Order Execution Policy 指令執行政策 · 2020. 2. 6. · Forex Capital Markets Limited | 7...

Order Execution Policy 指令執行政策

Forex Capital Markets Limited 福匯英國

Forex Capital Markets Limited | 7 September 2018 Forex Capital Markets Limited | 2018年9月7日 Authorized and regulated by the Financial Conduct Authority 獲金融行為監管局(FCA)認可及監管

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Table of Contents 1 Introduction ................................................................... 3

2 Application of Best Execution Obligation .................. 3

3 Client Types ................................................................... 4

4 Best Execution Factors and Criteria .......................... 5

5 The Role of Price .......................................................... 6

6 Execution Venues and Liquidity Providers ................ 6

7 Additional Disclosures ................................................. 7

8 Basis of Execution & Execution Venues .................... 7

9 Trading hours .............................................................. 10

10 Order Execution Risks ............................................. 10

11 Order Handling ......................................................... 11

12 Specific Instructions ................................................ 12

13 Monitoring and Review ........................................... 13

Annex I ............................................................................ 14

目錄 1 引言 ................................................................................. 3

2 最佳執行責任的應用 .................................................... 3

3 客戶類型 ......................................................................... 4

4 最佳執行因素及標準 .................................................... 5

5 價格的作用 ..................................................................... 6

6 執行地點及流通量提供者 ............................................ 6

7 附加披露 ......................................................................... 7

8 執行基準及執行地點 .................................................... 7

9 交易時間 ...................................................................... 10

10 指令執行風險 ........................................................... 10

11 指令處理 ................................................................... 11

12 特定指示 ................................................................... 12

13 監察及審查 ............................................................... 13

附錄一 ......................................................................... 14


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1 Introduction 引言 As required by the Markets in Financial Instruments Directive II (“MiFID II”) this document (the “Policy”) sets out Forex Capital Markets Limited’s and its branches (collectively referred to as “FXCM Ltd.” or the “Firm”) Order Execution Policy and complying with the arrangements for the obligation to take all sufficient steps to obtain the best possible outcome for client orders. As detailed in the FXCM Ltd. Terms of Business, clients have consented to their transaction being handled in accordance with this Order Execution Policy. 根據歐盟金融工具市場法規（“MiFID II”）的要求，本文件（“政策”）規定了福匯英國及其分支機構（統稱為“福匯英

國”或“本公司”）的指令執行政策和履行採取一切充分措施讓客戶指令獲得最佳結果的義務的安排。如福匯英國的業

務條款所述，客戶已同意依照本指令執行政策來處理其交易。

1.1 Background 背景 FXCM Ltd. is a member of the FXCM Group of Companies, being FXCM Group LLC and its subsidiaries (“FXCM Group”). 福匯英國是福匯集團（即 FXCM Group LLC 及其附屬公司[統稱“福匯集團”]）的成員。 FXCM Ltd. is required to put in place an Order Execution Policy and to take all sufficient steps to obtain the best possible outcome for clients who are legitimately relying on FXCM Ltd. for the execution or receipt and transmitting of client orders in financial instruments as defined in Annex 1 Section C of MiFID II (“Best Execution”). An order is an instruction to buy or sell a financial instrument that is accepted by FXCM Ltd. for execution or transmission to a third party and which gives rise to an agency or contractual obligation to the client. 如 MiFID II C 部分附件 1 所述，福匯英國必須制定指令執行政策，並採取一切充分的措施，為合法依靠福匯英國執

行、接收或傳送金融工具指令的客戶獲得最佳結果（“最佳執行”）。指令是指福匯英國接受的用以執行或傳遞至第

三方的買賣金融工具指示，且該等指示會產生對客戶的代理或合同義務。

2 Application of Best Execution Obligation 最佳執行責任的應用

FXCM Ltd. is obliged to provide Best Execution taking into account the execution factors (noted below) where FXCM Ltd. acts on behalf of a client. 福匯英國有責任提供最佳執行，並考慮福匯英國代表客戶行事的執行因素（如下文所述）。 In circumstances where FXCM Ltd. acts as principal on own account and does not consider it acts on a client’s behalf and does not assume responsibility to provide Best Execution, FXCM Ltd. will notify a client so that they are properly informed. 當福匯英國作為其賬戶的主事人，其並不代表客戶行事，亦無責任為客戶提供最佳執行的情況下，福匯英國將會通

知客戶，以便客戶得到適當的通知。 Following a reasonable request from a client, FXCM Ltd. shall provide additional information about this policy and the execution venues listed herein. 在客戶的合理要求下，福匯英國應提供關於本政策及本文所列出執行地點的更多信息。 Whenever there is a specific instruction from a client, FXCM Ltd. shall execute the order following the specific instruction and compliance with that specific instruction will be treated as satisfaction of the Best Execution obligation. 每當客戶發出特定指示，福匯英國應依照該特定指示來執行指令，而遵守特定指示將被視作履行最佳執行責任。 For the avoidance of doubt, an order is an instruction to buy or sell a financial instrument that is accepted by FXCM Ltd. for the execution or onward transmission to a third party and which gives rise to contractual or agency obligations to the client. Implicit in the instruction received will be the understanding that the client is relying on FXCM Ltd. to protect its interests in relation to pricing or other aspects of the transaction that may be affected by how FXCM Ltd. or the other entity to which the order is transmitted to executes the order. 為免存疑，指令是指福匯英國接受的用以執行或傳遞至第三方的買賣金融工具指示，且該等指示會產生對客戶的代

理或合同義務。所接收到的指示將被理解為客戶依靠福匯英國保護其與價格或交易其他方面有關的權益，而該權益

可能受福匯英國或接收指令的其他實體執行指令方式的影響。 As detailed in the FXCM Ltd. Terms of Business, clients are deemed to have consented to their transactions being handled in accordance with this Order Execution Policy. 如福匯英國業務條款中闡釋，客戶被視為已同意按照本指令執行政策來處理其交易。


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3 Client Types 客戶類型 A client’s regulatory classification, as detailed below, influences the determination of whether a client is ‘legitimately relying’ on FXCM Ltd. to protect their interests, and as such whether Best Execution is owed. 如下所述，客戶監管分類會影響判斷客戶是否對福匯英國“合法依賴”以保護其利益的確定，無論最佳執行情況如何。 Retail clients: Retail clients are always deemed to legitimately rely on FXCM Ltd. to protect their interests, and as such, the Best Execution obligation is deemed to apply whenever FXCM Ltd. transacts with Retail clients, except where a specific instruction has been provided. 零售客戶：零售客戶被視為對福匯英國合法依賴以保障其利益的客戶，因此最佳執行責任適用於福匯英國與零售客

戶於任何時候進行交易的情況，除有提供特定指示的情況外。

Professional clients: FXCM Ltd. will determine whether Professional clients are legitimately relying on the Firm to deliver Best Execution in relation to their orders. 專業客戶：福匯英國將確定專業客戶是否合法依賴於本公司提供與其指令相關的最佳執行。 - Four-fold test: In order to determine whether a Professional client is ‘legitimately relying’ on FXCM Ltd. in relation

to a particular client order (whereby Best Execution is therefore owed to the client), the following four factors are considered by FXCM Ltd.:

- 四項測試：為了確定專業客戶是否“合法依賴”福匯英國完成特定客戶指令（即向該等客戶提供最佳執行），福

匯英國將考慮以下四個因素：

o Which party initiates the transaction: where it is FXCM Ltd. that ‘initiates’ a transaction the client is more likely to place ‘legitimate reliance’ on FXCM Ltd. in this context, ‘initiate’ means where FXCM Ltd. approaches a client regarding a potential transaction; 交易發起方：如果交易活動由福匯英國發起，客戶極有可能對福匯存在合法依賴，在這裡，“發起”是指福匯英國就潛在交易接洽客戶；

o Question of market practice and the existence of a convention to “shop around”: a client’s ability to look to other providers for Best Execution; 市場實踐問題和存在“貨比三家”的慣例：客戶尋求其他供應商以實現最佳執行的能力；

o The relative levels of price transparency within a market: In certain markets transparent prices may

not be readily available to clients, and this indicates that the Best Execution obligation is more likely to apply; and 市場內價格透明度的相對水平：在某些市場，客人可能無法隨時取得透明的市場價格，這就表明運

用最佳執行責任的可能性大大提高；以及

o The information provided by FXCM Ltd. and any agreement reached. 福匯英國提供的信息及達成的任何協定。

FXCM Ltd. recognises that Professional clients will be relying on the Firm to provide Best Execution and the Firm will therefore execute their order in line with this policy. However, in certain circumstances the Firm’s determination of the relative importance of the execution factors may differ from Retail clients including for example where the likelihood of execution may take precedence over price. 福匯英國認識到，專業客戶將依靠本公司提供最佳執行，因此本公司將根據本政策執行其指令。但在某些情況下，

公司確定執行因素的相對重要性可能與零售客戶不同，包括執行可能性可能優先於價格等。

Eligible Counterparties: The Best Execution obligation is deemed not to apply when dealing with Eligible Counterparties. 合格交易對手：在與合格交易對手打交道時，最佳執行責任被視為不適用。 All FXCM Ltd. employees who, on behalf of Professional or Retail clients, either execute client orders or pass orders for execution to other entities must ensure such activities are conducted in accordance with this policy. 所有福匯英國員工在代表專業或零售客戶執行客戶指令時或把要執行的指令轉給其他實體時，必須確保這些活動依

照本政策執行。


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Market Practice conventions – in certain wholesale markets there is a common practice or convention to shop around and obtain quotes from a number of dealers prior to a client executing a transaction. One existence of such practice indicates that a client is less likely to place a legitimate reliance upon FXCM Ltd. for Best Execution of the order. 市場實踐慣例 - 在某些批發市場中，常見的做法和慣例是在客戶執行交易前，多方打探並獲得一些經銷商的報價。

這種做法的存在表明客戶不太可能合法依賴福匯英國以達到指令的最佳執行。 Relative levels of transparency – in certain markets transparent prices may not be readily available to clients, and this indicates that the Best Execution obligation is more likely to apply. 相對透明性 – 在某些市場，客人可能無法隨時取得透明的市場價格，這就表明運用最佳執行責任的可能性大大提高。

4 Best Execution Factors and Criteria 最佳執行因素及標準 FXCM Ltd. shall adhere to Best Execution requirements when executing client orders or when routing them to other market centres, and will take steps to achieve the best result in accordance with this policy. When determining the strategy for execution of a client’s order FXCM Ltd. will take into account certain factors as appropriate, in the context of the terms of the client’s order. Factors FXCM Ltd. may consider include, but are not be limited to: 福匯英國在執行客戶指令或傳送客戶指令至其他市場中心時須遵守最佳執行要求，並將依據本政策採取措施以獲得

最佳結果。當決定執行客戶的指令策略時，福匯英國將會把客戶的指令類別作為考慮因素。福匯英國可能考慮的因

素包括但不限於：

• Price; 價格; • the need for timely execution; 及時執行的需要; • market liquidity; 市場流通量; • the size of the order; 指令的大小; • likelihood of execution; 執行可能性; • settlement, costs of the transaction; 結算、交易成本; • nature of the transaction, including whether it is executed on a regulated market, multilateral trading facility

or over the counter ; and, 交易性質，包括在監管市場，多邊交易設施或場外交易上是否被執行; 以及 • any other consideration relevant to the execution of the order. 任何與該指令的執行相關的其他因素。

The costs of transaction include all expenses incurred by the client that are directly relating to the execution of orders, including in particular execution venue fees, clearing and settlement fees, and any other fees paid to third parties involved in the execution of the order. FXCM Ltd. will also take into account its own commission and costs for executing the order on each eligible execution venue. 交易成本包括客戶產生的與執行指令直接相關的所有費用，包括執行地點費用、結算與交割費用以及支付給參與執

行指令的第三方的任何其他費用。福匯英國也會考慮其在每個合格執行地點執行該指令的佣金及成本。 In the absence of specific instructions from the client, FXCM Ltd. will exercise its own judgment, skill and experience having regard to available market information when determining the factors that it needs to take into account for the purpose of providing the client with Best Execution. 在客戶沒有發出特定指示的情況下，福匯英國將針對現有的市場信息運用其判斷、技術和經驗來確定需要考慮的因

素，以為客戶提供最佳的執行結果。 The diverse markets for different financial instruments and the types of orders that clients place with FXCM Ltd. means that different factors could be applicable in each case when FXCM Ltd. considers its execution strategy for each order received. For example, there is no formalised market for some over the counter transactions, in some markets price volatility may mean that timeliness of execution is a priority, whereas in an illiquid market the fact of execution may itself constitute Best Execution. 不同的金融工具市場及客戶向福匯英國提交的指令類型的多樣性意味著，福匯英國在執行其收到的每個指令的策略

時，會因不同因素而異。例如，某些場外交易缺乏正式市場，在某些波動較大的市場中及時執行是當務之急，而在

流通量市場能成交已是最好的執行。 In extreme volume and volatility situations, exchange system constraints may require automated trading systems to be switched off and/or electronic routing to be suspended in favour of manual execution. Such events lead to further execution delays and increased market volatility. 在極端成交量和波動的情況下，外匯系統受限可能需要關閉自動交易系統及/或暫停電子路由以便於手動執行。此類


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事件導致進一步執行延遲和增加市場波動。 When executing a client’s order, as well as the factors relevant to the client’s order FXCM Ltd. will take into account the following ‘Execution Criteria’: 在執行客戶的指令時，除了考慮客戶指令相關的因素，福匯英國還將考慮以下「執行標準」：

• Characteristics of the client ; 客戶特點； • Characteristics of the client’s order ; 客戶指令的特點； • Characteristics of the relevant financial instrument; and, 相關金融工具的特點；以及 • Characteristics of the execution venues to which the order can be directed. 指令可能會傳送至該處的執行地

點的特點。

In general, FXCM Ltd. regards price as being one of the most important considerations when seeking to obtain the best possible result for clients. In addition, the Financial Instrument to which the order relates dictates to a large extent the determination and ranking of the relative importance of the Execution Criteria. 一般而言，福匯英國認為價格是為客戶取得最佳結果時最重要的考慮因素之一。此外，與指令相關的金融工具在執

行標準上也是一個主要的考慮因素，並佔據相對重要的位置。 However, in certain circumstances FXCM Ltd. may decide in its absolute discretion that other factors noted above, may be more important than price when determining the best possible result in accordance with this policy. 但於某些情況下, 福匯英國依據本政策以確定最佳的執行結果時具有酌情決定權，上述的其他因素可能比價格更為重

要。 For Retail clients, the best possible result will be determined in terms of the total consideration, represented by the price of the financial instrument and the costs incurred by the client related to execution. Retail clients will be provided with a summary of this policy, along with a link to FXCM Ltd.’s most recent Quality of Execution report. 零售客戶將在通盤考慮的情況下獲得最佳的執行結果，這反映在金融工具的價格以及與執行相關的成本上。零售客

戶將獲得本政策的摘要以及福匯英國的最新執行質量報告的鏈接。 Where an algorithm is used in the execution of a client order then the choice of that particular algorithm is not considered to be a form of specific instruction. The exception of this being where client seeks customisation of FXCM Ltd.’s algorithms to meet their own needs, in which case a specific instruction is deemed to have been provided with respect to any such customisation. 如果計算程序應用於客戶指令的執行，那麼特定計算程序的選擇不作為一種具體指令形式。但以客戶尋求福匯英國

計算程序的定制方案並滿足自身需求的情況為例外，在這種情況下，此類定制模式都將被視為已經提供了特定指示。

5 The Role of Price 價格的作用 It is the general policy of FXCM Ltd. for all client transactions not to give execution factors other than price and costs precedence unless they are instrumental in delivering the best possible result in terms of total consideration to the client. FXCM Ltd. reserves the right to move clients to alternative price streams at any time without prior notice. 福匯英國對所有客戶交易的一般政策為執行因素對於客戶的通盤考慮取得最佳結果有著關鍵性作用，否則不會考慮

價格及成本優先以外的執行因素。福匯英國保留隨時把客戶轉移至其他價格流而不事先通知的權利。

6 Execution Venues and Liquidity Providers 執行地點及流通量提供者

Subject to any specific instructions from a client, FXCM Ltd. may use one or more venues and basis of execution to enable it to obtain the best possible result on a consistent basis when executing an order on the client’s behalf: 根據客戶的特定指令，福匯英國可能使用一個或多個地點和執行依據，使其在代表客戶執行指令時獲得一致的最佳

結果： • Regulated markets; 受監管市場； • Multilateral Trading Facilities; 多邊交易設施； • Organised Trading Facilities; 組織化交易設施； • Internal sources of liquidity (i.e. matching client orders) ; or, 流通量的內部來源（如：匹配性客戶指令）；或 • Third party investment firms and brokers that may trade proprietary position, act as market makers, or as


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liquidity providers. 第三方投資公司和經紀商，其可能交易所有權，並作為市場指標或者流動量提供者。

Please refer to Annex I of this Policy for a list of the Firm’s execution Venues. Where applicable, whenever a client places an order with the Firm, FXCM Ltd. shall be entitled in its absolute discretion and without reference to the client to select the venue for executing the order. Subject to any specific instructions, in order to select an execution venue for an order FXCM Ltd. will apply the following methodology: 請參閱本政策附件一，以獲得瞭解本公司的執行地點列表。如適用，無論何時客戶下達指令，福匯英國具有絕對酌

情權且無需參考客戶來選擇執行指令的地點。根據任何特定的指令，為了選擇指令的執行地點，福匯英國將採用以

下方法：

• When carrying out orders on a regulated market, Multilateral Trading Facility (“MTF”), or Organised Trading Facility (“OTF”), FXCM Ltd. will select the Execution Venue that it considers the most appropriate; 在受監管市場、多邊交易設施（MTF）或組織化交易設施（“OTF”）執行指令時，福匯英國將選擇其認為最合

適的執行地點； • For financial instruments admitted to trading on a regulated market, MTF, or OTF where FXCM Ltd. believe an

order can be executed to a client’s advantage or at no disadvantage to a client FXCM Ltd. may transmit an order to, or execute an order on, an Execution Venue that is outside a regulated market, MTF, or OTF; 對於適用於在受監管市場、多邊交易設施或組織化交易設施進行交易的金融工具，當福匯英國認為某指令的

執行對客戶有利或對不存在不利的情況時，福匯英國可以在受監管市場、多邊交易設施或組織化交易設施以

外的執行地點進行指令的執行或傳遞； • For a financial instrument not admitted to trading on a regulated market, MTF or OTF, FXCM Ltd. will select the

execution theme that is considered the most appropriate; and 對於不適用於在受監管市場、多邊交易設施或組織化交易設施的金融工具，福匯英國將選擇其認為最適合的

執行主題；以及 • Where FXCM Ltd. believes that an order can be executed to a client’s advantage or at no disadvantage to a

client an FXCM Group entity may be used as the Execution Venue. 如果福匯英國認為某指令的執行於客戶有利或不存在不利的情況時，福匯集團實體可作為執行地點。

The following applies to Retail and Professional clients. Subject to any specific instructions from a client, FXCM Ltd. may use one or more venues and basis of execution to enable it to obtain the best possible result on a consistent basis when executing an order on the client’s behalf. 以下適用於零售及專業客戶。受客戶的任何特定指示所約束，福匯英國代表客戶執行指令時，可能會使用一或多個

地點及執行基準，藉以在一致的基礎下取得最佳結果。 FXCM Ltd. is the counterparty to all trades a client undertakes and there is no counterparty relationship created between a customer and any liquidity provider. 福匯英國是客戶進行的所有交易的交易對手方，客戶與任何流通量提供者之間沒有建立交易對手關係。

7 Additional Disclosures 附加披露 FXCM Group uses Jefferies Financial Services Inc. (“JFSI”) as a prime broker for FX trading and as a price source for FX trading. FXCM Group pays JFSI a prime broker fee for the prime broker services. Leucadia National Corporation is a common owner of both FXCM Group and JFSI. While JFSI is a price source for FX trading, in the products where JFSI is a price source, orders are routed based on the best bid and best offer received from the different price sources. In the event of a tie between two price sources the matching engine will randomly select which price source executes the trade subject to other execution criteria such as speed or likelihood of execution and the characteristics of the client. Jefferies Financial Services Inc（JFSI）作為福匯集團的主機構經紀，亦為福匯集團提供外匯交易的報價。福匯集團

會向 JFSI 支付主機構經紀服務的經紀費用。福匯集團和 JFSI 的實益擁有人均為 Leucadia National Corporation。雖然

JFSI 提供外匯交易的報價，但在由 JFSI 提供報價的產品中，指令的傳送是根據從不同報價來源接收到的最佳買入價

和賣出價。當兩個報價相同時，匹配引擎將根據執行速度或執行可能性及客戶特點等其他執行標準隨機選擇其中一

個報價執行交易。

8 Basis of Execution & Execution Venues 執行基準及執行地點

8.1 Execution Model 執行模式 FXCM Ltd. may act as the market maker. Thus, the Firm's compensation may not be limited to a commission or mark-up


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and interests may be in direct conflict with a client. Additionally, FXCM Ltd. faces market risk as a result of entering into trades with clients. The Firm may rely on third party price providers as a price reference and/or as a hedging counterparty to selectively hedge some client orders, however the Firm may also make its own price and may also act as the market maker for the clients orders. While FXCN Ltd. may hedge some client orders, other client orders may not be hedged and the Firm may take the risk of holding the position opposite of the client. 福匯英國可能擔任做市商。因此，本公司的報酬可能不僅限於佣金或標高點子，且本公司的利益可能會與客戶的利

益有直接衝突。此外，福匯英國會因與客戶進行交易而面臨市場風險。本公司可能依靠第三方價格提供者作為價格

參考及/或作為對沖交易對手來選擇性地對沖部分客戶指令；但是，本公司也可以自行定價，並擔任客戶指令的做市

商。儘管福匯英國可能對沖某些客戶指令，但其他客戶指令可能無法對沖，且本公司可能承擔持有與客戶相反之倉

位的風險。 In a volatile market by virtue of inevitable latency in the electronic trading system (principally between the client’s internet access and the Firm’s server), the quoted price may have moved before the order instruction is received. 在波動的市場中，由於電子交易系統中不可避免的延遲（主要產生於在客戶的網絡和本公司的服務器之間），報價

可能在接收到指令指示之前已經發生變動。

8.2 Contracts for Difference (CFDs) 差價合約 A contract for difference (“CFD”) is a derivative instrument that allows clients to speculate on the price fluctuations of stock indices, commodities and foreign exchange (“forex” or “FX”), without buying the underlying instrument. For the CFD product offering, FXCM Ltd. uses the execution model described in 8.1. There are occasions, on some instruments, when the Firm directly determines the price of a CFD with reference to an underlying market instrument. Although these prices may be indicative of the underlying market for the product being traded, they do not represent the actual prices of the underlying asset on the physical market or exchange where it is listed. FXCM Ltd.’s compensation may not be limited to a commission or mark-up and interests may be in direct conflict with a client. Additionally, the Firm faces market risk as a result of entering into trades with clients. 差價合約(“CFD”)是一種衍生工具，它允許客戶在不購買基礎金融工具的情況下對股票指數、大宗商品及外匯(“forex” or “FX” )的價格波動進行投機。對於差價合約產品服務，福匯英國使用 8.1 中描述的執行模式。有時，對於某些金融

工具，本公司會參考基礎市場工具直接確定差價合約的價格。儘管這些價格可能表明被交易產品的基礎市場，但它

們並不代表實物市場或其上市所在之交易所的基礎資產的實際價格。福匯英國的報酬可能不僅限於佣金或標高點子，

且福匯英國的利益可能會與客戶的利益有直接衝突。此外，本公司會因與客戶進行交易而面臨市場風險。 The underlying instruments of the Foreign exchange, Gold and Silver CFDs are traded over-the-counter ("OTC") and are not financial instruments that are traded on Regulated Markets or an exchange. To create the prices for these CFDs, the Firm aggregates the price feeds from liquidity providers and makes available to clients the highest bid and lowest offer provided by the liquidity providers with mark-ups. 外匯、黃金及白銀差價合約的基礎工具進行場外交易("OTC") ，並非在受監管的市場或交易所進行交易的金融工具。

對於此類差價合約的定價，本公司匯總了流通量提供者的報價，向客戶提供的報價是流通量提供者所給予的最高賣

出價以及最低買入價另加標高點子。

8.2.1 Commodity CFDs and Spread Bets 商品差價合約與點差交易 If FXCM Ltd. directly determines the price of a Commodity or Treasury CFD, quotes are generally derived directly from the following derivatives exchanges, at which FXCM considers will provide fair pricing on a consistent basis, with mark-ups. 如果福匯英國直接決定大宗商品或國庫債券差價合約的價格，報價通常直接從以下衍生工具交易所獲得，福匯認為

該等交易所將提供一致的公平定價及標高點子。

Product 產品

Reference Instrument 參考金融工具

Exchange 交易所

MIC 市場識別（MIC）

USOIL 美國原油

WTI Light Sweet Crude Oil Future 美國西德克薩斯輕質低硫原油期貨

CME 芝加哥商業交易所

XNYM

UKOIL 英國原油

Brent Crude Future 布蘭特原油期貨

ICE 倫敦洲際交易所

IFEU

NGAS 天然氣

Natural Gas Future 天然氣期貨


XNYM

Copper 銅

Copper Future 銅期貨


CECS


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Bund 長期

歐元債券

Euro - Bund Future 歐元 —— 債券期貨

EUREX 歐洲期貨交易所

XEUR

SOYF 大豆期貨

Soybean Futures 大豆期貨

CBOT 芝加哥期貨交易所

XCBT

XAU/USD (Gold), XAG/USD (Silver) and FX have no underlying reference prices as they are spot products traded on the interbank spot market. 黃金/美元（黃金）、白銀/美元（白銀）以及外匯沒有基礎參考價格，因為他們是在銀行同業間現貨市場交易的即期

產品。

8.2.2 Index CFDs and Spread Bets 指數差價合約與點差交易 FXCM Ltd. Index CFD’s are representative of the cash price of an underlying asset. If FXCM Ltd. directly determines the price of an Index CFD, quotes are generally derived by applying fair value to the quoted or execution prices from the following derivatives exchanges, at which FXCM Ltd. considers will provide fair pricing on a consistent basis, with mark-ups. 福匯英國指數差價合約代表基礎資產的現金價格。如果福匯英國直接確定指數差價合約的價格，則報價通常是通過

把公允價值應用於以下衍生工具交易所的報價或執行價格而獲得的，福匯英國認為該交易所將提供一致的公平定價

及標高點子。

Product 產品

Reference Instrument 參考金融工具

Exchange 交易所

MIC 市場識別（MIC）

US30 E-Mini Dow Futures 道瓊斯工業平均指數

CBOT 芝加哥期貨交易所

XCBT

SPX500 E-Mini S&P 500 美國標普 500 指數


XCME

NAS100 NASDAQ 100 E-MINI 美國納斯達克 100 指數


XCME

UK100 FTSE 100 Future 英國富時 100 指數

ICE 倫敦洲際交易所

IFEU

GER30 DAX Index Future 德國 DAX 指數


XEUR

ESP35 IBEX 35 Index Future 西班牙 IBEX 35 指數

BOLSA MADRID BOLSA MADRID

XMRV

FRA40 CAC40 10 Euro Future 法國 CAC40 指數

EURONEXT 紐約泛歐交易所集團

XMON

HKG33 Hang Seng Index Future 香港恒生指數

HKEX 香港期貨交易所

XHKF

JPN225 Nikkei 225 Dollar Future 日經 225 指數


XOSE

AUS200 ASX SPI 200 Index Future 澳大利亞標準普爾 200 指數

ASX 澳洲證券交易所

XASX

EUSTX50 Euro STOXX 50 Future 歐洲上市股份的 Euro Stoxx 50 指數


XEUR

CHN50 FTSE China A50 Future 新華富時 A50 指數

SGX 新加坡交易所

XSGE

8.2.3 US Dollar Index 美元指數

For the USDOLLAR index, the price is derived directly from the prices of several currency pairs. Once the forex prices are received, a fixed calculation is made to derive a USDOLLAR price. 對於美元指數，價格直接衍生自多個貨幣對的價格。在收到外匯價格後，將使用固定計算方法來得出美元價格。

8.2.4 Cryptocurrencies 加密貨幣

FXCM’s BTC/USD CFD is representative of the spot price of the underlying asset. To ensure fair pricing, FXCM does not directly determine the price of BTC/USD and receives pricing from a third party price provider and offer that price, with mark up, to our clients.


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福匯的比特幣/美元差價合約代表基礎資產的現貨價格。為確保公平定價，福匯不直接確定比特幣/美元的價格，而

是從第三方價格提供者處獲取定價，加上標高的點子後再提供給客戶。

9 Trading Hours 交易時間 Some markets the Firm offers are open outside the normal hours of the underlying exchange as FXCM Ltd.’s trading hours are determined based on trading hours and liquidity of the reference instrument, not the underlying exchange. In some cases FXCM Ltd. instruments may be closed while the underlying exchange is open. This can occur where FXCM Ltd. may offer a product whose underlying exchange is open but the reference instrument is closed due to a regional holiday. 本公司提供的一些市場是在基礎交易所正常交易時間之外開放的，因為福匯英國的交易時間是根據參考金融工具的

交易時間和流通量來決定的，而不是基礎交易所決定。某些情況下，福匯英國的金融工具可能會在基礎交易所開放

期間關閉。福匯英國提供的一種產品可能會發生其基礎交易所是開放的，但參考金融工具因地區假期而關閉的情況。 FXCM Ltd. aims to open and close markets as close to the posted trading hours as possible, however the lack of liquidity at or around market open and close for any CFD instrument can impede execution and price delivery. FXCM Ltd. may delay market open or bring forward market close on specific instruments in an effort to protect clients from quoted prices or executions that are not representative of the true market price. 福匯英國旨在盡可能貼近所發佈之交易時間開市和閉市，但任何差價合約工具在開市和閉市時可能會因缺乏流通量

而阻礙執行與價格交付。福匯英國可能對特定金融工具延遲開市或提前閉市，以保護客戶免受不符合真實市場價格

的報價或執行的影響。

10 Order Execution Risks 指令執行風險

10.1 Slippage 滑點 FXCM Ltd. takes sufficient steps so that execution of the quoted prices will obtain the best possible result for clients at the time the quote is provided; however market factors, such as liquidity, fast-moving markets etc. may result in execution of a transaction at a price which has ceased to be the best market price. 福匯英國會採取充分措施，以便在提供報價時報價的執行會為客戶獲得最佳結果；然而，流通量、市場快速波動等

市場因素可能會導致以一個不再是最佳市價的價格執行交易。

10.2 Gapping/Volatility 跳空/波幅 There may be significant market movement after a news announcement or economic event or between the close and re-opening of a market, which will have a significant impact on the execution of a pending order. Clients should be aware of the following risks associated with volatile markets, especially at or near the close of the standard trading session for example: 在新聞公佈或經濟事件之後或市場收市至重開期間可能會出現重大的市場變動，而這將會對有待執行指令的執行產

生重大的影響。客戶應注意以下與波動市場相關的風險，尤其是在或接近標準交易時段收市時，例如：

• an order may be executed at a substantially different price: from: 指令可能會以一個與以下大有出入的價格執行：

• the quoted bid or offer, or , 買賣報價；或 • the last reported trade price at the time of order entry; 建立指令時所報的最後交易價格；

• an order may be only: 指令可能僅：

• partially executed, or , 有部份獲得執行；或 • may be executed in several shapes at different prices; and

可能會以不同的價格及多個規模執行；及 • opening prices may differ significantly from the previous day’s close.

開市價可能會跟上一日的收市價出現重大差異。

10.3 Trading System or Internet Connectivity Execution Delays 交易系統或互聯網連接執行延遲


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Delays in execution beyond the Firm’s control may occur as a result of technical failures or malfunctions in connection with use of the FXCM Ltd.’s online facility or internet connectivity or processing speed for which FXCM Ltd. does not accept responsibility. 不在本公司控制範圍之內的執行延遲可能會因為技術故障或與使用福匯英國在線工具有關而引致的失靈或互聯網連

接或處理速度而出現，而福匯英國對此概不承擔責任。

11 Order Handling 指令的處理 FXCM Ltd.’s order handling has been designed to process the client’s order as quickly and efficiently as possible, while delivering all the relevant details to the Firm’s systems to help ensure acceptance and Best Execution of the order whilst allowing the client to control a variety of factors, most importantly price. The Firm does not aggregate a client order or instruction with those of other clients. 福匯英國的指令處理旨在盡可能快速高效地處理客戶的指令，同時將所有相關細節傳送至公司的系統，以説明確保

指令被接受並最佳執行，同時允許客戶控制各種因素，其中最重要的是價格。本公司不會將客戶指令或指示與其他

客戶的指令或指示匯總在一起。 Below are some of the types of orders the Firm handles. 以下是本公司處理的部分指令類型。

11.1 Order Types 指令類型 Market Order – A market order is an instruction to buy or sell at the next available market price. Please note that pursuant to market conditions there may be a difference between the price selected on FXCM Ltd.’s online facility and the final execution price received. This difference may be less favourable or more favourable than the original quoted price and is a function of market liquidity. 市價單－市價單是以下一個可得市價買入或賣出的指令。請注意，根據市況，福匯英國在線工具所選擇的價格與所

接獲的最終執行價格之間可能會出現差異。這個差異可能會較原本的報價遜色或較為有利，而這亦將會隨著市場流

通量而變化。

Limit Order – A limit order is an instruction to buy or sell at a specified price or better and may be used to either open or close a position. Please note that a limit order maybe triggered by the market trading through, or gapping over the specified price. In the event that market conditions trigger a client’s limit order for execution it may only execute at a price equal to or better than a client’s specified rate. A limit order guarantees price but does not guarantee execution. 限價單 - 限價單是以一個指定價格或更佳價格買入或賣出的指令，可用以建立或將持倉平倉。請注意，限價單可能

會因為市價穿越或跳過這個指定價格而觸發。假若市況觸發執行客戶的限價，它只會以相等於或優於客戶的指定價

格的價格執行。限價確保價格，但卻不能確保執行。 A limit order to buy at a price below the prevailing market price will be executed at a price equal to or less than the specified price. 以低於現行市價的價格買入的限價將會以相等於或低於指定價格的價格執行。 A limit order to sell at a price above the prevailing market price will be executed at a price equal to or more than the specified price. 以高於現行市價的價格賣出的限價將會以相等於或高於指定價格的價格執行。 Market Range - A Market Range order is an order to Buy or Sell within a specified tolerance for slippage worse than the market price at the time the order is sent. The order is triggered immediately, as long as the market price is still between the order price and the specified tolerance. 設定範圍 – 設定範圍的指令是在指令發出時在可接受的低於市價的滑點範圍內買入或賣出的指令。只要市場價格仍

處於指令價格及可接受滑點範圍之間，指令將立即觸發。 Previously Quoted - A previously quoted order is accessible through application programming interfaces (“APIs”), and it allows a client to send an order against a particular quote. In this type of order, the order can only be matched against the quote specified in the order details. It will be triggered immediately, and it will be executed if the specified quote is still valid; it will be rejected if the specified quote is no longer valid. 先前報價–先前報價指令可通過應用程序接口(“APIs”)訪問，並允許客戶針對特定報價發送指令。在此類指令中，指

令只能與指令詳細信息中的特定報價匹配。若特定報價仍有效，指令將立即觸發及執行；若特定報價失效，指令將


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被拒絕。 Stop Order – A stop order is an order to buy or sell at a specified price and may be used to open or close a position. Please note that a stop order may be triggered by the market trading through, or gapping over a client’s specified price. In the event that market conditions trigger a client’s stop order for execution it will become a market order upon execution. This means that a client’s final execution price may be less favourable, or more favourable depending on market conditions. Stop orders guarantee execution but do not guarantee price. 止損單－止損單是一項以指定價格買入或賣出的指令，可用以建立或將持倉平倉。請注意，止損單可能會因為市價

穿越或跳過客戶的指定價格而觸發。假若市況觸發執行客戶的止損單，於執行時它將會變為市價單。這表示視乎市

況而定，客戶的最終執行價格可能會較為遜色或較為有利。止損單確保執行，但卻不能確保價格。 A stop order to buy at a price above the prevailing market price will be executed at the next available market rate, which may be less favourable, or more favourable than a client’s specified rate. 以高於現行市價的價格買入的止損單將會以下一個可得市價執行，它可能比客戶的指定價格較為遜色或較為有利。 A stop order to sell at a price below the prevailing market price will be executed at the next available market rate, which may be less favourable, or more favourable than a client’s specified rate. 以低於現行市價的價格賣出的止損單將會以下一個可得市價執行，它可能比客戶的指定價格較為遜色或較為有利。 Trailing Stop Order – A trailing stop order is a stop order applied to an open position where the rate of the trailing stop improves as the market price moves at defined intervals in favour of the open position. However, should the market at any time move against the client the stop price will remain fixed, acting as a floor. At that time, should the market trade through or gap past a client’s specified stop rate, a client’s order will be submitted for execution as an order available for execution at the next available market price. 移動止損單 - 移動止損單是一種應用於開倉部位的止損單，隨著市場價格在指定間隔向有利於開倉部位的方向移動，

移動止損價將提高。然而，若市場在任何時候向不利於客戶的方向移動，止損價將會維持固定，藉以作為下限。在

該個時候，假若市場穿越或跳過客戶的指定止損價，客戶的指令將會作為可按下一個可得市價執行的指令傳送執行。

Margin Call – A margin call is a system‐generated order that is triggered when the client’s usable margin drops below 0. This order can be partially filled multiple times until either the full order amount is executed or the client cancels any remaining amount. There is no specified price associated with this order, so the order will be executed at the best available market price. 追加保證金通知 – 追加保證金通知是在客戶的可用保證金數額低於零時觸發系統產生的一個指令。在完全被執行或

客戶取消所有餘額之前，此指令可多次被部分執行。此指令沒有與之相關的指定價格，因此其將會在最佳可得市場

價格執行。

12 Specific Instructions 特定指示 Whenever a client gives a specific instruction to FXCM Ltd. as to the execution of its order, FXCM Ltd., will execute that order in accordance with the client’s specific instructions. In following those specific instructions, FXCM Ltd. will be deemed to have satisfied its Best Execution obligations in respect of that part of the order to which the specific instructions relate. If a client requires its order to be executed in a particular manner, it must clearly state its desired method of execution when it places its order with FXCM Ltd. To the extent that the client’s specific instructions are not comprehensive, FXCM Ltd. will determine any non-specified aspects in accordance with this policy. 無論客戶何時向福匯英國發出特定指示，福匯英國都將根據客戶的特定指示執行該指令。在遵守這些特定指示的情

況下，福匯英國將被視為已履行有關特定指示所涉及的該部分指令的最佳執行責任。如果客戶要求以特定方式執行

指令，則必須在向福匯英國下達指令時明確說明其所需的執行方式。如果客戶的特定指令不全面，福匯英國將根據

本政策決定任何非指定方面。 It should be noted that specific instructions from a client might prevent FXCM Ltd. from taking the necessary steps it has designed and implemented in this policy, to obtain the best possible outcome for the execution of those orders in respect of the elements covered by those instructions. 請注意，客戶的特定指示可能會阻止福匯英國採取其在本政策中制定並實施的必要措施，以便這些指令在指示所涵

蓋之要素方面獲得最佳執行結果。

Where a client uses a direct market access (“DMA”) or Sponsored Access (“SA”) system provided by FXCM Ltd. (whereby the client selects transaction parameters, including price, client/venue, timing, size etc.), then such clients will be


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regarded as providing specific instructions to FXCM Ltd. in relation to the execution of their order. In such situations, FXCM Ltd., while acting on their client’s behalf in providing the DMA/SA service, will be deemed to have satisfied its Best Execution obligations and the client will be deemed to have given a specific instruction for the whole order by means of the DMA/SA system. 如客戶使用由福匯英國提供的直接市場接入（“DMA”）或贊助接入（“SA”）系統（客戶以此選擇交易參數，包括價

格、客戶/地點、時間、大小等），則該等客戶將被視為向福匯英國提供有關其執行指令的特定指示。在此類情況

下，福匯英國在代表客戶提供 DMA/SA 服務時，將被視為已履行其最佳執行責任，而客戶將被視為已通過 DMA/SA 系統為整筆指令下達特定指示。 Where an algorithm is used in the execution of a client order then the choice of that particular algorithm is not considered a form of specific instruction. The exception to this being where a client seeks customisation of FXCM Ltd.’s algorithms to meet their own needs, in which case a specific instruction is deemed to have been provided with respect to any such customisation. 在執行客戶指令中使用算法的情況下，選擇該特定算法不被認為是一種形式的特定指示。這種情況的例外是客戶尋

求自訂福匯英國算法來符合其自身需求，在此情況下視為已就此類自訂提供了特定指示。

13 Monitoring and Review 監察及審查 FXCM Ltd. will monitor the effectiveness of its order execution arrangements and this policy at least annually and whenever there is a material change that affects the Firm’s ability to obtain Best Execution for clients. Additionally, FXCM Ltd. will regularly assess whether or not the execution venues it accesses continue to provide the best possible results for orders it executes on behalf of clients. FXCM Ltd. will also publish quarterly quality of execution reports and the prompt and accurate delivery of client funds to their accounts. 福匯英國將會至少每年一次以及每當出現影響本公司為客戶獲得最佳執行能力的重大變動時，監察其指令執行安排

及本政策的有效性。此外，福匯英國將定期評估其使用的執行地點能否繼續就其代客戶執行的指令提供最佳可能結

果。福匯英國亦會發佈季度執行質量報告，並及時準確地把客戶資金轉入其賬戶。 Using a risk-based approach FXCM Ltd. will review, at least annually or when a material change occurs, both its order execution arrangements and this policy. FXCM Ltd. will notify clients and potential clients of any material changes to the Policy through the company’s website and will be available to actual and potential clients. 福匯英國將會採用一種以風險為基礎的方法，最少每年或在發生重大變動時審查其指令執行安排及本政策。福匯英

國將通過公司網站向客戶和潛在客戶通知政策的任何重大變動，並將提供給實際和潛在客戶。 FXCM Ltd. will be able to check the fairness of the price proposed to the client, by gathering market data used in the estimation of the price of such product and when possible by comparing with similar or comparable products. FXCM Ltd. will also be able to demonstrate, upon request, that the client’s order was executed in accordance with this policy. 福匯英國將能夠通過收集用於估計此類產品的價格的市場數據，並在可能的情況下與類似或可比產品進行比較來檢

查向客戶提出的價格的公平性。福匯英國也可以根據要求證明，客戶的指令是依照本政策執行的。

By entering into the FXCM Ltd. Terms of Business, clients consent to the FXCM Ltd. Order Execution policy and the execution of orders outside a regulated market, MTF, or OTF. 通過訂立福匯英國業務條款，客戶同意福匯英國的指令執行政策以及在受監管市場，多邊交易設施或組織化交易設

施以外執行指令。


14

Annex I 附錄一

Execution Venues 執行地點

FXCM Ltd. is the counterparty to all trades a client undertakes and there is no counterparty relationship created between a customer and any liquidity provider. FXCM Ltd. uses the following execution venues when obtaining best execution in accordance with this policy. This list is not exhaustive and will be subject to change. FXCM Ltd. may also use other venues where it deems appropriate in accordance with the Order Execution Policy. 福匯英國是客戶進行的所有交易的對手方，客戶與任何流通量提供者之間沒有建立交易對手關係。福匯英國根據本

政策獲得最佳執行時，使用下列執行地點。這份列表並不詳盡，可能會有所變化。福匯英國亦可根據指令執行政策

使用其認為適當的其他地點。

PRODUCT 產品

Execution Venues and Liquidity Providers 執行地點與流通量提供者

Forex, Gold and Silver Contracts for Difference and Spreadbet 外匯、黃金和白銀差價合約及點差交易

Contracts for Difference 差價合約

Jefferies Financial Services, Inc. Citibank NA London ( 花旗銀行倫敦 ) Citadel Securities LLC

Barclays Bank PLC ( 巴克萊銀行 )

Fastmatch Inc

Morgan Stanley and Co. International PLC. ( 摩根士丹利 )

XTX Markets Limited

Deutsche Bank AG ( 德意志銀行 )

UBS AG ( 瑞銀集團 )

INTL FCStone Financial Inc.

Morgan Stanley and Co. International PLC. ( 摩根士丹利 )

Macquarie Bank Limited ( 麥格理銀行有限公司 )

Virtu Financial Europe Limited ( 沃途金融歐洲有限公司 )

Jump Trading International Limited

Advantage Futures LLC

Vidarr Financial LTD

ADM Investor Services Inc.

Barclays Capital Inc

Citibank NA London ( 花旗銀行倫敦 )

Order Execution Policy 指令執行政策 · 2020. 2. 6. · Forex Capital Markets Limited | 7...

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Transcript of Order Execution Policy 指令執行政策 · 2020. 2. 6. · Forex Capital Markets Limited | 7...