Risk Disclosure


Octopus Investments Limited OCTO


复杂产品 –一般风险披露通知

This notice is provided to you in compliance with FSP Rules. This notice does not discloseall of the risks and other significant aspects of derivatives products such as futures and options. You should not deal in derivatives unless you understand the nature of the contractyou are entering into and the extent of your exposure to risk. You should also be satisfiedthat the contract is suitable for you in the light of your circumstances and financial position.


Certain strategies, such as “spread” position or a “straddle”, may be as risky as asimple “long” or “short” position. Whilst derivatives instruments can be utilised for the management of risk, some investments are unsuitable for many investors. Differentinstruments involve different levels of exposure to risk, and in deciding whether to trade in such instruments you should be aware of the following points:



a) Contracts for Difference can be likened to futures which can be entered into in relation to the FTSE-100 index or any other index or share, as well as Currency. Spread Bets are a form of Contracts for Difference. However unlike other futures and options, these contracts can only be settled in cash. Investing in a CFD or a Spread Bet carries risks similar to investing in a future or an option and you should be aware of these.


(b) Investing in precious metals, rolling forex or currency options carries similar risks as investing in a future and you should be aware of these. Transactions in precious metals, rolling forex or currency options may also have a contingent liability and you should be aware of the implications of this as set out in paragraph (d) below. In addition to standard industry disclosures contained in these Terms of Business, you should be aware that margined precious metals and currency trading are some of the riskiest forms of investment available in the financial markets and are only suitable for sophisticated individuals and institutions. Given the possibility of losing an entire investment,speculation in the precious metals or foreign exchange market should only be conducted
with risk capital funds that if lost will not significantly affect your personal or institution’s
financial wellbeing.


If you have pursued only conservative forms of investment in the past, you may wish to study precious metals or currency trading further before continuing an investment of this nature.
You must also realise that the limited risk in buying options means you could lose the entire option investment should the option expire worthless. If you wish to continue with your investment, you acknowledge that the funds you have committed are purely risk capital and loss of your investment will not jeopardise your style of living nor will it detract from your future retirement program. Additionally, you fully understand the nature and risks of precious metals and currency investments, and your obligations to others will not be neglected should you suffer investment losses.


(c) Foreign markets. Foreign markets involve different risks from New Zealand markets. In some cases risks will be greater.The potential for profit or loss from transactions on foreign markets or in foreign currency will be affected by fluctuations in foreign exchange rates. Such enhanced risks include the risks of political or economic policy charges in a foreign media, which may substantially and permanently alter the conditions terms, marketability or price of a foreign currency.


(d) Risk reducing orders or strategies. The placing of certain orders (e.g. “stop loss” or “stop limits” orders) that are intended to limit losses to certain amounts may not always be affected because market conditions or technological limitations may make it impossible
to execute such orders. Strategies using combinations of positions such as “spread” andOctopus Investments Limited OCTO “straddle” positions, may be just as risky or even riskier than simple “long” or “short” positions.

降低风险的指令或策略。下达某些旨在将损失控制在特定金额的指令 (例如「止损」或「止损-限价」指令)有可能并不总是见效,因为市场情况或技术限制可能致使上述指令难以执行。一些复合头寸策略(例如「价差」和「同价对敲」),可能与单纯「多头头寸」或「空头头寸」存在相同的风险。或风险更大。

(e) Prices. The prices posted on the OCTO Online System may not necessarily reflect the broader market. We will select closing prices to be used in determining Margin requirements and in periodically marking to market the positions in customer accounts. Although we expect that these prices will be reasonably related to those available on what is known as the interbank market, prices we use may vary from those available to banks and other participants in the interbank market. Consequently, we may exercise considerable discretion in setting margin requirements and collecting margin funds.

价格。OCTO 在线系统中公布的价格不一定能反映更广大的市场。本公司将选择确定保证金要求时使用的平仓价,以及定期标注客户账户中仓位时使用的平仓价。尽管本公司希望该等价格与被俗称为银行间市场中的价格合理相关,但本公司使用的价格可能与银行以及银行间市场的其他参与者的报价不同。因此,本公司可行使极大的酌情权,以确定保证金要求和收集保证金资金。

(f) Weekend risk. Various situations, developments or events may arise over a weekend (Friday 16.30 ET – Sunday 18.00 ET) when the currency markets generally close for trading, that may cause the currency markets to open at a significantly different price from where
they closed on Friday afternoon. Our customers will not be able to use the OCTO Online System to place or change orders over the weekend and at other times when the markets are generally closed. 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.

周末风险。在货币市场通常停止交易的周末(美国东部标准时间的星期五 16:30 至美国东部标准时间的星期天 18:00),可能会发生多种情形、发展变化或事件。这可能会导致货币市场的开盘价与其于星期五下午收盘时的价格截然不同。本公司的客户不能在周末以及市场通常关闭的其他时间内使用 OCTO 在线系统来设置或更改指令。存在一个极大的风险就是,客户持有的仓位经过周末,其为保护该持有的仓位而设置的止损指令可能会在比其指定的价格更糟的位置执行。

(g) Electronic trading. Trading in OTC contracts through the OCTO Online Facility may differ from trading on other electronic trading systems as well as from trading in a conventional or open market. Customers that trade on an electronic trading system are exposed to risks associated with the system including the failure of hardware and software and system down time, with respect to the OCTO Online Facility, the individual customer’s systems, an the communications infrastructure (for example the internet) connecting the platform with customers.

电子交易:通过 OCTO 在线工具进行场外合约交易与在另一个电子交易系统进行的交易不同,也与在传统的或公平市场中进行的交易不同。在电子交易系统中进行交易的客户可能暴露与该系统有关的风险之中,包括硬件和软件故障和系统故障,就 OCTO 在线工具来说,包括单独的客户系统故障,以及连接平台和客户的通信基础设施(例如互联网)故障。

(h) Contingent liability transactions, which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. You may sustain a total loss of the Margin you deposit with your dealer to establish or Octopus Investments Limited OCTO maintain a position. If the market moves against you, you may be called upon to pay substantial additional Margin at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be liable for any resulting deficit. Even if the Transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you paid when you entered into the contract. Contingent liability transactions, which are not traded on or under the rules of a recognised or designated investment exchange, may expose you to substantially greater risks.


(i) Collateral. If you deposit collateral as security, you should ascertain how your collateral will be dealt with. Deposited collateral may lose its identity as your property once dealings onyour behalf are undertaken. Even if your dealings should ultimately prove profitable, you may
not get back the same assets, which you deposited and may have to accept payment in cash.


(j)Commissions. Before you begin to trade, you should obtain details of all commissions and other charges for which you will be liable. If any charges are not expressed in money terms (but, for example, as a dealing spread), you should obtain a clear written explanation,
including appropriate examples, to establish what such charges are likely to mean in specific money terms.


(k)Insolvency. Any insolvency or default may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets, which you lodged as collateral and you may have to accept any available payment in cash.
Additionally you transfer full ownership and title to a portion or all of the money you deposit with OCTO representing an amount necessary to secure your open positions or cover your actual of future contingent or prospective obligations (which will be calculated daily in
OCTO’s sole discretion based on your daily open positions and trading and which may be greater than the Margin required to maintain your open positions, as market conditions may dictate) such that you will not have a proprietary claim over that portion or any of your
money and that portion or any of your money will not be segregated and you will rank only as a general creditor of OCTO with respect to any claim for the payment of such portion of Octopus Investments Limited OCTO the above described money you deposit which may therefore be irrecoverable in the event of any insolvency or default.

丧失偿债能力。若丧失偿债能力或有违约行为,都可能导致仓位未经客户同意即被平仓或冲销。在某些情况下,客户可能无法取加其作为抵押品存入的实际资产,使其必须接受任何现金付款。此外,客户应转让其存入 OCTO 的那部分款项的完全所有权,该笔款项是为担保其未平仓头寸所必需的,其金额将由 OCTO 自行酌情决定以客户的每日未平仓头寸为基准每日计算得出,因为市场情况起决定性作用,其金额有可能大于为维持客户的未平仓头寸所必需的保证金金额。对于这部分款项,客户没有所有人申索权,这部分款项不会被隔离,而对客户存入的上述部分款项的支付的任何申索而言,客户仅为 OCTO 的一般债权人。因此,在任何丧失偿债能力或违约的情形下,该部分款项是不可偿还的。

You should only engage in precious metals, CFD, Spread Betting, or Rolling Spot Forex trading if you are prepared to accept a high degree of risk and in particular the risks outlined in the Risk Warning Notice. You must be prepared to sustain the total loss of all amounts you may have deposited with your firm as well as any losses, charges (such as interest) and any other amounts (such as costs) we incur in recovering payment from you.


Octopus Investments Limited