HANG SENG BANK LIMITED INTEGRATED ACCOUNT TERMS AND CONDITIONS
PART VI TERMS AND CONDITIONS FOR SHARE MARGIN SERVICES
1.	Share Margin Services
	1.01	The Bank may, but is not obliged to, provide the Share Margin Services to the Customer subject to the provisions of this Part and the provisions of these Terms and Conditions, including without limitation, Part V on the basis that the Share Margin Services constitute the Services to which those provisions apply.
	1.02	For the purposes of the Share Margin Services, the Customer instructs the Bank to maintain and operate the Share Margin Account and the Share Margin Settlement Account in accordance with the provisions of this Part and other applicable provisions of these Terms and Conditions. No cheque books will be issued and no direct debit instructions, autopay or standing instructions will be accepted by the Bank in respect of the Share Margin Settlement Account. Funds standing to the credit of the Share Margin Settlement Account shall not constitute Secured Assets.
	1.03	For the avoidance of doubt, only cleared funds deposited into and available in the Share Margin Settlement Account shall be taken into account in determining the Loan, the LTL Ratio, the LTV Ratio and whether the Customer has satisfied the margin requirement under Clause 4 of this Part, notwithstanding any other deposit or cash account maintained by the Customer with the Bank.
	1.04	(a)	Upon receipt of an Instruction to purchase or subscribe for securities, the Bank will inform the Customer as soon as reasonably practicable whether the relevant securities are Ineligible Securities, in which case the Bank may refuse to finance such purchase or subscription. In all other cases, the Bank will inform the Customer the Margin Ratio of each of the relevant securities. Subject to Clause 4 of this Part, an Instruction to purchase or subscribe for securities may only be acted on by the Bank if at the time of execution of the Instruction, if:
			(i)	the Loan does not exceed the Maximum Facility Amount; and
			(ii)	the aggregate of : (x) the cleared funds available in the Share Margin Settlement Account and (y) the unutilised Margin Lending Facility exceeds the amount calculated in accordance with the following formula: Purchase Price x (1 - Margin Ratio) + Expenses
		(b)	For the purposes of this Part: "Expenses" means all charges and expenses to be incurred in connection with the purchase or subscription of the relevant securities in accordance with an Instruction including, without limitation, stamp duties, brokerages, commissions and exchange levies; and "Purchase Price" means the price for purchasing or subscribing for the relevant securities in accordance with an Instruction.
		(c)	Whenever the credit balance of the Share Margin Settlement Account is insufficient to discharge payment by the Customer of the Purchase Price as at the settlement date (as shown on the contract note) customarily set by the relevant stock exchange on which such securities are traded, an advance under the Margin Lending Facility shall be made by the Bank to the Customer in respect of the shortfall provided that no advance shall be made if it will cause the Maximum Facility Amount to be exceeded.
	1.05	The Customer irrevocably authorizes and instructs the Bank to debit the Share Margin Settlement Account with:
		(a)	the Purchase Price, the Expenses and all advances under the Margin Lending Facility (including all such amounts required by the Bank for purchasing or subscribing for securities on behalf of the Customer) together with all interest thereon;
		(b)	all transaction commissions and custodian fees and all other moneys and sums payable to the Bank or the Bank's nominee from time to time in connection with the Share Margin Services; and
		(c)	all out-of-pocket expenses of reasonable amount and reasonably incurred by the Bank on behalf of the Customer whether in connection with any Transaction, the Share Margin Account, the Charged Securities or otherwise pursuant to the provisions of this Part.
	1.06	(a)	The Bank may, but is not obliged to, make an advance to the Customer under the Margin Lending Facility to enable the Customer to take up a rights issue by subscribing for the relevant securities.
		(b)	All securities allotted pursuant to a rights issue taken up by or on behalf of the Customer (but excluding those which the Customer has renounced in favour of the Bank) shall be deposited into the Share Margin Account.
	1.07	The Customer authorizes and instructs the Bank to:
		(a)	credit the Share Margin Settlement Account with a pro-rata share of any dividends or other distributions or benefits received by the Bank's nominee as is attributable to the securities held on behalf of the Customer in the Share Margin Account; and
		(b)	debit the Share Margin Settlement Account with a pro-rata share of any loss suffered by the Bank or the Bank's nominee as is attributable to the securities held on behalf of the Customer in the Share Margin Account.
	1.08	The proceeds of sale or disposal of any securities pursuant to an Instruction shall, after deducting all stamp duties, brokerages, commissions, exchange levies, and other fees and reasonable expenses in connection with such sale or disposal, be credited into the Share Margin Settlement Account and be applied towards payment and discharge of the Loan in whole or in part.
2.	Limit of the Margin Lending Facility
	2.01	The Bank may, at its discretion, grant to the Customer on the Share Margin Settlement Account the Margin Lending Facility up to the Maximum Facility Amount.
	2.02	The Bank reserves the right, at any time by notice to the Customer, to modify the facility limit, to cancel or terminate the Margin Lending Facility and to demand immediate payment of all moneys and sums, whether principal, interest or otherwise, then due or owing from the Customer in respect of the Margin Lending Facility or otherwise under the provisions of this Part. Further, the Bank may at any time refuse to make available to the Customer any advance under the Margin Lending Facility notwithstanding that the facility limit applicable for the time being has not been exceeded. Unless otherwise agreed with the Customer, the Bank will normally refuse to finance the purchase of any Ineligible Securities.
	2.03	No advance under the Margin Lending Facility will be made if it will cause the Loan to exceed the Maximum Facility Amount. Whenever the Loan exceeds the Maximum Facility Amount, the Customer shall pay to the Bank at the Bank's election either a fee in respect of the excess Margin Lending Facility amount at such rate prescribed by the Bank from time to time, or interest on the excess portion of the Margin Lending Facility at such rate as the Bank may stipulate from time to time. At any time when the Loan exceeds the Maximum Facility Amount, any subsequent deposit(s) or transfer(s) of cash or funds into the Share Margin Settlement Account, whether for purchase or subscription of securities or other purposes, shall first be applied in reduction of the Loan until the Loan no longer exceeds the Maximum Facility Amount.
	2.04	Any one or more advances under the Margin Lending Facility shall, on repayment, be available to be re-borrowed (in whole or in part) by the Customer provided that:
		(a)	the re-borrowing shall not cause the Loan to exceed the Maximum Facility Amount; and
		(b)	the Margin Lending Facility has not been cancelled or terminated by the Bank.
	2.05	Where any subscription of new securities by the Customer is financed by the Bank and the Customer or the Bank receives refund of the subscription amount in whole or in part, the Customer or the Bank (as appropriate) shall deposit such refund into the Share Margin Settlement Account as soon as reasonably practicable upon receipt in reduction of the Loan. Where any such refund is received by the Bank's nominee, the Bank is entitled to direct its nominee to deposit such refund into the Share Margin Settlement Account as soon as reasonably practicable upon receipt in reduction of the Loan.
3.	Security to the Bank
	3.01	(a)	In consideration of the Bank granting or continuing to make available the Margin Lending Facility to the Customer, the Customer, as beneficial owner charges, pledges and assigns to the Bank all and any securities in the Share Margin Account from time to time (including, without limitation, any further securities deposited with the Bank pursuant to any Margin Call or otherwise), whether registered in the name of the Customer or any nominee of the Bank or any central clearing system or depository, together with all rights and benefits attaching or accruing to such securities, as a continuing security for the punctual payment to the Bank on the respective due dates of the Indebtedness, all amounts outstanding under the Margin Lending Facility and all other moneys and sums due or owing from the Customer to the Bank from time to time pursuant to the provisions of this Part, and for the performance of all the obligations of the Customer from time to time under the provisions of this Part.
		(b)	If at any time the Margin Ratio of any specific securities comprised in the Charged Securities shall be re-determined by the Bank to be zero, such securities shall become Ineligible Securities but shall remain as Charged Securities. Such Ineligible Securities shall be excluded from the calculation of the Security Value and the Maximum Facility Amount as a result of which the Bank may exercise its rights under Clause 4 of this Part.
	3.02	The Customer irrevocably authorizes the Bank to hold the Charged Securities in the name of the Bank's nominee and to do and execute any and all acts or things and documents necessary to transfer, complete and/or vest the title to any of the Charged Securities to the Bank's nominee and to perfect the security over the Charged Securities.
	3.03	All dividends, interests, income, payments or other distributions received by the Bank or its nominee in respect of the Charged Securities shall be credited into the Share Margin Settlement Account. Notwithstanding any Instruction of the Customer to apply any funds in the Share Margin Settlement Account, the Bank is entitled to withhold and apply any funds standing to the credit of the Share Margin Settlement Account to the extent necessary to secure repayment of the Loan, payment of any sum due or owing to the Bank under the provisions of this Part and performance by the Customer of its obligations under the provisions of this Part, including without limitation, to satisfy any Margin Call.
	3.04	The Bank may, at any time and without notice to the Customer, open new Sub-accounts for the Customer and deposit any securities into such new Sub-accounts as it may from time to time consider appropriate. For the avoidance of doubt, all such securities shall continue to constitute Charged Securities.
	3.05	The security given by the Customer to the Bank over the Charged Securities shall be in addition to, shall not be affected by and may be enforced by the Bank without prejudice to any guarantee, indemnity or other collateral security or any other power, right or remedy at any time held by or available to the Bank in respect of the Indebtedness or the Margin Lending Facility or the obligations of the Customer under the provisions of this Part. Such security shall be a continuing security notwithstanding the death, bankruptcy, liquidation, winding-up, incapacity or any change in the constitution of the Customer, or any intermediate or partial payment or settlement of account or satisfaction in whole or in part of all or any amounts outstanding in respect of the Indebtedness or the Margin Lending Facility or of any obligations of the Customer under the provisions of this Part. Any restriction on the right of consolidating securities shall not apply to any security over the Charged Securities in favour of the Bank.
4.	Margin Cover
	4.01	The Customer covenants with the Bank that he shall at all times maintain (i) the Loan within the Maximum Facility Amount and (ii) the Applicable Margin Call Ratio to such level determined by the Bank to be satisfactory.
	4.02	(a)	The Bank will monitor and determine the Security Value on a real time valuation basis based upon the information supplied by the relevant stock exchange and the prevailing exchange rates for the relevant currencies and update the Customer's position in respect of the Share Margin Account and the Share Margin Settlement Account at such times of a day as the Bank considers appropriate. If at any time the Bank determines that the Loan exceeds the Maximum Facility Amount and/or the Applicable Margin Call Ratio reaches or exceeds the Top-Up Percentage (notwithstanding that such determination is caused by the Bank's records not reflecting the latest transactions in respect of the Share Margin Account and/or Share Margin Settlement Account due to the processing time required for updating the Bank's records and/or for clearing of funds, cheques or securities deposited into the Share Margin Account and/or Share Margin Settlement Account), the Bank may (but is not obliged to) refuse to act on any Instruction given by or on behalf of the Customer and shall have the right (but shall not be obliged) to give the Customer notice of a margin call (a iMargin Calli). The Customer should satisfy the Margin Call as soon as reasonably practicable so that the Loan shall fall below the Maximum Facility Amount and/or the Applicable Margin Call Ratio shall be maintained below the Top-up Percentage by depositing cash or immediately available cleared funds into the Share Margin Settlement Account and/or increasing the Security Value by depositing into the Share Margin Account and charging in the Bank's favour such additional securities acceptable to the Bank and/or by such other means acceptable to the Bank, so as to reduce the Loan or increase the Security Value.
		(b)	Where additional securities are deposited to meet Margin Calls (i) through the Central Clearing and Settlement System operated by the Hong Kong Securities Clearing Company Limited, the Security Value of such securities shall be taken into account immediately on successful electronic transfer to the Bank or its nominee on the settlement date or (ii) by physical delivery of the share certificates to the Bank or its nominee, the Security Value of such securities shall not be taken into account until re-registration of such securities in the name of the Bank or its nominee has been completed (which normally takes ten Trading Days).
		(c)	For the avoidance of doubt, (i) the Bank may make more than one Margin Call on the same day; and (ii) a Margin Call does not constitute a demand on the Customer for repayment of the Loan or the Indebtedness but the Bank's reminder to the Customer to take the necessary actions so as to avoid or minimize his position being liquidated by the Bank. If the Customer fails to meet a Margin Call, he has to bear the risk of having his position liquidated by the Bank in accordance with the provisions of this Clause 4.
		(d)	Without prejudice and in addition to any Margin Call, the Bank may from time to time notify the Customer of the Applicable Margin Call Ratio and, in particular, when the Applicable Margin Call Ratio exceeds certain percentages. However, the Bank shall be entitled to exercise its rights under Clause 4.04 of this Part or any other rights under this Part without giving such notification to the Customer.
	4.03	Between the time a Margin Call is made and the time when the Bank has knowledge of such Margin Call having been satisfied, the Bank is entitled to exercise any of its rights under Clause 3 of this Part without notice to the Customer, and the Bank is not required to carry out any Instruction of the Customer in relation to any dealing in securities, the Share Margin Account or the Share Margin Settlement Account.
	4.04	(a)	If at any time:
			(i)	the Bank determines that the Applicable Margin Call Ratio reaches or exceeds the Force-sale Percentage (notwithstanding that such determination is caused by the Bank's records not reflecting the latest transactions in respect of the Share Margin Account and/or Share Margin Settlement Account due to the processing time required for updating the Bank's records and/or for clearing of funds, cheques or securities deposited into the Share Margin Account and/or Share Margin Settlement Account and/or the Bank not being aware that the Margin Call has been satisfied); or
			(ii)	the Loan has continuously exceeded the Maximum Facility Amount for a period of six months or such other period as may be prescribed by the Bank from time to time; or
			(iii)	the Bank in good faith considers that the market conditions are too unstable or unfavourable or abnormal or are likely to expose investors to unacceptable risk or heavy losses,
			the Bank may (but is not obliged to), without demand, notice, legal process or other action at any time thereafter terminate the Margin Lending Facility and/or cancel or modify any outstanding Instructions and/or sell, realize, redeem, liquidate and/or otherwise dispose of, as appropriate, all or any of the Charged Securities in the relevant market or by private contract, and on such terms as the Bank thinks fit, free from all trusts, claims, rights of redemption and equities of the Customer. The Bank's rights under this Clause shall not be affected by any fluctuations in the Security Value prior to the time of actual sale, realization, redemption, liquidation or disposal of the Charged Securities but any proposed exercise of the Bank's rights under this Clause may be altered or cancelled by the Bank at any time due to fluctuations in the Security Value.
		(b)	Any proceeds resulting from such sale, realization, redemption, liquidation or disposal shall, at the discretion of the Bank, be deposited in the Share Margin Settlement Account in reduction of the Loan until the Loan has been repaid in full or falls below the Maximum Facility Amount and so that the Applicable Margin Call Ratio falls below the Top-up Percentage. The Bank has the right to sell, realize, redeem, liquidate or dispose of all or any of the Charged Securities and such quantity of the Charged Securities which is more than necessary to reduce the Loan below the Maximum Facility Amount or to maintain the Applicable Margin Call Ratio below the Top-up Percentage. The Customer does not have any right or claim against the Bank in respect of any loss arising out of any actual or proposed sale, realization, redemption, liquidation or disposal of Charged Securities or its timing, unless caused by the negligence or willful default of the Bank, its officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely thereform.
	4.05	The Customer acknowledges and agrees that it is his duty from time to time to monitor and maintain (i) the Loan within the Maximum Facility Amount, (ii) the Applicable Margin Call Ratio at a level satisfactory to the Bank and (iii) the margin requirement under Clause 4.02 of this Part, for which purpose it is his duty to contact the Bank from time to time to ensure that he is being informed of the Margin Ratio in respect of the Charged Securities, the Maximum Facility Amount, the Applicable Margin Call Ratio, Top-up Percentage, the margin requirement and Force-sale Percentage as applicable from time to time. The Customer acknowledges and agrees that the Applicable Margin Call Ratio may reach or exceed the Top-up Percentage or the Force-sale Percentage at any time as a result of, among other things, fluctuation in the exchange rates of currencies, or the Bank making any change to the Maximum Facility Amount or any of the ratio or percentage as above-mentioned with immediate effect irrespective of whether the Customer is aware of any such fluctuation or change. The Bank shall not be liable to the Customer for any loss arising out of any sale, realization, redemption, liquidation or disposal of Charged Securities resulting from the margin requirement not being satisfied or the Bank not being promptly informed of satisfaction of any margin requirement, unless caused by the negligence or willful default of the Bank, its officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely thereform.
	4.06	For the purposes of making a Margin Call, the Bank will normally give notice of a Margin Call to the Customer by mobile short message and the Customer shall be deemed to be notified of the Margin Call on transmission of the mobile short message. The Bank may give notice of a Margin Call to the Customer in any other means as it considers appropriate in the circumstances.
5.	Representations, Warranties and Undertakings
	5.01 The Customer represents, warrants and undertakes to the Bank:
	(a)	that the Customer is the sole beneficial owner (or where the Customer comprises more than one person, such persons are the sole beneficial owners) of all securities in the Share Margin Account and has good title to all securities deposited with the Bank or which he has instructed the Bank to deal on his behalf free from encumbrances or any third party interest;
	(b)	that the Customer has and will maintain beneficial ownership of the Charged Securities free from encumbrances or any third party interest (except in favour of the Bank);
	(c)	that the security to the Bank under Clause 3 of this Part constitutes and will continue to constitute the valid and legally binding obligations of the Customer enforceable in accordance with its terms;
	(d)	at all times during which the Loan is outstanding, not to engage the services of any other broker to sell or otherwise dispose of the securities in the Share Margin Account and all securities deposited with the Bank without the prior written consent of the Bank. Such consent will only be granted if the Applicable Margin Call Ratio shall remain at a satisfactory level after the sale or disposal of the relevant securities by the other broker;
	(e)	not to create or permit to arise any encumbrance or third party rights over any assets in the Share Margin Account or funds in the Share Margin Settlement Account or purport so to do, except in the Bank's favour;
	(f)	at any time and from time to time, to execute and deliver such further charges, authorities and other documents as the Bank may from time to time reasonably require for perfecting its title to or for vesting or enabling the Bank to vest the full benefit of the security under Clause 3 of this Part in its favour, for which purposes the Customer hereby irrevocably appoints the Bank as its lawful attorney, and covenants to ratify and confirm all documents, acts and things and all transactions entered into by the Bank in the exercise or purported exercise of its powers under the provisions of this Part, and the Customer irrevocably acknowledges and agrees that this power of attorney is, among others, given to secure the performance of the obligations of the Customer under this Part; and
	(g)	to obtain and maintain in full force and effect all governmental and other approvals, authorities, licences and consents required in connection with the security to the Bank under Clause 3 of this Part and to do or cause to be done all other acts and things necessary or desirable for the performance of all the obligations of the Customer under this Part, or for ratifying or confirming anything done by the Bank in the performance of its duties and/ or exercise of its rights or powers under this Part.
6.	Suspension and Termination of Share Margin Services
	6.01	Without prejudice to Clause 16 of Part I:
		(a)	the Customer or the Bank may terminate the Share Margin Services and close the Share Margin Account and/or the Share Margin Settlement Account at any time by giving not less than 14 days' prior written notice to the other party; and
		(b)	the Bank is entitled (but not obliged) to terminate the Share Margin Services and close the Share Margin Account and the Share Margin Settlement Account immediately without notice to the Customer if:
			(i)	the Customer defaults in paying to the Bank the Loan or any sums and moneys due and payable under this Part in the currency and manner specified;
			(ii)	the Customer commits any breach of or omit to observe any obligations under this Part which, in the reasonable opinion of the Bank, amounts to a material default on the part of the Customer;
			(iii)	the Customer (being an individual or partner of a firm) dies or becomes bankrupt;
			(iv)	a petition for bankruptcy, winding-up or similar relief is filed against the Customer either by himself or any other party;
			(v)	upon the application for or appointment of a liquidator, receiver, trustee or similar official over all or a material part of the Customer's undertaking, property or assets;
			(vi)	an encumbrancer takes possession of, or a distress, execution or other process is levied or enforced against, all or a material part of the Customer's undertaking, property or assets;
			(vii)	the Customer is unable or admits inability to pay his debts as they fall due;
			(viii)	there is any change of law which prohibits or renders illegal the maintenance or operation of the Share Margin Account in whole or in part;
			(ix)	all the Share Margin Services or the Margin Lending Facility have been terminated by the Bank pursuant to the provisions of this Part; or
			(x)	the Bank's books and records show a zero balance on the Share Margin Account for a period of six continuous months or for such shorter period as the Bank may prescribe.
	6.02	Upon termination of the Share Margin Services howsoever arising, the Loan and all amounts due or owing by the Customer to the Bank under this Part shall become immediately due and payable. The Bank shall cease to have any obligations to deal in securities on behalf of the Customer in accordance with the provisions of this Part, notwithstanding any Instructions from the Customer to the contrary and the Bank shall immediately cease to have any obligations to grant the Margin Lending Facility.
	6.03	As soon as and in so far as is practicable upon (i) termination of the Share Margin Services or (ii) the Customer's default in paying to the Bank any sum in respect of the Indebtedness, the Bank shall and is authorized by the Customer to sell, realize, redeem, liquidate or otherwise dispose of all or part of the Charged Securities for such consideration and in such manner as the Bank shall consider necessary to satisfy the Loan and any Indebtedness of the Customer to the Bank, at the Customer's sole risk and cost but without the Bank incurring any liability for any loss howsoever arising unless due to the negligence or wilful default of the Bank, its officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely therefrom.
	6.04	Any cash proceeds of such sale, realization, redemption, liquidation or disposal upon receipt by the Bank shall be credited to the Share Margin Settlement Account, and thereafter the net credit balance on the Share Margin Settlement Account (if any) shall be returned to the Customer, after first deducting or providing for all costs, charges, fees and expenses of reasonable amount (including legal expenses) reasonably incurred by the Bank in such sale, realization, redemption, liquidation or disposal, the Loan and all Indebtedness. Where appropriate, all Charged Securities not realized or disposed of together with any documents of title in the possession of the Bank or the Bank's nominee shall be delivered to the Customer at the Customer's sole risk and expense.
	6.05	In the event of there being a debit balance on the Share Margin Settlement Account after application of the cash proceeds and deduction of any sums pursuant to Clause 6.04 of this Part, the Customer shall forthwith pay to the Bank an amount equal to such debit balance together with the Bank's cost of funding such amount up to the date of actual receipt of full payment by the Bank (after as well as before any judgment).
	6.06	Notwithstanding the suspension or termination of all or any of the Share Margin Services, the Customer shall continue to be bound by the provisions of this Part to the extent that they relate to any obligations or liabilities of the Customer which remain to be performed or discharged.
7.	Limitation on Liability
	Without prejudice to any other provisions in these Terms and Conditions, unless due to the negligence or wilful default of the Bank, its officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely therefrom, the Bank does not assume any liability or responsibility to the Customer or any third party for the consequences arising out of or in connection with any change in the Margin Ratio of any specific securities as determined by the Bank from time to time leading to any change in the Maximum Facility Amount or the Security Value or the Applicable Margin Call Ratio which may trigger the Bank's exercise of any of its rights under Clause 3 or 4 of this Part.
8.	Miscellaneous
	8.01	Any revision or addition to the provisions of this Part made by the Bank in accordance with Clause 17 of Part I shall be binding on the Customer if the Customer continues to maintain the Share Margin Account after the effective date of such revision or addition.
	8.02	Without prejudice to Clause 9 of Part V, the Customer may withdraw any or all the Securities (other than Charged Securities) deposited by the Customer with the Bank provided always that:
		(a)	no Margin Call has been made which remains to be satisfied; and
		(b)	the Applicable Margin Call Ratio can still be maintained at a level satisfactory to the Bank after any such withdrawal.
9.	Risk Disclosure Statements
	RISK OF MARGIN TRADING The risk of loss in financing a transaction by deposit of collateral is significant. The Customer may sustain losses in excess of his cash and any other assets deposited as collateral with the licensed or registered person. Market conditions may make it impossible to execute contingent orders, such as istop-lossi or istop-limiti orders. The Customer may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, the Customer's collateral may be liquidated without the Customer's consent. Moreover, the Customer will remain liable for any resulting deficit in the Customer's account and the interest charged on the Customer's account. The Customer should therefore carefully consider whether such a financing arrangement is suitable in light of his own financial position and investment objectives.
	RISK OF TRADING FUTURES AND OPTIONS The risk of loss in trading futures contracts or options is substantial. In some circumstances, the Customer may sustain losses in excess of his initial margin funds. Placing contingent orders, such as istop-lossi or istoplimiti orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. The Customer may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, the Customer's position may be liquidated. The Customer will remain liable for any resulting deficit in his account. The Customer should therefore study and understand futures contracts and options before the Customer trades and carefully consider whether such trading is suitable in the light of his own financial position and investment objectives. If the Customer trades options the Customer should inform himself of exercise and expiration procedures and his rights and obligations upon exercise or expiry.
	ADDITIONAL RISK DISCLOSURE FOR FUTURES AND OPTIONS TRADING This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, the Customer should undertake such transactions only if the Customer understands the nature of the contracts (and contractual relationships) into which the Customer is entering and the extent of his exposure to risk. Trading in futures and options is not suitable for many members of the public. The Customer should carefully consider whether trading is appropriate for him in light of his experience, objectives, financial resources and other relevant circumstances.