KVB Kunlun Leveraged Trading Product Disclosure Statement

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1 Issued By: KVB Kunlun New Zealand Limited Last Update: 15 April 2015 KVB Kunlun Leveraged Trading Product Disclosure Statement 1

2 This product is issued by KVB Kunlun New Zealand Limited. The product is distributed in New Zealand by KVB Kunlun New Zealand Limited and in Australia by KVB Kunlun Pty Limited. This PDS meets the disclosure requirements of both New Zealand and Australian law. Some references to Australia therefore may not be applicable to New Zealand clients. Likewise, references to New Zealand may not be applicable to clients in Australia. We have made every effort to distinguish each entity appropriately and refer you to the last page in the document for a description of the roles of each entity within the group in relation to the offer of this product in Australia and New Zealand. If you have any questions, please do not hesitate to ask our representatives. 2

3 General Advice Warning The information contained in this PDS is of a general nature only and does not consider your individual objectives, financial situation or needs. This opportunity is designed to suit investors with understanding, experience, and the financial capacity to absorb the risks inherent in dealing in Derivatives (please read the risks section carefully before investing). KVB will not advise clients regarding the merits of a transaction and will simply carry out the client's instructions. It may be appropriate for you to take professional financial advice from a licensed financial adviser. In applying to participate in KVB Leveraged Trading you acknowledge that: KVB does not provide you with Personal Advice. You are aware of and comfortable with the risks of dealing in Derivatives. You understand the concepts required to trade in Currency Pairs (FX), Commodities and Indices. You understand the risks associated with trading in Currency Pairs (FX), Commodities and Indices. This PDS does not constitute an offer or invitation in any place where, or to any person to whom it would not be lawful to make such an offer or invitation. The following pages contain illustrated (hypothetical) examples of transactions available via KVB Leveraged Trading. These examples do not take into account your individual objectives, financial situation or needs, nor do they illustrate every possible outcome of dealing in Derivatives via KVB Leveraged Trading. You should seek your own advice if you do not understand any aspect of this Product Disclosure Statement. 3

4 Table of Contents About KVB Kunlun... 5 KVB Leveraged Trading... 6 KVB ForexStar Technology... 7 Welcome to KVB Leveraged Trading... 8 Entire Agreement... 9 Product Range About Trading Derivatives & CFDs About this Product Disclosure Statement Information Subject to Change Fees & Charges Table of Fees and Charges Additional Explanation of Fees and Costs Client Acceptance Margin Trading Instructions Deposits & Withdrawals Client Money Client Reporting Dealing in Derivatives Examples Margin Call & Stop Out Example Significant Risks Significant Benefits Other Features Associated Entities & Third Parties

5 About KVB Kunlun KVB Kunlun New Zealand Limited ("KVB") is part of an international financial services group with operations in Auckland, Sydney, Melbourne, Hong Kong, Beijing and Toronto. We pride ourselves on our professional and disciplined approach to financial markets. Our global team of financial specialists are dedicated to providing our clients with access to visionary investment services. Our vision is represented in our name and logo we use Knowledge and Versatility to Break the barriers of traditional investment services for our client's benefit. The KVB Group is led by a number of highly experienced and qualified investment professionals, including the Group Managing Director and Directors for each country in which we are represented and global leaders in the Investment, Technology and Compliance disciplines. KVB Group entities are licensed or supervised in the following regimes: Group Entity Country Supervisor KVB Kunlun New Zealand Limited New Zealand Financial Markets Authority KVB FX Limited New Zealand Department of Internal Affairs KVB Kunlun Pty Limited Australia Australian Securities & Investments Commission KVB FX Pty Limited Australia Australian Securities & Investments Commission KVB Asset Management Company Limited Australia Australian Securities & Investments Commission KVB Kunlun Securities (HK) Limited Hong Kong Securities & Futures Commission KVB Kunlun International (HK) Hong Kong Securities & Futures Commission Limited KVB Kunlun Asset Management Hong Kong Securities & Futures Commission (HK) Limited KVB Kunlun Canada Inc Limited Canada Financial Transactions Reports Analysis Centre of Canada 5

6 KVB Leveraged Trading KVB Leveraged Trading provides investors with the opportunity to trade in Over-the-Counter Derivatives (Contracts for Difference, "CFDs") for a range of underlying assets including Currencies, Commodities and Indices. The facility allows clients to choose an appropriate level of leverage for their needs. It also provides for stop loss and take profit features, and has an automatic close out feature to minimise loss in the event that a position moves significantly against you. KVB Leveraged Trading is only available to those clients receiving the PDS in Australia and New Zealand. 6

7 KVB ForexStar Technology KVB Leveraged Trading is available via our leading edge technology, ForexStar. ForexStar allows clients to: Place orders with access to real time prices Place, modify and delete trading instructions including to take profit or stop loss Set alerts to monitor the market and notify clients when prices reach a certain level Manage existing positions or take new positions Access real time valuation and profit & loss reports Access technical analysis tools including charting Access full historical trading, balance and profit & loss information 7

8 Welcome to KVB Leveraged Trading The service is depicted diagrammatically below: Our FX products include a range of currency pairs. The minimum standard trading size is 0.01lot. Our Commodities products include Gold, Silver, Copper, Rubber, Soybean, Corn and Crude Oil. Tradable lots range in size depending on which Commodity you trade. Our Index products include the Dow Jones Industrial Average, the S&P 500, the Nikkei225,the Hang Seng Index, the U.S.dollar index, the CSI 300 Index futures, the ASXSP 200 index futures and the Shanghai Composite Index. Tradable lots range in size depending on which Index you trade. Our mini account product provides customer opportunities to trade in minimum contract size of 0.01 lot. This product allows customers to trade in the real market with less capital. We charge commissions on Mini Accounts. For the full range of products available via KVB Leveraged Trading, please refer to page 10 and the website Latest financial statements can be obtained from the New Zealand Companies Office website at 8

9 Entire Agreement KVB Leveraged Trading is available for clients with experience only. You must acknowledge your understanding of dealing in Derivatives and CFDs, together with the risks involved. This Product Disclosure Statement (PDS) and the Client Services Agreement (CSA) together make up the entire agreement between you and KVB. You should read, understand and acknowledge your receipt and understanding of all of these documents. To the extent that there is any inconsistency between any of the PDS and CSA, the CSA prevails. Although you have the responsibility to thoroughly read and understand all clauses in the CSA, your attention is drawn to the following particularly important sections: You can also obtain the KVB Advisor Disclosure Statement from KVB free of charge or from the KVB website, before any advice is given. PART A - General Terms & Conditions Acknowledgements & Representations KVB Kunlun's Services KVB Kunlun's Associated Entities & Third Parties Liability PART B - Derivatives Dealing PART C - Trading Systems PART D - Risk Statement 9

10 Product Range Products available via KVB Leveraged Trading, are outlined (together with key features) in the table below: Contract Symbol Lot Size Target Spread Minimum Trade Lot Minimum Margin Required Profit/Loss Calculation Roll-over (Swap Charge) * US Crude is based on a futures contract. Switch Over at Expiry: Foreign Currency XAUUSD (Gold) XAGUSD (Silver) US Crude* 100,000 base currency 100 ounce per lot 100 ounce per lot 1000 barrel per lot Varies from pair to pair USD 0.5 USD 0.05 USD % (subject to market condition ) Mark-to-market Real Time Done daily at prevailing market carrying cost 0.5% (subject to market condition ) Mark-to-market Real Time Done daily at prevailing market carrying cost 1% (subject to market condition ) Mark-to-market Real Time Done daily at prevailing market carrying cost 1% (subject to market condition ) Mark-to-market Real Time None Delivery Non-deliverable Non-deliverable Non-deliverable Non-deliverable Expiry Date No expiry Day; GTC No expiry Day; GTC No expiry Day; GTC Expire monthly; two days prior to NYMEX oil expiry Trading Hours (GMT) (Daylight saving hours applied) Sunday to Friday 18:00 to 22:00 Sunday to Friday 23:00 to 22:00 (next day) Sunday to Friday 23:00 to 22:00 (next day) day* Sunday to Friday 23:00 to 22:00 (next day) On expiry day, trading will stop at GMT 21:00 Futures contract expire on exchange set dates and times. The KVB contracts expire 2 days prior to the exchange set expiry date and time. Any positions still open at the close of trading on KVB s expiry day (being 2 days prior to the exchange set expiry date and time) will be closed by KVB at the mid market closing price and cash settled. In order to avoid last trading day s volatility, KVB switches over the price quote from one month to the next month two trading days prior to the exchange expiry dates. Clients can resume trading the same CFD symbol after this quote switching is complete. 10

11 Contract DJI30 SPX500 NIK225 HSI43 CHINA300* AUSSIE200** SHCOMP Symbol Margin 5% 5% 5% 5% 2% 5% 5% Required (Subject to change) Target Spread 7 index points 1 index point 40 index points 20 index points 0.6 index point 3 index points 3 index points Decimal Place Tick Size Tick Price USD 1 USD 0.1 YEN 1 HKD 1 CNY 60 AUD 25 CNY 1 Roll-over (Swap Charge) Done daily at prevailing market carrying cost Done daily at prevailing market carrying cost Done daily at prevailing market carrying cost Done daily at prevailing market carrying cost Done daily at prevailing market carrying cost Done daily at prevailing market carrying cost Commission Min. Tradable Lot Step / Increment Max. Tradable Lot Trading Hours (GMT) 14:30-21:00 Mon to Fri 14:30-21:00 Mon to Fri 23:55-06:25 Mon to Fri 00:00-02:00 03:30-06:00 Mon to Fri 01:45-04:30 06:30-08:15 Mon to Fri 01:15-03:30 05:00-07:15 Mon to Fri Done daily at prevailing market carrying cost 01:30-03:30, 05:00-07:00, Mon to Fri Contract Expiry Order Duration 2 trading days before last trade day of futures contract on CFF Exchange All orders are Day Orders only including Stop Loss and Take Profit 2 trading days before last trade day of futures contract on ASX * CHINA300 CFD (Underlying Security: CSI 300 Index Futures) is based on a futures contract. ** AUSSIE200 CFD (Underlying Security: ASXSP200 Index Futures (Mar, June, Sept, Dec) is based on a futures contract. Switch Over at Expiry: Futures contract expire on exchange set dates and times. The KVB contracts expire 2 days prior to the exchange set expiry date and time. Any positions still open at the close of trading on KVB s expiry day (being 2 days prior to the exchange set expiry date and time) will be closed by KVB at the mid market closing price and cash settled. 11

12 In order to avoid last trading day s volatility, KVB switches over the price quote from one month to the next month two trading days prior to the exchange expiry dates. Clients can resume trading the same CFD symbol after this quote switching is complete. Contract Symbol Corn Soybean Copper Rubber Lot Size 5000 bushels 5000 bushels pounds 10 metric tons Target Spread USD 2 cent USD 2 cent USD 0.7 cent CNY 30 Minimum Trade Lot Minimum Margin Required 5% 5% 2% 5% (Subject to change) Profit/Loss Calculation US 12.5 per lot US 12.5 per lot US 12.5 per lot CNY 50 per lot Roll-over (Swap Charge) Delivery Done daily at prevailing market carrying cost Nondeliverable, cash settled at the end of last trading day All information provided in the tables above: Done daily at prevailing market carrying cost Nondeliverable, cash settled at the end of last trading day Done daily at prevailing market carrying cost Nondeliverable, cash settled at the end of last trading day Done daily at prevailing market carrying cost Non-deliverable, cash settled at the end of last trading day Expiry Date FPD-2 FPD-2 FPD-2 The 15th day of the second month prior to the active futures contract on SHFE.(If it is a public holiday, the last trading day shall be the 1st business day after the holiday) Trading Hours (GMT) * Daylight saving hours applied Every day 00:00-12:45, 13:30-18:15 Sunday-Friday (NY Summer), Every day 01:00-13:45, 14:30-19:15 Sunday-Friday (NY Winter) * Close 1 hour earlier on expiry day Every day 00:00-12:45, 13:30-18:15 Sunday-Friday (NY Summer), Every day 01:00-13:45, 14:30-19:15 Sunday-Friday (NY Winter) * Close 1 hour earlier on expiry day Every day 22:00-21:00 Sunday-Friday (NY Summer), Every day 23:00-22:00 (NY Winter) * Close 1 hour earlier on expiry day Every day 01:00-03:30 and 05:30-07:00,Monday to Friday Is current at the time of printing Is subject to change Will be updated regularly on the website To the extent that there are any inconsistencies, between our product documentation, website information and the trading platform, the trading platform information prevails. 12

13 About Trading Derivatives & CFDs In applying to use KVB Leveraged Trading, you must confirm that you have the ability to evaluate and understand the terms, conditions and risks of the transactions entered into via KVB Leveraged Trading. These include, but are not limited to, understanding the concepts of leverage, margins, volatility, interests or rights in the underlying asset(s) along with the processes and technologies used in trading. You must also confirm that you are willing and able to accept those terms and conditions and to assume (financially and otherwise) those risks. You acknowledge your responsibility for monitoring and managing the risks of trading. When you sign the application forms, you are making this confirmation. CFDs are Over-the-Counter Derivatives contracts considered by law to be principal-to-principal contracts. This makes you (the client) and KVB (the provider) counterparties to the contract. We offer you a contract price based on relevant market and business conditions. One of those conditions is that you provide us with Margin in the form of cleared funds. We provide you with leverage in return for the Margin contribution. Your obligation as client and counterparty is to maintain your Margin at a minimum level in accordance with the following leverage options (including but not limited to): Leverage Margin Explanation Required 1:20 5% This means that for every 1 you deposit with us, you can trade to a value of 20. However if your trade position moves against you there are 3 possible outcomes: You provide us with additional Margin and keep the position open You close the position thereby crystallising the loss The system automatically creates an order for our Dealers to manually close out the position when your total equity falls below 20% of the margin required for the open positions. There is no guarantee that positions will be closed in periods of excess volatility as outlined in page 29. 1:50 2% This means that for every 1 you deposit with us, you can trade to a value of 50. However if your trade position moves against you there are 3 possible outcomes: You provide us with additional Margin and keep the position open You close the position thereby crystallising the loss The system automatically creates an order for our Dealers to manually close out the position when your total equity falls below 50% of the margin required for the open positions. There is no guarantee that positions will be closed in periods of excess volatility as outlined in page 29. 1:100 1% This means that for every 1 you deposit with us, you can trade to a value of 100. However if your trade position moves against you there are 3 possible outcomes: You provide us with additional Margin and keep the position open You close the position thereby crystallising the loss The system automatically creates an order for our Dealers to manually close out the position when your total equity falls below 50% of the margin required for the open positions. There is no guarantee that positions will be closed in periods of excess volatility as outlined in page

14 When a client deposits money with KVB, the client's funds are pooled with other client's funds and held in an account (segregated accounts) on trust for our clients and separate to KVB business operating accounts. When clients enter into a transaction, we are entitled to withdraw Margin from their account to cover the open position. This treatment meets the relevant legal requirements. We may choose to withdraw your margin in this manner, however this is not our current practice. We manage the segregated accounts by matching the client equity balances in our system with the client funds held on trust in the bank. This means that client's profit & loss results are transferred to (or from) the segregated accounts on a daily basis. It is important to note that your monies are pooled with other client's monies. Some client positions are loss making and others are profit making. All positions are managed as a pool, so your money may be used to cover the loss making positions of other clients on an intraday basis only. Any temporary use of funds in this manner will be reversed by close of business on the same day when we credit and debit client's accounts to reflect the true equity position for that day. As a general rule, we are not permitted to hold an excess or deficiency in the client segregated accounts, so we need to carefully manage this position on a daily basis in order to meet the relevant legal requirements. We have implemented a daily reconciliation procedure and we transfer the excess or deficiency of client accounts to the operating accounts on a daily basis. 14

15 About this Product Disclosure Statement This PDS has been prepared and issued by KVB. There are statements made throughout this PDS that are specific legal requirements, and others that are made in the spirit of full disclosure in a clear, concise and effective manner. Disclosure Requirement KVB Position Statement Client suitability We require that clients self assess their suitability to trade in CFDs. Clients must confirm their understanding of the risk involved in trading leveraged CFDs on the products offered by KVB, namely Currency Pairs (FX), Commodity and Indices. Opening Margin We accept deposits made via telegraphic transfer. All Margin funds must be cleared funds before KVB permits you to trade. (Note - KVB does not permit/accept payments from a Credit Card). Counterparty risk hedging KVB NZ has a number of counterparties which it uses to hedge positions. Arrangements with counterparties are commercial and in confidence. Counterparty risk capital KVB NZ employs risk management techniques and compliance procedures to monitor the capital exposure to its counterparties. KVB monitors KVB NZ compliance with its internal policies and procedures, and via our service agreement with KVB NZ we have the right to review in detail any internal documents supporting capital decisions. KVB NZ reports to the Board of KVB via the Group Audit, Risk & Compliance Committee at least quarterly. Counterparty risk liquidity KVB NZ employs risk management techniques and compliance procedures to monitor the liquidity exposure to its clients, including KVB and KVB's underlying clients. KVB Group monitors KVB NZ compliance with its internal policies and procedures, and have the right to review in detail any internal documents supporting liquidity decisions. KVB NZ reports to the Board of KVB via the Group Audit, Risk & Compliance Committee at least quarterly. Client money Client money is held on trust for clients in client segregated bank accounts. Client money is only used to meet the obligations of clients in relation to their trading activities, and is not available for use by KVB in its general operations. Intraday, client's money may be used to support the positions of other clients. At day end all P&L movements are processed to each client's equity account. Client money held in the bank is reconciled daily to the client position statement held in our ForexStar trading system. Halted or suspended underlying Some products refer to the underlying Index. Where a assets market is not trading the Index will not be available. Margin Please refer to page 21 for a detailed description of our policy. We have also included an example of a Margin call on page 29. Fees and costs Our fees and charges are very simple and generally consist only of the buy-sell spread and any overnight swap costs. These are referred to in detail on page

16 Information Subject to Change Information contained in this PDS is subject to change from time to time. Where the change relates to Fees and Charges, or is likely to have a detrimental effect on clients, we will give clients 30 days notice of such change. Updated information in relation to the products available for trading, swap costs and other less material information is available on the website or by contacting your KVB representative. Any information which is regarded as material will be updated by the issue of a supplementary or replacement PDS. Paper copies of any information will be provided upon request. You must provide such a request in writing and we will respond to you within 10 business days of receipt of your written request. 16

17 Fees & Charges You should read all the information about fees and costs because it is important to understand their impact on your investment. You can obtain this information through our website This document shows fees and other costs that you may be charged. These fees and costs may be deducted from your money or from the returns on your investment. Fees and costs may be deducted from your income, capital account or any combination of these. You should read all the information about fees and costs because it is important to understand the impact on your investment. Did you know? Small differences in performance and fees & charges can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your investment dollars rather than 1% could reduce your final return by up to 20% over a 30 year period (for example reduce it from 100,000 to 80,000). You should consider whether the features such as superior investment performance or provision of better services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the issuer or your financial adviser. To find out more If you would like to find out more, or to see the impact of fees based on your circumstances, the Australian Securities and Investments Commission (ASIC) website (https://www.moneysmart.gov.au/) has a managed investment fee calculator to help you check out the different fee options. This document shows fees and other costs that you may be charged. These fees and costs may be deducted from your money or from the returns on your investment. Fees and costs may be deducted from your income, capital account or any combination of these. You should read all the information about fees and costs because it is important to understand the impact on your investment. 17

18 Table of Fees and Charges Type of Fee or Cost Fees relating to opening and operating a CFD account Establishment Fee The fee to open your investment/account Contribution Fee The fee on each amount contributed to your investment/account Withdrawal Fee The fee on each amount you take out of your investment/account Amount Nil Nil KVB does not charge any withdrawal fee. However, the correspondent bank may charge around USD15.00 (or equivalent) for non-local currency payments. The Intermediary bank may also impose a charge to a beneficiary account. Fee for converting one currency to another Termination Fee The fee to close your investment/account Data Fee The fee to use our online trading platform, ForexStar Account Maintenance Fee Fees related to CFD trading Commissions - for mini accounts (if applicable) Nil Nil Nil USD5 (or equivalent) per week may be charged to accounts which remain inactive for more than three months with balances of USD50 or less (or equivalent) USD /per standard lot Adviser Service Fee The fee charge by your adviser for providing advice in relation to ForexStar Buy-Sell Spread The usual differential between our bid to buy and offer to sell Swap Costs The cost of holding positions open overnight Not applicable (between client and adviser) 0-50 pips for currency pairs and index points for indices 0-20% contract value Please note: fees and charges are correct at the time of printing this material but subject to change at KVB s discretion. 18

19 Additional Explanation of Fees and Costs KVB Fees KVB does not generally charge you a direct fee for our service. Our fees are instead generated from the spread between a buy and sell price for the Derivatives - the price at which we're willing to enter into the trade with you. The spread differs depending on which contract you enter however currently ranges between 0-50 pips for currency pairs and index points for other indices. If you earn interest on client funds held on trust (segregated accounts), KVB reserves the right to retain any interest earned and it will not be paid to the benefit of client accounts. Swap Points Open positions held overnight attract a "swap cost". This is essentially the prevailing interest rate differential on the currencies/commodities bought or sold. If for example you buy AUD against USD, and the AUD interest rate is higher than USD, you will receive interest. If you buy USD you will pay interest. Swap rates are determined by our counterparties and are available on our website. The Swap rate applicable is by reference to the dominant currency - that is the first in the presentation of the offer or, in the case of Commodities, KVB's prevailing funding rate. 19

20 Client Acceptance Clients must apply to use KVB Leveraged Trading. After reading this PDS and all other documents that together form the agreement with KVB (namely CSA) clients are invited to apply to KVB for access to the product. If you are accepted as a client: you must enter into a written Client Service Agreement with KVB. We do not carry on the business of dealing in futures contracts on behalf of any person other than a person who has entered into a written client services agreement with us, and then only in accordance with the terms of that agreement. you will be advised on where to deposit your trading funds an online trading platform account and password will be allocated to you we will process all of your trading and settlement instructions we will report to you 24/7 via our online trading platform 20

21 Margin Rights of Margin Contract Holders A Margin Contract works in a similar way to the underlying product and the value of a Margin Contract is derived from the related underlying product. However, Margin Contract holders do not actually hold the underlying product and may not enjoy the same rights as the holders of the underlying product nor are they entitled to sell or transfer ownership to another person or entity. When you apply to use KVB Leveraged Trading, you can choose the level of Margin applicable to your account. If you deposit NZD10,000 and request 5x leverage, you can place positions of up to the equivalent of NZD50,000 in value. If you request 100x leverage, and deposit NZD1,000 you can trade positions of up to the equivalent of NZD100,000. Similar mechanics apply to your account regardless of the account base currency. If at any time the price moves against your position such that your Margin is insufficient to cover any potential losses, we may make a Margin Call. Your additional deposit following the Margin Call allows us to keep the position open. In the event that the Margin Call remains unpaid, KVB has the right to close out any position and to recover any losses from you. For more details on our close out procedures, please refer to page 29. We may make a margin call by doing any/all of the following: sending a system generating message ing you calling you We are not obliged to make margin calls. 21

22 Trading Instructions Clients can process trading instructions into the online system. KVB is the counterparty to each client position, so you are entering into a derivative contract with KVB NZ. KVB NZ has appropriate risk management processes in place including reports and controls designed to manage liquidity risk and counterparty risk (including hedging and capital risks). KVB NZ has been operating this style of business since KVB NZ manages its risk exposures by hedging some transactions with a range of counterparties, and accepts some risks due to the natural hedging provided by clients taking positions opposite to other clients within the book. KVB NZ considers such transactions act as a natural hedge against each other. 22

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