RISK DISCLOSURE STATEMENTS

PART 1 RISK DISCLOSURE STATEMENT FOR SECURITIES TRADING

• Terms and Conditions of Securities Trading
  You should read and understand the terms and conditions spelt out (and from time to time amended) in the UOBKH’s Master Trading Agreement all of which are to be referred to and construed as part of the agreement between you as a Client and UOBKH.
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• Risks associated with Securities Trading
  (a) Price fluctuation
  The price and value of any investment in securities and the income, if any, from them, can fluctuate and may fall against your interest. An individual security may experience downward price movements and may under some circumstances even become valueless. An inherent risk of trading securities is that losses may be incurred, rather than profits made, as a result of buying and selling securities.
  (b) Suspension or Restriction of Trading
  Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any security because of price limits or trading halts) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions.
  (c) Warrants
  A warrant is a time-limited right to subscribe for securities and is exercisable against the original issuer or the underlying securities. A relatively small movement in the price of the underlying security results in a disproportionately large movement, favourable or unfavourable, in the price of the warrant. The prices of warrants can therefore be volatile. It is essential for anyone who is considering purchasing warrants to understand that the right to subscribe which a warrant confers is invariably limited in time with the consequence that if the investor fail to exercise this right within the predetermined time-scale then the investment becomes worthless.
  (d) Securitised Derivatives (e.g. structured warrants, contracts for differences)
  These instruments may give you a time-limited or absolute right to acquire or sell one or more types of investment which is normally exercisable against someone other than the issuer of that investment. Or they may give you rights under a contract for differences which allow for speculation on fluctuations in the value of the underlying security. These instruments often involve a high degree of gearing or leverage, so that a relatively small movement in the price of the underlying investment results in a much larger movement, favourable or unfavourable, in the price of the instrument. The price of these instruments can therefore be volatile. These instruments have a limited life, and may expire worthless if the underlying instrument does not perform as expected.
  Equity-linked investments are structured products based on underlying listed securities that offer the potential for high returns but also involve substantial risks including market, liquidity and credit risks. These investments are intended to be held to maturity and are generally for investors who expect the price of the reference security to be stable or moderately bullish in the near future. The principal investment sum and interest are not guaranteed and investors may suffer a capital loss, if the reference security price is below the strike price on determination date, as investors will receive the reference security instead of cash.
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• Risk of Margin Trading
  The risk of loss in financing a transaction by deposit of collateral may be significant. You may sustain losses in excess of your cash and any other assets deposited as collateral with UOBKH. You may be called upon at short notice to make additional margin deposits or interest payments. If required margin deposit or interest payment is not made within the prescribed time, your collateral may be liquidated by UOBKH without prior notification to you. You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives.
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• Commission and Other Charges
  You should obtain a clear explanation of all commissions, fees and any other charges and understand that these charges may affect your net profit (if any) or increase your loss. You agree that you will be liable for these charges (as may be amended from time to time).
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• Transactions in Other Jurisdictions (please refer to Risk Warning Statement For Overseas-Listed Investment Product in Part 2 of this document)
  Transactions on markets in other jurisdictions, including markets formally linked to the Singapore market, may expose you to additional risks. Such markets may be subjected to rules that may offer different or diminished investor protection. Before entering into such trades, you should be aware of the rules relevant to your particular transactions. Our local regulatory authority may be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected.
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• Currency Risks
  The potential for profit or loss from transactions on foreign markets or in foreign currency-denominated securities (traded locally or in other jurisdictions) will be affected by fluctuations in foreign exchange rates.
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• Trading Facilities and Electronic Trading
  UOBKH’s trading facilities are supported by computer-based component systems for the order-routing, executing, matching, registration or clearing of trades. As with all facilities and computer systems, Client will be exposed to risks associated with the system including the failure of hardware and software. The result of any systems failure may be that your order is either not executed according to your instructions or is not executed at all. You should also be aware that the internet is not a completely reliable transmission medium and there may be delays in service provisions.
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• Securities Borrowing and Lending
  When you borrow securities from UOBKH, you will be required to deposit a required level of collateral. You may be called upon at short notice to place additional deposits if the level of your collateral is inadequate in relation to the market value of borrowed securities. If the required deposit is not made within the prescribed time, UOBKH may buy-back the borrowed securities without prior notification to you. When you lend securities to UOBKH, you temporarily lose legal ownership rights to the securities but in place, have a right to claim equivalent securities. In so far as you receive manufactured dividends, you may be required to treat the entire amount as income for tax purposes.
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• Execution Only Services For Categories of Customers
  Please note that:
  a) In relation to Excluded Investment Products; and
  b) In relation to Specified Investment Products except where you are a person for whom UOBKH is obliged to effect or both of a Customer Account Review and/or a Customer Knowledge Assessment as condition to permitting you to trade or continue to trade in Specified Investment Products – i.e. what UOBKH’s Guide and Cautionary Notes referred to as a “Singapore Retail Customer”.
  
  Unless you have a specific agreement with UOBKH for the provision of advisory services or fund management services, UOBKH’s relationship with you in relation to your securities and securities related transaction is purely as execution only broker/dealer or as a counterparty to you. In either case while you are entitled to expect UOBKH or its employees or representatives to answer your queries, the obligation in so answering is only to be honest. Such answers should not be assumed to be backed by any prior reasonable due diligence or research or specifically suitable for reliance by yourself without you first independently confirming the same with your independent advisers. You should also note clause A26 of UOBKH’s Master Trading Agreement and ensure you understand and accept the same as a condition to your relationship with UOBKH.
  
  You may however, from time to time be provided with investment and financial related information and reports, including but not limited to research reports and market or securities specific analysis. Please note that the information is provided for you by way of information only. All of the information report and analysis were and should be taken as having been prepared for the purpose of general circulation and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the information, report or analysis (including yourself). Any recommendation or advice that may be expressed in or inferred from such information, reports or analysis therefore does not take into account and may not be suitable for your investment objectives, financial situation and particular needs.
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PART 2 RISK WARNING STATEMENT FOR OVERSEAS-LISTED INVESTMENT PRODUCTS*
(*not applicable to corporate and financial institutions)

• This Risk Warning Statement for Overseas-listed Investment Products is provided to you in accordance with paragraph 29D of the Notice on the Sale of Investment Products [SFA04-N12].
• This statement does not disclose all the risks and other significant aspects of trading in an overseas-listed investment product. You should undertake such transactions only if you understand and are comfortable with the extent of your exposure to the risks.
• You should carefully consider whether such trading is suitable for you in light of your experience, objectives, risk appetite, financial resources and other relevant circumstances. In considering whether to trade or to authorise someone else to trade for you, you should be aware of the following:

PART 3 - RISK DISCLOSURE STATEMENT FOR AND TERMS AND CONDITIONS APPLICABLE TO BOND TRADING)

SECTION A - TERMS AND CONDITIONS APPLICABLE TO BOND TRANSACTIONS WITH UOBKH

• Application: The clauses in this Appendix apply to transactions in Unlisted Bonds effected by you (who may also be referred to as the “Client”) with us from time to time pursuant to the Client's orders/instructions.
  Supplemental Effect Of This Appendix: Please note that the terms and conditions in this Appendix are intended to be read in conjunction with:-
  (i) and as supplementary to the terms of the Master Trading Agreement
  (ii) our terms for electronic trading facilities and
  (iii) the terms of our template “IMPORTANT INFORMATION AND DISCLAIMER NOTICE” under which UOBKH sends out or make available information with respect to Unlisted Bonds that may be dealt in with UOBKH (“Template Notice”) - (collectively the "Terms") executed by you.
  Your transactions in Bonds with us shall therefore be subject to the Terms and not merely the clauses in this Appendix.
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• Specific Terms for Transactions in Bonds:
  Precondition:
  UOBKH intends to and will only trade in bonds with Qualified Persons as defined in the Template Notice and then only as principal to such persons and you therefore understand and acknowledge that UOBKH will not deal or consider dealing with you if you are not a Qualified Person.
  As either the net asset test (and in particular any liabilities you may have) for determining whether you are an accredited investor or otherwise have the substantive personal financial resources available for determining whether you are otherwise still substantively a Qualified Person depends on full knowledge of your financial conditions, only you are in a position to properly and ultimately determine whether you are a relevant Qualified Person. Therefore in giving any and every order for bond dealing, you represent, warrant and undertake in favour of UOBKH with full intent that UOBKH relies on its correctness as a material condition in agreeing to accepting your order that you have, after relevant due diligence on your financial status and resources, determined that you are a Qualified Person as indicated in your acknowledgement below.
  You also undertake in favour of UOBKH that should you cease to be a Qualified Person as indicated in your acknowledgement below, you will notify UOBKH accordingly and cease any further dealings with UOBKH with respect to Unlisted Bonds.
  You also acknowledge and confirm that should it be discovered after the event that your representation warranty and undertaking with respect to any Unlisted Bond transaction concluded with or through UOBKH was wrong, that the transaction shall be voidable at the option of UOBKH but without prejudice to its rights to recover damages for your misrepresentation, breach of warranty and undertaking.
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• Bond Trading Only As Principal
  UOBKH will only trade bonds with you as principal to you (and therefore expressly without the assumption of any advisory or fiduciary duties to you) and then only subject to its standard terms for bond trading
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• SFA/FAA Exemptions Claimed
  As it is a condition to your being allowed to access/review the information below that you are an accredited investor for both the purposes of the SFA and the FAA, you must also note that UOBKH is also specifically relying on the exemptions from all suitability and information provision compliance requirements provided pursuant to regulations and guidelines to the SFA and/or the FAA available to it.
• Commissions and Mark-Ups
  In addition as you are trading bonds with UOBKH as principal you may/will be charged a marked up on trades (generally referred to in market parlance as a "spread") UOBKH executes for ourselves on a back-to-back basis as our hedge or off-setting trade to your trades with UOBKH. Your bond contract will be issued on a net contract value basis.
• PROVISION OF UNLISTED BOND DEALING SERVICES BY UOBKH
  In consideration of UOBKH agreeing at its discretion from time to time to provide you information on Unlisted Bonds and allowing you to transact with UOBKH in such Unlisted Bonds on your initiative and responsibility and for your personal benefit, you hereby declare, warrant and agree that:-
  a) You have read, understood, accepted and agreed to the terms and conditions set out in this Risk Disclosure Statements for the provision of Unlisted Bond Dealing Services to you;
  b) You acknowledge and agree to the terms and conditions in this Risk Disclosure Statements forming part of the terms of the Master Trading Agreement, to be read with UOBKH’s terms for electronic trading facilities and the terms of its template “IMPORTANT INFORMATION AND DISCLAIMER NOTICE” under which UOBKH sends out or make available information with respect to Unlisted Bonds that may be dealt in with UOBKH; and
  c) You are, after careful personal consideration, an accredited investor within the meaning of that expression as defined in both Securities and Futures Act (Cap. 289) – “SFA” – and the Financial Advisers Act (Cap. 110) – “FAA”; and you have not opted to be treated as other than such an accredited investor; or
  d) You are, after careful personal consideration, a person who while not an accredited investor as defined in both the Securities and Futures Act (Cap. 289) – “SFA” – and the Financial Advisers Act (Cap. 110) – “FAA” have the personal financial capacity to, and intend only to, acquire Unlisted Bonds solely for yourself and solely for your own benefit at prices for each purchase of no less than S$200,000 (or its equivalent in a foreign currency) per purchase so as to qualify you as a person pursuant to Section 275 (1A) of the SFA entitled to be offered Unlisted Bonds for purchase; and where the information being provided is an Unlisted Bond that is not an Excluded Investment Product for the purposes of the FAA, that you will ensure that you are a person who has been assessed as having passed the relevant CAR/CKA (as relevant) requirements to be allowed to trade or invest in such bonds before you give any order for such bonds.

SECTION B - RISK DISCLOSURE STATEMENT FOR BOND TRADING

• Credit Risks
  There is a credit risk involved with trading bonds. When you purchase a corporate bond, you are lending money to a company. There is always the risk that the issuer or even the guarantor (where the bond is packaged with guarantee) may default. If this happens, you will not receive your investment back. This is a risk of which you must be aware. Credit risk is figured into the pricing of bonds. There is a prepayment risk involved. Prepayment risk involves the scenario where an issuer “calls” a bond. If this happens, your investment will be paid back early. Certain bonds are callable and others are not, and this information is detailed in the prospectus. Corporations may call their bonds when interest rates fall below current bond rates.
• Market Risk
  There is an interest rate risk associated with bonds. Changes in interest rates during the term of any bond may affect the market value of the bond prior to call or the maturity date. Prices of bonds generally move in opposite direction with interest rates during the tenor of the bond. Bond prices generally fall when interest rates rise during the tenor of the bond.
• Liquidity Risks
  There is the risk that there may be no active secondary market quotations for the bonds. Unless the bonds are held to maturity, the lack of buyers or the sale price may be much lower than the amount invested or the bond holder may receive upon maturity. A lack of buyers or sellers in the market may lead to investors not being able to execute the trade or may be forced to trade at a value significantly away from the investor’s desired price.
• Foreign exchange risk
  There is the risk that if the bonds are denominated in a foreign currency, exchange rate fluctuations may have an adverse impact on the value of the bonds.
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PART 4
SECURITIES AND FUTURES ACT (Cap.289)
SECURITIES AND FUTURES (LICENSING AND CONDUCT OF BUSINESS) REGULATIONS (Rg. 10)
RISK DISCLOSURE STATEMENT REQUIRED TO BE FURNISHED UNDER SECTION 47(E)1 AND TO BE KEPT UNDER REG. 39(2)(c) BY THE HOLDER OF A CAPITAL MARKETS SERVICES LICENCE TO TRADE IN FUTURES CONTRACTS OR LEVERAGED FOREIGN EXCHANGE CONTRACTS

SECTION A - FORM 13

• Futures, OTCD currency contracts and Spot LFX trading
  (ⅰ) Effect of ‘Leverage’ or ‘Gearing’
  Transactions in futures, OTCD currency contracts and Spot LFX trading contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract, OTCD currency contract or Spot LFX trading contract transaction so that the transaction is highly ‘leveraged’ or ‘geared’. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of the initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice in order to maintain your position. If you fail to comply with a request for additional funds 2 Revised 8 October 2018 within the specified time, your position may be liquidated at a loss and you will be liable for any resulting deficit in your account.
  (ⅱ) Risk-Reducing Orders or Strategies
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  The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. At times, it is also difficult or impossible to liquidate a position without incurring substantial losses. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.
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• Options
  (ⅰ) Variable Degree of Risk
  Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarise themselves with the type of options (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options would have to increase for your position to become profitable, taking into account the premium paid and all transaction costs.The purchaser of options may offset its position by trading in the market or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a futures contract, OTCD currency contract or Spot LFX trading contract, the purchaser will have to acquire a position in the futures contract, OTCD currency contract or Spot LFX trading contract, as the case may be, with associated liabilities for margin (see the section on Futures, OTCD currency contracts and Spot LFX trading contracts above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium paid plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that, ordinarily, the chance of such options becoming profitable is remote.
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  Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of the amount of premium received. The seller will be liable to deposit additional margin to maintain the position if the market moves unfavourably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, OTCD currency contract or spot LFX trading contract, the seller will acquire a position in the futures contract, OTCD currency contract or spot LFX trading contract, as the case may be, with associated liabilities for margin (see the section on Futures, OTCD currency contracts and Spot LFX trading contracts above). If the option is ‘covered’ by the seller holding a corresponding position in the underlying futures contract, OTCD currency contract, spot LFX trading contract or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.
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  Certain exchanges in some jurisdictions permit deferred payment of the option premium, limiting the liability of the purchaser to margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.
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• Additional Risks Common to Futures, Options and Leveraged Foreign Exchange Trading
  (ⅰ) Terms and Conditions of Contracts
  You should ask the corporation with which you conduct your transactions for the terms and conditions of the specific futures contract, option, OTCD currency contract or spot LFX trading contract which you are trading and the associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract, OTCD currency contract or spot LFX trading contract transaction and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances, the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.
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  (ⅱ) Suspension or Restriction of Trading and Pricing Relationships
  Market conditions (e.g. illiquidity) or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.Further, normal pricing relationships between the underlying interest and the futures contract, and the underlying interest and the option may not exist. This can occur when, e.g., the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge ‘fair’ value.
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  (ⅲ) Deposited Cash and Property
  You should familiarise yourself with the protection accorded to any money or other property which you deposit for domestic and foreign transactions, particularly in a firm’s insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.
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• Commission and Other Charges
  Before you begin to trade, you should obtain a clear explanation of all commissions, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
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• Transactions in Other Jurisdictions
  Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to a rule which may offer different or diminished investor protection. Before you trade, you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of the regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you conduct your transactions for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.
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• Currency Risks
  The profit or loss in transactions in foreign currency-denominated futures and options contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.
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• Trading Facilities
  Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the one or more parties, namely the system provider, the market, the clearing house or member firms. Such limits may vary. You should ask the firm with which you conduct your transactions for details in this respect.
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• Electronic Trading
  Trading on an electronic trading system may differ not only from trading in an openoutcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or not executed at all.
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• Off-Exchange Transactions
  In some jurisdictions, firms are permitted to effect off-exchange transactions. The firm with which you conduct your transactions may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarise yourself with the applicable rules and attendant risks.

SECTION B - RISK DISCLOSURE STATEMENT FOR TRADING IN CONTRACTS FOR DIFFERENCES (“CFDs”)

• As part of our Regulator requirements, we have to provide you with the risk disclosure statement with respect to trading in CFDs which are not covered by the requirements under section 128 (1) of the Securities and Futures Act (Cap. 289). Futures and Leveraged Foreign Exchange contracts are covered by the requirements under section 128 (1) of the Securities and Futures Act (Cap. 289) but not CFDs transactions.
  This statement however does not disclose all the risks and other significant aspects of trading in CFDs. You should undertake such transactions only if you clearly understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your risk exposure. As CFDs are leveraged instruments, it may not be suitable for many members of the public. You should clearly consider your trading objectives, experience, financial resources to determine if trading in CFDs is suitable for you. Before trading, you should be aware of the risks notified in Form 13 set out as Part 4 Section A of this Risk Disclosure Statements. The risks notified in Form 13 are also risks common to CFDs.
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• CFDs
  a) Effect of ‘Leverage’ or ‘Gearing’
  Transactions in CFDs carry a high degree of risk. The amount of initial margin is small relative to the value of the CFDs transaction so that the transaction is highly ‘leveraged’ or ‘geared’. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of the initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice in order to maintain your position. If you fail to comply with a request for additional funds within the specified time, your position may be liquidated at a loss and you will be liable for any resulting deficit in your account.
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  b) Risk-Reducing Orders or Strategies
  The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. At times, it is also difficult or impossible to liquidate a position without incurring substantial losses. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.
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• Liquidity
  CFDs are over the counter (“OTC”) instruments and may be illiquid at times due to the absence of a secondary market, meaning such instruments may be difficult to be transacted within a reasonable time (if at all) or a price which reflects its objectivity perceived “fair” value. For some of such instruments it may even be difficult to get any reliable independent information about the value and risks associated with such instruments.

SECTION C - COMMODITY TRADING ACT (CHAPTER 48A); COMMODITY TRADING REGULATIONS; RISK DISCLOSURE STATEMENT REQUIRED TO BE FURNISHED BY A COMMODITY BROKER; COMMODITY FUTURES BROKER OR SPOT COMMODITY BROKER

• Margin: You may sustain a total loss of the initial margin and any additional margins that you deposit to establish a position or maintain positions in the commodity market, commodity futures market or spot commodity market. If the market moves against your positions, you may be called upon to deposit a substantial amount of additional margins, on short notice, in order to maintain your positions. If you do not provide the required margins within the prescribed time, your positions may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
• Liquidation of position: Under certain market conditions, you may find it difficult or impossible to liquidate a position.
• Contingent orders: Placing contingent orders such as “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.
• “Spread” position: A “spread” position may not be less risky than a simple “long” or “short” position.
• Leverage: The high degree of leverage that is often obtainable in commodity futures trading, trading in commodity contracts and spot commodity trading because of the small margin requirements can work against you as well as for you. The use of leverage can lead to large losses as well as gains.
• Foreign markets and off-futures exchange transactions: Funds placed with a commodity broker, commodity futures broker or spot commodity broker for the purpose of participating in foreign markets or off-futures exchange transactions, such as over the counter (“OTC”) or LME related transactions, may not enjoy the same level of protection as funds placed in commodity markets or Commodity Futures Exchanges located in Singapore.

IMPORTANT INFORMATION
UOBKH’s Role as a Counterparty to Transactions