INDIVIDUAL CLIENT AGREEMENT

In consideration of IFX Markets, Inc. (“IFX”) agreeing to carry one or more accounts of the undersigned (hereinafter referred to as the "Client") and to provide services to Client in connection with the purchase and sale of currencies of every nature and kind (including options thereon), foreign exchange contracts and any similar instruments (collectively referred to as "Forex Contracts"), which may be purchased or sold by or through IFX for Client's accounts(s), Client agrees as follows: 1. AUTHORIZATION TO TRADE. IFX is hereby authorized to purchase and sell Forex Contracts for Client's account(s) in accordance with Client's oral, written or electronic instructions. Unless instructed by Client to the contrary in writing, IFX is authorized to execute all orders with itself as counterparty or with such other counterparties as IFX deems appropriate.

2. GOVERNMENTAL, COUNTER PARTY

INSTITUTION AND INTER-BANK SYSTEM RULES. All transactions under this Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rules and interpretations of the counter-party institution or other inter-bank market (and its clearing organization, if any) where executed and to all applicable Federal and State laws and regulations. If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted by any governmental authority, the United States Federal Reserve, the Commodity Futures Trading commission ("CFTC"), or the National Futures Association ("NFA "), which shall be binding upon IFX, this Agreement shall be deemed modified or superseded, as the case may be, by the applicable provisions of such statute, rule or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects continue in full force and effect. Client acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements, and Client shall not thereby be given any independent legal or contractual rights with respect to such requirements.

3. MARGIN AND DEPOSIT REQUIREMENTS.

Client shall deposit with IFX collateral or margin in such amounts that IFX, in its sole
discretion, may require. IFX may change margin requirements at any time. Client agrees to deposit by immediate wire transfer such additional margin when and as required by IFX and will promptly meet all margin calls by such methods as IFX in its sole discretion designates. IFX may at any time proceed to liquidate Client's account in accordance with paragraph 7 below, and any failure by IFX to enforce its rights hereunder shall not be deemed a waiver by IFX to enforce its rights thereafter. No previous collateral or margin requirement by IFX shall preclude IFX from increasing that requirement without prior notice. Margin calls are conclusive and binding unless objected to immediately in writing.

4. POSITION LIMITATION AND EXTRAORDINARY
EVENTS. IFX retains the right to limit the amount and/or total number of open positions that Client may acquire or maintain at IFX. IFX reserves the right to refuse to accept any order. IFX shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of IFX including, without limitation, loss or damage resulting, directly or indirectly, from government restrictions, war, strikes, labor disruptions and terrorist acts. IFX shall not be liable for damages caused by delays or inaccuracies in the transmission of orders or information due to a breakdown in or failure of any transmission or communication facilities, unauthorized access, theft or systems failures.

5. SETTLEMENT DATE AND ROLLOVERS.

In theabsence of contrary instructions from Client, IFX is authorized, in its absolute
discretion, to rollover or offset all or any portion of the positions in Client's
Account(s) at Client's risk in advance of settlement dates. A position carried
forward may be credited or debited interest charges until the position is closed.

6. COLLATERAL AND LENDING AGREEMENT.

All funds, securities, currencies, and other property of Client that IFX or its affiliates
may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of IFX for any purpose, including safekeeping, are to be held by IFX as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to IFX whether or not IFX has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with IFX. IFX may in its discretion, at any time and from time to time, without notice to
Client, apply and/or transfer any or all funds or other property of Client between any of Client's accounts. Client hereby also grants to IFX the right to pledge, repledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by IFX as margin or collateral. IFX shall at no time be required to deliver to Client the identical property delivered to or purchased by IFX for any account of Client. Should Client take delivery of currencies through settlement of trades, IFX is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Client's account is not adequate to pay for the delivery, the depository receipts held in the name of Client or IFX, as Client’s agent or nominee, become property carried on margin in the Client's account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by IFX for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by IFX.
7. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES. In the event of: (a) the death or judicial declaration of incompetence of Client, (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar
proceeding by or against Client, (c) the filing of an attachment against any of Client's accounts carried by IFX, (d) insufficient margin, or IFX's determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the account, (e) Client's failure to provide IFX any information requested pursuant to this agreement, or (f) any other circumstances or developments that IFX deems
appropriate for its protection, then, in IFX's sole discretion, it may take one or more, or any portion of, the following actions: (i) satisfy any obligation Client may have to IFX, either directly or by way of guaranty of surety, out of any of Client's funds or property in its custody or control, (ii) sell or purchase any or all Forex Contracts, securities or property held or carried for Client, and (iii) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Client. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to
Client, Client's personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Client's or held jointly with others. In liquidation of Client's long or short positions, IFX may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in the sole discretion of IFX may be advisable to protect or reduce existing positions in a Client's account. Any sales or purchases hereunder may be made at IFX's discretion with any inter-bank or other market where such business is then usually transacted or at a public auction or private sale, and IFX may purchase the whole or any part thereof free from any right of redemption. Client shall at all times be liable for the payment of any deficit balance in Client’s account(s) upon demand by IFX and in all cases, Client shall be liable for any deficiency remaining in Client's account(s) in the event of the liquidation thereof in whole or in part by IFX or by Client. In the event the proceeds realized
pursuant to this authorization are insufficient for the payment of all obligations and liabilities of Client owed to IFX, Client shall promptly pay upon demand, the deficit together with interest thereon at a rate equal to three points above the then prevailing prime rate at IFX’s principal bank or the maximum interest rate allowed by law, whichever is lower. Client agrees to pay and shall be liable for all reasonable costs and expenses of collection, including but not limited to, attorney's fees, witness fees and travel expenses. In the event IFX incurs
expenses other than for the collection of deficits, with respect to any of Client’s
account(s), Client agrees to pay such expenses.

8. SETTLEMENT DATE - OFFSET INSTRUCTIONS.

Offset instructions on Forex positions must be given to IFX at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of IFX within at least one (1) business day prior to the settlement. If the settlement instructions, funds or settlement documents are not received, IFX may without notice, either offset Client's position or roll Client's position into the next settlement time period or make or receive delivery on behalf of Client upon such
terms and by such methods deemed reasonable by IFX in its sole discretion.

9. MONTHLY STATEMENTS AND CONFIRMATIONS.

Transaction confirmations of orders and monthly statements of account for Client shall be deemed correct and shall be conclusive and binding upon Client if not objected to immediately upon receipt and confirmed in writing within (1) business day after transmittal to Client by e-mail, internet access or otherwise. Written objections on Client's part must be directed to IFX Markets, Inc., 419 Boylston Street, Suite 700, Boston, MA, 02116, USA, and shall be deemed received only if sent by e-mail to operations@cbfx.com or actually delivered or mailed to IFX by
registered mail, return receipt requested. Failure to object shall be deemed acceptance and ratification of all actions taken by IFX or IFX's agents prior to Client's receipt of said reports. Client's failure to receive a transaction confirmation shall not relieve Client of the duty to inquire of IFX and to object as set out herein.

10. COMMISSIONS AND FEES. Client agrees to pay all

charges relating to the Forex transactions conducted by or through IFX, including without limitation commissions, markups, markdowns, transfer and cancellation charges, and inactive account fees. IFX may adjust its charges without notice. All such charges shall be paid by Client as incurred and deducted from Client’s account. IFX may share such commissions or markups and markdowns with an introducing broker or person who refers Client’s account to IFX.
11. COMMUNICATIONS. Client hereby authorizes IFX to transmit to Client all transaction confirmations and monthly statements of account activity, funds and positions by facsimile transmission, e-mail, internet access or otherwise to such e-mail address as Client designates on the client application, or as Client designates from time to time in writing addressed to IFX. This authorization shall be perpetual, unless changed or revoked in writing by Client
and addressed to IFX.

12. IFX RESPONSIBILITIES.

IFX will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other
cause beyond IFX's control or anticipation. IFX shall only be liable for its actions directly attributable to gross negligence, willful default or fraud on the part of IFX. IFX shall not be liable for losses arising from the default of any agent or any other party used by IFX under this Agreement. Since over-the-counter Forex Contracts are not traded on an exchange, the prices at which IFX is willing to deal or the quotes published by IFX may differ from prices confirmed or quoted by other Forex market makers or dealers.

13. CURRENCY FLUCTUATION RISK.

If Client directs IFX to enter into any Forex transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for the
risk and account of Client; (b) all deposits for margin purposes if made in currency other than U .S. Dollars may be converted to U .S. Dollars, in such amounts as IFX may in its sole discretion require; and (c) IFX is authorized to convert funds in Client's account for margin into and from such foreign currency at a rate of exchange determined by IFX in its sole discretion on the basis of the then prevailing money market rates.

14. RISK ACKNOWLEDGMENT.

Client acknowledges that investments in leveraged and non-leveraged transactions are peculative, involve a high degree of risk, and are appropriate only for persons who can assume risk of loss in excess of their margin deposit to carry Forex positions and may result in significant losses that substantially exceed Client's investment and margin deposit. Client represents and warrants to IFX that Client is willing and able, financially and otherwise, to assume the risk of trading in Forex transactions, and in consideration of IFX's carrying his/her account(s), Client agrees not to hold IFX responsible for losses incurred through trading. Client recognizes that guarantees of profit or freedom from loss are impossible in trading Forex Contracts. Client acknowledges that Client has received no such guarantees from IFX or from any of its introducing or referring agents or other entities with whom Client is conducting his/her IFX account and has not entered into this Agreement in consideration of or in reliance upon any such guarantees
or similar representations. If Client has received any such guarantees or inducements, Client is advised to report such activity to IFX as promptly as possible.

15. CLIENT REPRESENTATIONS AND WARRANTIES.

Client represents and warrants to IFX that: (a) Client is of sound mind, legal age and legal competence, (b) no person other than Client has or will have an interest in Client's account(s), (c) regardless of any subsequent determination to the contrary, Client is suitable to trade Forex Contracts and understands the risk inherent in such trading, (d) Client is not now an employee or member of or associated with any exchange, any corporation in which any exchange owns a majority of the capital stock or any bank, trust, or insurance company, and in the
event that Client becomes so employed, Client will promptly notify IFX in writing of such employment, (e) Client confirms that all funds deposited to his/her account are the property of the account owner and of no other person or entity, and (f) all the information provided by Client to IFX in account applications or otherwise is true, correct and complete as of the date hereof, and Client will promptly notify IFX of any changes in such information.

16. DISCLOSURE OF FINANCIAL INFORMATION.

Client represents and warrants to IFX that the financial information disclosed to IFX in this document is an accurate representation of Client's current financial condition and that Client has very carefully considered the portion of the Client's assets which the Client considers to be risk capital available for investment in Forex Contracts. Client recognizes that risk capital is the amount of money Client is willing to put at risk and if lost would not, in any way, change Client's lifestyle. Client agrees to inform IFX immediately if Client's financial condition changes in such a way as to reduce Client's net worth, liquid assets and/or risk
capital.

17. NO GUARANTEES.

Client acknowledges that Client has no separate agreement with IFX or any IFX employee or agent regarding the trading in Client's IFX account, including any agreement to guarantee profits or
limit losses in Client's account. Client understands that Client must authorize every transaction prior to its execution unless Client has delegated discretion to another party by signing a limited trading authorization, and any disputed transactions must be brought to the attention of IFX pursuant to the notice requirements of this Agreement. Client agrees to indemnify and hold IFX harmless from all damages or liability resulting from the Client's failure to immediately notify IFX of any of the occurrences referred to herein. All notices
required under this section shall be sent to IFX Markets, Inc., 419 Boylston Street, Suite 700, Boston, MA, 02116, USA, and shall be deemed received only if sent by e-mail to erations@cbfx.com or actually delivered or mailed to IFX by registered mail, return receipt requested.

18. JOINT ACCOUNTS.

If this account is held by more than one person, all of the joint holders are jointly and severally liable to IFX for any and all obligations arising out of Forex transactions in the account and each agree to be bound by all the terms and conditions of this Agreement. In addition, each person named on this account has authority: (a) to trade for the account
subject to this Agreement, (b) to receive all correspondence and documents in respect to the account, (c) to receive or withdraw money from the account, (d) to execute agreements relating to the account, and (e) to deal with IFX fully. IFX, nevertheless, has the authority to require joint action by the parties to the account in matters relating to the account. IFX has possession over the collateral in the account, whether owned by the holders individually or jointly. If a death occurs to one or more of the holders, IFX shall be notified in writing and
shown proof of a death certificate. All expenses due at the date of notification shall be charged to the account. Unless the Account Application Form for Joint Account states otherwise, then each holder is presumed to have an equal share in the account.

19. NO WAIVER OR AMENDMENT.

No provision of this Agreement may be waived or amended unless the waiver or amendment is in
writing and signed by both Client and an authorized officer of IFX. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by IFX or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or nforceable. This instrument and the attachments hereto embody the entire agreement of the arties,superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.

20. GOVERNING LAW AND JURISDICTION.

This Agreement and the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder, or in connection with the transactions contemplated hereby, whether brought by Client or IFX, shall be governed by, construed and enforced in all respects by the laws of the Commonwealth of Massachusetts, without regard to choice of law principles.

21. JURISDICTION, VENUE, WAIVER OF JURY TRIAL

AND CONTRACTION OF LIMITATIONS PERIOD. Client agrees that any civil action, arbitration or other proceeding between IFX and its employees or agents and Client arising out of or relating to this Agreement shall be commenced, heard and resolved only by a tribunal located in Suffolk County, Massachusetts. Client hereby waives trial by jury in any such action or proceeding and the right to have such proceeding transferred to another jurisdiction. No action hereunder or relating to this Agreement, shall be brought by Client more than one year after the date of the transaction giving rise to the cause of action regardless of when Client discovers the facts relating to the
cause of action. Accordingly, Client hereby submits and consents to personal jurisdiction in any state or federal court in Suffolk County and appoints IFX (or any other party IFx may designate) as Client’s true and lawful attorney-in-fact and duly authorized agent for service of legal process; provided that IFX or such other party shall within five days after receipt of such process, forward the same by air carrier or by certified or registered mail, together with all papers affixed thereto, to Client at his/her last known address. If Client signs an Arbitration
Agreement (available on IFX’s website), the terms of that agreement and the rules of the arbitration forum shall govern the arbitration proceeding, except that the provision of this paragraph pertaining to the location of the hearing shall still apply.

22. THIRD PARTY BENEFICIARIES.

All rights of IFX under this Agreement shall also be extended to any introducing broker, referring agent, futures commission merchant, broker-dealer or other person who refers or
introduces Client to IFX, each of whom is expressly made a third party benificiary of this Agreement. Among other things, this provision accords to the foregoing persons the rights, obligations and privileges of this Agreement relating to the jurisdiction and venue of legal actions or proceedings, governing law and indemnification.

23. BINDING EFFECT.

This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Client at any time opened or reopened with IFX irrespective of any change at any time in
the personnel of IFX or its successors, affiliates or assigns. This Agreement including all authorizations, shall inure to the benefit of IFX and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Client and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Client. Client hereby ratifies all transactions with IFX affected prior to the date of this Agreement, and agrees that the rights and obligations of Client in respect thereto shall be governed by
the terms of this Agreement.

24. TERMINATION.

This Agreement shall continue in effect until termination and may be terminated by Client at any time when Client has no open Forex positions and no obligations held by or owed to IFX, upon the
actual receipt by IFX at its office of a written notice of termination, or at any time whatsoever by IFX upon the transmittal of written notice of termination of any obligations set out in this Agreement. Termination by Client shall not relieve Client of the obligation to pay any deficit balance in the account.

25. INDEMNIFICATION.

Client agrees to indemnify and hold IFX, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses,
including attorney's fees, incurred by IFX arising out of Client's failure to fully and
timely perform Client's agreements herein or should any of Client’s representations and warranties to IFX fail to be true and correct. Client also agrees to pay promptly to IFX all damages, costs and expenses, including attorney's fees, incurred by IFX in the enforcement of any of the provisions of this Agreement and any other agreements between IFX and Client.

26. TERMS AND HEADINGS.

The term "IFX" shall be deemed to include IFX, its divisions, its successors and assigns. The term"Client" shall mean the party (or parties) who execute this Agreement. The term"Agreement" shall include all other agreements and authorizations executed by Client in connection with the opening and maintenance of Client's account with IFX regardless of when executed. The paragraph headings in this Agreement are inserted for convenience and reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.

27. RECORDED CONVERSATIONS.

Client agrees and acknowledges that all conversations may be recorded. Conversations relating to
the account(s) between Client and IFX personnel may be electronically recorded with or without the use of an automatic tone warning. Client further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Client or IFX. Client understands that IFX destroys such recordings at regular intervals in accordance with IFX's established business procedures and hereby consents to such destruction.

28. CREDIT.

Client authorizes IFX or its agents acting on behalf of IFX to investigate Client’s credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as IFX shall deem appropriate to verify information regarding Client. Client further authorizes IFX to investigate Client’s current and past investment activity, and in connection
therewith, to contact such futures commission merchants, exchanges, brokerdealers, banks, and compliance data centers as IFX shall deem appropriate. Upon reasonable request made in writing by Client to IFX, Client shall also be allowed, at Client’s sole cost and expense, to copy such records.

29. SOCIAL SECURITY OR TAX ID CERTIFICATION

BACKUP WITHHOLDING STATEMENT. Under penalties of perjury, I certify (1) the number shown on this agreement is the correct Social Security or Taxpayer Identification number and (2) the ownership, or beneficiary, of this account is not subject to backup withholding under Section #3406 (a)(1)(C) of the Internal Revenue Code.

30. ARBITRATION AGREEMENT.

Any controversy between Client and IFX or any of IFX’s officers, directors, employees or agents, arising out of or relating to Client’s account (including disputes arising out of the
Online Services and Electronic Trading Agreement) shall be, except as provided below, resolved by arbitration in accordance with Regulation 166.5 of the regulations promulgated under the Commodity Exchange Act, as amended. Any award rendered in such arbitration shall be final and binding on and enforceable in accordance with the laws of any court having jurisdiction.
At such time that Client notifies IFX that he/she intends to submit a claim to arbitration or at such time that IFX notifies Trader of its intent to submit a claim to arbitration, Client will have the opportunity to elect a qualified forum for conducting the proceeding. Within ten (10) business days of notice by either party of intent to file a claim, IFX will provide Client with a list of organizations whose procedures qualify them to conduct arbitration in accordance with
Regulation 166.5 under the Commodity Exchange Act, as amended, together with the rules of each forum listed. Failure to select an organization gives IFX the right to select an organization.
IFX will pay any incremental fees, which may be assessed by a qualified forum for provision of a mixed panel, unless the arbitrators determine that Client has acted in bad faith in initiating or conducting the proceeding. Three forums exist for the resolution of commodity disputes: Civil Court litigation, reparations at the Commodity Futures Trading Commission (CFTC) and arbitration conducted by a self-regulatory or other private organization. The CTFC recognizes that the opportunity to settle disputes by arbitration may in some cases provide many benefits to customers, including the ability to obtain an expeditious and final resolution of disputes without incurring substantial costs. The CFTC requires, however, that each customer individually examine the relative merits of arbitration and that your consent to the arbitration agreement by voluntary. By signing this agreement, you (1) May be waiving your right to sue in a court of law; and (2) are agreeing to be bound by arbitration of any claims or counterclaims that you or IFX may submit to arbitration under this agreement. You are not, however, waiving your right to elect instead to petition the CFTC to institute reparations proceedings under Section 14 of
the Commodity Exchange Act with respect to any dispute that may be arbitrated pursuant to this agreement. In the event a dispute arises you will be notified if IFX intends to submit the dispute to arbitration. If you believe a violation of the Commodity Exchange Act is involved and if you prefer to request a Section 14 “Reparations” proceeding before the CFTC, you have
45 days from the date of such notice in which to make that election.

CLIENT IS NOT REQUIRED TO COMMIT TO
ARBITRATION AS A CONDITION TO OPEN AN
ACCOUNT WITH IFX MARKETS, INC.. SEE 17 CFR 166.5.

个人客户协议

IFX市场公司（以下称为“IFX”）同意为签约人（以下称为“客户”） 开立一个或多个交易账户，并提供与协议规定的任何特性种类之货币 （包括期权）、外汇交易合同、及其它类似衍生产品（以下统称外汇）
的买卖交易相关的各项服务。作为相对义务，客户同意以下各项条款： 1．交易授权。签约后IFX即被授权为客户所属账户执行与客户以口头、 书面或电子方式发出的交易指令相一致的外汇交易。除非客户以书面
形式表示反对，IFX被授权通过其自身或其它IFX认为合适的机构执行 所有外汇交易指令。

2. 政府、合作机构和银行间系统规则。所有本合同下的交易均受辖 于执行交易的对手机构或其它银行间市场（及其清算组织，如适用） 的宪章、细则、条例、规定、习惯、用法、裁决和解释。如果此后通
过的任何法令,或任何政府机构（包括美国联邦储备局、商品期货交易 委员会 －CFTC、国家期货协会 －NFA 等）通过的任何条规，对IFX 产生约束力，影响或冲突到本协议的任何条款，受到影响的条款将视
作被有关法令、条规变更或替代，而其它条款及变更后的条款将继续 完全有效。交易人承认本协议下的所有交易受辖于前述监管要求，交 易人不拥有任何有关上述要求独立的法律或合约性权利。

3．保证金与押金要求。客户应按IFX的要求向其账户存入并维持足够 的保证金。IFX的保证金要求可能高于或低于相关银行的相应要求。 IFX随时可能改变保证金要求。客户保证一旦IFX发出保证金催缴通 知，将按照IFX的规定立即足额向其账户追加保证金。按照下述第7 款的规定，IFX随时都可以对客户的账户进行清算，如果IFX没有依第 7款的规定清算客户的账户，并不表示IFX放弃这一权利。任何先前IFX 要求的保证金额都不代表IFX不能在不预先通知的情况下提高要求的 保证金额。如无及时书面声明收回，保证金催缴具决定性及约束效力 性。

4．头寸限制与特殊事件。

IFX保留限定客户账户可以开仓或持仓的未 平仓头寸的金额或数量的权力。IFX保留拒绝接受任何交易指令的权 力。IFX将不对任何超出IFX控制之外的事件、行为及过失所造成的直 接或间接损失负责，包括直接或间接由政府限制、战争、罢工、劳工 骚乱或恐怖主义行为造成的任何程度的损失。IFX将不对因通讯传输 设施故障、非法网络入侵、盗窃及系统故障引发的交易指令或讯息的 传输延误所造成的损失负责。

5．结算日与展期。

如无客户的反对声明，IFX将有权绝对自主地在结 算日之前自动展期或对敲客户账号中的全部或部分头寸，并且一切相 应风险将由客户承担。展期头寸所引致的相应利息将被自动结算直至头寸平仓。

6. 抵押及贷款协议。

客户以各种目的（可能包括资产管理）存放在IFX 的现金、证券或其它形式的资产，都可作为一般抵押物用于冲销客户 账户可能出现的亏损。IFX可能随时将客户的部分或全部资金或资产 在同一客户的不同账户间划转而不必事先通知客户。 客户同时赋予IFX下列权利，即IFX可以将客户的保证金（包括现金和 其它形式的财产）抵押、再抵押或贷款给作为客户经纪人的IFX。任何客户都不得要求IFX将客户已经交割给IFX或IFX已经购买的同一 资产再交割给客户。IFX的上述权利符合（美国）《商品交易法》的相 关规定。上述贷款协议的目的在于允许IFX利用存款收据作为抵押物。 因为一旦客户在结算日要求交收货币，IFX必须在24小时内首先替客
户全额支付交割所需款项。如果客户账户余额不足以支付交割所需金 额，客户保证金存款收据就可以充当支付交割款项的资产。上述授权 适用于所有客户账户，并在客户完全支付相关款项或IFX总部发出取 消通知之前一直有效。)

7．账户清算和差额补偿。当下列事项发生时，客户的账户将被清算： （a）客户亡故或被法院宣布无适当行为能力；（b）客户申请破产； （c）客户在IFX账户的财产被法院扣押；（d）客户保证金不足；（e） 客户没有按本协议的规定提供必要的和准确的信息；（f）IFX认定的 其它足以导致必须清算客户账户的情况。当以上任何一种或多种情况 发生时，IFX有权在没事先通知的情况下对客户的账户进行清算。在 清算客户的多头或空头头寸时，IFX依据自己的判断，可能采取直接 平仓的措施，也可能在客户账户中建立新的多头或空头头寸，以便建 立差价组合头寸或骑墙式组合头寸，目的均在于减少客户账户的风险 暴露程度。如果客户的账户在清算后的余额为负数，则客户必须尽快 补足这一差额和相应的利息（IFX的关系银行利率加3个百分点，或法 律许可的最高利率）以及其它费用，包括法律费用、证人费用和相关 的旅行费用等。客户承诺，在发生上述事项时承担上述相关费用。

8．结算日 － 锁仓指令。在结算日来临时，如果客户将现有的未平仓头寸锁仓，则至少必须在结算日前一天向IFX发出指令。或者在上述期间内客户在IFX存有足够交割的资金，或客户已经向IFX提供了必要的交割文件。如果IFX既没有收到客户的相关指令也没有客户提交的交割文件，客户也没有足够的资金，则IFX在没有事先通知的情况下，将自行将客户的头寸锁仓或展期，或者按照IFX认为适当的方式代表客户执行交割手续。

9．月结清单与交易确认单。IFX向客户提供的指令确认报告和账户报告被认为是正确无误的、并且是不可更改的和具有约束力的，除非客户在上述报告（通过邮件或其它方式）发送给客户起一天内客户提出异议（书面形式）。催缴保证金通知也是不可更改的和必须遵守的，除非客户立即以书面方式提出异议。客户就上述报告提出的书面异议应直接提交给位于419 Boylston street, suite 700, Boston, MA, 02116,
USA 的IFX总部。客户不提出异议视为认可IFX及其代理人的处理结果。客户未能收到有关的交易确认报告不能作为没有及时提出异议的理由。

10．佣金与收费。

客户同意支付所有由IFX或通过IFX进行的外汇交易的相关收费，包括无限额的佣金，溢价，折价，转让与取消费用，和 静止账户费。IFX可以改变收费标准而无须通知。所有收费须在费用产生后即时清付，并从客户账号中扣除。IFX可以与客户介绍人或经纪人分享相应佣金、溢价、折价等。

11．讯息沟通。IFX将会按照客户提供的最新地址发送各种报告和通知。所有的通信，不论是通过邮件、电报或其它方式，只要具备必要的证明已经发出的证据，如收寄局的收据等，就认为IFX已经将报告或通知发出，也认为客户在必要的时间内应该收到，不论客户是否实际收到上述报告或通知。

12．IFX的责任。IFX对因通讯故障、停电和任何其它IFX无法控制或无法预料的原因引起的交易指令传输延迟不负任何责任。IFX只对由于IFX自己疏忽、故意性的过错或欺骗性行为负责。IFX对基于本协议的任何代理人的过错行为导致的客户损失不负责任。由于场外外汇交 易不是在集中的交易所内进行，因此，IFX的成交价或报价不一定与其它经纪机构的成交价或其它报价者的报价相同。

13．汇率波动风险。如果客户指示IFX进行外汇交易，则（a）客户完全享有或承担任何由于市场波动产生的利润或亏损；（b）初始保证金和追加保证金必须是美元，并且满足IFX要求的金额；（c）如果客户汇入的保证金不是美元，则IFX有权按照当时市场汇率将客户的非美元货币兑换成美元。

14．风险确认。客户确认，投资于杠杆或非杠杆的交易是投机性的， 涉及高度风险，只适合于能够承担超过其保证金存款损失风险的人士。交易人理解由于外汇交易通常要求的保证金较低，外汇的价格变动可能带来相当大的损失，该损失可能超过交易人的投资和保证金存款。交易人保证其愿意且能够在财务上或其它方面承担外汇交易的风险，其考虑到IFX开持交易人的帐户，交易人同意不就因遵循IFX 或其雇员、代理人或代表人作出的交易推荐，或建议而造成的交易损失追究IFX的责任。交易人认识到保证外汇交易的盈利或不受损失是不
可能的。交易人承认其未从外汇，或其任何代表人，或介绍人，或其它交易人与之打交道以进行IFX交易的实体之处获得这类保证，并且未根据任何上述保证来签订本协议。如客户有收到任何此类保证，则须尽快报告IFX。

15．客户的声明和保证。客户承诺并保证：（a）客户精神正常、符合法定年龄和具有法定行为能力；（b）没有其它人在客户的账户有共同利益；（c）客户保证自己适合于进行场外外汇交易；（d）客户目前不是任何交易所的雇员，也不是持有任何交易所多数股权的公司的雇员，也不是任何交易所会员公司的雇员，也不是任何银行、信托公司、保险公司的雇员。如果客户今后成为上述公司的雇员，应立即书面通知IFX总部；（e）客户在本协议中提供的所有信息在签署本协议时都是真实的、正确的和完整的。任何上述信息出现变化，客户将立即通
知IFX。

16．财务信息的披露。客户承诺并保证，客户在本协议中向IFX披露的财务信息准确地描述了客户当前的财务状况。客户保证，已经就动用多少财产在外汇投资方面冒险做了深思熟虑的考量，并确认万一这部分资产全部输光也不会影响到客户的正常生计。客户同意，一旦客户的净资产、流动资产或可用于风险投资的资产减少，将立即通知IFX。

17．无盈亏保证。客户承认与客户的经纪人、IFX的雇员或其代理人之间不存在与客户在IFX开立的交易账户相关的单独协议，包括任何保证利润或亏损限额方面的协议。除非客户已经按照IFX的规定履行了正式的交易授权手续，否则，任何交易指令都应由客户自己决定。客户任何有关交易方面的异议都应依本协议的规定提交给IFX负责客户投诉的官员。由于客户未能及时提出异议造成的一切后果由客户自己负责，与IFX无关。本部分提到的所有投诉都应提交给IFX位于419 Boylston street, suite 700, Boston, MA, 02116, USA的总部。

18．联名账户。.（《客户账户信》和《客户协议》同样适用于联名账户。联名账户的每一个合伙人都具有的权利包括：（a）依设立该联名账户的有关协议进行交易；（b）接收与账户有关的信件和文件；（c）从账户中收到或提取资金；（d）执行与该账户相关的协议；（e）与IFX紧密合作。IFX有权要求联名账户的所有合伙人共同采取协议规定的行动。如果发生联名账户合伙人亡故的情况，应立即以书面形式通知IFX，并提供死亡证明文件。与此相关的所有费用均由联名账户支付。 除非有明确的持有人权益分配说明，否则，联名账户的每个合伙人被 视为拥有相同的权益。）

19．协议条款不可放弃或更改。本协议书的任何条款不可被放弃或更改，除非该放弃或更改是以书面的形式且由交易人和IFX授权的主管共同签字。任何协议双方的交往过程，或因IFX或其代理人在任何情况或一系列情况下未能坚持其协议项下的权利均不可间接解释为权利的放弃或更改。任何口头协议或指示均不可被承认或执行。本指示及其附件包含了协议双方的全部协议，代替任何及所有过去的书面或口头协议，且除在此所包含的事项，再无其它任何条件、条款或义务。

20．管辖法律及司法管辖权。本协议及协议方的相应的权利与义务将受纽约州（IFX主要定单执行设施所在地）法律的管辖，并据此解释与执行。

21．司法辖区、辖地、陪审审理放弃、及有效期缩短。 客户同意，任何客户与IFX或其员工或代理之间关于本协议的民事纠纷、仲裁、及其它法律程序，必须由位于马诸塞州萨克福马郡的调解法庭受理、审听、与解决。客户因此放弃在任何上述法律行动与程序中请求 陪审审理的权力，以及申请将上述程序转交至另一司法辖区的权力。
客户不得在关于本协议的纠纷的起因事件发生一年以后发起任何相关法律行动，不论客户何时实际发现该起因。相应的，客户同意，如 果IFX（或其它IFX委派机构）在任何法律纠纷发生的五天之内以航空专递或挂号邮件转寄所有相关材料到客户的最新地址，客户将亲自参在加萨克福马郡的联邦法院或州法院的法律行动，并委派IFX或上述其它机构作为客户的事实合法代理人与授权法律程序服务代理。如果客户签署了仲裁协议（可在IFX的网站参阅），则除了本段关于司法辖权的规定，任何仲裁程序将依据仲裁协议条款与仲裁机构之规定进
行。
22．第三方受益人。IFX在本协议下所享一切权益将同时被扩展到经纪人、代理人、期货佣金商、经纪自营商或其它任何介绍或推荐客户到IFX的人，他们其中的每一位皆被清楚的认定为本协议的第三方受益人。除此之外，本条款赋予上述众人与协议相一致的在法律行动或进程中的辖权辖区、管辖法规、及赔偿方面上的权利、义务与特权。

23．协议的约束效力。本协议将持续有效，并含盖交易人任何时候在IFX开立或重新开立的所有帐户，不论任何IFX或其继承人、转让人或联营机构的人事变动。如果发生合并、兼并或其它变动，本协议（含任何授权）将适应IFX或其继承人或转让人的利益，并对交易人及其/或其遗产继承人、委托人、管理人、法定代表、继承人和转让人具有约束力。交易人在此批准本协议日之前与IFX发生的所有交易，并同意交易人与此类交易有关的权利或义务受本协议条款的管辖。

24．协议的终止。在本协议终止前，本协议持续有效。但当客户账户中没有未平仓头寸和债务时，客户和/或IFX可以通过书面形式向对方提出终止协议的请求。但协议的终止不能解除此前发生的任何权利和义务关系。

25．赔偿。客户同意，如果因为交易人未能完全与及时地履行其承诺或因其声明或保证并不属实或正确,而给IFX带来了任何债务、损失、损害、成本或费用，包括律师费，交易人将对此向IFX，其联营机构、雇员、代理人、继承人及转让人予以赔偿并使之不受损害。交易人同时同意立即支付给IFX所有其在执行本协议任何条文或任何其它IFX与交易人签定的协议时带来的损害、成本与费用，包括律师费。

26．专有名词与标题。专有名词“IFX”一词包括IFX，其分部，继承机构和委派机构。“客户”一词系指执行本协议的一方（或多方)。”协议” 一词包括所有交易人在任何时候为维持其IFX帐户而签定的其它协议或给予的授权。本协议的段落标题仅系为查考便利而加入的。并不限制或影响段落条文的应用与意义。

27．通话记录。客户同意并接受IFX对客户与IFX工作人员之间的电话通话进行录音。客户也同意将电话录音作为解决双方争议时的有效证据。客户对IFX基于其自己制订的商业程序定期销毁上述录音表示理解，并赞同IFX定期销毁电话录音的做法。）

28．信誉。交易人授权IFX，或代理人以IFX的名义，调查交易人的信用状况并为此联系IFX认为与证实交易人资信有关的合适的（所有）银行、金融机构和信用机构。交易人进一步授权IFX调查其目前和过去的投资活动，并为此联系IFX认为合适的期货交易商，交易所，经纪人/交易商,银行，及法务信息中心。如果交易人以书面形式向IFX作出合理请求，交易人可被允许复印上述记录，费用完全由交易人承担。

29．社会保障或税务登记证书与储备预捐税声明。本着为任何不实承担伪证罪责与处罚之严重后果，本人严正声明：(1) 本协议上所提供的社会保障或税务登记编号为正确号码。(2) 本账号之所有人或受益人皆不在美国国内财政收入法第＃3406(a) (1) (c)章节所规定之储备预扣税征收对象范围内。

30．仲裁协议。客户与IFX或IFX之任何办公人员、主管人员、其它员工、及代理之间的关于客户账户的争端（包括与在线服务与电子交易协议的相关争端），除了以下特别声明的以外，皆须依据商品交易法修正案所发布的第166.5号条款通过仲裁解决。仲裁结果将为最终裁决并具合同效力，在任何拥有司法管辖权的法院均可依法执行。当客户通知IFX她/他有意将某一指控提交仲裁之时，或IFX向客户作 出同样通知之时，客户有权为接下来的仲裁选择一个符合资格的仲裁 小组。IFX将在上述通知十个工作日之内向客户提供一份根据商品交
易法修正案第166.5号条款规定建有合格程序的仲裁小组候选机构名单，以及各机构的条例。如客户不选择机构，IFX将有权进行选择。IFX将支付任何合格机构可能征收为提供混合仲裁庭的额外费用，除非仲裁员认定IFX在开始或进行该起诉时怀有恶意。

解决外汇争端有三个途径：民事法院诉讼，在商品期货交易委员会(CFTC)进行赔偿，及自律管理组织或其它民间组织进行的仲裁。CFTC认识到在某些情况下通过仲裁解决争端为客户提供很多益处，包括有可能在不发生巨额成本的条件下较快地获得最终的争端解决。但是CFTC要求每一客户单独审察仲裁的相对优点，且自愿同意签订 本仲裁协议。
通过签订本协议，您(1)可能放弃了您在法院起诉的权利；(2)同意在任何根据本协议由您或IFX提交仲裁的指控与反指控中受到仲裁的约束。但是您并未放弃以下权利，即选择请求CFTC进行商品交易法第14条规定的赔偿程序解决任何争端，包括根据本协议可以提交仲裁的争端。一旦争端发生，您将被告知是否IFX有意将争端提交仲裁。如果您相信违反商品交易法的情况发生了，且您宁愿请求进行在CFTC的赔偿程序，您必须在得到上述通知之后45天以内作出选择。

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