General

Settlement & Funds Deposit/ Withdrawal

1. Please note that Phillip Commodities (HK) Limited ("Phillip") does not accept deposit from third party. Client can deposit funds to the designated "Bank Accounts". A crossed personal cheque should be made payable to "Phillip Commodities (HK) Limited".
2. If client account contains insufficient trading currency or deficit in any currency due to trading loss, this negative balance will be charged with interest.
3. The contract margin levels abide by the requirement of the exchanges. Phillip reserves the right to adjust the initial margin and maintenance margin of the contract according to the market conditions and without further notification.
4. If withdrawal instruction is given on a working day before 9:20am, we will be processed on the same day. Alternatively, we will be deposited the cheque to client’s bank account or client can pick up the cheque at our head office.

Local Futures

1. Please note that Phillip Commodities (HK) Limited ("Phillip") does not accept deposit from third party. Client can deposit funds to the designated "Bank Accounts". A crossed personal cheque should be made payable to "Phillip Commodities (HK) Limited".
2. If client account contains insufficient trading currency or deficit in any currency due to trading loss, this negative balance will be charged with interest.
3. The contract margin levels abide by the requirement of the exchanges. Phillip reserves the right to adjust the initial margin and maintenance margin of the contract according to the market conditions and without further notification.
4. If withdrawal instruction is given on a working day before 9:20am, we will be processed on the same day. Alternatively, we will be deposited the cheque to client’s bank account or client can pick up the cheque at our head office.

Settlement & Funds Deposit

Bank Lists*. Please visit Deposit:Bank Accounts。
*Deposit slip must be fax to our Futures Department (852) 2277 6866 with phone confirmation or email to futures@phillip.com.hk.

After Hours Futures

HKEX opened up After Hours Futures Trading Session from 5:15 pm to 3:00 am in which local futures options cannot be traded**. We will make our own calculation for the theoretical price of local futures options based on the price change of local futures. We will base on our internal risk control system to consider whether client have enough equity to open or close local futures position in After Hours Futures Trading Session.
**by the date this document is last edited. After-hour trading session is subjected to HKEX future amendment and Phillip will make necessary change.

Margin Requirement

The minimum margin levels for Futures Contracts can be found on the HKEX website. Nevertheless, our Company has the right to set a higher margin requirement according to each client's circumstances.

Margin Call：

When the account equity falls below the maintenance margin level, Phillip will make best effort to issue margin call via phone, email or message (if applicable) etc., requesting client to restore the account equity to initial margin level within a specified time by one of the following action：

Otherwise, Phillip will force liquidate the account position.  Client shall remain liable for any deficit in the account.

Moreover, at volatile market conditions, Phillip reserves the right to call for margin deposit from time to time.  Client should always pay attention to account position and allow sufficient equity to cover potential margin shortfall. 

Force Liquidation Policy：

1.  Phillip will make best effort to call client margin, however, it may not be able to contact client  timely due to various reasons (including volatile market condition).
If client cannot restore the account equity to initial margin level within specified time, Phillip may request client to or force close position(s).

2.  If equity falls below the required margin level or has negative balance when market opens after weekend or holiday, Phillip will make best effort to call client margin or force close position(s) at market price.  Client shall remain liable for any deficit in the account.

3.  Phillip will notify client any force liquidated position(s) by telephone, email or message, and also have those transactions identified in statement.  If the force liquidation is not sufficient to cover negative balance in the account, client shall remain liable for any deficit in the account.

Stop Loss Orders：

Stop Loss Orders can help you to minimize potential losses, to protect unrealised gains at a pre-determined level in adverse market conditions or to initiate a new position. A Stop Loss Order may be executed when the pre-determined target price is triggered even where clients do not hold such a position.

Foreign Futures

Settlement & Funds Deposit/ Withdrawal

1. Please note that Phillip Commodities (HK) Limited ("Phillip") does not accept deposit from third party. Client can deposit funds to the designated "Bank Accounts". A crossed personal cheque should be made payable to "Phillip Commodities (HK) Limited".
2. If client account contains insufficient trading currency or deficit in any currency due to trading loss, this negative balance will be charged with interest.
3. The contract margin levels abide by the requirement of the exchanges. Phillip reserves the right to adjust the initial margin and maintenance margin of the contract according to the market conditions and without further notification.
4. If withdrawal instruction is given on a working day before 9:20am, we will be processed on the same day. Alternatively, we will be deposited the cheque to client’s bank account or client can pick up the cheque at our head office.

Settlement & Funds Deposit

Bank Lists*. Please visit Deposit:Bank Accounts。
*Deposit slip must be fax to our Futures Department (852) 2277 6866 with phone confirmation or email to futures@phillip.com.hk.

CME Group Market Data Subscription

We would like to inform you that with effect from 1 April 2015, there will be a monthly subscription fee for non-professional and professional subscribers to access market data for exchanges under the Chicago Mercantile Exchange (CME) Group. These exchanges include the CME, Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX) and Commodity Exchange (COMEX).

In order to help you understand the changes with regards to the CME Group Market Data Subscription, you may visit the Chicago Mercantile Exchange (CME) Group website for more details. If you have any other query with regards, you may contact our Foreign Futures Department at (852) 2277 6667 or email futures@phillip.com.hk.

EUREX Exchange (EUREX) and Intercontinental Exchange (ICE)’s market data Subscription

With effect from 1st April 2016, there will be a monthly subscription fee to access EUREX Exchange (EUREX) and Intercontinental Exchange (ICE)’s market data (including FDAX/DowJones Euro Stoxx 50 Index/US Dollar Index Futures/FTSE 100 Stock Index/Cotton etc.).

To ensure that you are able to continue to access the market data after April 2016, please contact our Foreign Futures Department for further query and application details at (852) 2277 6677 or email futures@phillip.com.hk.

Settlement & Funds Deposit

1. Bank Lists*. Please visit Deposit:Bank Accounts.
   *Deposit slip must be faxed to our Futures Department (852) 2277 6866 with phone confirmation or email to futures@phillip.com.hk.
2. Client may deposit foreign currency acceptable in Phillip for trading. However, if client deposits Hong Kong dollar without conversion, client will bear interest due to negative balance or margin deficit of foreign currency.
3. All Foreign Futures contracts traded through Phillip can only be settled by cash and no physical delivery is made. Client will be requested to close out or to rollover the position 1 day before First Notice Day and Last Trading Day. If client’s position is not squared by the above designated time, Phillip will assist to liquidate your position(s) around 00:00 a.m.(HK time) on the designated day. This is necessary in order to prevent any physical delivery of the contract which we do not facilitate. The liquidation by Phillip will be carried out with our best efforts. In the event that we are unable to carry out the liquidation successfully, we will not be held liable to our clients for any direct or indirect loss, cost or damages.
4. Client who withdraws foreign currency available from Phillip (except USD by cheque) from Foreign Futures account to the local bank account or any currencies to foreign bank account must submit theOriginal Telegraphic Transfer Formto Phillip and client will be charged with a telegraphic transfer fee deducted from client’s account. The approximate fee of each withdrawal is HKD400. Whether any additional fee would be charged by the corresponding bank, client should enquire of the bank in advance.
5. Phillip reserves the right, but is not obliged, to offset any negative balance or margin deficit with other currencies in the client's account.

Margin Call：

When the account equity falls below the maintenance margin level, Phillip will make best effort to issue margin call via phone, email or message (if applicable) etc., requesting client to restore the account equity to initial margin level within a specified time by one of the following action：

Otherwise, Phillip will force liquidate the account position.  Client shall remain liable for any deficit in the account.

Moreover, at volatile market conditions, Phillip reserves the right to call for margin deposit from time to time.  Client should always pay attention to account position and allow sufficient equity to cover potential margin shortfall. 

Force Liquidation Policy：

1.  Phillip will make best effort to call client margin, however, it may not be able to contact client  timely due to various reasons (including volatile market condition).
If client cannot restore the account equity to initial margin level within specified time, Phillip may request client to or force close position(s).

2.  If equity falls below the required margin level or has negative balance when market opens after weekend or holiday, Phillip will make best effort to call client margin or force close position(s) at market price.  Client shall remain liable for any deficit in the account.

3.  Phillip will notify client any force liquidated position(s) by telephone, email or message, and also have those transactions identified in statement.  If the force liquidation is not sufficient to cover negative balance in the account, client shall remain liable for any deficit in the account.