下面的简短声明并不能揭示保证金差额契约交易中的全部风险以及交易中涉及的所有事项。客户应在完全理解差额契约交易和约的全部细节和风险特征后再开始交易。此外，并非所有的人都适合进行保证金差额契约交易，客户必须仔细考虑自己的投资经验、投资目标、财务实力和其他重要方面的因素后再决定是否参与保证金差额契约交易。

1. 保证金的“杠杆”效应
保证金差额契约交易涉及到很高的风险。在保证金差额契约交易中，保证金只占合约价值很小的比例，即所谓杠杆效应。市场相对很小的波动就可能给客户的帐户造成很大的影响，这种效应有时对客户有利，有时对客户不利。有时可能损失全部的初始保证金，有时则需要追加保证金，以便维持帐户中的未平仓头寸。如果市场朝着客户头寸相反的方向移动，或者因市场等状况的变化 DFA 提高保证金要求，客户将被要求追加额外的保证金。如果客户没有按时追加保证金，则帐户中的头寸将被全部强制平仓，由此造成的所有损失由客户自己负担。

2. 旨在减少风险的交易指令和交易策略的使用注意事项
客户经常需要使用诸如“止损”、“止损限价”这类指令，以便将交易失误时的可能损失控制在某个限度以内。但客户必须谨慎使用这些指令，因为在特定的市场情况下，这类指令可能无法在客户指定的价格附近执行甚至根本无法执行。在使用组合头寸交易策略时，例如“差价”交易、“骑墙”式交易策略，其风险可能与简单地持有“多头”或“空头”头寸一样高。

3. 合约的条款
在开始交易之前，客户应全面、准确地理解具体交易货币的合约的所有细节，如有问题，可向 DFA 或其代理人垂询。

4. 各种原因造成的交易暂停或交易受到限制的风险
有些市场状况（即市场失去流动性）和/或某个市场因政府采取汇率管制及其他干预措施或通讯线路中断造成交易暂停，将造成开仓或平仓非常困难或根本无法进行交易，会导致风险急剧增加。

5. 资产的保全
客户应了解如何保护所存入的现金或其他形式的资产，尤其要了解在有关公司破产的情况下如何保护自己的财产。客户能够索回财产的多寡取决于当地的有关法律和法规。

6. 佣金和其他费用
客户在开始交易之前，应清楚了解佣金、利息以及其他客户必须支付的费用的收取标准。这些费用将会直接减少客户的利润（如果有的话）或增加客户的亏损。

7. 有关投资者保护的法律及司法管辖权问题
在客户自己国家以外的司法管辖地进行差额契约交易，还面临额外的风险。因为那里的法律对投资者的保护可能与本地不同，或者提供的保护较少。在进行交易之前，客户应向 DFA 或其代理人查询这方面的情况。客户本国的有关保护投资者的法律将不适用于发生在其司法管辖权以外的交易事项。

8. 货币兑换风险
客户在差额契约交易中实现的利润或损失，还会受到另外的汇率变动的风险，如当客户将利润或亏损兑换成自己国家的货币时，就会面临本币汇率变动的风险。

9. 交易设备造成的风险
差额契约交易不是在通常的交易所内进行的，因此没有公开喊价。差额契约交易的报价是通过许多计算机组成的系统提供的。交易指令的传送、执行，以及买卖双方的撮合都是通过许多计算机组成的系统实现的。与任何设备或系统一样，电子化交易系统偶尔也会出现故障。这种故障的排除能力，取决于有关的设备及服务提供商、银行或其他金融机构。客户可就这方面的问题向有关机构查询。

10. 电子化交易的风险
电子化交易系统不但与公开喊价的市场有所不同，而且也可能与其他电子化交易系统有差别。在电子化交易系统进行交易，有系统硬件或软件故障的风险。当出现这种情况时，客户的指令有可能被错误地执行或根本就没有被执行。

免责声明:

a) 互联网故障
由于 DFA 无法控制客户电脑的配置、网络连接的可靠性等因素，因此， DFA 不对因通讯故障、通讯错误或延迟等造成的一切后果负责。

b) 市场风险与在线交易
差额契约交易涉及很高的风险，并不是每个人都适于参与黄金交易。有关的详细陈述请参阅客户协议中的相关部分。在线交易不论多么方便、有效，也未必一定会减低差额契约的风险。

c) 密码的保护
客户必须保护好帐户密码，防止任何第三方知道。DFA 保证不会将客户的密码泄露给任何第三方。

d) 报价错误
有时交易员可能出现打字错误因而造成报价错误， DFA 不对由此造成的客户帐户错误负责。但 DFA 保留对有关帐户作出必要修改或调整的权利。由此引起的一切争议将以出现报价错误时市场的公平价格为基础加以解决。

11. 场外交易的风险
在差额契约交易中，交易代理机构并不只限于在场外进行交易。有时也会充当客户的交易对方。在差额契约交易中，有时将现有未平仓头寸平仓可能相当困难，甚至根本无法平仓，在评估现有头寸的价值、确定市场的公平价格以及评估风险暴露程度等方面也会遇到类似的问题。这些原因有时会额外增加差额契约场外交易的风险。此外，差额契约交易由于是遍布全球的、松散的店头市场，因此受到的监管较少，相对于集中的交易所内的交易而言，不规范因素可能较多。客户在实际开始差额契约交易前，应了解这些因素。

Risk Disclosure Statement

This brief statement does not disclose all of the risks and other significant aspects of trading in leveraged investments. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. TRADING IN LEVERAGED CONTRACTS SUCH AS CFD CONTRACTS IS NOT SUITABLE FOR EVERYONE, ONLY SOPHISTICATED FINANCIAL INSTITUTIONS AND/OR SOPHISTICATED INDIVIDUAL MAY TRADE CFD CONTRACTS OFF EXCHANGE. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other circumstances.

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.

2. Risk-reducing orders or strategies
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.

3. Terms and conditions of contracts
You should ask the firm with which you deal about the terms and conditions of the specific contract 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 value).

4. Suspension or restriction of trading and pricing relationships
Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. suspension of trading in any CFD’s contract 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.

5. Deposited cash and property
You should familiarize yourself with the protections accorded to 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.

6. Commission and other charges
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.

7. Transactions in other jurisdictions
Transactions on CFD 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.

8. Currency Risks
The profit and loss in transactions in CFD 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.

9. Trading facilities
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.

10. Electronic trading
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

a) Internet failures
Since DFA 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 or delays when you trade on-line (via Internet).

b) Market risks and on-line trading
Trading CFD 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 CFD trading.

c) 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 DFA for trades executed by means of the Trader’s password even if such use may be wrongful.

d) Quoting errors
Should quoting errors occur due to a dealer’s mistype of a quote or an erroneous price quote from a Trader, such as but not limited to a wrong big figure quote, DFA will not be liable for the resulting errors in account balances. DFA 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 CFD at the time such an error occurred.

11. Off-exchange transactions
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.

ADDITIONAL RISK DISCLOSURE
额外风险披露

For any Customer that:
对于有以下情况的客户:

□ is retired 退休
□ is unemployed 无业
□ has an annual income of less than $25,000 年收入低于25,000美金
□ has a net worth less than $25,000 净资产低于25,000美金
□ is investing retirement income (e.g., IRA, 401, Keogh) 用退休金进行投资
□ has total liquid assets less than $25,000 拥有总共流动资产不足25000美金。

Only you can make the determination of whether CFD trading is suitable for you. In light of the information that you have provided above, DIRECTFOREX ASIA INC. requires that you carefully consider all of the risk associated with such investments. Many but not all of these risks are outlined in the Risk Disclosure statement of the Customer Trading Agreement. 只有您能决定是否差额契约交易适合您进行。鉴于您以上提供的信息， DIRECTFOREX ASIA INC. 请您慎重考虑所有与该投资相关的风险。大多数的风险都在客户交易协议的“风险披露” 页里被罗列出来。

If, in the past, the only forms of investing strategies that you have pursued have been conservative in nature, then DFA encourages you to perform additional due diligence and research CFD related investments prior to making any investment in exchange-traded derivatives or other high risk investments. You must recognize that only risk capital is suitable for such investing. If you have determined that CFD trading is suitable for you, then please execute the acknowledgement below. 如果您以往的投资策略通常是保守而且谨慎的，那么 DFA 鼓励您在进行任何高风险的差额契约投资前，多了解其他差额契约相关的投资品种来获得愉悦。您一定要明确只有风险资本才适合作这样的投资。如果您确定我们所提供的差额契约交易对您是合适的，那么请签署下面的确认。

Acknowledgement：
I have carefully considered the financial risk involved in OTC market investments, am willing to assume such risks associated with this type of investment, and wish to proceed with opening an account. 我已经仔细的考虑了即期差额契约交易的金融风险，并自愿承担与这种投资相关的风险而且愿意开设一个帐户