矛盾。
 
each of them or such other person as this Corporation may designate from time to time either in writing or by their apparent authority be and hereby are authorized to trade in Commodities, as defined in the Customer Agreement, for present or future delivery for the account and risk of this Corporation through and with Peregrine Financial Group, Inc. (“EXCHANGE”), the authority hereby granted including the power to do any of the following:
公司每一个董事会成员或公司其他人等可能有时会使用书面或外在的权力授权进行商品交易。如客户协议所述，同美国华尔街期货交易所相关的帐户和公司风险的即期和未来支付，权力部门在此认同以下的权利：
 
a. To open an account with EXCHANGE for the purpose of EXCHANGE’s carrying, clearing, and settling all Commodities transactions undertaken by the Corporation and to enter into the Customer Agreement;
a 在美国华尔街期货交易所开立帐户以进行美国华尔街期货交易所出事商品交易的运输、清算和结算。而且同意客户协议。
 
b. To buy, sell and trade commodities (as such term is described in the Customer Agreement) for present or future delivery, on margin or otherwise, the power to sell including the power to sell “short”;
b 保证金购买、销售和交易商品（此条款已在客户协议中描述过）以进行即期和未来支付；或者相反，“卖”的权力包括卖“短期”的权力。
 
c. To deposit with and withdraw from said firm money, commodities, contracts, for the purchase or sale of commodities, securities and other property;
c 在上述公司存取现金、商品或契约以买卖商品、有价证券和财产所有。
 
d. To receive requests and demands for additional margin, notices of intention to sell or purchase and other notices and demands of whatever character;
d 接受额外保证金的要求和请求；买卖意图通知及其他通知以及任何性质的要求。
 
e. To receive, confirm and acquiesce in the correctness of notices, confirmations, requests, demands and confirmations of every kind;
e 接受、确认和默许通知、确认函、请求和要求函及每一种确认函电。
 
f. To pay EXCHANGE all fees and commissions incurred in connection with any such transactions and all amounts as may be requested by EXCHANGE from time to time as margin or equity for the Corporation’s account; and
f 支付美国华尔街期货交易所由于交易产生的所有费用与代理费用。有时美国华尔街期货交易所会因为保证金或公司资产净值原因要求支付费用总数。
 
g. To settle, compromise, adjust and give releases on behalf of this Corporation with respect to any and all claims, disputes and controversies.
g 代表公司所有相关要求、争议和矛盾的处理，妥协、调整和解决。
 
 (2) Further Resolved, that EXCHANGE may deal with any and all of the persons directly or indirectly by the foregoing resolution empowered, as though they were dealing with the Corporation directly, and that in the event of any change in the office or powers or persons hereby empowered, the Secretary shall certify such change to EXCHANGE
in writing in the manner herein above provided, which notification, when received, shall be adequate both to terminate the powers of the persons theretofore authorized, and to empower the persons substituted.
(2)深层决议 - 美国华尔街期货交易所通过先前的决议授权可能会同所有个人直接或间接联系，正如同公司直接联系。公司、权力部门或在此授权的个人发生任何变化，秘书将在此用以上书面形式向美国华尔街期货交易所证明此改变。一旦收到秘书发出的变更通知，终止先前的授权人权力和授权给替代的授权人都是可以的。
 
(3) Further Resolved, that in order to induce EXCHANGE to act as Agent on behalf of the Corporation, the execution and delivery of an Account Application, Customer Agreement, Risk Disclosure Statement, Options on Futures Risk Disclosure Statement, and other documents appropriate to induce EXCHANGE to act as Agent, (copies of which have been presented to this meeting and will be filed with the records of the Corporation by any officer of the Corporation) are hereby authorized; and the officers of the Corporation are hereby directed to execute such Agreements by and on behalf of the Corporation and to deliver the same to EXCHANGE.
(3)深层决议,为促使美国华尔街期货交易所代表以上公司起代理商作用。使美国华尔街期货交易所担当代理商作用的帐户申请表、客户协议、泄露风险陈述、期权期货风险陈述和其他相关文件（这些附件已经提交给本会议且将会由公司领导归档到公司档案中）的处理与交付在此得到审定。公司领导将在此代表公司处理此协议并且将同样的文件交付给美国华尔街期货交易所。
 
(4) Further Resolved, that the Corporation agrees to indemnify and hold harmless EXCHANGE and its associates from any and all loss, damage or liability incurred due to any of the representations or warranties made above that are not true and correct or any of the agreements entered into between the Corporation and EXCHANGE shall not have been fully performed by the Corporation.
(4)深层决议,由于以上陈述或任何作出的保证不真实和准确或者以上任何该公司与美国华尔街期货交易所的协议未被该公司完全履行导致美国华尔街期货交易所及其合伙人发生的任何和所有损失、损害和债务，该公司负责赔偿。
 
(5) Further Resolved, that EXCHANGE is authorized to act upon the authority of these resolutions until receipt by it of a certificate showing recission or modification thereof signed by the Secretary of this Corporation and under its seal.
(5)深层决议,除非收到更正和修改证书，美国华尔街期货交易所授权遵照这些决议执行。在此有公司秘书签字并附上印章。
 
I further certify that each of the following have been duly elected and is now legally holding the office designated beside his or her respective name:
本人再次证明，以下所有人物由相应选举产生并且各自都在法定的工作岗位上。
 
President主席 Vice President副主席：
 
Treasurer财务人员： Secretary秘书：
 
 
I further certify that the foregoing resolutions have not been modified or rescinded and are now in full force and effect and that the Corporation has the power under its Charter and by-laws and applicable laws to take the action set forth in and contemplated by the foregoing resolutions.
本人再次证明，前面所述的决议未被改变和废除，现正发挥效力。公司有权力在章程、议事程序和适用的法律内使用前面所述的决议进行计划。
 
In witness whereof, I have hereunto affixed my hand this day of 20 _____ ,
本人在此见证本文件于20__年_月_日
 
 (Corporate Seal) (公司盖章)
 
Secretary 秘书签字
 
Limited Liability Company Resolution 有限责任制公司决议
 
The undersigned being the manager (or managing members) of , a limited liability company formed under the laws of the State of __________ (“Company”), do hereby certify that the following resolutions were, duly adopted in accordance with the procedures set forth in the limited liability agreement of the Company and that said resolutions have not been amended, rescinded or revoked, and are in no way in conflict with any of the provisions of the Company’s limited liability agreement.
在以下签字的为_______ 公司经理（或管理人员）。公司是依据_________ 州（公司）法律合法成立的有限责任制公司。本公司在此证明以下决议依据有限责任制公司协议阐述程序；上述决议未被修改、废除和撤消且决不与有限责任制公司协议任何条款相矛盾。
 
1) Resolved that Name 决议名称 Title标题
Name名称 Title标题
each of them or such other person as this Company may designate from time to time either in writing or by their apparent authority be and hereby are authorized to trade in Commodities, as defined in the Customer Agreement, for present or future delivery for the account and risk of this Company through and with Peregrine Financial Group, Inc. (“EXCHANGE”), the authority hereby granted including the power to do any of the following:
公司每一成员可能有时会使用书面或外在的权力授权进行商品交易。如客户协议所述，同美国华尔街期货交易所相关的帐户和公司风险的即期和未来支付，权力部门在此认同以下的权利：
 
a. To open an account with EXCHANGE for the purpose of EXCHANGE’s carrying, clearing, and settling all Commodities transactions undertaken by the Company and to enter into the Customer Agreement;
a在美国华尔街期货交易所开立帐户以进行美国华尔街期货交易所出事商品交易的运输、清算和结算。而且同意客户协议。
 
 b. To buy, sell and trade commodities (as such term is described in the Customer Agreement) for present or future delivery, on margin or otherwise, the power to sell including the power to sell “short”;
b保证金购买、销售和交易商品（此条款已在客户协议中描述过）以进行即期和未来支付；或者相反，“卖”的权力包括卖“短期”的权力。
 
 c. To deposit with and withdraw from said firm money, commodities, contracts, for the purchase or sale of commodities, securities and other property;
c 在上述公司存取现金、商品或契约以买卖商品、有价证券和财产所有。
 
d. To receive requests and demands for additional margin, notices of intention to sell or purchase and other notices and demands of whatever character;
d 接受额外保证金的要求和请求；买卖意图通知及其他通知以及任何性质的要求。
 
e. To receive, confirm and acquiesce in the correctness of notices, confirmations, requests, demands and confirmations of every kind;
e 接受、确认和默许通知、确认函、请求和要求函及每一种确认函电。
 
 f. To pay EXCHANGE all fees and commissions incurred in connection with any such transactions and all amounts as may be requested by EXCHANGE from time to time as margin or equity for the Company’s account; and
f支付美国华尔街期货交易所由于交易产生的所有费用与代理费用。有时美国华尔街期货交易所会因为保证金或公司资产净值原因要求支付费用总数。
 
g. To settle, compromise, adjust and give releases on behalf of this Company with respect to any and all claims, disputes and controversies.
g 代表公司所有相关要求、争议和矛盾的处理，妥协、调整和解决。
 
 This enumeration of specific authority shall not in any way limit or affect any other authority, which the named officials might otherwise have.
这些列出的具体权力不得限制或影响指定人员享有的其他权利。
 
 2) Further Resolved, that in order to induce EXCHANGE to act as Agent on behalf of the Company, the execution and delivery of an Account Application, Customer Agreement, Risk Disclosure Statement, Options on Futures Risk Disclosure Statement, and other documents appropriate to induce EXCHANGE to act as Agent, (copies of which have been presented to this meeting and will be filed with the records of the Company by any managing member of the Company) are hereby authorized; and the managing member(s) of the Company are hereby directed to execute such Agreements by and on behalf of the Company and to deliver the same to EXCHANGE.
2)深层决议,为促使美国华尔街期货交易所代表以上公司起代理商作用。使美国华尔街期货交易所担当代理商作用的帐户申请表、客户协议、泄露风险陈述、期权期货风险陈述和其他相关文件（这些附件已经提交给本会议且将会由公司领导归档到公司档案中）的处理与交付在此得到审定。公司领导将在此代表公司处理此协议并且将同样的文件交付给美国华尔街期货交易所。
 
3) Further Resolved, that the Company agrees to indemnify and hold harmless EXCHANGE and its associates from any and all loss, damage or liability icurred due to any of the representations or warranties made above that are not true and correct or any of the agreements entered into between the Company and EXCHANGE shall not have been
fully performed by the Company.
3)深层决议,由于以上陈述或任何作出的保证不真实和准确或者以上任何该公司与美国华尔街期货交易所的协议未被该公司完全履行导致美国华尔街期货交易所及其合伙人发生的任何和所有损失、损害和债务，该公司负责赔偿。
 
4) Further Resolved, that EXCHANGE is authorized to act upon the authority of these resolutions until receipt by it of a certificate showing recission or modification thereof signed by the Managing Member of this Company and under its seal.
4)深层决议,除非收到附有公司印章和公司管理层人员签名的更正和修改证书，美国华尔街期货交易所授权遵照这些决议执行。
 
 I further certify that the foregoing resolutions have not been modified or rescinded and are now in full force and effect and that the Company has the power under its certificate of formation and by-laws and applicable laws to take the action set forth in and contemplated by the foregoing resolutions. IN WITNESS WHEREOF, I have hereunto
subscribed my name on behalf of the Company.
本人再次证明，前面所述的决议未被改变和废除，现正发挥效力。公司有权力在章程、议事程序和适用的法律内使用前面所述的决议进行计划。
本人，在此见证本文件并代表公司签字。
 
Signature of Manager (or managing member)
经理（或管理层人员）签字
Date日期
 
Signature of Manager (or managing member) 经理（或管理层人员）签字
Date日期
 
PERSONAL GUARANTEE 个人担保函
 
In order to induce Peregrine Financial Group, Inc. (“EXCHANGE”) to enter into the foregoing Customer Agreement with_______ (“Customer”) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees to jointly and severally guarantee personally the prompt, full and complete performance of any and all of the duties and obligations of this Customer’s account and the payment of any and all damages, costs (including attorney’s fees and costs of collection) and expenses which may become due to by EXCHANGE from Customer. This guarantee shall remain in full force and effect until the termination of
Customer Agreement, provided that the undersigned shall not be released from their obligations so long as the account and any obligations the account has with EXCHANGE remain unsatisfied.
为促进美国华尔街期货交易所与______（“客户”）签署如前所述的客户协议，并且由于永久和价值的充分考虑，以下签字人员同意作出连带和个人快速、完全和完整地履行此客户帐户相关所有责任和义务的保证，并且支付美国华尔街期货交易所向客户收取的所有到期赔偿金成本费（包括律师费和征收费）和其他开支。此担保函充分发挥效力和作用，直到客户协议终止。假若美国华尔街期货交易所对与其相关的帐户或与该帐户相关的义务履行不满意，则以下签字人员不能免除义务。
 
The undersigned hereby expressly waives (a) notice of acceptance of this guarantee by EXCHANGE, (b) notice of any default or non-performance of Customer under the Customer Agreement, (c) notice of any modification to the Customer Agreement or any extension of time granted to the Customer, and (d) all defenses, counterclaims which
the undersigned may at any time have to any claim of EXCHANGE against the Customer. The undersigned expressly acknowledges that amendment or modification of the Customer Agreement or the renewal or extension of any indebtedness of Customer shall not in any manner release, affect or impair the undersigned’s liability under this guarantee. EXCHANGE may, in its sole discretion, proceed against the undersigned to collect any obligation covered by this guarantee without first proceeding against Customer.
 
在以下签字人员明确放弃(a)美国华尔街期货交易所关于此保证的接受通知。(b)在客户协议下客户任何缺席和未履行通知。(c)任何客户协议修改和客户时间延长通知。(d)以下签字人员可能随时遇见关于美国华尔街期货交易所针对客户的所有辩护与反诉等。以下签字人员明确认可客户协议的修正与更改或者客户负债的更新与时限延长不得以任何方式豁免、影响和削弱以下签字人员在此担保函下的义务。美国华尔街期货交易所可能单方面依照此担保函职责在起诉客户之前先行起诉以下签字人员。
 
The undersigned agrees to be bound by all provisions of the Customer Agreement, including consenting to Illinois jurisdiction. The undersigned agrees that all actions, disputes, claims or proceedings, arising directly or indirectly in connection with, out of, or related to this Guarantee, shall be adjudicated only in courts or other dispute resolution forums whose situs is within the City of Chicago, State of Illinois. The undersigned hereby specifically consents and submits to the jurisdiction of any State or Federal Court, or arbitration proceeding located within the City of Chicago, State of Illinois. This guarantee shall be construed pursuant to the internal laws of the State of Illinois without reference to conflict-of-law principles.
以下签字人员同意遵照客户协议所有条款，包括认可伊利诺斯州权限。以下签字人员同意同此担保函直接或间接所有相关行动、要求和争议等，都应在伊利诺斯州芝加哥城境内的法庭或争议裁决法庭裁定。以下签字人员在此明确同意和遵守任何州、联邦法庭、伊利诺斯州芝加哥城境内的仲裁处理机构的权限规定。此担保函应依据伊利诺斯州律法解释且不包括与法律相抵触的原则。
 
This guarantee shall inure to the benefit of EXCHANGE, its successors and assigns, and shall be binding on the undersigned and their heirs.
此担保函旨在利于美国华尔街期货交易所及其继任和指派者且和以下签字人员及其后嗣连带生效。
 
 Guarantor, Individually 担保人，分别签名 Date日期
Print Name 印刷体姓名
Address地址