General Risks Disclosure for Foreign Exchange and Commodities Transactions/Products 
外匯及商品交易/產品的一般風險披露 

LEVERAGE RISKS - MARGIN TRADING

In forex margin trading, leverage requires a small initial investment, called a margin, to gain access to substantial trades in foreign currencies. Small price fluctuations can result in margin calls where the investor is required to pay an additional margin. During volatile market conditions, aggressive use of leverage could result in substantial losses in excess of initial investments.

INTEREST RATE RISK

When the interest rate of a currency rises, it will affect the forward points of the currency pair.

The buyer of the currency with rising rate in a forward agreement will enjoy a favorable forward points. As a Forex Swap involves a Spot and a Forward, the above described mechanism will apply to the Forward leg.

FOREIGN EXCHANGE RISK

Changes in the exchange rate between your home currency and the product currency, and changes in the exchange rate between the product currency and the underlying currency may impact the performance of your investment and your return. Foreign exchange rates may change suddenly and unpredictably.

COUNTERPARTY RISK

The counterparty in a financial transaction is the company which provides the asset to the investor. Thus counterparty risk refers to the risk of default from the dealer or broker or bank in a particular transaction. In forex trades, spot and forward contracts on currencies are not guaranteed by an exchange or clearing house. In spot currency trading, the counterparty risk comes from the solvency of the market maker. Failure or delay in payments or deliveries by the counterparty, the custodian, clearing system, or other third party paying agents or intermediaries may result in failure or delay in payments or deliveries due to the investor.

SOVEREIGN RISK

When weighing the options to invest in currencies, one must assess the structure and stability of their issuing country. In many emerging countries, exchange rates are fixed to a world leader such as the US dollar. In this circumstance, central banks must sustain adequate reserves to maintain a fixed exchange rate.

A currency crisis can occur due to frequent balance of payment deficits and result in devaluation of the currency. This can have substantial effects on forex trading and prices.

MARKET RISK

The commodity markets, particularly in their most widespread form of derivatives (futures and options traded on regulated exchanges), are products reserved for sophisticated investors who are well aware of their high volatility and of the specific nature of their underlying assets (seasonal effects, production level announcements and market forecasts, inventories, geo-strategic stakes at play for certain countries regarding oil, copper and other commodities, changes in the weather for soft commodities, etc.).

CONFLICTS OF INTEREST

Various potential and actual conflicts of interest may arise from the overall investment activities or the roles of the parties involved in any investment product or transaction, their investment professionals and/or their affiliates. In particular, the counterparty / issuer / provider or its related entities or affiliates can offer or manage other investments which interests may be different to the interest of your investments in that investment product or transaction; or for cases where the product counterparty or issuer is BNP Paribas or its related entity or affiliate, BNP Paribas may also act as distributor, guarantor, calculation agent and/or arranger of the same product.

OTHER RISKS

THIS DOCUMENT CANNOT DISCLOSE ALL POSSIBLE RISKS OF THE PRODUCT. Investors should not invest in the product based on this document alone. Foreign Exchange forwards and swaps are unlisted, not collateralised and not authorised by the Hong Kong Securities and Futures Commission and the Monetary Authority of Singapore. There may not be an active or liquid market. Buying derivatives is not the same as a direct investment in the currencies concerned. Foreign Exchange forwards and swaps are not covered by the Investor Compensation Fund established under the Hong Kong Securities & Futures Ordinance. Presently, the Investor Compensation Fund covers only exchange-traded products in Hong Kong.

外匯及商品交易/產品的一般風險披露

槓桿風險 – 保證金交易

在外匯保證金交易中，投資者存入一筆小額保證金後，即可擴大交易倍數，進行大額外匯交易。匯率小幅波動，便可能觸發保證金追繳，此時投資者必須繳付額外保證金。在市場大幅波動的情況下，高度運用槓桿可能會導致高於初始投資金額的巨額虧損。

利率風險

當某貨幣的利率上升，將會影響貨幣對的遠期點數。

在外匯遠期合約中，利率上升貨幣的買方將可受益於遠期點數。由於外匯掉期交易牽涉一筆即期和一筆遠期外匯交易，上述機制亦適用於遠期交易部分。

外匯風險

本地貨幣與產品計價貨幣之間的匯率變動，以及產品計價貨幣與標的貨幣之間的匯率變動，均可能會影響投資表現和回報率。匯率可能突然波動，且難以預估。

交易對手風險

金融交易的交易對手是提供資產給投資者的公司，因此交易對手風險是指在特定交易中交易商或經紀商的違約風險。就外匯交易而言，並無交易所或清算中心對即期和遠期外匯合約提供擔保。至於即期外匯交易方面，交易對手風險來自造市商的償債能力，交易對手、保管機構、清算機構，或其他第三方支付代理人或中介機構支付或交割失敗或延遲，可能導致款項或交易產品無法或延遲交付給投資者。

主權風險

當投資者在衡量是否投資某貨幣時，應評估貨幣發行國的結構和穩定度。許多新興國家採固定匯率制，與強國貨幣（如美元）掛鉤。在此情況下，央行必須持有充足的外匯儲備，以維繫固定匯率制度。

如果國際收支經常出現赤字，可能會造成貨幣危機，導致該國貨幣貶值，對外匯交易和價格將造成重大影響。

市場風險

商品市場（尤其是其衍生工具市場，例如在受監管交易所掛牌的期貨及期權）產品僅適合充分了解這些產品的高波動性，以及其相關資產性質的資深投資者。例如，季節性影響、產量公告、市場預測、存貨、個別國家的地緣戰略考慮等因素，將影響石油、銅及其他商品的走勢，而氣候因素則會影響軟性商品等。

利益衝突

某投資產品或交易參與的各方、其投資專家及其聯營公司從其整體投資活動或其參與角色中，可能産生若干潛在或實際的利益衝突。特別是交易對手/ 發行人/ 提供者、或其相關實體、或其聯營公司，可提供或管理其他投資，而其投資利益可能與閣下在有關投資產品或交易中的投資利益不同; 或當法國巴黎銀行或其相關實體或聯營公司爲產品之交易對手或發行人，法國巴黎銀行亦可能擔任同一產品的分銷商、擔保人、計算代理人和/或安排人。

其他風險

本文件並未能披露本產品的所有可能風險。投資者不應僅根據本文件而投資於此產品。投資者應注意，外匯遠期及掉期合約未上市、無抵押，並未獲香港證券及期貨事務監察委員會或新加坡金融管理局認可，而且可能沒有活躍或具流動性的市場。衍生工具投資與直接投資於相關貨幣並不相同。外匯遠期及掉期合約不受根據《香港證券及期貨條例》設立的投資者賠償基金保障。目前，投資者賠償基金僅涵蓋在香港交易所買賣的產品。

外汇及商品交易/产品的一般风险披露

杠杆风险 – 保证金交易

在外汇保证金交易中，投资者存入一笔小额保证金后，即可扩大交易倍数，进行大额外汇交易。汇率小幅波动，便可能触发保证金追缴，此时投资者必须缴付额外保证金。在市场大幅波动的情况下，高度运用杠杆可能会导致高于初始投资金额的巨额亏损。

利率风险

当某货币的利率上升，将会影响货币对的远期点数。

在外汇远期合约中，利率上升货币的买方将可受益于远期点数。由于外汇掉期交易牵涉一笔即期和一笔远期外汇交易，上述机制亦适用于远期交易部分。

外汇风险

本地货币与产品计价货币之间的汇率变动，以及产品计价货币与标的货币之间的汇率变动，均可能会影响投资表现和回报率。汇率可能突然波动，且难以预估。

交易对手风险

金融交易的交易对手是提供资产给投资者的公司，因此交易对手风险是指在特定交易中交易商或经纪商的违约风险。就外汇交易而言，并无交易所或清算中心对即期和远期外汇合约提供担保。至于即期外汇交易方面，交易对手风险来自造市商的偿债能力，交易对手、保管机构、清算机构，或其他第三方支付代理人或中介机构支付或交割失败或延迟，可能导致款项或交易产品无法或延迟交付给投资者。

主权风险

当投资者在衡量是否投资某货币时，应评估货币发行国的结构和稳定度。许多新兴国家采固定汇率制，与强国货币（如美元）挂钩。在此情况下，央行必须持有充足的外汇储备，以维系固定汇率制度。

如果国际收支经常出现赤字，可能会造成货币危机，导致该国货币贬值，对外汇交易和价格将造成重大影响。

市场风险

商品市场（尤其是其衍生工具市场，例如在受监管交易所挂牌的期货及期权）产品仅适合充分了解这些产品的高波动性，以及其相关资产性质的资深投资者。例如，季节性影响、产量公告、市场预测、存货、个别国家的地缘战略考虑等因素，将影响石油、铜及其他商品的走势，而气候因素则会影响软性商品等。

利益冲突

某投资产品或交易参与的各方、其投资专家及其联营公司从其整体投资活动或其参与角色中，可能产生若干潜在或实际的利益冲突。特别是交易对手/ 发行人/ 提供者、或其相关实体、或其联营公司，可提供或管理其他投资，而其投资利益可能与阁下在有关投资产品或交易中的投资利益不同; 或当法国巴黎银行或其相关实体或联营公司为产品之交易对手或发行人，法国巴黎银行亦可能担任同一产品的分销商、担保人、计算代理人和/或安排人。

其他风险

本文件并未能披露本产品的所有可能风险。投资者不应仅根据本文件而投资于此产品。投资者应注意，外汇远期及掉期合约未上市、无抵押，并未获香港证券及期货事务监察委员会或新加坡金融管理局认可，而且可能没有活跃或具流动性的市场。衍生工具投资与直接投资于相关货币并不相同。外汇远期及掉期合约不受根据《香港证券及期货条例》设立的投资者赔偿基金保障。目前，投资者赔偿基金仅涵盖在香港交易所买卖的产品。

Please note that Chinese versions are for reference only and the English version shall prevail.
請注意，中文版本僅供參考，概亦英文為準。