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Foreign Exchange Trading (Forextrading)
 

I. Introduction 
Forextrading is a service providing registered clients of ICBC E-Banking with online FX transactions, including a group of functions such as spot FX trading, commissioned order, and inquiry of transactions and relevant information.

II. Target Client
Clients with a multi-currency current account with the demand of increasing returns and avoiding risks of exchange rate through FX trading.

III. Features
1. Multiple channels of trade: you can operate sport trade as well as profit, stop-loss and two-way commissioned trade, by which you pre-set profit or loss in advance. It applies to various investment strategies;
2. Long hours of commission: the longest period is 120 hours, and five options of commission hours are available—24hours, 48 hours, 72 hours, 96 hours and 120 hours. The variety of options facilitate clients to take short-term detachment from market but with long-term concern; 
3. Different grades of preferential terms: for the different grades of favorable terms, the trading sum that meets the starting point of a category can enjoy the corresponding favorable quote. This feature provides more profitable room for clients of single large-value transactions; (For detailed terms, please refer to the announcement of the local ICBC branch)
4. Low starting point: Clients only need tens of USD for transactions of ICBC "Forextrading" Personal Foreign Exchange Trading; (For details, please refer to the setting information of your local ICBC branch.)
5. Flexible investment with T+0 trade, as the daily times of trade is not limited.

IV. Application Condition
Registered clients of ICBC E-Banking with ICBC multi-currency current account (current deposit book, ICBC Money Link Card, and Elite Club Card) can sign up for "Forextrading" Personal Foreign Exchange Trading.

V. Sign up
For "Forextrading" Personal Foreign Exchange Trading, there is no need to open a new account as long as there is a multi-currency current account in your registration card with foreign currency deposit.

Ⅵ. Service Channel and Time
24-hour continuous trading from 7:00 am Monday to 4:00 am Saturday through Personal Internet Banking, Telephone Banking, Mobile Phone Banking (WAP) of  "Banking@Home" or at designated ICBC branches. Due to the differences among all ICBC branches, please refer to the local ICBC’s announcement of trading hours, currencies and trading methods.

Ⅶ. Tip
1. Since ICBC "Forextrading" Personal Foreign Exchange Trading adopts the means of spot quote, please complete submitting the trade within 10 seconds after the confirmation of information during your trading operation.
2. Clients must be aware that when inputting the amount, there are only two digits after the decimal point. In particular, there is one digit for HKD and no decimal place for Japanese Yen.
3. Set SMS Alert on the closing of FX orders at the order transaction page. System will immediately send an SMS to inform you once the instruction of your FX order is closed.

Ⅷ. Considerations
1. 9 currencies and 36 currency-pairs are available for ICBC "Forextrading" Personal Foreign Exchange Trading including USD, Japanese Yen, HKD, British Pound Sterling, Euro, Canadian Dollar, Swiss Franc, Australian Dollar, and Singapore Dollar (please refer to the detailed setting information of your local ICBC branch).
2. Since the additional commission is a commission based on the original closed commission, and hence, the selling currency of additional commission must be identical with the buying currency of original commission. The selling amount must be less than or equal to the buying amount in original commission. Currently, no support is given in placing two-way commission for additional commission.
3. Additional commission can be cancelled. Cancel additional commission first before canceling the main commission. The main commission cannot be directly cancelled.
4. Clients of Elite Club can receive free information of FX market. General clients need to subscribe to the information with certain fee charged. For general clients, if you have not subscribed to the service or it is expired, please go to “client service” for subscription.
5. Market news will inform all the preferential quotes of each trading grade at local ICBC. After selecting the display option for the quotes (basic, cross, all, self-defined), select the preference class from pull-down menu to let the price match with that preference class directly displayed at the location of buy/sell prices. The amount range matched with each preference class will be displayed on the page after your selection.

Ⅸ. Risks
Fluctuation of foreign exchange rate due to changes in the FX market may cause the loss of your asset denominated in foreign currencies. Risks and losses incurred thereby are borne on you while ICBC will not take any responsibility.

Ⅹ. Definition
1. Profit Commission: a type of commission clients establish that for high market FX price, the system will transact at a price of or higher than the profit price according to clients’ estimation of the FX rate.
2. Stop-Loss Commission: a type of commission clients establish that for low market FX price, the system will transact at a price of or lower than the stop-loss price which clients can accept.  
3. Two-way Commission: a type of commission that includes FX rate of both profit and stop-loss commission. When the market matches either commissioned condition, transaction will be completed at the current FX rate. Upon the completion of commissioned trading at one party, the other will become invalid automatically.
4. Additional commission: a commission based on the original closed commission, and hence, the selling currency of additional commission must be identical with the buying currency of original commission. The selling amount must be less than or equal to the buying amount in original commission. Currently, no support is given in placing two-way commission for additional commission. If the original commission is not complete, the additional commission will stay at the non-traded status; and if the original commission is overdue, then both the original and additional commissions will become invalid. 
5. Middle Price: the price between bid and offer prices. Middle price can be calculated through dividing the sum of bid and offer prices by 2.
6. Cross Exchange Rate: an exchange rate for two currencies which cannot be exchanged directly but through a third one. A currency-pair without USD is called cross bid while that with USD called direct bid. The exchange rate calculated through two direct bids is the cross exchange rate.
7. Currency-Pair: the FX rate of two currencies.

Responsibility Statement: The contents on this page are for reference only. The ultimate power of interpretation is under the Industrial and Commercial Bank of China Limited. For part of the contents, notice and specific regulations of local branches shall prevail.

(2016-10-28)
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