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Trading Execution Risks


General Disclaimer Rakuten FX Trading Station

HIGH RISK INVESTMENT

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade these products offered by Rakuten Securities Hong Kong Limited (“Rakuten Securities HK”), you should carefully consider your objectives, financial situation, needs and level of experience. Rakuten Securities HK may provide general commentary without regard to your objectives, financial situation or needs. General advice given, or the content of this website are not intended to be personal advice and should not be construed as such. The possibility exists that you could sustain a loss in excess of your deposited funds. You should be aware of all the risks associated with trading on margin. Rakuten Securities HK recommends you seek advice from an independent financial advisor.

Leveraged foreign exchange trading Rakuten Securities HK offers is not conducted on an exchange. Rakuten Securities HK is acting as a counterparty in these transactions and, therefore, acts as the buyer when you sell and the seller when you buy.

WIDENED SPREADS

There may be instances when spreads widen beyond the typical spread. Spreads are a function of market liquidity and in periods of limited liquidity, at market open, or during rollover time, spreads may widen in response to uncertainty in the direction of prices or to an uptick in market volatility, or lack of market liquidity. It is not uncommon to see spreads widen particularly around rollover. Rollover is typically a very quiet period in the market, since the business day in New York has just ended, and there are still a few hours before the new business day begins in Tokyo. Being cognizant of these patterns and taking them into consideration while trading with open orders or placing new trades around these times can improve your trading experience. This may occur during news events and spreads may widen substantially in order to compensate for the tremendous amount of volatility in the market. Rakuten Securities HK strongly encourages traders to utilize caution when trading around news events and always be aware of their account equity, usable margin and market exposure. Widened spreads can adversely affect all positions in an account including hedged positions (discussed below).

HANGING ORDERS

During periods of high volume, hanging orders may occur. This is a condition where an order is in the process of executing but execution has not yet been confirmed.

During periods of heavy trading volume, it is possible that a queue of orders will form. That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders.

GREYED OUT PRICING

Greyed out pricing is a condition that occurs when Rakuten Securities HK's Trading Desk is not actively making a market for particular currency pairs and liquidity therefore decreases. Rakuten Securities HK does not intentionally "grey out" prices; however, at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity. Such greying out of prices or increased spreads may result in margin calls on a traders account. When an order is placed on a currency pair affected by greyed out prices, the P/L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P/L balance.

DIMINISHING MARGIN

A margin call may occur even when an account is fully hedged, since spreads may widen, causing the remaining margin in the account to diminish. Should the remaining margin be insufficient to maintain any open positions, the account may sustain a margin call, closing out any open positions in the account. Although maintaining a long and short position may give the trader the impression that his exposure to the market's movement is limited, if insufficient available margin exists and spreads widen for any period of time, it may certainly result in a margin call on all positions.

ROLLOVER COSTS

Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the purchased currency. This term also refers to the interest either charged or applied to a trader's account for positions held "overnight" on trading platform. The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Roll Over(TRO). It is important to note that rollover charges will be higher than rollover accruals. When all positions are hedged in an account, although the overall net position may be flat, the account can still sustain losses due to the widen spread that occurs at the time rollover occurs.

MARKET OPINIONS

Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice. Rakuten Securities HK will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

INTERNET TRADING RISKS

There are risks associated with utilising an internet-based deal-execution trading system including, but not limited to, the failure of hardware, software, and internet connection. Since Rakuten Securities HK does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the internet. Rakuten Securities HK employs backup systems and contingency plans to minimise the possibility of system failure, which includes allowing clients to trade via telephone.

RAKUTEN FX ACCOUNT

In Rakuten FX account, Rakuten Securities HK faces market risk as a result of entering into trades with you. Unless otherwise specified in your written agreement or other written documents Rakuten Securities HK establishes the prices at which it offers to trade with you. If Rakuten Securities HK elects not to cover its own trading exposure, then you should be aware that Rakuten Securities HK may make more money if the market goes against you.

Rakuten Securities HK does not guarantee that quotes, prices, or spreads will always be better on one type of account as compared to the other. Clients should consider many factors when deciding which type of account best suits their needs (e.g., trading cost, trading style or strategy, etc.).

SLIPPAGE

Rakuten Securities HK aims to provide clients with the best execution available and to get all orders filled at the requested rate. However, there are times when, due to an increase in volatility, orders may be subject to slippage. Slippage most commonly occurs during fundamental news events or periods of high volatility. Instances such as rollover time is a known period in which the amount of liquidity tends to be limited. During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive.

The volatility in the market may create conditions where orders are difficult to execute. For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement. In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price. The trader's order would then be filled at the next available price for that specific order. Rakuten Securities HK provides a number of basic and advanced order types to help clients mitigate execution risk. One way to mitigate the risk associated with slippage is to utilize the Slippage Range feature on Rakuten FX Platforms. The Slippage Range feature allows traders to specify the amount of potential slippage they are willing to accept on a market order by defining a range. Zero indicates that no slippage is permitted. By selecting zero on the Slippage Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price. Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order(s) executed. In this scenario the order will be filled at the best price available within the specified range. For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price. The system would then fill the client within the acceptable range (in this instance, 2 pips) if sufficient liquidity exists. If the order cannot be filled within the specified range, the order will not be filled. Please note, Slippage Range orders specify a negative range only. If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive.

Additionally, when triggered, stop orders become a market order available for execution at the next available market price. Stop orders guarantee execution but do not guarantee a particular price.

LIQUIDITY

Rakuten Securities HK is providing all liquidity for all currency prices it extends to its clients while dealing as counterparty.

DELAYS IN EXECUTION

A delay in execution may occur using a dealing desk model for various reasons, such as technical issues with the trader's internet connection to Rakuten Securities HK or by a lack of available liquidity for the currency pair that trader is attempting to trade. Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection. There are circumstances when the trader's personal internet connection may not be maintaining a constant connection with the Rakuten Securities HK servers due to a lack of signal strength from a wireless or dialup connection. A disturbance in the connection path can sometimes interrupt the signal and disable the Rakuten FX trading platforms, causing delays in the transmission of data between the trading station and the Rakuten Securities HK server.

CANCEL ORDERS

Trading through Rakuten FX trading platform, the execution rate is extremely high with over 99% for AS Streaming and Streaming orders. This is the calculation based on over 9,000 orders in 10k size with 1 pip slippage setting in the period of August 2016.

Only around 1% of order will be rejected or cancelled due to the actual slippage is out of Slippage Range set when placing the order or not enough equity for the initial margin.

HEDGING

The ability to hedge allows a trader to hold both buy and sell positions in the same currency pair simultaneously. Traders have the ability to enter the market without choosing a particular direction for a currency pair. Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether. In the forex market a trader is able to fully hedge by quantity but not by price. This is because of the difference between the buy and sell prices, or the spread. Traders are required to put up margin for both sides of a hedged position. Margin requirements can be monitored at all times in the Account Info window. While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions. Please note that hedging is not available when you place the opposite direction trade with AS Streaming order, which means the AS Streaming would close any open position in the opposite direction.

EXCHANGE RATE FLUCTUATIONS (PIP COSTS)

Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular currency pair. This cost is the currency amount that will be gained or lost with each pip movement of the currency pair's rate and will be denominated in the currency denomination of the account in which the pair is being traded.

HOLIDAY/WEEKEND EXECUTION

TRADING HOURS

The trading opens on Mondays 6:00am HKT and closes on Saturdays at 5:55 am HKT. Leave Order can be placed/ modified/ cancelled during market/trading close, while no order can be placed during the daily or weekend maintenance hours. The open or close times may be altered for Trading because it relies on prices being offered by third party sources. Outside of these hours, most of the major world banks and financial centres are closed. The lack of liquidity and volume during the weekend impedes execution and price delivery. Please trade with caution during market close and factor all the information described above into any trading decision.

PRICES UPDATING BEFORE THE OPEN

Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open. At this time, trades and orders held over the weekend are subject to execution. Quotes during this time are not executable for new market orders. After the open, traders may place new trades, and cancel or modify existing orders.

GAPPING

Monday's opening prices may or may not be the same as Saturday's closing prices. At times, the prices on the Monday open are near where the prices were on the Saturday close. At other times, there may be a significant difference between Saturday's close and Monday's open. The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency. Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap.

ORDER EXECUTION

Limit orders are often filled at the requested price or better. If the price requested (or a better price) is not available in the market, the order will not be filled. If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order. Limit Entry orders are filled the same way as Limit orders. Stop Entry orders are filled the same way as Stops.

WEEKEND RISK

Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the weekend. It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions. Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from market close. We encourage all traders to take this into consideration before making a trading decision.

MARGIN CALLS AND CLOSE OUTS

Margin calls are triggered when your account equity falls below maintenance margin requirment (3% of gross principle value of the contract or 60% margin status on Rakuten FX platforms). This occurs when your floating losses reduce your account equity to a level that is less than your maintenance margin requirement.

The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position. Margin trading allows traders to hold a position much larger than the actual account value. Rakuten FX trading platform has margin management capabilities, which allow for the use of leverage. Of course, trading on margin comes with risk as leverage may work against you as much as it works for you. If account equity falls below liquidation margin requirements (2% of gross principle value of the contract or 40% margin status on Rakuten FX platfroms), the Rakuten FX trading platform will trigger an order to close all open positions. This occurs when positions have been over-leveraged or trading losses are incurred to the point that insufficient equity exists to maintain current open positions and the account equity falls below liquidation margin level, As a result, all open positions will be closed out (liquidated).The liquidation process is designed to be entirely electronic.

Although the liquidation feature is designed to close positions when account equity falls below the liquidation margin requirements, there may be instances when liquidity does not exist at the exact rate when liquidation is triggered. As a result, account equity can fall below liquidation margin requirements at the time orders are filled, even to the point where account equity becomes negative. Rakuten Securities HK recommends that traders use Stop orders to limit downside risk in lieu of using a liquidation as a final stop.

It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times.

CHART PRICING VS. PRICES DISPLAYED ON THE PLATFORM

It is important to make a distinction between indicative prices (displayed on charts) and dealable prices (displayed on the Rakuten FX platform). Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing. These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where Rakuten Securites HK's Trading Desk is making prices. Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is. Executable quotes ensure finer execution and thus a reduced transaction cost. Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices. Therefore, any prices displayed by a third party charting provider, which does not employ the market maker's price feed, will reflect "indicative" prices and not necessarily actual "dealing" prices where trades can be executed.

MOBILE TRADING PLATFORMS

There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity. Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order.

iSPEED FX (mobile platform) utilizes public communication network circuits for the transmission of messages. Rakuten Securities HK shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of Rakuten Securities HK. Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider.

It is strongly recommended that clients familiarise themselves with the functionality of the iSPEED FX prior to managing a live account via portable device.

TRADING STATION§ ACCOUNT

Rakuten Securities HK offers Trading Station platform through its partner FXCM. Please read through the trading risk below before start trading.

In Trading Station account, Rakuten Securities HK passes on to its clients the best prices that are provided by one of liquidity providers for each currency pair. As such, Rakuten Securities HK is reliant on these external providers for currency pricing. Although this model promotes efficiency and competition for market pricing, there are certain limitations to liquidity that can affect the final execution of your order.

SLIPPAGE

Rakuten Securities HK aims to provide clients with the best execution available and to get all orders filled at the requested rate. However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage. Slippage most commonly occurs during fundamental news events or periods of limited liquidity. Instances such as rollover time is a known period in which the amount of liquidity tends to be limited. During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive.

The volatility in the market may create conditions where orders are difficult to execute. For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement. In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price. The trader's order would then be filled at the next price available price for that specific order.

Rakuten Securities HK provides a number of basic and advanced order types to help clients mitigate execution risk. One way to mitigate the risk associated with slippage is to utilize the Market Range feature on Trading Station Platforms. The Market Range feature allows traders to specify the amount of potential slippage they are willing to accept on a market order by defining a range. Zero indicates that no slippage is permitted. By selecting zero on the Market Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price. Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order(s) executed. In this scenario the order will be filled at the next price available within the specified range. For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price. The system would then fill the client within the acceptable range (in this instance, 2 pips) if sufficient liquidity exists. If the order cannot be filled within the specified range, the order will not be filled. Please note, Market Range orders specify a negative range only. If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive.

Additionally, when triggered, stop orders become a market order available for execution at the next available market price. Stop orders guarantee execution but do not guarantee a particular price. Therefore, stop orders may incur slippage depending on market conditions.

LIQUIDITY

Please be aware that during the first few hours after the open, the market tends to be thinner than usual until the Tokyo and London market sessions begin. These thinner markets may result in wider spreads, as there are fewer buyers and sellers. This is largely due to the fact that for the first few hours after the open, it is still the weekend in most of the world.

In illiquid markets, traders may find it difficult to enter or exit positions at their requested price, experience delays in execution, and receive a price at execution that is a significant number of pips away from your requested rate.

DELAYS IN EXECUTION

A delay in execution may occur for various reasons, such as technical issues with the trader's internet connection to the Rakuten Securities HK servers, which may result in "hanging" orders. The Trading Station on a trader's computer may not be maintaining a constant connection with the servers due to a lack of signal strength from a wireless or dialup connection. A disturbance in the connection path can sometimes interrupt the signal, and disable the Trading Station, causing delays in transmission of data between the trader's Trading Station and the server.

RESET ORDERS

Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders. By the time orders are able to be executed, the bid/ask price at which a counterparty is willing to take a position may be several pips away.

In cases where the liquidity pool is not large enough to fill a Market Range order, the order will not be executed. For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled. Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution. Depending on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received.

HEDGING

The ability to hedge allows a trader to hold both buy and sell positions in the same currency pair simultaneously. Traders have the ability to enter the market without choosing a particular direction for a currency pair. Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether. In the forex market a trader is able to fully hedge by quantity but not by price. This is because of the difference between the buy and sell prices, or the spread. Traders are required to put up margin for one side (the larger side) of a hedged position. Margin requirements can be monitored at all times in the simple dealing rates window. While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions.

EXCHANGE RATE FLUCTUATIONS (PIP COSTS)

Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular currency pair. This cost is the currency amount that will be gained or lost with each pip movement of the currency pair's rate and will be denominated in the currency denomination of the account in which the pair is being traded.

On the Trading Station Platforms, the pip cost for all currency pairs can be found by selecting "View," followed by "Dealing Views," and then by clicking "Simple Rates" to apply the checkmark next to it. If "Simple Rates" already has a check mark next to it, viewing the dealing rates in the simple view is as easy as clicking the "Simple Dealing Rates" tab in the dealing rates window. Once visible, the simple rates view will display the pip cost on the right-hand side of the window.

INVERTED SPREADS

When you trade forex with Trading Station, you are trading on direct price feeds that are being provided by multiple liquidity providers. In rare cases, these feed can be disrupted. This may only last for a moment, but when it does, spreads become inverted. During these rare occasions, Rakuten Securities HK advises that clients avoid placing At Market orders. While it may be tempting to place a "free trade," keep in mind that the prices are not real and your actual fill may be many pips away from the displayed price. In the event that trades are executed at rates not actually offered by Rakuten Securities HK's liquidity providers, Rakuten Securities HK reserves the right to reverse such trades, as they are not considered valid trades. By placing Market Range orders or not trading during these moments, traders can avoid the risk associated with the above scenarios.

HOLIDAY/WEEKEND EXECUTION

TRADING DESK HOURS

The trading desk of Trading Station opens on Sundays between 5:00 pm EST and 5:15 pm EST. The trading desk of Trading Station closes on Fridays at 4:55 pm EST. Please note that orders placed prior may be filled until 5:00 pm EST and that traders placing trades between 4:55 pm EST and 5:00 pm EST may be unable to cancel orders pending execution. In the event that a Market GTC Order is submitted right at market close, the possibility exists that it may not be executed until Sunday at market open. Please use caution when trading around Friday's market close and factor all the information described above into any trading decision.

The open or close times may be altered by the Trading Desk because it relies on prices being offered by liquidity providers to Rakuten Securities HK. Outside of these hours, most of the major world banks and financial centres are closed. The lack of liquidity and volume during the weekend impedes execution and price delivery.

PRICES UPDATING BEFORE THE OPEN

Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open. At this time, trades and orders held over the weekend are subject to execution. Quotes during this time are not executable for new market orders. After the open, traders may place new trades, and cancel or modify existing orders.

GAPPING

Sunday's opening prices may or may not be the same as Friday's closing prices. At times, the prices on the Sunday open are near where the prices were on the Friday close. At other times, there may be a significant difference between Friday's close and Sunday's open. The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency. Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap.

ORDER EXECUTION

Limit orders are often filled at the requested price or better. If the price requested (or a better price) is not available in the market, the order will not be filled. If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order. Limit Entry orders are filled the same way as Limit orders. Stop Entry orders are filled the same way as Stops.

WEEKEND RISK

Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the weekend. It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions. Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from market close. We encourage all traders to take this into consideration before making a trading decision.

MARGIN CALLS AND CLOSE OUTS

Margin calls are triggered when your usable margin falls below zero. This occurs when your floating losses reduce your account equity to a level that is less than your margin requirement. Therefore, the result of any margin call is subsequent liquidation unless otherwise specified.

The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position. Margin trading allows traders to hold a position much larger than the actual account value. Trading Station has margin management capabilities, which allow for the use of leverage. Of course, trading on margin comes with risk as leverage may work against you as much as it works for you. If account equity falls below margin requirements, the Trading Station will trigger an order to close all open positions. When positions have been over-leveraged or trading losses are incurred to the point that insufficient equity exists to maintain current open positions and the account's usable margin falls below zero, a margin call will result and all open positions will be closed out (liquidated).

Please keep in mind that when the account's usable margin falls below zero, all open positions are triggered to close. The liquidation process is designed to be entirely electronic.

Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate. As a result, account equity can fall below margin requirements at the time orders are filled, even to the point where account equity becomes negative. This is especially true during market gaps or volatile periods. Rakuten Securities HK recommends that traders use Stop orders to limit downside risk in lieu of using a margin call as a final stop.

It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times. Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of Rakuten Securities HK.

CHART PRICING VS. PRICES DISPLAYED ON THE PLATFORM

It is important to make a distinction between indicative prices (displayed on charts) and dealable prices (displayed on the Trading Station). Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing. These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where Rakuten Securities HK's liquidity providers are making prices. Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is. Executable quotes ensure finer execution and thus a reduced transaction cost. Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices. Therefore, any prices displayed by a third party charting provider, which does not employ the market maker's price feed, will reflect "indicative" prices and not necessarily actual "dealing" prices where trades can be executed.

MOBILE TRADING PLATFORMS

There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity. Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order.

TS Mobile utilizes public communication network circuits for the transmission of messages. Rakuten Securities HK shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of Rakuten Securities HK. Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider.

It is strongly recommended that clients familiarise themselves with the functionality of the TS Mobile prior to managing a live account via portable device.