KVB Kunlun Leveraged Trading Product Disclosure Statement

Issued By:
Last Update:
KVB Kunlun New Zealand Limited
1 February 2015
KVB Kunlun
Leveraged Trading
Product Disclosure Statement
www.kvbkunlun.com
1
This product is issued by KVB Kunlun New Zealand Limited. The product is distributed in New
Zealand by KVB Kunlun New Zealand Limited and in Australia by KVB Kunlun Pty Limited.
This PDS meets the disclosure requirements of both New Zealand and Australian law. Some
references to Australia therefore may not be applicable to New Zealand clients. Likewise,
references to New Zealand may not be applicable to clients in Australia. We have made
every effort to distinguish each entity appropriately and refer you to the last page in the
document for a description of the roles of each entity within the group in relation to the
offer of this product in Australia and New Zealand. If you have any questions, please do not
hesitate to ask our representatives.
www.kvbkunlun.com
2
General Advice Warning
The information contained in this PDS is of a general nature only and does not consider your
individual objectives, financial situation or needs. This opportunity is designed to suit investors with
understanding, experience, and the financial capacity to absorb the risks inherent in dealing in
Derivatives (please read the risks section carefully before investing).
KVB will not advise clients regarding the merits of a transaction and will simply carry out the client's
instructions.
It may be appropriate for you to take professional financial advice from a licensed financial adviser.
In applying to participate in KVB Leveraged Trading you acknowledge that:
•
KVB does not provide you with Personal Advice.
•
You are aware of and comfortable with the risks of dealing in Derivatives.
•
You understand the concepts required to trade in Currency Pairs (FX), Commodities and Indices.
•
You understand the risks associated with trading in Currency Pairs (FX), Commodities and Indices.
•
This PDS does not constitute an offer or invitation in any place where, or to any person to whom
it would not be lawful to make such an offer or invitation.
The following pages contain illustrated (hypothetical) examples of transactions available via KVB
Leveraged Trading. These examples do not take into account your individual objectives, financial
situation or needs, nor do they illustrate every possible outcome of dealing in Derivatives via KVB
Leveraged Trading.
You should seek your own advice if you do not understand any aspect of this Product Disclosure
Statement.
www.kvbkunlun.com
3
Table of Contents
About KVB Kunlun .................................................................................................................................... 5
KVB Leveraged Trading ............................................................................................................................. 6
KVB ForexStar Technology ........................................................................................................................ 7
Welcome to KVB Leveraged Trading ........................................................................................................ 8
Entire Agreement ..................................................................................................................................... 9
Product Range ........................................................................................................................................ 10
About Trading Derivatives & CFDs.......................................................................................................... 13
About this Product Disclosure Statement .............................................................................................. 15
Information Subject to Change............................................................................................................... 16
Fees & Charges ....................................................................................................................................... 17
Table of Fees and Charges ...................................................................................................................... 18
Additional Explanation of Fees and Costs .............................................................................................. 19
Client Acceptance ................................................................................................................................... 20
Margin .................................................................................................................................................... 21
Trading Instructions ................................................................................................................................ 22
Deposits & Withdrawals ......................................................................................................................... 23
Client Money .......................................................................................................................................... 24
Client Reporting ...................................................................................................................................... 25
Dealing in Derivatives – Examples .......................................................................................................... 26
Margin Call & Stop Out Example ............................................................................................................ 29
Significant Risks ...................................................................................................................................... 30
Significant Benefits ................................................................................................................................. 33
Other Features ....................................................................................................................................... 34
Associated Entities & Third Parties ......................................................................................................... 37
www.kvbkunlun.com
4
About KVB Kunlun
KVB Kunlun New Zealand Limited ("KVB") is part of an international financial services group with
operations in Auckland, Sydney, Melbourne, Hong Kong, Beijing and Toronto. We pride ourselves on
our professional and disciplined approach to financial markets. Our global team of financial specialists
are dedicated to providing our clients with access to visionary investment services.
Our vision is represented in our name and logo – we use Knowledge and Versatility to Break the
barriers of traditional investment services for our client's benefit.
The KVB Group is led by a number of highly experienced and qualified investment professionals,
including the Group Managing Director and Directors for each country in which we are represented
and global leaders in the Investment, Technology and Compliance disciplines.
KVB Group entities are licensed or supervised in the following regimes:
Group Entity
KVB Kunlun New Zealand Limited
KVB FX Limited
KVB Kunlun Pty Limited
Country
New Zealand
New Zealand
Australia
KVB FX Pty Limited
Australia
KVB Asset Management Company
Limited
KVB Kunlun Securities (HK) Limited
KVB Kunlun International (HK)
Limited
KVB Kunlun Asset Management
(HK) Limited
KVB Kunlun Canada Inc Limited
Australia
www.kvbkunlun.com
Hong Kong
Hong Kong
Supervisor
Financial Markets Authority
Department of Internal Affairs
Australian Securities & Investments
Commission
Australian Securities & Investments
Commission
Australian Securities & Investments
Commission
Securities & Futures Commission
Securities & Futures Commission
Hong Kong
Securities & Futures Commission
Canada
Financial Transactions Reports Analysis
Centre of Canada
5
KVB Leveraged Trading
KVB Leveraged Trading provides investors with the opportunity to trade in Over-the-Counter
Derivatives (Contracts for Difference, "CFDs") for a range of underlying assets including Currencies,
Commodities and Indices. The facility allows clients to choose an appropriate level of leverage for
their needs. It also provides for stop loss and take profit features, and has an automatic close out
feature to minimise loss in the event that a position moves significantly against you.
KVB Leveraged Trading is only available to those clients receiving the PDS in Australia and New
Zealand.
www.kvbkunlun.com
6
KVB ForexStar Technology
KVB Leveraged Trading is available via our leading edge technology, ForexStar. ForexStar allows
clients to:
•
Place orders with access to real time prices
•
Place, modify and delete trading instructions including to take profit or stop loss
•
Set alerts to monitor the market and notify clients when prices reach a certain level
•
Manage existing positions or take new positions
•
Access real time valuation and profit & loss reports
•
Access technical analysis tools including charting
•
Access full historical trading, balance and profit & loss information
www.kvbkunlun.com
7
Welcome to KVB Leveraged Trading
The service is depicted diagrammatically below:
Our FX products include a range of currency pairs. The minimum standard trading size is 0.01lot.
Our Commodities products include Gold, Silver, Copper, Rubber, Soybean, Corn and Crude Oil.
Tradable lots range in size depending on which Commodity you trade.
Our Index products include the Dow Jones Industrial Average, the S&P 500, the Nikkei225 ,the Hang
Seng Index, the U.S.dollar index, the CSI 300 Index futures, the ASXSP 200 index futures and the
Shanghai Composite Index. Tradable lots range in size depending on which Index you trade.
Our mini account product provides customer opportunities to trade in minimum contract size of 0.01
lot. This product allows customers to trade in the real market with less capital. We charge
commissions on Mini Accounts.
For the full range of products available via KVB Leveraged Trading, please refer to page 10 and the
website www.kvbkunlun.com.
Latest financial statements can be obtained from the New Zealand Companies Office website at
www.companies.govt.nz
www.kvbkunlun.com
8
Entire Agreement
KVB Leveraged Trading is available for clients with experience only. You must acknowledge your
understanding of dealing in Derivatives and CFDs, together with the risks involved.
This Product Disclosure Statement (PDS) and the Client Services Agreement (CSA) together make up
the entire agreement between you and KVB. You should read, understand and acknowledge your
receipt and understanding of all of these documents.
To the extent that there is any inconsistency between any of the PDS and CSA, the CSA prevails.
Although you have the responsibility to thoroughly read and understand all clauses in the CSA, your
attention is drawn to the following particularly important sections:
You can also obtain the KVB Advisor Disclosure Statement from KVB free of charge or from the KVB
website, before any advice is given.
PART A - General Terms & Conditions
•
Acknowledgements & Representations
•
KVB Kunlun's Services
•
KVB Kunlun's Associated Entities & Third Parties
•
Liability
PART B - Derivatives Dealing
PART C - Trading Systems
PART D - Risk Statement
www.kvbkunlun.com
9
Product Range
Products available via KVB Leveraged Trading, are outlined (together with key features) in the table
below:
Contract
Symbol
Lot Size
Target Spread
Minimum
Trade Lot
Minimum
Margin
Required
Profit/Loss
Calculation
Roll-over
(Swap Charge)
Delivery
Expiry Date
Trading Hours
(GMT)
(Daylight
saving hours
applied)
Foreign Currency
XAUUSD (Gold)
XAGUSD (Silver)
US Crude*
100,000 base
currency
Varies from pair
to pair
0.01
100 ounce per lot
100 ounce per lot
1000 barrel per lot
USD 0.5
USD 0.05
USD 0.06
0.01
0.5
0.01
0.5%
(subject to market
condition )
Mark-to-market
Real Time
Done daily at
prevailing market
carrying cost
Non-deliverable
No expiry Day;
GTC
0.5%
(subject to market
condition )
Mark-to-market
Real Time
Done daily at
prevailing market
carrying cost
Non-deliverable
No expiry Day;
GTC
1%
(subject to market
condition )
Mark-to-market
Real Time
Done daily at
prevailing market
carrying cost
Non-deliverable
No expiry Day;
GTC
1%
(subject to market
condition )
Mark-to-market
Real Time
None
Sunday to Friday
18:00 to 22:00
Sunday to Friday
23:00 to 22:00
(next day)
Sunday to Friday
23:00 to 22:00
(next day)
Non-deliverable
Expire monthly;
two days prior to
NYMEX oil expiry
day*
Sunday to Friday
23:00 to 22:00
(next day)
On expiry day,
trading will stop at
GMT 21:00
* US Crude is based on a futures contract.
Switch Over at Expiry:
Futures contract expire on exchange set dates and times. The KVB contracts expire 2 days prior to the
exchange set expiry date and time. Any positions still open at the close of trading on KVB’s expiry day
(being 2 days prior to the exchange set expiry date and time) will be closed by KVB at the mid market
closing price and cash settled.
In order to avoid last trading day’s volatility, KVB switches over the price quote from one month to
the next month two trading days prior to the exchange expiry dates. Clients can resume trading the
same CFD symbol after this quote switching is complete.
www.kvbkunlun.com
10
Contract
Symbol
Margin
Required
(Subject to
change)
Target Spread
Decimal Place
Tick Size
Tick Price
Roll-over
(Swap Charge)
Commission
Min. Tradable
Lot
Step /
Increment
Max. Tradable
Lot
Trading Hours
(GMT)
Contract
Expiry
Order
Duration
DJI30
SPX500
NIK225
HSI43
CHINA300*
AUSSIE200**
SHCOMP
5%
5%
5%
5%
5%
5%
5%
7 index
points
0
1 index
point
2
40 index
points
0
20 index
points
0
0.6 index
point
2
3 index
points
0
3 index
points
2
1
USD 1
Done daily
at prevailing
market
carrying cost
0
0.1
0.1
USD 0.1
Done daily
at prevailing
market
carrying cost
0
1
1
YEN 1
Done daily
at prevailing
market
carrying cost
0
10
1
HKD 1
Done daily
at prevailing
market
carrying cost
0
1
0.2
CNY 60
Done daily
at prevailing
market
carrying cost
0
0.01
1
AUD 25
Done daily at
prevailing
market
carrying cost
0
0.01
0.01
CNY 1
Done daily
at prevailing
market
carrying cost
0
0.01
0.1
1
10
1
0.1
0.01
0.01
50
500
5000
500
10
10
10
14:30-21:00
Mon to Fri
14:30-21:00
Mon to Fri
00:00-02:00
03:30-06:00
Mon to Fri
01:45-04:30
06:30-08:15
Mon to Fri
01:30-03:30
05:00-07:00
Mon to Fri
23:55-06:25
Mon to Fri
01:30-03:30,
05:00-07:00,
Mon to Fri
2 trading
days before
last trade
day of
futures
contract on
CFF
Exchange
All orders are Day Orders only including Stop Loss and Take Profit
2 trading
days before
last trade day
of futures
contract on
ASX
* CHINA300 CFD (Underlying Security: CSI 300 Index Futures) is based on a futures contract.
** AUSSIE200 CFD (Underlying Security: ASXSP200 Index Futures (Mar, June, Sept, Dec) is based on a
futures contract.
Switch Over at Expiry:
Futures contract expire on exchange set dates and times. The KVB contracts expire 2 days prior to the
exchange set expiry date and time. Any positions still open at the close of trading on KVB’s expiry day
(being 2 days prior to the exchange set expiry date and time) will be closed by KVB at the mid market
closing price and cash settled.
www.kvbkunlun.com
11
In order to avoid last trading day’s volatility, KVB switches over the price quote from one month to
the next month two trading days prior to the exchange expiry dates. Clients can resume trading the
same CFD symbol after this quote switching is complete.
Contract Symbol
Lot Size
Target Spread
Minimum Trade Lot
Minimum Margin Required
(Subject to change)
Profit/Loss Calculation
Corn
5000 bushels
USD 2 cent
0.01
5%
Soybean
5000 bushels
USD 2 cent
0.01
5%
Copper
25000 pounds
USD 0.7 cent
0.01
2%
Rubber
10 metric tons
CNY 30
0.01
5%
US 12.5 per lot
US 12.5 per lot
US 12.5 per lot
CNY 50 per lot
Roll-over (Swap Charge)
Done daily at
prevailing
market
carrying cost
Nondeliverable,
cash settled at
the end of last
trading day
FPD-2
Done daily at
prevailing
market
carrying cost
Nondeliverable,
cash settled at
the end of last
trading day
FPD-2
Done daily at
prevailing
market
carrying cost
Nondeliverable,
cash settled at
the end of last
trading day
FPD-2
Done daily at
prevailing market
carrying cost
Every day
00:00-12:45,
13:30-18:15
Sunday-Friday
(NY Summer),
Every day
01:00-13:45,
14:30-19:15
Sunday-Friday
(NY Winter)
* Close 1 hour
earlier on
expiry day
Every day
00:00-12:45,
13:30-18:15
Sunday-Friday
(NY Summer),
Every day
01:00-13:45,
14:30-19:15
Sunday-Friday
(NY Winter)
* Close 1 hour
earlier on
expiry day
Every day
22:00-21:00
Sunday-Friday
(NY Summer),
Every day
23:00-22:00
(NY Winter)
* Close 1 hour
earlier on
expiry day
Delivery
Expiry Date
Trading Hours (GMT)
* Daylight saving hours
applied
Non-deliverable,
cash settled at the
end of last trading
day
The 15th day of
the second month
prior to the active
futures contract
on SHFE.(If it is a
public holiday, the
last trading day
shall be the 1st
business day after
the holiday)
Every day 01:0003:30 and 05:3007:00,Monday to
Friday
All information provided in the tables above:




Is current at the time of printing
Is subject to change
Will be updated regularly on the website
To the extent that there are any inconsistencies, between our product documentation, website
information and the trading platform, the trading platform information prevails.
www.kvbkunlun.com
12
About Trading Derivatives & CFDs
In applying to use KVB Leveraged Trading, you must confirm that you have the ability to evaluate and
understand the terms, conditions and risks of the transactions entered into via KVB Leveraged Trading.
These include, but are not limited to, understanding the concepts of leverage, margins, volatility,
interests or rights in the underlying asset(s) along with the processes and technologies used in trading.
You must also confirm that you are willing and able to accept those terms and conditions and to
assume (financially and otherwise) those risks. You acknowledge your responsibility for monitoring
and managing the risks of trading. When you sign the application forms, you are making this
confirmation.
CFDs are Over-the-Counter Derivatives contracts considered by law to be principal-to-principal
contracts. This makes you (the client) and KVB (the provider) counterparties to the contract.
We offer you a contract price based on relevant market and business conditions.
One of those conditions is that you provide us with Margin in the form of cleared funds. We provide
you with leverage in return for the Margin contribution. Your obligation as client and counterparty is
to maintain your Margin at a minimum level in accordance with the following leverage options
(including but not limited to):
Leverage
1:20
Margin
Required
5%
1:50
2%
1:100
1%
www.kvbkunlun.com
Explanation
This means that for every 1 you deposit with us, you can trade to a value of
20. However if your trade position moves against you there are 3 possible
outcomes:
 You provide us with additional Margin and keep the position open
 You close the position thereby crystallising the loss
 The system automatically creates an order for our Dealers to manually close
out the position when your total equity falls below 20% of the margin
required for the open positions. There is no guarantee that positions will be
closed in periods of excess volatility as outlined in page 29.
This means that for every 1 you deposit with us, you can trade to a value of
50. However if your trade position moves against you there are 3 possible
outcomes:
 You provide us with additional Margin and keep the position open
 You close the position thereby crystallising the loss
 The system automatically creates an order for our Dealers to manually close
out the position when your total equity falls below 50% of the margin
required for the open positions. There is no guarantee that positions will be
closed in periods of excess volatility as outlined in page 29.
This means that for every 1 you deposit with us, you can trade to a value of
100. However if your trade position moves against you
there are 3 possible outcomes:
 You provide us with additional Margin and keep the position open
 You close the position thereby crystallising the loss
 The system automatically creates an order for our Dealers to manually close
out the position when your total equity falls below 50% of the margin
required for the open positions. There is no guarantee that positions will be
closed in periods of excess volatility as outlined in page 29.
13
When a client deposits money with KVB, the client's funds are pooled with other client's funds and
held in an account (segregated accounts) on trust for our clients and separate to KVB business
operating accounts. When clients enter into a transaction, we are entitled to withdraw Margin from
their account to cover the open position. This treatment meets the relevant legal requirements. We
may choose to withdraw your margin in this manner, however this is not our current practice.
We manage the segregated accounts by matching the client equity balances in our system with the
client funds held on trust in the bank. This means that client's profit & loss results are transferred to
(or from) the segregated accounts on a daily basis.
It is important to note that your monies are pooled with other client's monies. Some client positions
are loss making and others are profit making. All positions are managed as a pool, so your money may
be used to cover the loss making positions of other clients on an intraday basis only. Any temporary
use of funds in this manner will be reversed by close of business on the same day when we credit and
debit client's accounts to reflect the true equity position for that day.
As a general rule, we are not permitted to hold an excess or deficiency in the client segregated
accounts, so we need to carefully manage this position on a daily basis in order to meet the relevant
legal requirements. We have implemented a daily reconciliation procedure and we transfer the excess
or deficiency of client accounts to the operating accounts on a daily basis.
www.kvbkunlun.com
14
About this Product Disclosure Statement
This PDS has been prepared and issued by KVB. There are statements made throughout this PDS that
are specific legal requirements, and others that are made in the spirit of full disclosure in a clear,
concise and effective manner.
Disclosure Requirement
Client suitability
Opening Margin
Counterparty risk—hedging
Counterparty risk—capital
Counterparty risk—liquidity
Client money
Halted or suspended underlying
assets
Margin
Fees and costs
www.kvbkunlun.com
KVB Position Statement
 We require that clients self assess their suitability to trade in
CFDs. Clients must confirm their understanding of the risk
involved in trading leveraged CFDs on the products offered
by KVB, namely Currency Pairs (FX), Commodity and Indices.
 We accept deposits made via telegraphic transfer. All Margin
funds must be cleared funds before KVB permits you to
trade. (Note - KVB does not permit/accept payments from a
Credit Card).
 KVB NZ has a number of counterparties which it uses to
hedge positions. Arrangements with counterparties are
commercial and in confidence.
 KVB NZ employs risk management techniques and
compliance procedures to monitor the capital exposure to its
counterparties.
 KVB monitors KVB NZ compliance with its internal policies
and procedures, and via our service agreement with KVB NZ
we have the right to review in detail any internal documents
supporting capital decisions.
 KVB NZ reports to the Board of KVB via the Group Audit, Risk
& Compliance Committee at least quarterly.
 KVB NZ employs risk management techniques and
compliance procedures to monitor the liquidity exposure to
its clients, including KVB and KVB's underlying clients.
 KVB Group monitors KVB NZ compliance with its internal
policies and procedures, and have the right to review in
detail any internal documents supporting liquidity decisions.
 KVB NZ reports to the Board of KVB via the Group Audit, Risk
& Compliance Committee at least quarterly.
 Client money is held on trust for clients in client segregated
bank accounts.
 Client money is only used to meet the obligations of clients
in relation to their trading activities, and is not available for
use by KVB in its general operations.
 Intraday, client's money may be used to support the
positions of other clients. At day end all P&L movements are
processed to each client's equity account.
 Client money held in the bank is reconciled daily to the client
position statement held in our ForexStar trading system.
 Some products refer to the underlying Index. Where a
market is not trading the Index will not be available.
 Please refer to page 21 for a detailed description of our
policy. We have also included an example of a Margin call on
page 29.
 Our fees and charges are very simple and generally consist
only of the buy-sell spread and any overnight swap costs.
These are referred to in detail on page 17.
15
Information Subject to Change
Information contained in this PDS is subject to change from time to time. Where the change relates to
Fees and Charges, or is likely to have a detrimental effect on clients, we will give clients 30 days notice
of such change. Updated information in relation to the products available for trading, swap costs and
other less material information is available on the website or by contacting your KVB representative.
Any information which is regarded as material will be updated by the issue of a supplementary or
replacement PDS.
Paper copies of any information will be provided upon request. You must provide such a request in
writing and we will respond to you within 10 business days of receipt of your written request.
www.kvbkunlun.com
16
Fees & Charges
You should read all the information about fees and costs because it is important to understand their
impact on your investment. You can obtain this information through our website
www.kvbkunlun.com.
This document shows fees and other costs that you may be charged. These fees and costs may be
deducted from your money or from the returns on your investment. Fees and costs may be deducted
from your income, capital account or any combination of these.
You should read all the information about fees and costs because it is important to understand the
impact on your investment.
Did you know?
Small differences in performance and fees & charges can have a substantial impact on your long term
returns. For example, total annual fees and costs of 2% of your investment dollars rather than 1%
could reduce your final return by up to 20% over a 30 year period (for example reduce it from
100,000 to 80,000).
You should consider whether the features such as superior investment performance or provision of
better services justify higher fees and costs. You may be able to negotiate to pay lower contribution
fees and management costs where applicable. Ask the issuer or your financial adviser.
To find out more
If you would like to find out more, or to see the impact of fees based on your circumstances, the
Australian Securities and Investments Commission (ASIC) website (https://www.moneysmart.gov.au/)
has a managed investment fee calculator to help you check out the different fee options.
This document shows fees and other costs that you may be charged. These fees and costs may be
deducted from your money or from the returns on your investment. Fees and costs may be deducted
from your income, capital account or any combination of these.
You should read all the information about fees and costs because it is important to understand the
impact on your investment.
www.kvbkunlun.com
17
Table of Fees and Charges
Type of Fee or Cost
Amount
Fees relating to opening and operating a CFD account
Establishment Fee
The fee to open your investment/account
Contribution Fee
The fee on each amount contributed to your investment/account
Withdrawal Fee
The fee on each amount you take out of your investment/account
Fee for converting one currency to another
Termination Fee
The fee to close your investment/account
Data Fee
The fee to use our online trading platform, ForexStar
Nil
Nil
Nil
Nil
Nil
Nil
Fees related to CFD trading
Commissions - for mini accounts (if applicable)
0 - 20 USD /per standard lot
Adviser Service Fee
The fee charge by your adviser for providing advice in relation to
ForexStar
Buy-Sell Spread
The usual differential between our bid to buy and offer to sell
Not applicable
(between client and adviser)
Swap Costs
The cost of holding positions open overnight
0 - 50 pips for currency pairs
and 0-100 index points for
indices
0 - 20% contract value
Please note: fees and charges are correct at the time of printing this material but subject to change at
KVB’s discretion.
www.kvbkunlun.com
18
Additional Explanation of Fees and Costs
KVB Fees
KVB does not generally charge you a direct fee (apart from Commission for mini account if applicable)
for our service.
Our fees are instead generated from the spread between a buy and sell price for the Derivatives - the
price at which we're willing to enter into the trade with you.
The spread differs depending on which contract you enter however currently ranges between 0 - 50
pips for currency pairs and 0 - 100 index points for other indices.
We may also earn interest on client funds held on trust (segregated accounts). KVB reserves the right
to retain any interest earned and it will not be paid to the benefit of client accounts.
Swap Points
Open positions held overnight attract a "swap cost". This is essentially the prevailing interest rate
differential on the currencies/commodities bought or sold. If for example you buy AUD against USD,
and the AUD interest rate is higher than USD, you will receive interest. If you buy USD you will pay
interest. Swap rates are determined by our counterparties and are available on our website. The
Swap rate applicable is by reference to the dominant currency - that is the first in the presentation of
the offer or, in the case of Commodities, KVB's prevailing funding rate.
www.kvbkunlun.com
19
Client Acceptance
Clients must apply to use KVB Leveraged Trading. After reading this PDS and all other documents that
together form the agreement with KVB (namely CSA) clients are invited to apply to KVB for access to
the product. If you are accepted as a client:

you must enter into a written Client Service Agreement with KVB. We do not carry on the
business of dealing in futures contracts on behalf of any person other than a person who has
entered into a written client services agreement with us, and then only in accordance with the
terms of that agreement.

you will be advised on where to deposit your trading funds

an online trading platform account and password will be allocated to you

we will process all of your trading and settlement instructions

we will report to you 24/7 via our online trading platform
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Margin
Rights of Margin Contract Holders
A Margin Contract works in a similar way to the underlying product and the value of a Margin
Contract is derived from the related underlying product. However, Margin Contract holders do not
actually hold the underlying product and may not enjoy the same rights as the holders of the
underlying product nor are they entitled to sell or transfer ownership to another person or entity.
When you apply to use KVB Leveraged Trading, you can choose the level of Margin applicable to your
account. If you deposit NZD10,000 and request 5x leverage, you can place positions of up to the
equivalent of NZD50,000 in value. If you request 100x leverage, and deposit NZD1,000 you can trade
positions of up to the equivalent of NZD100,000. Similar mechanics apply to your account regardless
of the account base currency.
If at any time the price moves against your position such that your Margin is insufficient to cover any
potential losses, we may make a Margin Call. Your additional deposit following the Margin Call allows
us to keep the position open. In the event that the Margin Call remains unpaid, KVB has the right to
close out any position and to recover any losses from you.
For more details on our close out procedures, please refer to page 29.
We may make a margin call by doing any/all of the following:

sending a system generating message

emailing you

calling you
We are not obliged to make margin calls.
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Trading Instructions
Clients can process trading instructions into the online system. KVB is the counterparty to each client
position, so you are entering into a derivative contract with KVB NZ. KVB NZ has appropriate risk
management processes in place including reports and controls designed to manage liquidity risk and
counterparty risk (including hedging and capital risks). KVB NZ has been operating this style of
business since 2003.
KVB NZ manages its risk exposures by hedging some transactions with a range of counterparties, and
accepts some risks due to the natural hedging provided by clients taking positions opposite to other
clients within the book. KVB NZ considers such transactions act as a natural hedge against each other.
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Deposits & Withdrawals
KVB accepts deposits in a variety of currencies. When you complete your application, talk with our
representative who will advise you on where to deposit funds, depending on the currency involved.
If you would like to withdraw funds, please complete the withdrawal form and speak to our
representative.
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Client Money
For the sake of completeness, we make the following points about Client Monies:

Client funds are held in accordance with the Client Money rules as outlined in the relevant legal
requirements.

Client funds are held on Trust for clients.

Client funds are held in segregated client funds accounts and are comingled with other client
funds.

We may withdraw client funds (refer to page 13) from the client's account to meet their trading
obligations.

Trading obligations include providing adequate Margin, and covering fees and charges.

Client funds may also be removed from their account to satisfy client directed withdrawal
requests and in other situations set out in this PDS.
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Client Reporting
KVB provides 24/7 online reporting of all positions, equity and profit & loss for each client account.
When positions are opened or closed, a trade confirmation is immediately forwarded to the client's
trading platform.
A monthly statement showing all transactions and the closing balance is sent to the email account
nominated by the client.
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Dealing in Derivatives – Examples
This section provides hypothetical examples of how a leveraged Derivatives contract works. All
reference prices are provided only for illustrative purposes. The examples provided should not be
taken as an indication or as a commitment by KVB as to how these situations would actually apply to
a specific contract.
All foreign exchange prices are quoted as a bid/offer price, e.g. EUR/USD at 1.3002. In this example.
the rate of 1.3002 is the rate at which you can buy the EUR against the USD.
Foreign Currency
Example 1: Buy AUD/USD
Day 1
Day 4
Gross Profit
SWAP Cost
Net Profit*
*Based on long SWAP 0.92
Example 2: Sell AUD/USD
Day 1
Day 4
Gross Profit
SWAP Cost
Net Loss*
*Based on short SWAP -1.59
Buy1 lot AUD/USD at 0.9900 by paying 1% margin=AUD 1000
(equivalent USD 990)
Close position 1 lot AUD/USD at 1.0000
USD 1000=(1-0.99) x 100,000
USD 27.60=10x0.92 x 3
USD 1,027.60
Sell1 lot AUD/USD at 0.9900 by paying 1% margin=AUD 1000
(equivalent USD 990)
Close position 1 lot AUD/USD at 1.0000
USD -1000=(0.99-1) x 100,000
USD -47.70=10 x-1.59 x 3
USD 1,047.70
Long Position & Making a Profit
Client A believes the EUR will strengthen against the USD. He therefore buys 1 lot (goes long), of
EUR/USD at the offer price of 1.3000. He holds the position for 1 day and then closes the position the
next day at the higher price of EUR/USD 1.3150. This will give him a gross profit of 150 points
expressed as:
Profit/Loss calculation:
USD 100,000 x (1.3150 - 1.3000)
Gross Profit
= USD 1,500.00
As this position was held overnight, an interest rate differential charge (swap cost) for 1 day will also
apply to this trade.
Bought (long) EUR/USD receive 0.3 points (0.00003) per day
Sold (short) EUR/USD pay 0.4 points (0.00004) per day
Profit calculation USD
USD 100,000 x 0.00003
Total profit
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= interest received USD 3.00
1,500.00
= USD 1,503.00
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Long Position & Making a Loss
Client B believes that the EUR will strengthen against the USD. She therefore buys (goes long) 1 lot
(100,000) of EUR/USD at the offer price of 1.3002. The position is held for 1 day but the EUR drops
against the USD and the position is closed the next day at EUR/USD 1.2910. This will give a loss of 92
points expressed as:
Loss calculation:
USD 100,000 x (1.3002 - 1.2910)
Gross Loss
= USD 920
As the position was held overnight for 1 day there will also be a financing change that will apply to
this trade:
USD100,000 x 0.00003
= interest receivable USD 3.00
Loss of USD
= (USD 920.00)
Total loss
= USD 917.00
Short Position & Making a Profit
Client D believes the GBP will weaken against the USD from the current level of GBP/USD 1.5000. She
therefore sells (goes short) 1 lot (100,000) GBP/USD at the bid price of 1.5000. She holds the position
overnight when the price has then moved down to GPB/USD 1.4915 she closes the position at 1.4915,
making a profit of:
Profit/Loss calculation:
USD 100,000 x (1.5000 - 1.4915)
Gross Profit
USD 850
As the position was held overnight a swap cost will also apply to this trade of 0.6 points which will be
a cost.
USD100,000 x 0.00006
= interest payable USD 6.00
Trading profit
USD 850.00
Total profit
= USD 844.00
Short Position & Making a Loss
Client C believes the GBP will weaken against the USD from the current level of GBP/USD 1.5000.
He therefore sells (goes short) 1 lot (100,000) GBP/USD at the bid price of 1.5000. He holds the
position for 1 day and the price unfortunately moves up to GBP/USD 1.5045 he closes the position at
the offer price, 1.5045 giving a loss calculated as:
Loss of USD
1000,000 x(1.5000 - 1.5045)
Total loss
USD 450
As this position was held for 1 day an interest rate change (swap cost) will also apply to this trade.
USD 100,000 x 0.00006
= interest payable (USD 6.00)
Loss of USD
= (USD 450.00)
Total loss
= USD 456.00
Bought (long) GBP/USD receive 0.5 points (0.00005) per day
Sold (short) GBP/USD pay 0.6 points (0.00006) per day
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Commodities
EXAMPLE 1: Buy XAU/USD
Day 1
Buy 1 lot XAU/USD at 1392.5 by paying 1% margin=USD 1392.5
Day 4
Close position 1 lot XAU/USD at 1405.2
Gross Profit
USD 1,270.00=(1,405.2-1,392.5) x 100
SWAP Cost
USD -24.37=1,392.5 x 100(-2.1%)/360 x 3
Net Profit*
USD 1,245.63
*Based on financing rate of -2.1%. Long positions incur a financing cost. The minimum tradable lot is
0.01 lot.
EXAMPLE 2: SELL XAU/USD
Day 1
Sell 1 lot XAU/USD at 1392.5 by paying 1% margin=USD 1392.5
Day 4
Close position 1 lot XAU/USD at 1405.2
Gross Profit
USD -1,270.00=(1,392.5-1,405.2) x 100 USD
SWAP Cost
USD -2.32=1,392.5 x 100(-0.2%)/360 x 3
Net Profit*
USD -1,272.32
*Based on financing rate of -0.2%. Short positions incur a financing cost. The minimum tradable lot is
0.01 lot.
Index
EXAMPLE 1: Buy Dow Jones Industrial Average Index
Day 1
Buy 1 lot DJI30 at 13,250
by paying 5% margin=USD 662.50
Day 5
Close position 1 lot DJI30 at 13,600
Gross Profit
USD 350.00=13,600-13,250
SWAP Cost
USD -3.09=13,250 x (-2.1%)/360 x 4
Net Profit*
USD 346.91
*Based on financing rate of -2.1%. Long positions incur a financing cost. The minimum tradable lot is
0.1lot.
EXAMPLE 2: Sell Dow Jones Industrial Average Index
Day 1
SELL 1 lot DJI30 at 13,250
by paying 5% margin=USD 662.50
Day 5
Close position 1 lot DJI30 at 13,600
Gross Profit
USD -350.00=13,250-13,600
SWAP Cost
USD -0.29=13,250 x (-0.2%)/360 x 4
Net Profit*
USD -350.29
*Based on financing rate of -0.2%. Short positions incur a financing cost. The minimum tradable lot is
0.1 lot.
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Margin Call & Stop Out Example
William opens a standard USD margin account with the following features:

minimum margin requirement as 1%,

stop out 20%,

initial deposit of USD 5000
He buys a standard lot AUD/USD @ 0.9900
Pays margin 1% = AUD 100,000 x 1% = AUD 1000 = USD 990 @ AUD/USD 0.9900
If AUD/USD rate drops, William will incur a loss due to the market movement. When his margin level
is less than 60%, he will need to provide additional margin in order to secure his position.
Calculation formula: Margin Level=Equity/Margin
If AUD/USD rate keeps decreasing,
i)
when the margin level hits 60%, there will be a margin call and William will require to
top up the margin level to the initial margin of USD 990.
Margin call point = Margin level 60%
Equity at margin call point = 990 x 60% = USD 594
Margin call amount = USD 990 – USD 594 = USD 396
ii)
when the margin level is less than 20%, his position will be stopped out.
Stop out point*=Margin level 20%
Equity at stop out point=990 x 20% =USD 198
Calculation details
Account details
Balance:
P/L:
Swap:
Equity:
Margin call :
P/L:
Swap:
Equity:
Margin:
Free Margin:
Stop out Level:
Amount (USD)
5,000
(4,406)
#
594
396
(4,802)
#
198
990
(4,010)
20%
Calculation steps
1
2
3
4=1+2+3
5=4-9
6
7
8=1+6+7
9
10=1-9
11=8/9
*Stop out level 20%: our dealer will stop out positions for clients at the best available market price.
For multiple open positions, the Position with largest loss will be closed out first, and so on, until the
margin level is back within required limits.
# Swap calculation method can be viewed in the previous examples.
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Significant Risks
Dealing in Derivatives
The use of Derivatives can result in large gains and/or losses due to the use of leverage. Derivatives
allow investors to earn large returns from small movements in the underlying asset's price (in KVB's
case we only provide a range of Derivatives on currency pairs and a small number of Commodities and
Indices paired against the USD). However, you could lose large amounts if the price of the underlying
asset moves significantly against you. The risks of loss in dealing in Contracts can be substantial and
can exceed any deposit or margin that has been provided to cover the Contracts.
Potential Magnified Loss
If clients are borrowing the capital from other parties to fund their Margin account, the risks
associated with a Derivative contract will be even higher. With a leverage of 20 - 100 times, a 1% loss
suffered from the trading will result in a 20 - 100% loss when trading Derivative contracts with
leverage. The loss is in addition to any other fees such as swap points, interest and commission
expenses.
Involuntary Close-Out
Clients are required to monitor their Margin level in order not to be "stopped out" when the Margin
falls below the stop out level.
For example, Client A is entering into a Derivative contract with a value equivalent to US 100,000 and
deposits US 1000 into the Trading Account as Margin (assuming the leverage is 100x ). If client A has a
stop out level of 50%, his position may be closed by KVB when the equity falls below US 500 (50% of
US 1000). If a client has multiple positions, the dealer/system will close out the position with the
largest loss first, and so on, until the margin level is back within required levels. Subject to market
volatility, KVB does not guarantee the close-out can be done in a timely manner, and the client may
go into negative equity if the underlying position has gapped against the client position due to large
movements in price. In the case of a negative equity position, the client owes KVB the balance.
The stop-out level may be changed at any time at KVB's absolute discretion and without prior notice.
It is very important that clients retain sufficient Margin in their Trading Accounts to cover their open
positions. Otherwise, the positions in their Trading Account will be closed-out by KVB when the
Margin level falls below the threshold percentage. This close-out feature is designed to limit the
potential loss of the client, KVB and any counterparties. However there is no guarantee that the
positions can be closed, and you will be liable to KVB for any shortfall.
In certain market conditions, it may be difficult or impossible to liquidate your position. You may not
be able to liquidate the Derivatives position to gain profits or even to prevent larger losses. Drastic
price changes can occur in a short period of time, in an inactive or illiquid market, under severe
changes in economic or political conditions, as a result of a catastrophe, or when trading of financial
products is being limited by regulatory authorities, and during communication interruptions. In such
conditions, even though you can liquidate your position, you may be forced to execute it at a price
that may cause a substantial loss.
A demonstration of how involuntary stop out operates is outlined on page 29.
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Risk of Loss Greater than Amount of Margin Deposited
You may sustain a loss greater than your initial Margin. You will be required to pay further funds
representing any additional losses and other fees on the open and closed Derivative positions.
For example, if the initial Margin payable (at the time a Contract is established in respect of AUD/USD)
is USD1,000 and the market moves against the client's position, the client could lose much more than
the initial USD1,000 deposited to open the position.
A demonstration of how losses greater than initial capital can occur is outlined on page 27.
System Disruption
The ability to trade Derivatives Contracts smoothly depends on the continued operation of the online
platform, and the internet connection and personal computer(s) that are used to access it. A failed
operation of any of those crucial elements will result in delays or failures to place orders and trade
Derivatives contracts.
KVB makes every endeavour to ensure system stability but cannot take any responsibility for financial
losses resulting from any of the above mentioned events. Clients should contact KVB immediately for
assistance should they encounter any problems affecting their online trading activities.
No Guaranteed Orders
Stop-loss orders and limit orders may not be accepted, or may be executed at a different price to the
one specified by you if the price of the Margin Foreign Exchange Contracts moves suddenly. In this
case any loss that yields from this investment may be higher than your expectations.
Liquidity
Under certain conditions it may become difficult or impossible for you to close out your position(s).
This can occur when there is a significant change in the price of the underlying asset over a short
period of time. Some international markets may have a lower trading volume than other more liquid
international markets, which may increase the risk that the liquidity of a currency is decreased or
removed from the market due to unforeseen economic, political, natural disasters or catastrophic
events.
Deregulated Market
CFDs are OTC derivatives that allow you to take a position in relation to the underlying Contracts. This
product is not traded or regulated by any exchange, and therefore does not provide you with any of
the protections currently available to transactions made in those traditionally regulated markets.
General Market and Interest Rate Risk
Currencies, swap points, interest rates and the value of the underlying Margin Foreign Exchange
Contract can go up or go down. If the swap points increases at the time when you hold a position, you
will incur a higher financial expense (in effect a holding cost). In addition, other factors such as
economic cycles, the profitability of companies and different market sectors, business confidence and
government policies can also affect both the underlying asset performance and interest rate
movement.
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Information Technology
There is a risk that information technology may fail. KVB has taken every appropriate measure to
ensure that our systems are operated in a safe and secure manner, they are regularly maintained and
we have appropriate back up procedures. Nevertheless, we cannot guarantee that the systems will
never fail.
You should regularly check your account and your open trade positions and report any discrepancies
or irregularities immediately.
You should also ensure that you have the right equipment available (hardware and software) to
operate the systems.
Foreign Exchange Exposure
When you deal in a Contract that is denominated in a currency other than the denominated currency
of your Trading Account, all initial Margin, profits, losses, credits and debits in relation to that
Derivative contract are calculated using the currency in which the account is denominated.
Accordingly, your profits and losses may be affected by fluctuations in the relevant exchange rate
between the time the transaction is entered into and the time the relevant conversion of currencies
occur. The foreign exchange market can change rapidly and you will be exposed to foreign exchange
rate volatility during the term of the Contract.
Counterparty Risk
KVB is the counterparty to all of your transactions. Should KVB's business fail, you may not receive
your investment returns. This risk is managed and we do not believe is material since we are a well
established business, with strong historical performance, good risk management systems and a solid
capital base.
Spread Costs
KVB generates its revenues from spreads. This is the difference between the price we can enter a
position and the price we offer to you. It is generally in the vicinity of zero to 100 points. However we
retain the right to amend the spread for any reason.
Conflicts of Interest
We do not believe that KVB has any conflicts of interest with our clients. We are the counterparty in
every transaction with you. We do however have a conflicts of interest policy so that if and when a
conflict or perceived conflict arises, we have appropriate measures in place to deal with it.
Other
This statement does not disclose all of the risks and other significant aspects involved in dealing
Derivatives. The client should therefore study dealing in Derivatives carefully before becoming
involved in it.
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Significant Benefits
Potential Magnified Return
Clients who enter into Derivative contracts can potentially receive a higher return than a normal
currency investment, due to the characteristics of leverage trading. In addition, clients need not
commit to the whole amount of their investment; only a small portion is needed to be paid as Margin.
Hedging and Speculation
Clients can use Derivative contracts to hedge exposure to a position in the underlying asset, as well as
speculate with a view to profiting from market fluctuations. Derivative contracts allow the client to
take an exposure to a particular underlying instrument or security without the need to buy or sell the
underlying instrument.
Diversification
KVB offers you a range of currencies to trade Derivative contracts on, which allows clients a wide
variety to invest in, and provides the advantage of diversifying their risks.
Short Selling
Derivative contracts allow you to obtain the benefits of short selling currency without being subject to
the restrictions and reporting requirements imposed on short selling the actual asset or the need to
borrow the actual asset in order to sell it.
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Other Features
Tax Treatment
The following information is relevant to trading in CFDs:

Trading gains will generally be treated as assessable income for NZ tax purposes

Trading losses will generally be treated as allowable deductions for NZ tax purposes

Interest received and paid Swap will generally be assessable income but not an allowable
deduction respectively
KVB does not provide any Taxation Advice, and the explanation above is very simple in nature and
covers conceptual issues only. We suggest that you discuss the implications of dealing in Derivatives
via KVB with a specialist tax adviser who is aware of your specific circumstances.
Cooling Off
No cooling off rights or periods apply in respect of your dealing in Derivatives with KVB.
Privacy
We require you to provide us with certain information in your dealings with us. It is KVB's policy to
respect confidentiality and privacy of individuals. This Privacy Statement sets out the ways KVB
manages your information.
KVB is required to collect certain information in order to provide financial services and satisfy your
needs in customer services from time to time. The requested information may include but is not
limited to your name, date of birth, address, email address, telephone number, identification
document particulars, income and employment details, etc.
The internet service provider of KVB may also record your information upon your access to our
website including but not limited to your domain name, time of access, contents you access and type
of browser. If you choose not to supply information as requested, we may not be able to provide our
services to you.
Your information may be used for the purpose of daily operation of the service provided to you,
managing your account, reviewing your ongoing needs, improving and enhancing customer service
and products, promoting and marketing investment, dealing or related services and products, and
providing information or opportunities that may be relevant to you.
KVB will take reasonable steps to protect your information from unauthorized access or use by third
parties. Depending on the business operation and product and services concerned, KVB may be
required to disclose your information to:
(a) any agent or third party service provider of KVB;
(b) associated or affiliated companies within KVB who will undertake to keep such information
confidential;
(c) any person or institution with which you have or propose to have dealings;
(d) credit reporting or reference agencies;
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34
(e) courts, tribunals and any regulatory authorities or exchanges which relate to or govern any
business of KVB;
(f) in particular, and to meet the requirements of the AML/CTF legislation, we may be required to
provide information to Government, Regulatory, Police and Judicial Authorities;
(g) By opening an account with KVB you acknowledge and agree to the terms of our Privacy
Statement.
Contact Information
If you have questions or concerns, please feel free to discuss them with your KVB representative in
the first instance. As indicated above, your KVB representative will be able to provide you general
information about this product and service but will not provide any personal financial product advice
to you. Our offices are open between 9am and 5pm on New Zealand business day. We may close
early during holiday periods, so please call if you are unsure.
Our contact details are:
KVB Kunlun New Zealand Limited
Level 10, Tower 1
205 Queen Street
Auckland
New Zealand
Phone
0064-9-3598988
Fax
0064-9-3598989
Email
services@kvbkunlun.com
Website
www.kvbkunlun.com
Dispute Resolution
What should you do if something goes wrong?
We welcome complaints so if you have a problem, concern, or complaint about any part of our
service, please tell us. We have an Internal Complaints Process designed to efficiently handle these
issues.
Please mail us at our physical address.
For New Zealand Clients
KVB Kunlun New Zealand Limited
Level 10, Tower 1
205 Queen Street
Auckland
New Zealand
For Clients introduced by
KVB Kunlun Pty Limited in Australia
Level 18, Citigroup Centre
2 Park Street
Sydney, NSW 2000
Australia
Level 38, 120 Collins Street
Melbourne, VIC 3000
Australia
You can find our addresses from our website
http://www.kvbkunlun.com/en/html/contactus/Contact_address_akl.aspx.
Alternatively, send an email to: services@kvbkunlun.com
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35
When we receive a complaint we will attempt to resolve it promptly. If we cannot reach agreement
on your complaint, you may refer your complaint to our External Dispute Resolution Scheme, by
contacting:
New Zealand
Australia
Financial Dispute Resolution
Financial Ombudsman Service
Freephone 0508 337 337
Phone 1300 78 08 08
Freepost 231075
GPO Box 3
PO Box 5730
Melbourne VIC 3001
Wellington 6145
Email: info@fos.org.au
Email: enquiries@fdr.org.nz
Web: www.fos.org.au
Web: www.fdr.org.nz
Legal Framework
KVB Kunlun New Zealand Limited (Company No. 1161268, FSP1762) operates in New Zealand under
Financial Market Authority's authorisation to provide the products and services. KVB is the Authorised
Futures Dealers authorized by Financial Market Authority (FMA)* to carry on the business of dealing
in futures contracts. KVB has been operating in New Zealand since May 2001, with the most recent
variation to the authorisation being issued on 16 November 2013.
KVB Kunlun Pty Limited operates as a distributor of this product in Australia, as authorised under the
ASIC (AFSL No. 226602).
* (i) the Financial Market Authority’s role in authorising futures dealers is limited and does not imply
approval or endorsement of the business, trading or solvency of the Company; and
(ii) the Financial Market Authority has not approved any agreements or any disclosure documents
of the Company.
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36
Associated Entities & Third Parties
KVB has entered into legal agreements with a number of services providers - both related parties and
independent third parties in order to provide the full range of services available within KVB Leveraged
Trading. Parties which provide regular support services to the Company are as indicated:
Product Issuer
KVB Kunlun New Zealand Limited
Level 10,
Tower 1,
205 Queen Street
Auckland
New Zealand
Auditor
PricewaterhouseCoopers
188 Quay Street
Auckland
New Zealand
KVB Kunlun New Zealand Limited
Level 10, Tower 1,
205 Queen Street Auckland,
New Zealand
KVB Kunlun Pty Ltd (Sydney)
Level 18, Citigroup Centre,
2 Park Street, Sydney NSW 2000,
Australia
KVB Kunlun Pty Ltd (Melbourne)
Level 38,
120 Collins Street,
Melbourne, VIC 3000,
Australia
www.kvbkunlun.com
Product Distributor
KVB Kunlun Pty Limited AFSL 226602
Level 18
2 Park Street
Sydney NSW 2000
Australia
ABN28 101 829 467
Legal Advisers
Minter Ellison Lawyers Aurora Place
88 Phillip Street
Sydney NSW 2000
Australia
ABN 91 556 716 819
Tel: +64 9 359 8988
Fax: +64 9 359 8989
Email: services@kvbkunlun.com
Tel:+61 2 8263 0175
Fax: +61 2 8263 0189
Email: info@kvbkunlun.com
Tel: +61 3 9660 1890
Fax: +61 3 9660 1889
Email: melcs@kvbkunlun.com
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