客户保证金专项条款（中英文对照）
SPECIAL TERMS APPLYING TO CUSTOMER’S MARGIN
目录 TABLBE OF CONTENTS
第一部分 序言
Part I Introduction
第二部分 保证金借出
Part II Margin Lending
1．保证金交易账户
Margin Trading Accounts
2．贷款The Credit Facility
3．偿还贷款 Repayment of Loans
4．费用增加 Increased costs
5．卖空与买空 Short and Long Sales
6．确认 Acknowledgement
第三部分 保证金担保品
Part III Margin Collateral
1．支付保证金的义务
Undertaking to pay Margin
2．保证金的持有
Holding of Margin
3．收益 Income
4．未能追加保证金
Failure to meet Margin Calls
本专项条款是对客户与本公司之间不时签订的客户文件的补充并构成其组成部分。
These Special Terms supplement and form part of the Customer Documents entered into between you and us from time to time.
第一部分 序言
Part I Introduction
在本专项条款中，“保证金”一词具有两种不同的意义：
第二部分中的保证金借出是指本公司提供给客户的获得购买投资的资金的一种信用延展。
第三部分中的保证金是指本公司要求客户用现金和/或（视情况而定）证券形式支付存款作为客户不时欠负本公司义务的担保品的权利。
In these Special Terms, the word “margin” is used in two distinct senses:
In Part II it refers to margin lending which is an extension of credit by us to you to fund your acquisition of Investments.
In Part III it refers to our right to ask you for a deposit in cash and/or, as the case may be, securities as collateral against any obligations that you may at any time owe to us.
第二部分 保证金借出
Part II Margin Lending
1．保证金交易账户
Margin Trading Accounts
一般而言，客户必须于交收到期日支付资产或货币的买价。但是本公司可能同意开设一个或多个账户（称为“保证金交易账户”）向客户提供贷款，条件是本公司保留对账户的资产的保管权。在这种情况下，客户兹不可更改地授权本公司立即拥有该等资产，并发出该等资产以本公司名义或按本公司指示登记的指示。不时发放的信用金额称为“贷款”。
Normally the purchase price for assets or currencies must be paid by you on the due settlement date. However, we may agree to open one or more accounts (called Margin Trading Accounts) under which we are prepared to extend a credit facility to you provided that we retain custody of the assets in that account. In those circumstances you hereby irrevocably authorise us to take possession of those assets immediately and to give instructions for the registration of those assets in our name or on our instructions. The amount of credit from time to time extended is referred to as the Loan.
2．贷款The Credit Facility
2.1 可得贷款的金额：任何保证金交易账户可不时获得的贷款的总金额不得超过本公司不时通知客户的资产的市场实时净值的百分比，或汇入保证金交易账户的现金减去当时的未偿贷款额。本公司可酌情随时限制继续发放贷款，但是贷款总额以及不时可借用的基金将或者超过2.5万英镑（或其等价物），或者为零。
2.1 Amount of credit available: The aggregate amount of credit available from time to time for any Margin Trading Account will not exceed such percentage as we may notify to you from time to time of the net amount equal to the mark to market value of the assets and cash credited to that Margin Trading Account less any Loan then outstanding. We may at our discretion limit further the amounts of credit available at any time but the aggregate amount of the Loan and the amounts available for borrowing from time to time will always be either an amount exceeding £25,000 (or its equivalent), or zero.
2.2 要求贷款：若客户从或通过本公司购买将由本公司保管的股票，而且贷款还未被全额提取，则该购买将被视为对交收时欠负本公司的金额或（若更小）对剩余的未提贷款的提款要求，而且，使用本公司资金进行购买的交收将（以所使用的资金为限）加至贷款的提取金额。
2.2 Requesting Credit: Whenever you purchase a security from or through us which is to be retained by us in safe custody and the full amount of the Loan has not been drawn down then that purchase will be treated as a drawdown request for the amount due to us on settlement or (if smaller) the remaining undrawn portion of the Loan, and the settlement of the purchase using our own funds will (to the extent of those funds used) amount to a drawdown of a Loan under the credit facility.
3．偿还贷款 Repayment of Loans
3.1 还款通知：客户可以随时全额偿还或部分偿还贷款。本公司可以随时发出书面通知要求客户还款。
3.2 还款的金额、时间和方式：当本公司向客户发出通知或收到客户的通知后，本公司将立即通知客户欠负的总金额（应偿还的本金和至当月最后一个营业日（含）止的应计利息。客户必须在该营业日或之前将总金额（或本公司指示的金额）偿还给本公司。
3.1 Notice to repay: You may at any time repay the whole or part of the Loan. We may, by written notice to you at any time, require you to repay the Loan.
3.2 Amount, time and manner of repayment: When giving you a notice or promptly after receipt of your notice, we will notify you of the total amount due (being the principal sum to be repaid together with accrued interest up to and including the last business day of the month). You must pay that total amount to us (or on our instructions) on or before that business day.
3.3 收入的应用：所有收入、资本收入、销售收益或保证金交易账户下的项目增加的或产生的现金，以及本公司或联属公司为客户账户收到的与贷款货币相同的现金额（以汇入本公司的款项为限）将自动用于立即偿还贷款（以收到的现金额为限）。
3.3 Application of receipts: All income and capital receipts, sale proceeds and other cash accruing on or arising in respect of items in a Margin Trading Account and other cash sums received by us or (to the extent remitted to us) by an affiliate for your account in the same currency as the Loan will be automatically applied in immediate repayment (to the extent of the cash amount received) of the Loan.
4．费用增加 Increased costs
若：If:
4.1 相关法律或法规或负责管理该法律法规的政府当局对其解释发生了改变，增加了本公司与本专项条款项下的交易有关的任何税项等，或改变了向本公司支付的贷款本金或应付利息的计税基础（基于本公司净收入或按本公司净收入计量的税收的税率变动除外）
4.1 any change in applicable law or regulation or in its interpretation by any governmental authority responsible for the administration of that law or regulation subjects us to any tax of any kind whatsoever in relation to transactions covered by these Special Terms or changes the basis of taxation of payments to us of principal or interest payable on the Loan (except changes in the rate of tax based on or measured by our net income); or
4.2 本公司直接或间接承受了任何影响本专项条款的其他条件，或本公司在同业拆借市场上获得存款的费用增加了，而且上述任何情况实质性（本公司认为的数额）增加了本公司发放或维持贷款的成本，则客户必须在本公司要求的情况下向本公司支付补偿本公司增加的成本所必须的额外款项，但若本公司合理地认为当时适用的贷款利率已经过了增加成本的调整，则不需支付补偿。
4.2 there is imposed on us, directly or indirectly, any other condition affecting these Special Terms or the cost of deposits obtained by us in the inter-bank market, and the result of any of the above is to increase the cost to us of making or maintaining the Loan by an amount which we deem to be material, then you will pay us on our demand the additional amount or amounts necessary to compensate us for that additional cost but compensation will not be payable to the extent that, in our reasonable opinion, the interest rate then applicable to the Loan has been adjusted to account for that increased cost.
5．卖空与买空
Short and Long Sales
客户了解并同意，若客户向本公司发出空头账户卖出指示，客户将其指定为“空头”而且客户兹授权本公司将该指示标记为“空头”；若客户向本公司发出多头账户卖出指示，客户将其指定为“多头”而且客户兹授权本公司将该指示标记为“多头”。任何客户指定的上述多头账户的卖出指示，都是针对客户当时持有的证券做出的；若当时本公司无法从客户的任何账户交付该等证券，则发出该卖出指示构成客户做出的一项陈述：客户当时无法向本公司交付该等证券，但是客户将尽可能快地将该等证券交付给本公司，并不对本公司造成任何不合适的不便和费用。
It is understood and agreed that whenever you place with us any sell order for a short account, you will designate it as ‘short’ and you hereby authorise us to mark that order as being ‘short’ and whenever you place with us any sell order for a long account, you will designate it as ‘long’ and hereby authorise us to mark that order as being ‘long’. Any sell order which you designate as being for a long account, as referred to above, is for securities then owned by you and, if those securities are not then deliverable by us from any account of yours, the placing of such an order constitutes a representation by you that it is impracticable for you then to deliver those securities to us but that you will deliver them as soon as it is possible to do so, without undue inconvenience or expense to us.
6．确认 Acknowledgement
客户兹确认客户已经收到本专项条款随附的信贷费用和保证金信息披露声明，并同意其对客户具有约束。本公司将根据该声明中界定的方法对客户账户的借方余额收取利息，以及本公司为了弥补贷款和其他服务可能收取的其他费用。利息期间期末未付的借方余额的利息将加至下一利息期间的期初余额。
You hereby acknowledge that you have received and agree to be bound by our Credit Charge and Margin Information disclosure statement which is attached to these Special Terms. Debit balances of your accounts will be charged with interest, in accordance with the methods described in that statement, and with such other charges as we may impose to cover our facilities and extra services. Any interest charged on debit balances which is not paid at the close of an interest period will be added to the opening balance for the next interest period.
第三部分 保证金担保品
Part III Margin Collateral
1．支付保证金的义务
Undertaking to pay Margin
关于客户对本公司造成了负债的任何交易，客户必须向本公司提供本公司要求的并以本公司决定的方式计算的保证金，并以本公司按其绝对酌情权根据具体情况确定的方式支付。
In respect of any transaction under which you incur a liability to us, you will provide to us the margin that we require, calculated in whatever manner as we may determine and payable in whatever form as we in each case determine in our absolute discretion.
2．保证金的持有
Holding of Margin
在遵守FSA客户款项规则或证券和期货（许可和经营活动监管）规定（视情况而定）的情况下，本公司将按下列优先权顺序以信托方式为下列受益人持有所有以现金形式存入本公司的保证金（而不是按照其将成为本公司绝对财产的条款）：
Subject to the client money rules of the FSA or the Securities and Futures (Licensing and Conduct of Business) Regulations (as the case may be), we will hold all margin in the form of cash deposited with us (other than on terms that it shall become our absolute property) on trust for the following beneficiaries in the following order of priority:
2.1 本公司可获得，本客户文件项下或根据本客户文件客户欠负或将欠负本公司或本公司代表客户应支付的所有金额（若客户欠负摩根士丹利属下多家公司的总金额超过所持有的保证金，则持有保证金的摩根士丹利公司将按其决定在所有相关的摩根士丹利属下公司之间分配保证金）；和
2.1 for ourselves to the extent of all sums due or which may become due to any of us or payable by us on your behalf under or pursuant to the Customer Documents (and where sums are due to more than one of us in an aggregate amount greater than the aggregate amount of the money held, that money will be allocated between all of us as the Morgan Stanley Company holding that money determines); and
2.2 对于客户，支付本文件项下客户欠负本公司的所有款项之后的剩余部分。
本公司可以提取所持有的保证金用于向任何经纪商、结算所、交易所或其他方支付其追缴的所有本公司代表客户欠负的保证金、溢价以及期货与期权合约的费用，以及FSA规则或证券和期货（许可和经营活动监管）规定（视情况而定）允许的其他用途。
2.2 for you to the extent of any surplus which remains following payment of all those sums due from you to us under the Customer Documents.
We may withdraw any money held as margin to pay to any broker, clearing house, exchange or other party all margins, premiums and any other amounts on futures and options contracts demanded or due from us in respect of our clients, and for any other purposes allowed under the rules of the FSA or the Securities and Futures (Licensing and Conduct of Business) Regulations (as the case may be).
3．收益 Income
将客户作为保证金存在本公司的资产再转让或再交付给客户之前，本公司将把收到的该资产的收益减去本公司应付的相应的税金之后（无论是预扣税还是其他税款）的净额汇入客户的任一账户。
Pending re-transfer or re-delivery to you of assets deposited by you as margin we will credit any income received on those assets, net of any taxes payable by us on that income (whether by withholding or otherwise) to one of your accounts.
4．未能追加保证金
Failure to meet Margin Calls
若客户未能如期追加保证金，则构成违约事件，且本公司有权行使一般交易条款中列出的本公司的权利。
If you fail to meet margin calls when due this will constitute an Event of Default and we will be entitled to exercise our rights set out in the General Dealing Terms.
