Global Securities

Last Update:May 13, 2014

Important Notes

  1. Japanese stock price quotes are delayed by at least 20 minutes.
  2. Some overseas stock exchanges operate with a market maker system, which may not be able to confirm the order execution until the market opens on the following trading day.
  3. US persons and Canadian residents are not allowed to trade US and Canadian securities respectively.
  4. Please take care when placing orders as market misconduct such as market manipulation and false trading are serious offences. Any error trades should be reported ASAP.
  5. Information contained herein is based on sources that Phillip Securities (Hong Kong) Limited (“PSHK”) believed to be accurate. PSHK does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof.

Risk Disclosures

1. Risks of using electronic trading services

If you undertake transactions via electronic trading facilities, you will be exposed to risks associated with the system including the failure of hardware and software, and your order may not be executed according to your instructions.

2. Risks of Securities Trading

The prices of securities may fluctuate dramatically and become valueless. Losses may be incurred as a result of buying and selling securities.

3. Risks of Derivatives Trading

Trading of derivatives involves high risks and is not suitable for every investor. The prices of derivatives may fall as rapidly as they may rise and you may suffer total or excessive loss of your investment amount.

4. Risks of Margin Trading

The risk of loss in financing a transaction by deposit of collateral is significant. You may be called upon at short notice to deposit additional margin funds. In extreme market conditions we may be unable to contact you or provide you with sufficient time to make the required deposits, and forced liquidation may be necessary.

5. Risks Relating to Restriction on Foreign Ownership of Japanese Stocks

Japanese laws impose restrictions on foreign ownership of Japanese stocks in some industries (e.g. aviation, broadcasting, and telecommunications). Foreign investors may be permitted to acquire shares beyond stipulated limits, but would be denied registration as shareholders, and consequently may not have the right to vote and receive dividends. Details of foreign investor holding ratios are available at

6. Risks Relating to Restriction from buying and selling particular foreign securities or with limitations

Due to various reasons, some foreign securities may be restricted from buying or selling or imposed with some limitations at the discretion of us, brokers, custodians, exchanges, regulators, governmental agencies or agents and etc, without prior notice or disclosure of reasons. In general, the reasons may include but not limit to compliance control, difficulty in share settlement, potentially unusual tax impact, foreigners' share ownership close to or already over regulatory limit.

Example 1: In late May 2021, we were notified by our Thailand stock broker, that buy order on KBANK.TH (NVDR class of a Thailand listeco, KASIKORNBANK PLC) had been rejected by The Stock Exchange of Thailand since the NVDR class accounted 24.39% of paid-up capital, close to the regulatory limit 25%.

Example 2: In early Feb 2021, our US stock broker notified us it would reject sell order on GME (Gamestop - A class) if order price was USD3,000 or above in order to effectively monitor and manage its risk profiles. For your information, the stock price was very volatile in late Jan, rocketed more than 12 folds to USD483, day-high on 28 Jan 2021, then tumbled 75% to USD112.25 on the same day, then rebounded by 268% to USD413.98 on next trading date.

This brief statement cannot disclose all risks. You should therefore study carefully the risks disclosure statements on our website and in your client agreement.

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