Transaction Rule

1. Trading hours

Generally, the trading hours of ARA Markets last from Saturday 18:00 to Friday 16: 00 in New York time, or Monday 6:00 to Saturday 4:00 in Beijing time.

2. Categories of Products

Symbol of currency	Name of currency
EUR / USD	European Dollar/United States Dollar
USD / JPY	United States Dollar/Japanese Yen
GBP / USD	Great Britain Pound/United States Dollar
AUD / USD	Australian Dollar/United States Dollar
NZD / USD	New Zealand Dollar/United States Dollar
EUR / JPY	European Dollar/Japanese Yen
USD / CAD	United States Dollar/Canadian Dollar
USD / CHF	United States Dollar/Swiss Franc
EUR / GBP	European Dollar/Great Britain Pound
GBP / JPY	Great Britain Pound/Japanese Yen
GBP / CHF	Great Britain Pound/Swiss Franc
EUR / CHF	European Dollar/Swiss Franc
EUR / AUD	European Dollar/Australian Dollar
GOLD	XAU/USD

3. Margin level

You must pay used margin in trading ARA Markets’s products. The said used margin refers to such amount of money as shall be deposited to prevent the risk of default when you buy in or sell out products of ARA Markets, which is usually 1% of the basis value of ARA Markets’s products.

4. Contract unit

Contract unit refers to the smallest monetary share in each transaction. ARA Markets provides the smallest trading unit of 10K, i.e. 10,000 dollars or its equivalent in other currencies.

5. Minimum standard on opening a new account

Minimum deposit for opening a standard account is 2,000 U.S. dollars, without limitation of largest deposit. In case of requiring to open an account with deposit less than 2,000 U.S. dollars, special application is necessary.

6. Overnight interest and its calculation

Overnight interest
The delivery at the spot foreign exchange market lasts for two days. The delivery date for position opened on Monday shall fall on Wednesday. If the position opened on Monday is held for a night to Tuesday, the next delivery date will fall on Thursday. The delivery date for position opened on Wednesday but extended shall be pushed from Friday to Saturday, but the actual delivery date is on the next Monday since the two days in weekend are non-business days of banks. If the transacted position is closed on the same day, such transaction will not be extended.

When a deal was pushed to the next delivery date, situation of extension occurs. Any extension of foreign exchange position will produce hedging or covered spread, which is determined by the Interbank Call Loan Rate. If investors hold such currency as has a relatively high rate of interest, investors may receive spread on interest rate of the currency in extension of foreign exchange positions. The amount of the spread varies subject to the changes in price on a day-to-day basis and the trading volume of such foreign exchange position.

ARA Markets platform provides an automatic extension service, at 22:00 GMT (6:00 am in Beijing time), we will exchange the foreign exchange positions of investors, so as to shift the original foreign exchange position to the next trading day before the date of expiration.

Delayed delivery of positions	Settlement day	Number of interest accrual days
Positions held from Monday to Tuesday	deferred from Wednesday to Thursday	one day
Positions held from Tuesday to Wednesday	deferred from Thursday to Friday	one day
Positions held from Wednesday to Thursday	deferred from Friday to next Monday	three days (two days in weekend)
Positions held from Thursday to Friday	deferred from next Monday to next Tuesday	one day
Positions held from Friday to next Monday	deferred from next Tuesday to next Wednesday	one day

Note: If delivery day happens to fall on a holiday, it may be postponed to the next business day, and the number of interest accrual days should be accrued accordingly.

The calculation of overnight interest
The cost for extension will be displayed in the column of “calculation on extension” on the trading platform, negative (-)value of extension means that clients have to pay interest, and positive (+)value of extension means that clients will charge interest.