KVB Kunlun Leveraged Trading Product Disclosure Statement

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1 Issued By: KVB Kunlun New Zealand Limited Last Update: 24 September 2014 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...10 About Trading Derivatives & CFDs...13 About this Product Disclosure Statement...15 Information Subject to Change...16 Fees & Charges...17 Table of Fees and Charges...18 Additional Explanation of Fees and Costs...19 Client Acceptance...20 Margin...21 Trading Instructions...22 Deposits & Withdrawals...23 Client Money...24 Client Reporting...25 Dealing in Derivatives Examples...26 Margin Call & Stop Out Example...29 Significant Risks...31 Significant Benefits...35 Other Features...36 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 1 lot. Our Commodities products include Gold, Silver 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 and the Hang Seng 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 or 0.1 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 5 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 Foreign Currency XAUUSD (Gold) XAGUSD (Silver) US Crude* Symbol Lot Size 100,000 base 100 ounce per lot 100 ounce per lot 1000 barrel per lot currency Target Spread Varies from pair US 0.06 to pair Minimum Trade Lot Minimum 0.5% 0.5% 1% 1% Margin Required Profit/Loss Calculation Mark-to-market Real Time Mark-to-market Real Time Mark-to-market Real Time Mark-to-market Real Time Roll-over Done daily at Done daily at Done daily at None (Swap Charge) prevailing market carrying cost prevailing market carrying cost prevailing market carrying cost 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 day* Trading Hours (GMT) (Daylight saving hours applied) * US Crude is based on a futures contract. Switch specifics apply to standard accounts only, not mini accounts. Switch Over at Expiry: 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) 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% 1% 5% 1% Required 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 -2.5%/Short -4% -2.5%/Short -4% Long - 1.7%/Short Long - 2%/Short - Long - 2%/Short - Long - 6%/Short-1% Long -2% / Short -1% Charge) -0.3% 1% 1% 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 0:00-2:00 3:30-6:00 Mon to Fri 1:45-4:30 6:30-8:15 Mon to Fri 1:30-3:30 5:00-7:00 Mon to Fri 23:55-06:25 Mon to Fri 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. Contract specifics apply to standard accounts only, not mini accounts. 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. All information provided in the tables above: 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. Contract Symbol Corn Soybean Copper Lot Size 5000 bushels 5000 bushels pounds Target Spread 2 cent 2 cent 0.7 cent Minimum Trade Lot Minimum Margin Required 5% 5% 2% Profit/Loss Calculation US 12.5 per lot US 12.5 per lot US 12.5 per lot Roll-over (Swap Charge) Long -1%/Short -1% Long -1%/Short -1% Long -1%/Short -1% Delivery Nondeliverable, cash settled at the end of last trading day Nondeliverable, cash settled at the end of last trading day Nondeliverable, cash settled at the end of last trading day Expiry Date FPD-2 FPD-2 FPD-2 Trading Hours (GMT) * Daylight saving hours applied Every day 0:00-12:45, 13:30-18:15 Sunday- Friday (NY Summer), Every day 1:00-13:45, 14:30-19:15 Sunday-Friday (NY Winter) * Close 1 hour earlier on expiry day Every day 0:00-12:45, 13:30-18:15 Sunday- Friday (NY Summer), Every day 1:00-13:45, 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 All information provided in the tables above: 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: 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 assets Some products refer to the underlying Index. Where a 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 ( 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 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 Fees related to CFD trading Commissions - for mini accounts only The fee charged on a % basis for your trades 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 Amount Nil Nil Nil Nil Nil Nil 0-20 USD per standard lot 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. 18

19 Additional Explanation of Fees and Costs KVB Fees KVB does not generally charge you a direct fee (apart from Commission for mini account) 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. We may also 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

23 Deposits & Withdrawals KVB accepts deposits in a variety of currencies. When you complete your application, talk with our representative who will advise you on where to deposit funds, depending on the currency involved. If you would like to withdraw funds, please complete the withdrawal form and speak to our representative. 23

24 Client Money For the sake of completeness, we make the following points about Client Monies: Client funds are held in accordance with the Client Money rules as outlined in the relevant legal requirements. Client funds are held on Trust for clients. Client funds are held in segregated client funds accounts and are comingled with other client funds. We may withdraw client funds (refer to page 14) from the client's account to meet their trading obligations. Trading obligations include providing adequate Margin, and covering fees and charges. Client funds may also be removed from their account to satisfy client directed withdrawal requests and in other situations set out in this PDS. 24

25 Client Reporting KVB provides 24/7 online reporting of all positions, equity and profit & loss for each client account. When positions are opened or closed, a trade confirmation is immediately forwarded to the client's trading platform. A monthly statement showing all transactions and the closing balance is sent to the account nominated by the client. 25

26 Dealing in Derivatives Examples This section provides hypothetical examples of how a leveraged Derivatives contract works. All reference prices are provided only for illustrative purposes. The examples provided should not be taken as an indication or as a commitment by KVB as to how these situations would actually apply to a specific contract. All foreign exchange prices are quoted as a bid/offer price, e.g. EUR/USD at In this example. the rate of is the rate at which you can buy the EUR against the USD. Foreign Currency Example 1: Buy AUD/USD Day 1 Buy1 lot AUD/USD at by paying 1% margin=aud 1000 (equivalent USD 990) Day 4 Close position 1 lot AUD/USD at Gross Profit USD 1000=(1-0.99) x 100,000 SWAP Cost USD 27.60=10x0.92 x 3 Net Profit* USD 1, *Based on long SWAP 0.92 Example 2: Sell AUD/USD Day 1 Sell1 lot AUD/USD at by paying 1% margin=aud 1000 (equivalent USD 990) Day 4 Close position 1 lot AUD/USD at Gross Profit USD -1000=(0.99-1) x 100,000 SWAP Cost USD =10 x-1.59 x 3 Net Loss* USD 1, *Based on short SWAP Long Position & Making a Profit Client A believes the EUR will strengthen against the USD. He therefore buys 1 lot (goes long), of EUR/USD at the offer price of He holds the position for 1 day and then closes the position the next day at the higher price of EUR/USD This will give him a gross profit of 150 points expressed as: Profit/Loss calculation: USD 100,000 x ( ) Gross Profit = USD 1, As this position was held overnight, an interest rate differential charge (swap cost) for 1 day will also apply to this trade. Bought (long) EUR/USD receive 0.3 points ( ) per day Sold (short) EUR/USD pay 0.4 points ( ) per day Profit calculation USD USD 100,000 x = interest received USD , Total profit = USD 1,

27 Long Position & Making a Loss Client B believes that the EUR will strengthen against the USD. She therefore buys (goes long) 1 lot (100,000) of EUR/USD at the offer price of The position is held for 1 day but the EUR drops against the USD and the position is closed the next day at EUR/USD This will give a loss of 92 points expressed as: Loss calculation: USD 100,000 x ( ) Gross Loss = USD 920 As the position was held overnight for 1 day there will also be a financing change that will apply to this trade: USD100,000 x = interest receivable USD 3.00 Loss of USD = (USD ) Total loss = USD Short Position & Making a Profit Client D believes the GBP will weaken against the USD from the current level of GBP/USD She therefore sells (goes short) 1 lot (100,000) GBP/USD at the bid price of She holds the position overnight when the price has then moved down to GPB/USD she closes the position at , making a profit of: Profit/Loss calculation: USD 100,000 x ( ) Gross Profit USD 850 As the position was held overnight a swap cost will also apply to this trade of 0.6 points which will be a cost. USD100,000 x = interest payable USD 6.00 Trading profit USD Total profit = USD Short Position & Making a Loss Client C believes the GBP will weaken against the USD from the current level of GBP/USD He therefore sells (goes short) 1 lot (100,000) GBP/USD at the bid price of He holds the position for 1 day and the price unfortunately moves up to GBP/USD he closes the position at the offer price, giving a loss calculated as: Loss of USD 1000,000 x( ) Total loss USD 450 As this position was held for 1 day an interest rate change (swap cost) will also apply to this trade. USD 100,000 x = interest payable (USD 6.00) Loss of USD = (USD ) Total loss = USD Bought (long) GBP/USD receive 0.5 points ( ) per day Sold (short) GBP/USD pay 0.6 points ( ) per day 27

28 Commodities EXAMPLE 1: Buy XAU/USD Day 1 Buy 1 lot XAU/USD at by paying 1% margin=usd Day 4 Close position 1 lot XAU/USD at Gross Profit USD 1,270.00=(1, ,392.5) x 100 SWAP Cost USD =1,392.5 x 100(-2.1%)/360 x 3 Net Profit* USD 1, *Based on financing rate of -2.1%. Long positions incur a financing cost. The minimum tradable lot is 1 lot. EXAMPLE 2: SELL XAU/USD Day 1 Sell 1 lot XAU/USD at by paying 1% margin=usd Day 4 Close position 1 lot XAU/USD at Gross Profit USD -1,270.00=(1, ,405.2) x 100 USD SWAP Cost USD -2.32=1,392.5 x 100(-0.2%)/360 x 3 Net Profit* USD -1, *Based on financing rate of -0.2%. Short positions incur a financing cost. The minimum tradable lot is 1 lot. Index EXAMPLE 1: Buy Dow Jones Industrial Average Index Day 1 Buy 1 lot DJI30 at 13,250 by paying 5% margin=usd Day 5 Close position 1 lot DJI30 at 13,600 Gross Profit USD =13,600-13,250 SWAP Cost USD -3.09=13,250 x (-2.1%)/360 x 4 Net Profit* USD *Based on financing rate of -2.1%. Long positions incur a financing cost. The minimum tradable lot is 1 lot. EXAMPLE 2: Sell Dow Jones Industrial Average Index Day 1 SELL 1 lot DJI30 at 13,250 by paying 5% margin=usd Day 5 Close position 1 lot DJI30 at 13,600 Gross Profit USD =13,250-13,600 SWAP Cost USD -0.29=13,250 x (-0.2%)/360 x 4 Net Profit* USD *Based on financing rate of -0.2%. Short positions incur a financing cost. The minimum tradable lot is 1 lot. 28

29 Margin Call & Stop Out Example William opens a standard USD margin account with the following features: minimum margin requirement as 1%, stop out 20%, initial deposit of USD 5000 He buys a standard lot Pays margin 1% = AUD 100,000 x 1% = AUD 1000 = USD AUD/USD If AUD/USD rate drops, William will incur a loss due to the market movement. When his margin level is less than 60%, he will need to provide additional margin in order to secure his position. Calculation formula: Margin Level=Equity/Margin If AUD/USD rate keeps decreasing, i) when the margin level hits 60%, there will be a margin call and William will require to top up the margin level to the initial margin of USD 990. Margin call point = Margin level 60% Equity at margin call point = 990 x 60% = USD 594 Margin call amount = USD 990 USD 594 = USD 396 ii) when the margin level is less than 20%, his position will be stopped out. Stop out point*=margin level 20% Equity at stop out point=990 x 20% =USD 198 Calculation details Account details Amount (USD) Calculation steps Balance: 5,000 1 P/L: (4,406) 2 Swap: # 3 Equity: 594 4=1+2+3 Margin call : 396 5=4-9 P/L: (4,802) 6 Swap: # 7 Equity: 198 8=1+6+7 Margin: Free Margin: (4,010) 10=1-9 Stop out Level: 20% 11=8/9 *Stop out level 20%: our dealer will stop out positions for clients at the best available market price. For multiple open positions, the Position with largest loss will be closed out first, and so on, until the margin level is back within required limits. 29

30 # Swap calculation method can be viewed in the previous examples. 30

31 Significant Risks Dealing in Derivatives The use of Derivatives can result in large gains and/or losses due to the use of leverage. Derivatives allow investors to earn large returns from small movements in the underlying asset's price (in KVB's case we only provide a range of Derivatives on currency pairs and a small number of Commodities and Indices paired against the USD). However, you could lose large amounts if the price of the underlying asset moves significantly against you. The risks of loss in dealing in Contracts can be substantial and can exceed any deposit or margin that has been provided to cover the Contracts. Potential Magnified Loss If clients are borrowing the capital from other parties to fund their Margin account, the risks associated with a Derivative contract will be even higher. With a leverage of times, a 1% loss suffered from the trading will result in a % loss when trading Derivative contracts with leverage. The loss is in addition to any other fees such as swap points, interest and commission expenses. Involuntary Close-Out Clients are required to monitor their Margin level in order not to be "stopped out" when the Margin falls below the stop out level. For example, Client A is entering into a Derivative contract with a value equivalent to US 100,000 and deposits US 1000 into the Trading Account as Margin (assuming the leverage is 100x ). If client A has a stop out level of 50%, his position may be closed by KVB when the equity falls below US 500 (50% of US 1000). If a client has multiple positions, the dealer/system will close out the position with the largest loss first, and so on, until the margin level is back within required levels. Subject to market volatility, KVB does not guarantee the close-out can be done in a timely manner, and the client may go into negative equity if the underlying position has gapped against the client position due to large movements in price. In the case of a negative equity position, the client owes KVB the balance. The stop-out level may be changed at any time at KVB's absolute discretion and without prior notice. It is very important that clients retain sufficient Margin in their Trading Accounts to cover their open positions. Otherwise, the positions in their Trading Account will be closed-out by KVB when the Margin level falls below the threshold percentage. This close-out feature is designed to limit the potential loss of the client, KVB and any counterparties. However there is no guarantee that the positions can be closed, and you will be liable to KVB for any shortfall. In certain market conditions, it may be difficult or impossible to liquidate your position. You may not be able to liquidate the Derivatives position to gain profits or even to prevent larger losses. Drastic price changes can occur in a short period of time, in an inactive or illiquid market, under severe changes in economic or political conditions, as a result of a catastrophe, or when trading of financial products is being limited by regulatory authorities, and during communication interruptions. In such conditions, even though you can liquidate your position, you may be forced to execute it at a price that may cause a substantial loss. A demonstration of how involuntary stop out operates is outlined on page

32 Risk of Loss Greater than Amount of Margin Deposited You may sustain a loss greater than your initial Margin. You will be required to pay further funds representing any additional losses and other fees on the open and closed Derivative positions. For example, if the initial Margin payable (at the time a Contract is established in respect of AUD/USD) is USD1,000 and the market moves against the client's position, the client could lose much more than the initial USD1,000 deposited to open the position. A demonstration of how losses greater than initial capital can occur is outlined on page 26. System Disruption The ability to trade Derivatives Contracts smoothly depends on the continued operation of the online platform, and the internet connection and personal computer(s) that are used to access it. A failed operation of any of those crucial elements will result in delays or failures to place orders and trade Derivatives contracts. KVB makes every endeavour to ensure system stability but cannot take any responsibility for financial losses resulting from any of the above mentioned events. Clients should contact KVB immediately for assistance should they encounter any problems affecting their online trading activities. No Guaranteed Orders Stop-loss orders and limit orders may not be accepted, or may be executed at a different price to the one specified by you if the price of the Margin Foreign Exchange Contracts moves suddenly. In this case any loss that yields from this investment may be higher than your expectations. Liquidity Under certain conditions it may become difficult or impossible for you to close out your position(s). This can occur when there is a significant change in the price of the underlying asset over a short period of time. Some international markets may have a lower trading volume than other more liquid international markets, which may increase the risk that the liquidity of a currency is decreased or removed from the market due to unforeseen economic, political, natural disasters or catastrophic events. Deregulated Market CFDs are OTC derivatives that allow you to take a position in relation to the underlying Contracts. This product is not traded or regulated by any exchange, and therefore does not provide you with any of the protections currently available to transactions made in those traditionally regulated markets. 32

33 General Market and Interest Rate Risk Currencies, swap points, interest rates and the value of the underlying Margin Foreign Exchange Contract can go up or go down. If the swap points increases at the time when you hold a position, you will incur a higher financial expense (in effect a holding cost). In addition, other factors such as economic cycles, the profitability of companies and different market sectors, business confidence and government policies can also affect both the underlying asset performance and interest rate movement. Information Technology There is a risk that information technology may fail. KVB has taken every appropriate measure to ensure that our systems are operated in a safe and secure manner, they are regularly maintained and we have appropriate back up procedures. Nevertheless, we cannot guarantee that the systems will never fail. You should regularly check your account and your open trade positions and report any discrepancies or irregularities immediately. You should also ensure that you have the right equipment available (hardware and software) to operate the systems. Foreign Exchange Exposure When you deal in a Contract that is denominated in a currency other than the denominated currency of your Trading Account, all initial Margin, profits, losses, credits and debits in relation to that Derivative contract are calculated using the currency in which the account is denominated. Accordingly, your profits and losses may be affected by fluctuations in the relevant exchange rate between the time the transaction is entered into and the time the relevant conversion of currencies occur. The foreign exchange market can change rapidly and you will be exposed to foreign exchange rate volatility during the term of the Contract. Counterparty Risk KVB is the counterparty to all of your transactions. Should KVB's business fail, you may not receive your investment returns. This risk is managed and we do not believe is material since we are a well established business, with strong historical performance, good risk management systems and a solid capital base. Spread Costs KVB generates its revenues from spreads. This is the difference between the price we can enter a position and the price we offer to you. It is generally in the vicinity of zero to 100 points. However we retain the right to amend the spread for any reason. Conflicts of Interest 33

34 We do not believe that KVB has any conflicts of interest with our clients. We are the counterparty in every transaction with you. We do however have a conflicts of interest policy so that if and when a conflict or perceived conflict arises, we have appropriate measures in place to deal with it. Other This statement does not disclose all of the risks and other significant aspects involved in dealing Derivatives. The client should therefore study dealing in Derivatives carefully before becoming involved in it. 34

35 Significant Benefits Potential Magnified Return Clients who enter into Derivative contracts can potentially receive a higher return than a normal currency investment, due to the characteristics of leverage trading. In addition, clients need not commit to the whole amount of their investment; only a small portion is needed to be paid as Margin. Hedging and Speculation Clients can use Derivative contracts to hedge exposure to a position in the underlying asset, as well as speculate with a view to profiting from market fluctuations. Derivative contracts allow the client to take an exposure to a particular underlying instrument or security without the need to buy or sell the underlying instrument. Diversification KVB offers you a range of currencies to trade Derivative contracts on, which allows clients a wide variety to invest in, and provides the advantage of diversifying their risks. Short Selling Derivative contracts allow you to obtain the benefits of short selling currency without being subject to the restrictions and reporting requirements imposed on short selling the actual asset or the need to borrow the actual asset in order to sell it. 35

36 Other Features Tax Treatment The following information is relevant to trading in CFDs: Trading gains will generally be treated as assessable income for NZ tax purposes Trading losses will generally be treated as allowable deductions for NZ tax purposes Interest received and paid Swap will generally be assessable income but not an allowable deduction respectively KVB does not provide any Taxation Advice, and the explanation above is very simple in nature and covers conceptual issues only. We suggest that you discuss the implications of dealing in Derivatives via KVB with a specialist tax adviser who is aware of your specific circumstances. Cooling Off No cooling off rights or periods apply in respect of your dealing in Derivatives with KVB. Privacy We require you to provide us with certain information in your dealings with us. It is KVB's policy to respect confidentiality and privacy of individuals. This Privacy Statement sets out the ways KVB manages your information. KVB is required to collect certain information in order to provide financial services and satisfy your needs in customer services from time to time. The requested information may include but is not limited to your name, date of birth, address, address, telephone number, identification document particulars, income and employment details, etc. The internet service provider of KVB may also record your information upon your access to our website including but not limited to your domain name, time of access, contents you access and type of browser. If you choose not to supply information as requested, we may not be able to provide our services to you. Your information may be used for the purpose of daily operation of the service provided to you, managing your account, reviewing your ongoing needs, improving and enhancing customer service and products, promoting and marketing investment, dealing or related services and products, and providing information or opportunities that may be relevant to you. KVB will take reasonable steps to protect your information from unauthorized access or use by third parties. Depending on the business operation and product and services concerned, KVB may be required to disclose your information to: (a) any agent or third party service provider of KVB; (b) associated or affiliated companies within KVB who will undertake to keep such information confidential; (c) any person or institution with which you have or propose to have dealings; 36

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