Hedging Policy

Hedging Policy

By September 2018

You deal with HMA which acts as counterparty to every transaction you enter into on our platforms. You will have an exposure to us in relation to each transaction if we are not ready, willing or able to meet our obligations, for example, if HMA were to become insolvent. You are reliant on our ability to meet our counterparty’s obligations to you to settle the relevant contract(s).

We enter into hedging transactions as principal in the wholesale market to limit our exposure to our clients. We are then exposed to the counterparty risk with that hedging party.

We manage our exposure to market risk from client positions by offsetting (hedging) a substantial number of client trades with external liquidity providers on a back-to-back basis. Thus, there is limited risk to us. Providers are chosen based on their ability to provide liquidity in the underlying market as well as the strength of their balance sheet.

Determining whether Hedging Counterparties are of sufficient financial standing:

If at any time we engage additional hedging counterparties, we will ensure that hedging counterparties are appropriately licensed and regulated by an independent body in the relevant jurisdiction and meet the following criteria:

  1. have strong financial and compliance (including risk management) resources;
  2. have sufficient resources to service our needs and the volume of trades we anticipate placing with them; and
  3. have a proven track record in relation to Over-the-Counter (“OTC”) products.
  4. As of August 2018, the details of our current counterparties can be found as follows:
Counterparties Name Location License situation
Haitong International Financial Services (Singapore) Pte. Ltd. Singapore Regulated by Monetary Authority of Singapore (MAS) No: 1279220D
INTL FCStone (Europe) Limited United Kingdom Regulated by the UK Financial Conduct Authority (FCA) No: 446717
Hantec Markets Limited United Kingdom Regulated by the UK Financial Conduct Authority (FCA) No: 502635
Marex Spectron United Kingdom Regulated by the UK Financial Conduct Authority (FCA) No: 537582
AxiCorp Financial Services Pty Ltd. Australia Regulated by ASIC;
AFSL No. 318232
Invast Financial Services Pty Ltd. Australia Regulated by ASIC;
AFSL No. 438283
IG Asia Pte Ltd. Singapore Regulated by Monetary Authority of Singapore (MAS) No: 200510021K
IS Prime Limited. United Kingdom Regulated by the UK Financial Conduct Authority (FCA) No: 629586
Hantec Bullion Limited. Hong Kong Regulated by the Chinese Gold & Silver Exchange Society of H.K. No: 163AA



您在我們平臺上的每一筆交易,都是視亨達(澳洲)有限公司為您的交易對手。如果我們無法履行我們的義務,如HMA破產,您將遭受風險。您的交易依賴於我們履行交易對手方義務的能力。

我們通過對沖客人的風險敞口,從而限制了客人的風險。但其結果是我們將面對對沖造成的對手方風險。

我們的風險管理政策是在背對背的基礎上通過外部流動性提供商來對沖大量的客戶倉位。這樣,對我們來說風險是有限的。我們通過考量提供商在當前市場下提供流動性的能力以及他們資產負債表的情況來選擇提供商。

如何決定對沖的對手方是否有足夠的財務能力:

如我們在任何時候啟用額外的對沖對手方,我們將保證該對沖對手方在相關管轄區內擁有由獨立監管機構賦予的相適應的牌照並滿足以下標準:

  1. 具有足夠充足的財務及合規(包括風險管理)資質;
  2. 具有足夠的資金來支持我們預期的交易量;和
  3. 在場外交易市場(“OTC”) 產品相關方面有著良好的記錄;
  4. 截至2018年8月 , 以下是我們現有的交易對手方資料細節:
Counterparties Name Location License situation
Haitong International Financial Services (Singapore) Pte. Ltd. Singapore Regulated by Monetary Authority of Singapore (MAS) No: 1279220D
INTL FCStone (Europe) Limited United Kingdom Regulated by the UK Financial Conduct Authority (FCA) No: 446717
Hantec Markets Limited United Kingdom Regulated by the UK Financial Conduct Authority (FCA) No: 502635
Marex Spectron United Kingdom Regulated by the UK Financial Conduct Authority (FCA) No: 537582
AxiCorp Financial Services Pty Ltd. Australia Regulated by ASIC;
AFSL No. 318232
Invast Financial Services Pty Ltd. Australia Regulated by ASIC;
AFSL No. 438283
IG Asia Pte Ltd. Singapore Regulated by Monetary Authority of Singapore (MAS) No: 200510021K
IS Prime Limited. United Kingdom Regulated by the UK Financial Conduct Authority (FCA) No: 629586
Hantec Bullion Limited. Hong Kong Regulated by the Chinese Gold & Silver Exchange Society of H.K. No: 163AA

If there is any inconsistency or ambiguity between the English version and the Chinese version, the English version shall prevail.
中文譯本僅供參考,文義如與 英文有歧異,概以英文本為準。

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