RISK DISCLOSURE STATEMENT
OVER THE COUNTER FOREIGN CURRENCY MARKET
场外外汇交易风险声明
This Risk Disclosure Statement describes some, but not all, of the risks associated with trading in the over the counter foreign currency market (“Forex market”) with MB Trading Futures (“MBTF" onclick="tagshow(event)" class="t_tag">MBTF”). Trading in the Forex market on a cash, spot or forward basis is not suitable for all investors. You should carefully consider whether trading is appropriate for you in light of your level
of experience, investment objectives, risk tolerance, financial resources and other relevant circumstances. Most importantly, do not invest money you cannot afford to lose.
这份声明描述了一些，但非全部的，与场外外汇交易有关的风险。现金、和约现货、远期外汇交易并不是适合所有的投资者。您应该根据您的交易经验，交易目的，风险承受能力，金融资源以及相关情况来仔细考虑是否适合外汇交易。最重要的是，请不要用生活必需的费用来投资。

MBTF AS COUNTERPARTY
MBTF   作为交易对手
THE    FOREIGN    CURRENCY    TRADING    YOU    ARE    ENTERING    INTO    IS    NOT    CONDUCTED    ON    AN    EXCHANGE.  MBTF  IS ACTING    AS    A  COUNTERPARTY  IN  THESE  TRANSACTIONS  AND,  THEREFORE,  ACTS  AS  THE  BUYER  WHEN  YOU  SELL  AND  THE SELLER WHEN YOU BUY. THE PRICES MBTF OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE.
ALTHOUGH MBTF IS THE COUNTERPARTY TO EACH OF YOUR TRADES, MBTF LIMITS RISK TO ITSELF BY INSTANTANEOUSLY OFFSETTING THE TRADES AND POSITIONS IT ENTERS INTO WITH YOU WITH A BANK OR INSTITUTIONAL MARKET MAKER. AS A RESULT, MBTF DOES NOT PROFIT WHEN YOU LOSE MONEY ON A TRADE. RATHER, MBTF EARNS COMMISSIONS ON EACH TRADE
IT ENTERS INTO WITH YOU. THE AMOUNT OF COMMISSIONS CHARGED IS DISCLOSED ON MBTF’S WEBSITE AT
www.mbtrading.com/fx/commissions.asp.
您参与的外汇交易不是在交易所进行。MBTF作为你的交易对手，当你卖出时作为买家当你买入时作为卖家。  MBTF提供的价格或许不是当时最好的报价。
尽管MBTF是你每笔交易的交易对手，MBTF通过将您交易的头寸瞬时地提交给银行或者机构做市商来限制风险。作为结果，MBTF不会因为您的亏损获任何利润。相反的，MBTF通过您的每笔交易收取佣金。佣金收取信息在MBTF的网站
www.mbtrading.com/fx/commissions.asp
High Degree of Risk   高风险

Trading in the Forex market is speculative in nature and involves a high degree of risk. Due to the low margin requirement in
the Forex market, a small price change may result in significant losses that can exceed the funds on deposit. Trading in the
Forex market is appropriate only for persons that (a) understand and are wiling to assume the economic, legal and other risks involved in such transactions, and (b) are financially able to withstand loses that may substantially exceed the initial margin required to carry the position and any additional funds on deposit. 外汇交易本质上是投机性，包含了极大的风险。由于仅需较低保证金即可进行交易，报价细微的变化很可能导致巨大的损失，甚至超过您的帐户本金。外汇交易仅适合符合以下条件的投资者(a)了解并愿意承受交易所引发的经济,   法律和其他风险(b)能承受巨大的损失，损失可能会超过初始保证金和额外的资金。
Currency Risks   货币风险

Foreign currencies represent the legal tender of one or more foreign nations and normally are not linked to any intrinsically
valuable commodity (such as precious metals). Any transaction in the Forex market involves enhanced risks not common to investments denominated entirely in a person’s domestic currency. Such enhanced risks include the risks of political or
economic policy changes in a foreign nation, which may substantially and permanently alter the conditions, terms, marketability
or price of a foreign currency. The profit or loss in transactions in the Forex market will also be affected by fluctuations in exchange rates where there is a need to convert from the currency denomination of the contract to another currency.
ForexIndividualBilingualApplication_03122008 1
外国货币代表着一国或多国的法定货币，通常不和有内在价值的商品（比如贵金属）挂钩。任何外汇交易所包含的风险，不同于 以本国货币为基础的投资。这些风险包括外国经济或者政治政策的变化，这种变化可能会极大并且永久地改变其货币的状态，可 交易性，以及价格。另外交易盈亏也会因汇价的变化而受到影响。

[ 本帖最后由 yunlong1205 于 2008-9-20 08:11 编辑 ]

Foreign Currency Transactions  外汇交易

A foreign currency contract (a.k.a. spot contract) is a cash market transaction to buy or sell immediately a specified quantity of
currency, for physical settlement in no more than two days. These foreign currency transactions may be used to establish
long or short positions in the Forex market. Unlike exchange traded contracts, the price terms and characteristics of foreign currency transactions are privately negotiated between you and MBTF. Accordingly, there is no centralized price source and
the transactions are not cleared through a clearinghouse. Basically, the Forex market is an unregulated market that has no
limitations on daily price movements (unless imposed by a government or central bank authority), and no rules to regulate valuation or settlement procedures. At the defined settlement dates for foreign currency transactions, there will either be a physical delivery of currency or cash settlement (depending on the terms of the specified contract) that you may receive from
or be responsible to pay to MBTF. The size of the cash settlement payment is dependent on your position size and the market movement in the time since the position was established.
You are responsible for meeting all obligations arising from your trading foreign currency transactions in the Forex market with
MBTF.
外汇和约（即现货和约）指以确定的数量立即购买或者卖出货币，并在两个交易日内完成交割。这些交易可能是建立多头头寸或
者空头头寸。不同于交换和约，外汇交易中的价格条款和特性是在您与MBTF之间达成的。因此，不存在一个集中性的价格来源， 交易也不是通过清算行来清算的。外汇市场对于每日价格的波动没有限制（除非政府或者央行干预），也不对交割程序或者定价 有所规定。在外汇交易指定的交割日期，要么是实物性的交割要么是现金交割，至于交割数量的打下取决于您的头寸大小以及建 立头寸之后价格的变动。


Highly Leverage  高杠杆

Trading in the Forex market involves significant leveraged. For a small margin deposit, you are able to use an extremely high
degree of leverage in the Forex market. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit with MBTF. You may sustain a total loss of your initial margin deposit and
any additional funds required to maintain your position as a result of a small change in price. If the market moves against your
position or margin levels are
increased, you may be called upon to deposit substantial additional funds on short notice in order to maintain your position. If you fail to comply with the request for additional funds within the time prescribed, MBTF may enter a partial liquidation to
cover the additional demand for funds plus commissions or other related charges. If your entire position is liquidated at a loss,
then you will be held liable for any resulting deficit in your account.
外汇交易包括很高的杠杆。只需要少量的保证金，您就能使用高度比例的杠杆。一个稍微细小的市场变动会给您的帐户资金带
来重大的影响。您的损失可能包括初始保证金以及额外的需要维持头寸所要求的资金。如果市场方向与您的头寸相反，您可能 会被要求追加资金，如果您想维持头寸的话。如果您未能按照要求在指定的时间内追加资金，MBTF会部分平仓以冲销额外资金 的要求以及佣金等相关费用。如果您的头寸被全部平仓，所造成的损失由自己负责。

Risk Reducing Orders or Strategies  订单或者交易策略所引发的风险

The placing of certain orders (e.g., ‘stop-loss’ or ‘stop-limit’ orders) that are intended to limit losses to certain amounts may not
always be effective because market conditions or technological limitations may make it
impossible to execute such orders. Strategies using combinations or positions, such as ‘spread’ and ‘straddle’ positions, may
be as risky or even riskier than simple ‘long’ or ‘short’ positions.
设置某种订单（比如止损或者止盈订单），可能会由于市场状况或者技术原因而未能执行。另外使用头寸合并（比如约期套购或
者套期图利）的策略与单纯的多头或者空头具有同样的风险甚至更危险。

Prices May Be Different  价格可能不同


Prices quoted by MBTF may not necessarily reflect the broader market for foreign currencies. Closing prices will be selected to
determine margin requirements and used in marking to market positions that are held in you accounts. It is expected that the selected prices will be reasonably related to those available in the interbank market; however, the prices may vary from those
available to banks and other participants in the interbank market. Consequently, MBTF may exercise considerable discretion in
setting margin requirements, collecting margin funds, and determining mark to market values. MBTF所得到报价可能不同于这个市场的整体报价。我们的报价是从银行间市场中合理的选择出来，但是价格可能会不同于给银行或者其他参与者的报价。

ForexIndividualBilingualApplication_03122008        2


Fast Market Conditions  快速市场风险

There are times when the Forex market will exhibit extreme price volatility known as a "fast market". Factors that may cause a
fast market include announcements of (1) interest rate changes, (2) international trade imbalances and restrictions, (3)
domestic and international rates of inflation, (4) currency devaluations and revaluations, and (5) political and governmental actions.
In fast markets, the extreme volatility in currency pair prices may "gap" resulting in wider spreads. A price gap occurs when the price of a currency pair either jumps or plummets from its last bid/offer quote to a new quote, without ever trading at prices
in between those quotes. 有的时候外汇市场会出现显著的波动，被称为“快速市场”。引发快速市场的因素包括(1)利率变动的消息,(2)国际贸易不平衡和限 制的消息,(3)国内和国际的通货膨胀率,(4)货币的升值和贬值,(5)政治和政府变动.
在快速市场中，显著的波动可能会引发“缺口”，导致点差扩大。当报价直接从最后一个报价升至或者降至一个新的报价，而没有 经过两个报价之间的价格，这样将形成缺口。

During fast markets conditions, it is an industry practice for currency dealers, including dealers on the interbank market to temporarily discontinue normal automatic order execution standards and switch to a manual order process, and/or reduce their size guarantees on currency pairs. You may experience delays in trade executions
and order statuses. You may also experience executions at prices significantly away from the market price quoted
or displayed at the time an order was entered. MBTF will not be held liable for any of your trading losses due to fast market conditions, electronic disruption in service, service delays, or incorrect information received from service vendors and/or you.
在快速市场的情况下，对与外汇交易员来说，包括银行间市场的交易员，可能会暂时性的无法自动执行订单而转到人工处理，或
者不能保证订单执行的成功，这也是整个行业的做法。在这期间，您可能会遭遇订单执行的延迟，您同样可能会碰到你最后得到 的价格和订单开始执行时显示的价格显著不同的情况。MBTF不对由于快速市场，电子信息中断,  服务延迟,  或从服务提供商或您 那里得到的不正确信息等所导致的损失负责。

[ 本帖最后由 yunlong1205 于 2008-9-20 08:27 编辑 ]

Weekend Risk, Stop or Limit Orders  止损和限价订单

MBTF is closed from Friday 20:00 EST - Sunday 20:00 EST; however, the Forex market is continually active due to the political
and economic events that are happening 7 days a week. During these hours, you will not be able to use the automated trading system to place or change orders over the weekend and at other times when the Forex market or MBTF are generally closed. MBTF在从美东时间星期五20:00至美东时间星期天20:00的这段时间关闭。但是，由于政治和经济事件每天都在发生，外汇市场
依旧是活跃的。在这段时间内，你无法通过自动交易系统设置或更改订单。

There is a substantial risk that stop-loss orders left to protect open positions held over the weekend will be executed at levels significantly worse than their specified price. 一旦您的仓位度过周末，您的止损订单可能会在比您指定的价格很糟的位置被执行。

If there is a big news announcement during the close, there is a chance that your stop or limit order may be triggered; and once the specified price is hit, your stop or limit order will become an active market order. The order may be filled during the close
or at the time of opening.
如果在收盘时有一个非常重要的消息宣布，那么就有可能您的止损或限价订单被触发；一旦您指定的价格被触发，您的止损或者
限价单会转换成现价订单，这个订单可能在收盘时被执行也可能在下周开盘时执行。

Electronic Trading电子交易

When trading online, you should be aware that during periods of high Internet traffic, you might experience delays in accessing
account data due to systems capacity limitations. Additionally, system response times may be adversely affected by increased market  volatility  conditions,  quote  delays,  system  performance,  and  other  factors  outside  the  control  of  MBTF,  which  may
include your computer system and Internet service provider. You may also experience system outages or delays as a result of,
among other things, power failures, programming failures or heavy trading volume. During periods of increased volatility, you might suffer market losses in the price of a particular currency pair when systems problems result in an inability to place buy or sell orders. The risk of financial loss in trading online can be substantial; therefore, you should consider whether such trading is suitable for you in light of your circumstances and financial resources.
当进行在线交易时，您应该意识到在网络拥堵时段，您可能在在获取数据时延迟。另外，系统反应也会因市场的波动，报价的延
迟，系统表现以及其他MBTF控制之外的因素而受到影响，这些因素包括您的计算机系统以及网络服务提供商。您同样可能会因

ForexIndividualBilingualApplication_03122008        3

为其他事情，比如停电，程序错误或者巨大的交易量而造成延迟。在波动激烈的时段，您可能会因为系统问题导致无法设置订单 而受到损失。在线进行金融交易的风险是很大的，因此，您必须考虑您的交易环境和经济状况是否适合交易。

In  the  event  system  capacity  problems  prevent  our  automated  trading  system  from  accepting  your  orders  for  execution,  we encourage you to contact our Dealing Desk for manual handling of your orders. We ask for your patience, during those times, because  the  Dealing  Desk  will  be  experiencing  heavy  call  volume.  MBTF  takes  significant  measures  to  improve  system capacity and reliability by using back-up systems to minimize the possibility of system failure. MBTF also maintains a business continuity plan in the event of a major disruption in business operations. 一旦您无法通过自动交易系统成交订单时，我们希望您能与我们的盘房联系，手动设置订单。我们希望您能耐心，因为通常在这
个时候，盘房的电话委托量很大。MBTF花费了很大的投资来提高系统能力和可靠性，一旦出现系统故障，能够使用备份系统。 一旦商业操作出现主要影响, MBTF同样有一套完整连续交易方案。

Limited Government Regulation  有限的政府监管
MBTF is registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a futures commission merchant, and member of the National Futures Association (“NFA”). As a registered entity, MBTF is subject to the antifraud provisions of the Commodity Exchange Act. However, the CFTC, NFA or any other federal or state agency has not adopted comprehensive regulations that govern trading activities of dealers (such as MBTF) in the Forex market. Therefore, customers are not
afforded the protections generally found in the regulated contract markets. MBTF是美国商品期货经纪商（CFTC）注册会员，同时也是国家期货协会（NFA）会员。作为一家注册的实体，MBTF受商品
交易法案约束。但是，商品期货经纪商协会，国家期货协会以及联邦或州相关机构对于类似于MBTF这样的外汇经纪商并没有非 常详细的法规。因此，客户可能无法得到类似于其他交易市场的保护。

Risk of Insolvency  破产的风险

The transactions you are entering into with MBTF are not traded on an exchange. Therefore, under the U.S. Bankruptcy Code,
your funds may not receive the same protections as funds used to margin or guarantee exchange-traded futures and options contracts, which receive a priority in bankruptcy. Since that same priority has not been given to funds used for off-exchange forex trading, if MBTF becomes insolvent and you have a claim for amounts deposited or profits earned on transactions with
MBTF, your claim may not receive a priority. Without a priority, you are a general creditor and your claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that
MBTF keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors.
由于您是与MBTF之间进行交易，而不是在场内交易。因此，按照美国的破产法案，期货，期权交易中的保证金在破产时享有优先
权，而外汇没有类似的保护。如果MBTF破产，您申请取回存款或者盈利，可能得不到优先赔偿。没有优先赔偿权，您将属于一般 债权人，那么您的申请可能要在优先债权实现后才能被受理。尽管您的资金存放在一个单独帐户与MBTF的运营资金区分，但是您 的资金依然不够安全,  可能被那些优先受偿债权人申请到。

Commissions and other charges  佣金和其他费用
Before you begin trading with MBTF, you should obtain a clear explanation of all charges (e.g., commissions, fees, markups,
and markdowns) for which you will be legally responsible to pay. These charges will have a direct affect on the net results of your trading strategy; frequent trading will result in mounting charges that will have an overall affect on your trading performance. 在您开始与MBTF交易时，您应该得到一份您所需承担的所有费用的说明（比如佣金，手续费，点差）。这些费用会直接影响到您
的交易策略；频繁的交易将导致费用增多从而影响到您整体的交易表现。

You should be aware that MBTF and its affiliates may from time to time have substantial positions in, and may make a market in or otherwise buy or sell instruments similar or economically related to, foreign currency transactions entered into with you.
您应该意识到MBTF和它的附属机构也有相当数量的头寸在市场上买卖，可能会与您的头寸相关。

MBTF and its affiliates may also undertake proprietary trading activities, including hedging transactions related to the initiation
or termination of a foreign currency transaction with you that may adversely affect the market price or other factors underlying the foreign currency transaction entered into with you and consequently, the value of such transaction.
MBTF及其附属机构同样会进行一些外围交易活动，包括对冲与您有关的交易，这样可能会影响到市场价格或其他因素，导致影
响到您的交易。

You should become familiar with the terms of condition outlined in the Foreign Currency Customer Account Agreement, which applies to every transaction you enter into with MBTF, and the trade confirmation, which applies to each particular transaction. 您应该知道该外汇交易客户协议的所有条款都适用于您与MBTF做的每个交易，包括每个单独交易的交易确认。

ForexIndividualBilingualApplication_03122008        4

By signing below, you acknowledge that you have carefully read this RISK DISCLOSURE STATEMENT regarding the OVER THE COUNTER FOREIGN CURRENCY MARKET, and you agree to all of the provisions contained therein. 通过在下面签名，您确认您已经仔细阅读了有关外汇交易市场的风险披露声明，并且同意所有相关条款。






        ********                 09/12/2008


Primary Customer Signature  主持有人签名        Print Name  姓名印刷体        Date  日期






Joint Customer Signature  联合持有人签名        Print Name  姓名印刷体        Date  日期

[ 本帖最后由 yunlong1205 于 2008-9-19 23:41 编辑 ]

谢谢翻译，辛苦。

原文就是这样的，中英各一段。

您参与的外汇交易是在交易所进行。MBTF作为你的交易对手，当你卖出时作为买家当你买入时作为卖家。  MBTF提供的价格或许不是当时最好的报价。
尽管MBTF是你每笔交易的交易对手



不是说CEN不和客户对赌吗？，MBTF怎么和MM公司一样成这交易对手。

我也在等待全面详细解答。

引用:

原帖由 SY002 于 2008-9-20 07:33 发表
您参与的外汇交易是在交易所进行。MBTF作为你的交易对手，当你卖出时作为买家当你买入时作为卖家。  MBTF提供的价格或许不是当时最好的报价。
尽管MBTF是你每笔交易的交易对手



不是说CEN不和客户对赌吗？，M ...

哦，当时由PDF转换成WORD时候，“您参与的外汇交易不是在交易所进行”这句话里面的“不”字没有转换好。原文件里有“不”这个字的。这句话应该可以说明，他只是提供一个中心交易平台，这个平台在价格撮合之后，平台就成为买方的卖方，卖方的买方。然后通过与银行之间的报价撮合、以及客户在中心交易平台帐户里的资金结算等等实现交易者的交易。名词解释请看http://www.forex-town.com/thread-1508-1-1.html里的PDF文件,看了这个PDF文件，觉得MBTF应该是个ECN平台。赚取客户保证金是MM平台的特点，这个特点注定无论市场中的卖方还是买方，都是同一方，都在与MM平台做交易。他和银行间的价格联动只是在与市场参与者做无聊的欺骗游戏。无论买方还是卖方都在兴致勃勃的关注行情，这个行情是他和银行的价格联动不假，不然怎么会调动起参与买卖者的兴趣，但资金以及订单的流动只是这个MM平台公司里的买卖流动，而不是整个市场的流动和参与。等你输钱了，他付一定的报酬给银行外，其余自己吞下。

我说的对不对，还要问高手。

[ 本帖最后由 yunlong1205 于 2008-9-20 09:56 编辑 ]

MBTF  IS ACTING    AS    A  COUNTERPARTY  IN  THESE  TRANSACTIONS  AND,  THEREFORE,  ACTS  AS  THE  BUYER  WHEN  YOU  SELL  AND  THE SELLER WHEN YOU BUY. THE PRICES MBTF OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE.
:L :L :L :L

MBTF，既有 盘房也做对冲，不能说他是MM，但可以看出全面包含MM行为的ECN ,不知道可以这样理解吗？