Taifook Power Overseas Futures TWS Client Agreement by xiaopangnv


									                                      Taifook Power Overseas Futures TWS Client Agreement


  Taifook Power Overseas Futures TWS (“Service”) is a new electronic overseas futures trading service provided by Taifook Futures Limited
  (“Taifook”) in collaboration with a prestigious overseas brokerage using its electronic trading platform. Given the operation of the Service are
  substantially different from that of the ordinary futures online trading accounts provided by Taifook, Clients are highly recommended to read and
  understand the terms and conditions, important notices and other information (including any relevant updates about the said Service from time to
  time) on www.taifook.com/pof/tws/ prior to using the Service to perform trading.

  The terms and conditions set forth hereinbelow are only applicable to Taifook Power Overseas Futures TWS accounts and are not applicable to
  Client’s ordinary futures online trading accounts maintained with Taifook. For the purposes of using the Service, the following terms shall prevail
  if they are inconsistent with the terms and conditions contained in the “Futures Account Terms and Conditions” executed between Client and
  Taifook. However, should Client perform any trading with the ordinary futures online trading accounts, please be noted that the terms and
  conditions of such accounts remains binding on you.


  1.   Opening, Approval and Monitoring of Client Account
       Due to US Securities and Exchange Commission restrictions, US legal residents are not eligible to use the Service. In addition, Client whose
       transactions are effected through the Taifook Power Overseas Futures TWS account (“Client’s Account”) shall not include any affiliated
       person, officer, director or employee of any U.S. securities broker or dealer, introducing broker, futures commission merchant, exchange,
       market or clearing house unless proper documentation is received by Taifook Futures Limited (“Taifook”) and relevant approval is given.

  2.   Transmission of Orders to Taifook
       Client shall be solely responsible for the transmission of orders to Taifook for the Client’s Account and for any errors in the transmission of
       such orders to Taifook.

  3.   Order Execution
       Taifook shall execute Client’s orders as agent, unless otherwise confirmed. Taifook is authorized to execute Client’s orders as principal.
       Taifook may utilize another executing broker, including but not limited to an affiliate, to execute Client’s orders. Such executing brokers
       shall have the benefit of all of Taifook’s rights and remedies hereunder. Taifook may decline any Client’s order, or terminate this Agreement
       and/or Client’s use of the facilities and services arranged by Taifook for the transmission and execution of Client’s orders (“Taifook TWS
       System”) at any time in Taifook’s sole discretion. Client shall be responsible for monitoring all Client’s orders until Taifook confirms
       execution or cancellation of the order to Client. All transactions effected through Taifook are subject to the constitutions, rules, regulations,
       policies and procedures of the exchanges, markets and clearing houses on which such trades are executed and/or cleared, and all
       applicable laws and regulations. In no event shall Taifook be liable to Client for any action, inaction, decision or ruling of any exchange,
       market, clearing house or regulatory authority.

  4.   Order Routing
       A.     Unless otherwise directed by Client, Taifook has discretion to select the marketplace to which to route Client’s order. For
              investment products that are traded at multiple market centers, Taifook may provide an order-by-order best execution order routing
              option whereby the Taifook TWS System attempts to seek the best available terms for a Client’s order using a proprietary
              computerized routing algorithm (“Smart Routing”). Client is advised to choose Smart Routing when trading products for which
              Smart Routing is available. If Client elects to direct orders to a particular market center, Client assumes responsibility for examining
              and directing Client’s trading in accordance with the relevant rules, policies and procedures of the market center to which the orders
              are routed (e.g., rules regarding, among other things, trading hours, bidding and offering, types of orders accepted, short sale
              restriction, odd-lot trading restrictions, etc.). If Client elects to direct orders to a particular market center, Client does so at Client’s
              risk, including the risk that such orders may be executed on less advantageous terms.
       B.     Taifook cannot and does not warrant or guarantee that every Client’s order will be executed at the best posted price. Among other
              things, Taifook may not have access to every market at which a particular product may trade; other orders may trade ahead of
              Client’s order and exhaust available volume at a posted price; exchanges or market makers may fail to honor their posted prices;
              exchanges may re-route Client’s orders out of automated execution systems for manual handling (in which case execution or
              representation of Client’s order may be substantially delayed); or exchange rules, policies, procedures or decisions or system delays
              or failures may prevent Client’s order from being executed, may cause a delay in the execution of Client’s order or may cause
              Client’s order not to be executed at the best price.

  5.   Order Cancellation and Modification
       Client acknowledges that it may not be possible to cancel or modify an order. Any attempt to cancel or modify an order is simply a request
       to cancel or modify. Taifook is not liable to Client if Taifook is unable to cancel or modify an order. Client further acknowledges that
       attempts to modify or cancel and replace an order can result in an over-execution of the order, or the execution of duplicate orders, and
       Client shall be responsible for all such executions.

  6.   Confirmations
       A.     Taifook may confirm the execution or cancellation of any Client’s order by the sole method of transmitting an electronic confirmation
              to Client through the Taifook TWS System. In any event that the transmission of such electronic confirmation become unavailable,
              impossible or whatsoever, Taifook reserves the right to confirm the execution or cancellation of any Client’s order by other possible
              means. Client agrees to accept electronic trade confirmations in lieu of printed confirmations.
       B.     Client agrees to monitor each open order until Taifook confirms an execution or cancellation of the order to Client. Confirmations
              may be subject to delays. Client understands that reports and confirmations of order executions or cancellations may be
              erroneous for various reasons, including but not limited to, cancellation or adjustment by the relevant exchanges. Confirmations
              also are subject to change by Taifook, in which case Client shall be bound by the actual order execution, so long as it is consistent

              with Client’s order. In the event that Taifook confirms an execution or cancellation in error and Client delays in reporting such error,
              Taifook reserves the right to require Client to accept the trade, or remove the trade from the Client’s Account, in Taifook’s sole and
              absolute discretion.
     C.       Client agrees to notify Taifook immediately by calling Taifook TWS Support Hotline, if:-
                i)          Client fails to receive an accurate confirmation of an execution or cancellation;
                ii)         Client receives a confirmation that is not consistent with Client’s order;
                iii)        Client receives confirmation of execution or cancellation of an order that Client did not place; or
                iv)         Client receives an account statement, confirmation, or other information reflecting inaccurate orders, trades, account
                            balances, margin status, or transaction history.
     D.       Client understands and agrees that Taifook may adjust Client’s Account to correct any error. Client agrees to promptly return to
              Taifook any assets distributed to Client to which Client was not entitled.
     E.       Client understands that Taifook TWS Support Hotline can only provide factual information e.g. account balances, client’s orders,
              margin status or transaction history etc. and agrees to call (during office hours) or to email to Taifook Customer Service during office
              hours for other enquiries such as those require detailed investigations or timely technical solutions.
     F.       Client understands that Taifook TWS System is a trading platform provided by a third party and that some circumstances might
              occur entirely beyond the control of Taifook. Client agrees that Taifook is not liable to any consequence related to any delay in
              replying, resolving or offering assistance to the Client’s enquiries.
     G.       Client understands that Taifook require cooperation from other third party and may require its assistance from time to time in
              providing the system or fixing any problems. This may affect or cause delay to the client’s transaction or the client’s transaction’s
              result. Client agrees that Taifook is not liable for any loss, damages or expenses, no matter they are pecuniary, non-pecuniary,
              direct, indirect, economic, consequential or whatsoever as a result thereof.

7.   Joint Accounts
     For joint accounts, each joint account holder agrees that each joint account holder shall have authority, without notice to the other joint
     account holder to: (i) buy and sell, options, futures or other investment products on margin, or otherwise, depending on the type of account;
     (ii) receive confirmations, statements and communications of every kind related to the account; (iii) receive and dispose of money and/or
     other property in the account; (iv) make, terminate, or agree to a modification of this Agreement; (v) waive any of the provisions of this
     Agreement; and (vi) generally to deal with Taifook as if each joint account holder alone was the sole holder of the account. Each joint
     account holder agrees that notice to any joint account holder shall constitute notice to all joint account holders. Each joint account holder
     further agrees that he or she shall be jointly and severally liable to Taifook with respect to all matters relating to the account. Taifook may
     follow the instructions of any of the joint account holders concerning the account and make delivery to any of the joint account holders of any
     and all property in the account, and make payments to any of the joint account holders, of any or all monies in the account as any of the joint
     account holders may order and direct, even if such deliveries and/or payments shall be made to only one of the joint account holders
     personally. In the event of the death of any of the joint account holders, the surviving joint account holders shall immediately give Taifook
     notice by registered mail to 25/F, New World Tower, 16-18 Queen’s Road Central, Hong Kong (Attention: Customer Service Department –
     TWS) and Taifook may, before or after receiving such notice, initiate such proceedings, require such documents, retain such portion and/or
     restrict transactions in the account as it deems advisable, at its sole discretion, to protect itself against any tax, liability, penalty or loss under
     any present or future laws or otherwise. The estate of any deceased joint account holder shall be liable and each survivor will be liable,
     jointly and severally, to Taifook for any debt or loss in the account or debt or loss incurred in the liquidation of the account or the adjustment
     of the interests of the joint account holders. Unless the joint account holders indicated to the contrary when the Taifook account was
     opened, Taifook may presume that it is the express intention of the joint account holders to hold the account as joint tenants with rights of
     survivorship. In the event of the death of any of the joint account holders, the entire interest in the account shall be vested in the surviving
     joint account holders on the same terms and conditions as theretofore held, without in any manner releasing the deceased joint account
     holder's estate from liability.

8.   Margin
     The following provisions apply to margin-enabled accounts.
     A.       Risk of Margin Trading
              Client understands that trading on margin involves a high degree of risk and may result in a loss of funds greater than the amount
              Client has deposited in Client's Account. Client represents that Client has read and understands the “Disclosure of Risks of Margin
              Trading” provided separately by Taifook.
     B.       Requirement to Maintain Sufficient Margin
              Client’s margin transactions are subject, at all times, to the initial margin and maintenance margin requirements (the "Margin
              Requirements") established by Taifook or the applicable exchange, whichever is greater. Client shall monitor Client's Account so
              that at all times the account shall contain a sufficient account balance to meet the applicable Margin Requirements. Taifook may
              modify such Margin Requirements for any Client for open and new positions, at any time, in Taifook's sole discretion. The margin
              required by Taifook may exceed the margin required by any exchange or clearing house. Taifook may reject any Client’s order if
              Client does not have a sufficient account balance to meet Margin Requirements and may delay the processing of any order while
              determining the correct margin status of Client's Account. Client shall maintain, without notice or demand from Taifook, a sufficient
              account balance at all times so as to continuously meet the Margin Requirements. The general margin table for calculating margin
              requirements posted at Taifook’s website are only indicative and may not accurately reflect the actual margin requirement in effect
              at a particular time for a Client’s portfolio. Clients must at all times satisfy whatever Margin Requirements that are calculated by
     C.       Taifook Will Not Issue Margin Calls
              Taifook has no obligation to notify Client of any failure to meet Margin Requirements in Client’s Account prior to Taifook exercising
              its rights and remedies under this Agreement. Client understands that Taifook generally will not issue margin calls, that Taifook
              generally will not credit Client's Account to meet intraday margin deficiencies, and that Taifook is authorized to liquidate positions in
              Client's Account in order to satisfy Margin Requirements without prior notice to Client. Client must check his margin status in his
              account regularly in order to avoid unnecessary force liquidation.
     D.       Liquidation of Positions and Offsetting Transactions
                 i)         In the event that Client’s Account balance has zero equity or is in deficit at any time, or the account does not have a
                            sufficient account balance to meet Margin Requirements, Taifook shall have the right, in its sole discretion, but not
                            obligation, to liquidate all or any part of the Client’s positions in any of Client’s accounts, whether carried individually or
                           jointly with others at any time and in such manner and in any market as Taifook deems necessary, without prior notice
                           or margin call to the Client. Client agrees to be responsible for, and promptly pay to Taifook, any deficiencies in
                           Client’s Account that arise from such liquidation or remain after such liquidation. Taifook will not have any liability to
                           customer for any losses or damages sustained by customer in connection with such liquidations (or if the Taifook TWS
                           System experiences a delay in effecting, or does not effect, such liquidations) even if Client subsequently re-establishes
                           its position at a less favorable price.
                ii)        Client expressly waives any rights to receive prior notice or demand from Taifook and agrees that any prior demand,
                           notice, announcement or advertisement shall not be deemed as a waiver of Taifook's right to liquidate any Client
                           position. Client understands that, in the event that positions are liquidated by Taifook, Client shall have no right or
                           opportunity to determine the securities to be liquidated or the order or manner of liquidation. Taifook may, in its sole
                           discretion, effect a liquidation on any exchange, Electronic Communications Network ("ECN") or other market, and
                           Taifook or its affiliates may take the other side of such liquidating transaction. In the event that Taifook liquidates any
                           or all positions in Client's Account, such liquidation shall establish the amount of Client’s gain or loss and indebtedness
                           to Taifook, if any. Client shall reimburse and hold Taifook harmless for all actions, omissions, costs, expenses, fees
                           (including, but not limited to, attorney's fees), penalties, losses, claims or liabilities associated with any such transaction
                           undertaken by Taifook. Client shall be responsible for all resulting losses on Client's positions, notwithstanding
                           Taifook's delay in or failure to liquidate any such positions. If Taifook executes an order for which the Client did not
                           have sufficient funds, Taifook has the right, without notice to Client, to liquidate the trade and Client shall be responsible
                           for any loss as a result of such liquidation, including any costs, and shall not be entitled to any profit that results from
                           such liquidation.
                iii)       Client acknowledges and agrees that Taifook deducts commissions and various other fees (including but not limited to
                           market data fees) from Client’s accounts and that such deductions may affect the amount of equity in Client’s Account
                           to be applied against the Margin Requirements. Client positions are subject to liquidation as described herein if
                           deduction of commissions, fees or other charges causes Client’s Account to have an insufficient balance to satisfy the
                           Margin Requirements.
                iv)        If the Taifook TWS System does not, for any reason, effect a liquidation, and Taifook issues a margin call to Client by
                           e-mail or any other method, Client must satisfy such margin call immediately. Client agrees to monitor e-mail
                           messages and satisfy any margin call issued by Taifook by immediately depositing funds in Client's Account to pay, in
                           full, the under-margined position. Notwithstanding such margin call, Client acknowledges that Taifook, in its sole
                           discretion, may liquidate Client's positions at any time.
                v)         Taifook also shall have the right to liquidate all or any part of Client’s positions without prior notice to the Client in the
                           same manner as provided above: (i) if any dispute concerning any Client trade arises, (ii) upon Client's failure to timely
                           discharge its obligations to Taifook, (iii) upon the Client's insolvency or filing of a petition in bankruptcy or for protection
                           from creditors, (iv) upon the appointment of a receiver, or (v) whenever Taifook deems liquidation necessary or
                           advisable for Taifook's protection.
                vi)        Notwithstanding Taifook may extend credit to Client, Client remains solely liable for all obligations in the account and
                           Taifook does not provide any warranty or representation regarding the provision of such credit and the Client shall
                           remain liable for all obligations arising from any trade or position in the account, even if such trade or position is resulted
                           from a client order executed by Taifook in excess of credit limits (i.e. at a time when the account has insufficient funds to
                           satisfy the credit requirements). Taifook shall have no liability for failure to enforce the credit control; for acceptable of
                           orders in violation of such requirements; or for failure to liquidate positions in any Client’s Account that has insufficient
                           balance to satisfy such requirements.

9.    Security Interest
      Any and all cash, investments, contracts, foreign currency, collateral and/or property of Client, including all proceeds of the foregoing, held
      by or on behalf of Taifook for Client’s Account, are hereby pledged to Taifook and shall be subject to a perfected first priority lien and security
      interest in Taifook’s favour to secure performance of Client’s obligations and liabilities to Taifook arising under this Agreement, any other
      agreement with Taifook, or any transaction.

10. Interest Charges
    Taifook shall pay credit interest to Client and shall charge debit interest to Client at such interest rates and on such credit or debit balances
    as are then set forth on the website of Taifook.

11.    Event of Default
      An “Event of Default” hereunder shall occur automatically, without notice from Taifook if:-
               i)         Client breaches, repudiates, or defaults in any way on any agreement with Taifook (including Client’s agreement to
                          provide margin) or with any third party;
               ii)        Taifook, in its sole discretion, determines that it has sufficient grounds for insecurity with respect to Client’s performance
                          of any obligation to any person and, immediately after demand, Client fails to provide assurance of performance of the
                          obligation satisfactory to Taifook;
               iii)       any proceedings are commenced by or against Client under any bankruptcy, insolvency, relief of debtors, or similar law;
               iv)        Client makes an assignment for the benefit of creditors;
               v)         a receiver, trustee, conservator, liquidator, or similar officer is appointed for Client or any of Client’s property;
               vi)        any of Client’s representations to Taifook, whenever or wherever made, were untrue or misleading when made or later
                          become untrue;
               vii)       Client dies or becomes legally incompetent;
               viii)      Client or any organization of which Client is a member suspends or threatens to suspend the transaction of its usual
               ix)        any proceeding is commenced with respect to any of Client’s property or any such organization; or
               x)         Taifook has reason to believe that any of the foregoing is likely to occur imminently.

12.          Termination Upon an Event of Default
       A.     Client absolutely and unconditionally agrees that, after the occurrence of an Event of Default, Taifook is authorized to terminate any
               or all of Taifook’s obligations to Client for future performance; and Taifook shall have the right in its sole discretion, but not the
               obligation, without prior notice to the Client, to liquidate any or any part of Client’s positions in any of Client’s Taifook accounts,
               whether carried individually, or jointly with others, at any time and in such manner and in any market as Taifook deems necessary.
               Taifook acknowledges that, in addition to any other rights or remedies allowed by law, all balances in any of Client’s accounts with
               Taifook are hereby pledged to Taifook to secure performance of Client’s obligations hereunder.
        B.     Client will indemnify Taifook and hold Taifook harmless for all actions, omissions, costs, expenses (including attorneys’ fees), losses,
               penalties, claims or liabilities, which Taifook incurs in connection with:-
                 i)          the exercise of any remedy;
                 ii)         the care of the collateral and defending or asserting the rights and claims of Taifook in respect thereof; and
                 iii)        meeting any obligation of Taifook which it fails to perform by reason of an Event of Default.

13.      Provisions Relating to Multi-Currency Enabled Margin Accounts
         A. Operation of Multi-Currency Accounts
             The Taifook Multi-Currency account function gives Taifook’s Clients the ability to trade any commodities denominated in different
             currencies using a single Taifook account set by default in US dollars as the “base” currency. When a Client purchases a commodity
             denominated in a currency other than the base currency, a margin loan is established to fund the purchase. This margin loan is
             secured by Client funds held by Taifook in the Client’s base currency and in other currencies and by Client’s securities and
             commodities positions to the extent allowed by law.
         B. Foreign Currency Exchange Transaction Facility
             Clients with Multi-Currency enabled accounts will be able to exchange cash funds between the base currency and other currencies
             through spot foreign currency exchange transactions executed through the Taifook TWS System. Clients can use these spot foreign
             currency exchange transactions to convert funds to repay margin balances, to convert gains generated on investments denominated
             in foreign currency back into the base currency, or to take positions in particular currencies for purposes of investment or speculation.
             For foreign currency exchange transactions executed through Taifook’s spot foreign currency exchange facility, Taifook generally will
             act as agent or riskless principal and may effect such transactions through a Taifook affiliate or through another counterparty, which
             may earn a profit (or suffer a loss) in connection with such transactions. Client shall pay a transaction fee to Taifook for each foreign
             exchange transaction, which Taifook may deduct from Client’s Account. Taifook may modify the transaction fee rates upon notice to
             Client via Taifook’s website or otherwise.
         C.     Deposits and Withdrawals
               All deposits into and withdrawals from the Multi-Currency enabled Account must be made in the base currency. If Client uses the
               spot foreign currency exchange transaction facility provided by Taifook to purchase a foreign currency, funds may not be withdrawn
               in that currency or transferred to another financial institution but must be converted back into the base currency through execution of
               a subsequent transaction with Taifook. Likewise, investment gains accruing in a currency other than the base currency must be
               converted back into the base currency through a foreign currency exchange transaction in order to be withdrawn, and investment
               losses accruing in a currency other than the base currency must be repaid by converting funds in the base currency into the foreign
         D.     Margin
               Client is obligated to maintain sufficient funds in Client’s Multi-Currency enabled account at all times to meet the Margin
               Requirements set by Taifook, or be subject to liquidation of positions as described above. If Client maintains positions
               denominated in foreign currencies, the Taifook TWS system will calculate the margin required to carry those positions by applying
               exchange rates specified by Taifook and translating the foreign currency margin balances into the base currency (Client
               understands that this is a pro forma calculation - no funds will actually be converted for purposes of margin calculations). In
               translating the foreign currency Margin Requirements into the base currency, Taifook will apply “haircuts” (a percentage discount on
               the foreign currency equity amount) to reflect the possibility of fluctuation in exchange rates between the base currency and the
               foreign currency. Client therefore must closely monitor margin in the account at all times, particularly for positions denominated in
               foreign currencies (because currency fluctuation, in addition to fluctuation in the value of the underlying position, can cause a
       E.   Taifook's Right to Refuse Orders
               These provisions do not evidence a commitment of Taifook to enter into foreign currency exchange transactions generally or to enter
               into any specific foreign currency exchange transaction. Taifook reserves the right, exercisable at any time in Taifook's sole
               discretion, to refuse: (i) acceptance of Client's orders, or (ii) to quote a two-way market.
       F.   Authorization to Transfer Funds
               Client agrees that Taifook may transfer to or from Client's regulated futures or cash account(s) from or to any of Client's
               non-regulated foreign currency account funds that may be required to avoid margin calls, reduce debit balances or for any other
               reason that is not in conflict with applicable law.
      G.       Netting Provisions:-
                           i). Netting by Novation
                           Each foreign currency transaction made between Client and Taifook will immediately, upon its being entered into, be
                           netted with all then existing foreign currency transactions between Client and Taifook for the same currencies so as to
                           constitute a single foreign currency transaction.
                                ii).     Payment Netting
                                If on any delivery date more than one delivery of a particular currency is to be made between Client and Taifook
                                pursuant to a foreign currency transaction, each party shall aggregate the amounts deliverable by it and only the
                                difference, if any, between these aggregate amounts shall be delivered by the party owing the larger amount to the
                                other party.
                            iii) Close-Out Netting
                               In the event Client: (a) incurs a margin deficit in any Taifook account, (b) defaults in the payment or performance of
                               any obligation to Taifook under any agreement with Taifook, (c) becomes the subject of a bankruptcy, insolvency or
                               other similar proceeding, or (d) fails to pay its debts generally as they become due, Taifook shall be entitled in its
                               discretion, immediately and at any time to close-out all Client’s foreign currency transactions by converting them to
                               the base currency, and may in its discretion at any time or from time to time liquidate all or some of Client’s collateral
                               in Taifook's possession or control on any commercially reasonable basis and apply the proceeds of such collateral to
                               any amounts owing by Client to Taifook resulting from the close-out of such foreign currency transactions.
                iv)     Notwithstanding anything to the contrary set forth above regarding Taifook's rights to close-out foreign currency
                        transactions, if an event specified in clause (c) of sub-section (iii) has occurred, then upon the occurrence of such event,
                        all outstanding foreign currency transactions will be deemed to have been automatically terminated as of the time
                        immediately preceding the institution of the relevant proceeding, or the presentation of the relevant petition upon the
                        occurrence with respect to Client of such specified event.
                  v)       The rights of Taifook under this section shall be in addition to, and
                           not in limitation or exclusion of any other rights that Taifook may have (whether by agreement, operation of law or

14. Close-Out deadline for Futures Contracts Not Settled in Cash
     i.    For futures contracts that are not settled in cash but are settled by actual physical delivery of the underlying commodity (including
           those foreign currency contracts that call for actual delivery of the physical currency and are not on the Taifook Deliverable Currency
           List shown on www.taifook.com/pof/tws, Client may not make or receive delivery of the underlying commodity. To avoid deliveries
           in expiring futures contracts, Client agrees to roll forward or close out positions prior to the “Close-Out Deadline”. The standard
           Close-Out Deadline for holders of long positions, is normally the end of trading on the fourth (4 ) business day prior to the
           exchange-specified first notice day. For holders of short positions, the standard Close-Out Deadline is normally the end of trading
           on the fourth (4 ) business day prior to the exchange-specified last trade day. It is Client's responsibility to make itself aware of the
           Close-out Deadline. If Client has not closed out any position in a physical delivery futures contract by the Close-Out Deadline,
           Taifook may, without prior notification, liquidate the Client's position in the expiring futures contract. If Client fails to close out a
           futures position and Taifook is unable to close out the position prior to the expiration of the contract, then Client shall be liable for any
           and all costs of delivery and liquidation of the resulting physical position. In addition, liquidation will not otherwise impact working
           orders; Client must ensure that open orders to close positions are adjusted for actual real-time position. With respect to certain
           commodities and options, it is the industry standard to refer to the expiration month of such commodities as the month following the
           actual Expiration or Delivery Date for that product. Taifook may not show the correct expiration or notice date information. For
           specifics, please refer to www.taifook.com/pof/tws. Besides, some contracts are with atypical dating. For details, please also refer
           to the above website.
    ii.    Most foreign currency contracts call for actual delivery of the physical currency. Taifook will only make or receive delivery of the
           currency contracts that are specified in the Taifook Deliverable Currency List. This is an automatic process, and Client must close
           out his positions prior to the settlement date if they do not wish to make or receive delivery.

15. Close-out deadline for Non-cash-settled Commodity Options
  Client acknowledges and agrees that non-cash-settled commodity option contracts may not be exercised and must be closed out by offset.
  Except for cash-settled commodity options, if Client has not offset commodity options contract positions before the close-out deadline, Taifook
  is authorized to do so, or to sell any position into which the option position is converted upon expiration, or to otherwise liquidate the resulting
  positions, and credit or debit Client's Account accordingly. Client shall pay Taifook for all costs and expenses related to such liquidations and
  shall hold Taifook harmless for any actions taken, or not taken, in connection therewith. For details of the close-out deadline for various
  non-cash-settled commodity options, please refer to www.taifook.com/pof/tws.

16. Limitation of Liability
    Client accepts the Taifook TWS System “as is” and without warranties, express or implied, including, but not limited to, the implied
    warranties of merchantability or fitness for a particular use, purpose or application; timeliness; freedom from interruption; or any implied
    warranties arising from trade usage, course dealing or course of performance. Under no circumstances shall Taifook be liable for any
    punitive, indirect, incidental, special or consequential loss or damages, including loss of business, profits or goodwill unless arising directly
    from its fraud or causing personal injury or death. Taifook shall not be liable to Client by reasons of delays or interruptions of service or
    transmissions, or failures of performance of the Taifook TWS System, regardless of cause, including, but not limited to, those caused by
    hardware or software malfunction; governmental, exchange or other regulatory action; acts of god; war; terrorism; or Taifook’s intentional
    acts. Client recognizes that there may be delays or interruptions in the use of the Taifook TWS System, including, for example, those
    caused intentionally by Taifook for purposes of servicing the Taifook TWS System. In no event shall Taifook’s liability, regardless of the
    form of action and damages suffered by Taifook, exceed the highest aggregate monthly commission and fees paid by the Client to Taifook.

17. Termination of this Agreement
    Either party may terminate this Agreement and/or Taifook may terminate the Client’s use of the Taifook TWS System at anytime in its sole
    discretion. In the event that this Agreement is terminated, the Client shall promptly close all open account positions. As long as there are
    any unsettled transactions or open positions in any account, this Agreement shall not be terminated by the Client.

18. Commissions and Fees
    Upon execution of a Client order, Client shall pay to Taifook its commissions and fees, which Taifook may deduct from Client's Account.
    Taifook may modify commissions and fees upon notice to Client provided through the Taifook’s website or any other means.

19. Acknowledgment of Risks
    Client acknowledges that trading options, futures, currencies, and investment products traded on foreign markets is a highly speculative
    activity involving a high degree of risk, arising from the use of leverage and rapidly fluctuating markets. Client represents that Client is
    willing and able to assume these risks. Client acknowledges that Client is responsible for knowing the rights and terms of any options,
    futures, currencies, and investment products in its account. Client acknowledges that there are special characteristics and unique risks
    associated with trading in options and futures at times that are outside the ordinary trading hours for the exchanges upon which such
    products are traded. Such risks include, but are not limited to, the risk of lower liquidity, the risk of higher volatility, the risk of changing
    prices, the risk arising from unlinked markets, the risk of news announcements affecting prices, and the risk of wider spreads.

20. Alternative Trading Arrangements
    Client acknowledges that electronic and computer-based facilities and systems such as those provided to client and used by client or
    Taifook are inherently vulnerable to disruption, delay or failure and such facilities and systems may be unavailable to a client as a result of
    foreseeable and unforeseeable event. Clients must maintain alternative trading arrangements in addition to Client’s Account for the
    placement and execution of orders in the event that the Taifook TWS System is unavailable. Client represents that Client shall maintain
     such alternative trading arrangements.

21. Miscellaneous
    A.     Should Client wish to inject fund to Client’s Account with Taifook by cheque, the relevant fund will only be disbursed or utilized at
           least two (2) business days after the date of deposit. Besides, should Client wish to withdraw fund by realizing all or any part of his
           positions, the relevant fund will only be disbursed to Client at least two (2) business days after the relevant positions are settled and
           provided that the margin requirements are satisfied
    B.     Client grants Taifook a lien on all of client’s property held at any time by Taifook to secure any Client’s indebtedness or obligation to
           Taifook and Taifook, without notice to Client, may use, transfer or sell any or all of Client’s property to enforce its lien.
    C.     Client consents to receipt of electronic records and communications regarding this Agreement and all Client transactions and
           dealings with Taifook.

I/We hereby acknowledge the above terms and conditions on using the Client’s Account and confirm that I/we have read, understood and
accepted the terms and conditions stated in the Taifook Power Overseas Futures TWS Client Agreement.


Signed by (Name)                                                           )


of ID/Passport No.:                                                        )

For and on behalf of                                                       )                                                     (Client Signature)

in the presence of :                                                        )

of address:                                                                 )


ID/Passport No of witness:                                                  )                                                (Signature of witness)

I have provided the risk disclosure statements to the Client in a language of his/their choice (English or Chinese) and have invited him/them to
read the risk disclosure statement carefully, ask questions and take independent advice if he/they wish(es).


CE No.:                                                                                                           (Signature of Licensed Person)

We acknowledge and agree to the above.

Duly authorized for and on behalf of
Taifook Futures Limited


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