This agreement lists all the articles and terms which client(s) should comply with after he /they open a/multi account(s) in LDG, as follows:
1. Terms Interpretation
£¨a£© " close a position ", in terms of any contract or the other relative part(s), means to make another a contract(s) which is/are same specification and amount but the opposite direction, so as to cancel the foregoing contract(s) and make the payoff or loss of the contract(s) in the transaction to turn definite. Moreover the verb of "close a position" has the same meaning.
£¨b£©"Client" means the person, or as the case may be, whose name and other particulars are set out in the Client Information Statement, include(s) himself and his heritor and legacy keeper.
£¨c£©" Internet Trading System " , namely ¡°ITS¡±, means LDG¡¯s trading facilities on the internet at relevant LDG websites, including but not limited to: www. ldgold.com
£¨d£©"Precious metals " include but not limited to gold, silver, precious metals in this Agreement.
£¨e£©"Initial Margin" means the amount required to be paid by dealer in respect of a Contract entered into, or proposed to be entered into, by that person. It must be paid to dealer as the vouch for the spot gold trading before client(s) send(s) the trade instruction
£¨f£©"Maintenance Margin" means the minimum required amount that is necessary to maintain the Client's position.
£¨g£©"Margined Contract for Difference" means a leveraged Contract for an agreed quantity of a commodity at an agreed price. The agreed amount of commodity is not deliverable. The Contract is reviewed and renewed daily at current market closing rates and the resulting profit or loss at the renewed contract price (the "roll price") is credited or debted to the Client's account. The Contract is continually renewed on a daily basis until the Client closes the Contract by taking an opposite position in the market for the same quantity of the commodity.
£¨h£©"Maintaining position fee" means that client should pay for the position which is hold overnight.
2.Open account(s)
£¨a£©datum for opening a/multi account(s)
Natural person
Copy of I/D or passport
Certification of address
Corporation/Joint Corporation
Copy of business license
The decision of board
The authorization for opening gold trade account(s)
The copy of I/D or Passport of the commissioned person
£¨b£©the least sum for opening account(s):
Natural person----at least US $5000
Corporation----at least US $200,000
£¨c£©setting up code and password£ºLDG will provide the client code and trading password after client(s) open trading account(s) in LDG.
3. Margin
£¨a£©Before the client(s) send all trade instruction, they/he must deposit enough margins. The amount of margin needs to meet the request of dealer, which includes the deposit time, sum and form of maintenance.
£¨b£©The lowest deposit prescribed by LDG should be paid immediately after client(s) open a new account. Client(s) should maintain the necessary margin in LDG for the sake of trade and the fulfilling the contract.
£¨c£©LDG has the right to adjust the prescribed margin amount. The right of LDG for changing margin (increase or reduce) won't be subjected to foresaid prescribed requirement for margin, also won¡¯t be fit for the position and the new open position before changing the margin. If client(s) can¡¯t fulfill the calling up of substantial additional funds on short notice to maintain your position, the dealer has the right to cancel, or in other way, clear up any/all the open position in client¡¯s Account.
£¨d£©Whether the Account of client(s) is already closed or not, Client(s) still should be responsible for the whole losses, and for the liabilities and the shortages of fund in his/their Account, including the whole liabilities and shortage of fund caused by closing position in his/their Account..
£¨e£© When the useable balance in his/their Account is under the requirement of lowest margin, Client(s) can¡¯t build up new position except for locking the foresaid position¡£
£¨f£©During the transaction, Client(s) should pay for or gain amount of compensation fee for his/their long or short position. The sum will be adjusted gradually according to the change of bank rate and the variation of gold.
£¨g£©Client(s) shall provide to and maintain with LDG margin in such amounts and in such forms as LDG, in its sole discretion, may require. Such margin requirements may be greater or less than margins required by a counter party bank. LDG may change margin requirements at any time. Client(s) agrees to deposit by immediate wire transfer such additional margin when and as required by LDG and will promptly meet all margin calls in such mode of transmission as LDG in its sole discretion designates. If the margin in Client(s) account is shortage and can¡¯t reach the requirement of LDG, LDG may at any time proceed to liquidate Client¡¯s account and any failure by LDG to enforce its rights hereunder shall not be deemed a waiver by LDG to enforce its rights thereafter. No previous margin requirement by LDG shall preclude LDG from increasing that requirement without prior notice. LDG retains the right to limit the amount and/or total number of open positions that Client(s) may acquire or maintain at LDG. LDG will attempt to execute all orders, which it may, in its sole discretion, choose to accept in accordance with the oral or written, or computer instructions of Client¡¯s. LDG reserves the right to refuse to accept any order.
4. Deputy Ability and Authorization
£¨a£©Client(s) ensure that he has old enough to exercise ability as for a person, or it was established in normal way as a Corporation or enterprises client, and has the right to sign the Agreement and all Contracts, namely taking this agreement and this kind of contract all have the legal binding force and Client(s) should fulfill his/their responsibility.
£¨b£©Client(s) hereto recognizes that concluding the Agreement or Contract with LDG is out from his own judge and he/they is/are willing to undertake the risk, regardless he/ she may receive the advice from employee of LDG or other related personnel, he/she understands employee or other related personnel have no right to delegate the LDG to give any suggestion or explanation.
£¨c£©LDG does not accept financing on behalf of client(s) under authorization. Client(s) should understand the market risk for trading spot gold. LDG does not make any promise for investment yield.
£¨d£©In the event that Client(s) grants trading authority or control over Client¡¯s account to a third party (Trading Agent), whether on a discretionary or non-discretionary basis, LDG shall in no way be responsible for reviewing Trader¡¯s choice of such Trading Agent or for making any recommendations with respect thereto. LDG makes no representations or warranties concerning any Trading Agent; LDG shall not be responsible for any loss to Client(s) occasioned by the actions of the Trading Agent; and LDG does not, by implication or otherwise endorse or approve of the operating methods of the Trading Agent. If Client(s) gives the Trading Agent authority to exercise any of its rights over his account, Client(s) does so at his own risk.
£¨e£©LDG does not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice, Client(s) may have received or may receive in the future from Referring Agent or from any other person not employed by LDG regarding gold trading or the risks involved in such trading. If Referring Agent or any other third party provides Client(s) with information or advice regarding gold trading, LDG shall in no way be responsible for any loss to Client(s) resulting from Client's use of such information or advice. Client(s) understands that Referring Agent and many third party vendors of trading systems, courses, programs, research or recommendations may or may not be regulated by a government agency.
5. Trade
£¨a£©Client(s) can give any relevant dealing instruction or placing order according to the prescriptive way and items (without reference to quality), and the placing order or dealing instruction has the absolute and crucial sanction over Client(s) if LDG act according to the order or instruction.
£¨b£©All the order or dealing instruction can come into effect only when they are received on LDG business day(not including public holiday). Should quoting errors occur due to a trader¡¯s mistype of a quote or an erroneous price quote from a Trader, such as but not limited to a wrong big figure quote, LDG will not be liable for the resulting errors in account balances. LDG reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting errors will be resolved on a basis of a fair market value of a currency at the time such an error occurred.
£¨c£©Client should know the trade intention of his own and the position in his Account before giving the trading instruction, so as to avoid the direction choice mistake or the instruction errors in the trading process, which may result in the important loss. LDG does not undertake any responsibility for the trading that made by Client¡¯s mistake or misplay which can not be withdrew and modified.
£¨d£© As for the metals trading contracts concluded through telephone, the contract will be taken as to be concluded in the relative conversation through telephone. After receiving the quoted price from trader, once Client(s) has definitely said the trading direction and the quantity in accordance with the quote price, that is striking a bargain between Client and LDG. LDG can't change the price and Client also can't withdraw the contract. The following checkage made by trader with Client is just a procedure, which doesn't affect the result. If the trade is used to close position, Client should expound that it is used to close position and specify which position is closed. Otherwise settlement department will close the position which is nearest to it according to the time sequence.
£¨e£©In order to maintain the benefit of Client(s), LDG remind Client(s) of timely mastering the circs of the position and the available fund in his Account and setting the stop loss limit at each trading to prevent the serious loss caused by violent motion of gold price.
Client¡¯s commission transaction is divided into the commission of market price order and limit price order, the market price order means to complete the transaction with the market price. The limit price order (namely hang the order in limit price) means that Client(s) lock a price and give the trade instruction in advance in LDG business hours. As long as there appears the same valid price in LDG business hours, then the limit price order will come into valid from that moment. The period of validity for limit price order can cover from one day to one week.
Because of the change on market, if Client(s) replaces the limit price order hung before with market price order, he should cancel immediately the limit price order hung before so as to not result in dual operation, If the fund in Client¡¯s Account is enough, all the limit price order which is forgot to be cancelled, will be regard as new order after it be achieved.
(h) There is at least one dollar per ounce between the limit price and market price£¬then Client can hang the limit price order. All the instruction for limit price should takes the Reuter's price as the standard( the wrong price is then the exception). Under the special condition, for example the great undulation of gold condition, LDG has the right to not accept the dealing instruction of limit price in any form.
6£®Breach of faith
If the following instance occurs, namely:
(I) Client defers or breaches any items in this Agreement;
(II) For Client's deposit or other problems, LDG has the full right to maintain itself benefits;
(III) If Client apply for the bankruptcy toward the Court or assigning the trustee in bankruptcy or will be put forward that application by the others;
(Iv)The Account of Client(s) is sealed up in LDG;
(V)The Client(s) pass away or is justified by law court to have no competence ability.
LDG has the right as follows:
(A) to use any property that belongs to the Client(s) and is kept by or under the control of LDG to pay for all the debt owed to LDG by Client(s) ( including the debt directly owed by Client(s) or indirect obligation caused by guarantee or assurances).
(B) to sell off any or all the metals contracts in Client's account;
(C) to purchase various metals contract on behalf of Client(s) If there is (a) short position(s) in Client¡¯s Account , in order to close position(s);
(D) to cancel all the order which is hung and hasn¡¯t get;
Whether the Client(s) has the right to own the rights and interests or not, LDG needs not to request the deposit or additional deposit or inform Client(s) his heritors, will executor, legacy administrant, private representative or transferee. LDG don¡¯t need to undertake the duty because of carrying out its power and compensating the loss or indemnification.
7. Authorization
£¨A£© Client(s) is/are obligated to keep passwords secret and ensure that third parties do not obtain access to the trading facilities. Client(s) will be liable to LDG for trades executed by means of the Client¡¯s password even if such use may be wrongful. If Client(s) authorize(s) the third party (whether the third party is the employee or agent of LDG or not), for giving trade instruction, whether Client(s) know about the trade or not, he/they must be responsible for all trade carried by the authorized person.
£¨B£© If Client(s) authorize the third party (whether the third party is the employee or agent of LDG or not) to withdraw the cash or metals, then cash or metals which is withdrew by the authorized person will be regarded as having been received by Client(s).
£¨C£© If Client(s) authorize the third party carries out the trade instruction on behalf of himself/themselves, Client(s) should make prudently consideration before signing the authorization letter and should understand the risk that the authorization may bring. LDG will take no responsibility for the profit and loss or the dissension on right and duty between both parties that result from the authorization. When Client(s) need(s) to authorize the third party to carry on the trade on behalf of himself/themselves on account of free will, Client(s) must sign the written authorization letter ( giving clear indication of the authorization term and the power scopes).
8£®Referral Disclosure
£¨A£©LDG doesn¡¯t supervise the activities of referring agent and assume no liability for any representations made by introducer. LDG and referring agent are wholly separate and independent from one another. The Agreement between LDG and referring agent does not establish a joint venture or partnership and referring agent is not an agent or employee of LDG.
£¨B£©LDG does not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice Client may have received or may receive in the future from Referring Agent or from any other person not employed by LDG regarding spot gold trading or the risks involved in such trading.
£¨C£©LDG provides risk disclosure information to all new Clients when they open accounts. Client should read that information carefully, and should not rely on any information to the contrary from any other source.
£¨D£©Client acknowledges that no promises have been made by LDG or any individual associated with LDG regarding future profits or losses in Client's account. Client understands that spot gold trading is risky, and that many people lose money trading.
£¨E£©If Referring Agent or any other third party provides Client with information or advice regarding spot gold trading, LDG shall in no way be responsible for any loss to Client resulting from Client's use of such information or advice.
£¨F£©To the extent Client has previously been led to believe or believes that utilizing any third party trading system, course, program, research or recommendations provided by Referring Agent or any other third party will result in trading profits, Client hereby acknowledges, agrees and understands that all spot gold trading, including trading done pursuant to a system, course, program, research or recommendations of Referring Agent or another third party involves a substantial risk of loss. In addition, Client hereby acknowledges, agrees and understands that the use of a trading system, course, program, research or recommendations of Referring Agent or another third party will not necessarily result in profits, avoid losses or limit losses.
£¨G£© Client understands that Referring Agent and many third party vendors of trading systems, courses, programs, research or recommendations are not regulated by a government agency.
£¨H£©Client understands and acknowledges that LDG may compensate Referring Agent for introducing Client to LDG and that such compensation may be on a per-trade basis or other basis. Further, the Client has a right to be informed of the precise nature of such remuneration.
£¨I£©Client understands and agrees that if Client's account with LDG is introduced by Referring Agent that Referring Agent shall have the right to access Client's LDG account, but the Referring Agent shall not have the right to enter into any trades on Client's LDG account unless authorized by Client under a power of attorney between Client and Referring Agent granting such Referring Agent the right to trade on Client's account. Should you have any questions regarding the risks of trading in spot gold, please contact your LDG account representative.
9£® Any Other Business
£¨a£©Because of the neglect, improper behavior and pretermission which is caused by trustee, agent and linkman, LDG don¡¯t need to answer for such kind of behavior.
£¨b£©Client(s) needs to know that there is the difference in quoted price of metals trading because of time difference and the different organization, so all the quoted price obtained in the open path doesn¡¯t mean that it can be traded in the market. Hereby Client(s) accept(s) that the price provided by LDG is the optimal price at that time.
£¨c£©The customer can't take the interest toward LDG or relevant company for the deposit of any kind of form in LDG for trade.
£¨d£©LDG shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of LDG including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities.
£¨e£©The statement, notice and any other communication document for Client(s) can be delivered according to the address specified in the Agreement or notified later by Client(s) in writing, telephone or fax. Once all the communication document is sent out through telephone, fax, mail or other ways, whether Client(s) receive it or not, it will be taken as received by Client(s).
£¨f£©All the items in the Agreement can¡¯t be released, modified, rejiggered or emend without authorization of LDG. In addition to the before the event in advance the by letter form gives the LDG to know to shine on outside, The Agreement can not be withdrew unilaterally by Client(s) unless Client(s) inform LDG in writing beforehand, and even if it is cancelled, it will not affect the deal which is concluded according to the agreement before LDG receive the notification.
£¨g£©Client(s) make(s) the contract according to his/their own judgment and considerations, L LDG or its employees and its agent don¡¯t need to show that LDG or its employees or agent has the qualify to provide the professional opinion or the other suggestions on the trade of relevant metals toward Client(s). If Client(s) carry on trade according to the opinion or suggestions, LDG needs not to be responsible for the whole loss.
£¨h£©LDG will be all irresponsible for the contract or furtive businesses between Client(s) and its employees or its agent. LDG will have absolute freedom to decide whether make the contract with Client(s) or not. Client(s) can't force LDG to make the contract with him/them even if he/they would like to close position.
£¨i£©LDG can at any time without prior notice to Client(s) vary or limit or restrict or enlarge or extend such limit and has no obligation to given notice to the Client(s) in case his gold positions are near or beyond the trading limits or otherwise provide the Client(s) with information with respect to his gold position.
£¨j£©No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Client(s) and an authorized officer of LDG. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by LDG 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 enforceable. If LDG send out the inform in writing to Client about the decision on amending, increasing or supplementing the Agreement, all the amendment, increasing or complementarity will come into effect immediately unless client object to in writing in 48 hours. LDG can take Client(s) as the breach of faith and has the right to end the trade relationship with Client(s)
£¨k£©Any terms, conditions, stipulation, provision, covenant or undertaking in these Ageement which is illegal, void, prohibited or unenforceable in any jurisdiction shall be ineffective only to extent of such illegality, voidness, prohibition or unenforceability, without invalidating the remaining provisions hereof, and any such illegality, voildness, prohibition or unenforceability in any jurisdiction shall not invalidate or render illegal, void or unenforceable any such terms, conditions, stipulation, provision, covenant or undertaking in any other jurisdiction. All contracts between the company and Client(s) shall be governed by and construed in accordance with the Laws of London, and the Uniform Law on international Sale of Goods shall not apply to any such Contracts. Any dispute arising under or in connection with any such contract shall be subject to the exclusive jurisdiction of the Courts of London, save that the Company shall have the right in its absolute discretion to initiate proceedings in the courts of any other country in which Client(s) is resident or in which assets of Client(s) are situated or to seek the assistance of such courts to enforce any or all judgments or orders of Courts .
£¨l£©Client(s) agrees to indemnify and hold LDG and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney¡¯s fees, incurred by LDG arising out of Client¡¯s failure to fully and timely perform Client¡¯s agreements herein or should any of the representations and warranties fail to be true and correct. Client(s) also agree(s) to pay promptly to LDG all damages, costs and expenses, including attorney¡¯s fees, incurred by LDG in the enforcement of any of the provisions of this Agreement and any other agreements between LDG and Trader.
£¨m£©The Agreement shall ensure for the benefit of the Company and its successors and assigns notwithstanding any change in the constitution of the Company by the admission or retirement of partners or otherwise.
£¨n£©Where the Client consists of more than one individual or where Client is a firm consisting of two or more individuals, the liabilities of Client hereunder shall be joint and several of such individuals.
£¨o£©Reports of the confirmation of orders and statements of accounts for Client(s) shall be deemed correct and shall be conclusive and binding upon Client(s) if not objected to immediately upon receipt and confirmed in writing within (1) day after transmittal to Client(s) by mail or otherwise. Margin calls shall be conclusive and binding unless objected to immediately in writing. In lieu of sending trade confirmation via postal mail, LDG will provide Client(s) Internet access to view his account at any time with an online login. Written objections on Client¡¯s part shall be directed to LDG at its home office. Failure to object shall be deemed ratification of all actions taken by LDG or LDG¡¯s agents prior to Client¡¯s receipt of said reports. Client¡¯s failure to receive a trade confirmation shall not relieve Client of the obligation to object as set out herein.
£¨p£©Client hereby consents to have Client¡¯s account information and trade confirmations available on the Internet in lieu of having such information delivered to Client via mail or email. Client will be able to access account information via the LDG website using Client¡¯s account login information to access the account. LDG will post all of Client¡¯s account activity and Client will be able to generate daily and monthly reports of account activity as well as a report of each executed trade. Updated account information will be available no more than twenty-four hours after any activity takes place on Client¡¯s account. Posting of account information on Client¡¯s online account will be deemed delivery of confirmation and account statements.
10£® Client(s) Declaration as follows£º
i. The content in the Agreement has been explained in distinct and intelligible language;
ii. Client(s) carry out transaction on behalf of himself and is/are the final beneficiary;
iii. The declaration provided by Client(s) is true and integrated.
Client(s) agree that this Agreement can be amended by LDG at intervals, which makes it validity and suitable for the law and articles in the Agreement and trading. When LDG amends it, he don¡¯t need to inform Client(s) beforehand. Any amend is regarded as merging into the Agreement and becoming the compositive parts of this Agreement.