防止及教育有關「唱高散貨」騙局的工作

We are writing to educate everyone that the following activates may indicating potential ramp-and-dump activity and should be avoided:
我們希望教育各位下列行為有機會構成 “唱高散貨”活動的危險信號，並希望各位可以防範以下行為:

·       An account, group of related accounts (e.g., common controller, computer connections, etc.) with a pattern of placing trades or orders at successively higher (lower) prices that are impactful and causing a material price change in the security on a given day. You may find several instances of this in the same security from different unrelated customers that may have some common attributes, such as recently opened, holding/trading the same products, exclusively trading the product.
·       單個帳戶或一組相關帳戶（如存在相同的控制人、通過關聯電腦網路登錄的帳戶）存在這樣一種交易模式：以連續升高（或降低）的價格下單且在一天內使證券價格發生重大變化。 在同一個證券中，可能會發現多筆由多個不相關客戶發起的以上述模式開展的交易，且這些客戶存在共同點，如都是近期開戶、持有/交易了相同的產品或只交易該產品。 

·       An account or group of related accounts (e.g.,common controller, computer connection, etc.) that purchase a U.S. microcap or small cap IPO before a large price move in the security and exits the position as the security price is peaking. There may also be instances where the account short sells the position near the top of the peak in price and closed the position for a profit after the security price has dropped.
·       單個帳戶或一組相關帳戶（如存在相同的控制人、通過關聯電腦網路登錄的帳戶）在證券價格發生大幅波動前買入美國微市值或小市值新股，並在該股價格見頂時賣出。 也可能存在帳戶在股價最高點附近賣空、待價格下跌后平倉獲利的情況。 

·       An account (or group of accounts that may or may not be related) that is regularly representing a large percentage of the volume in a security prior to or during the security having a significant, sudden unexplained increase or decrease in price of the security.
·       單個帳戶（或一組可能相關也可能不相關的帳戶）經常在某一證券價格突然出現無法解釋的大幅上漲或下跌之前或期間，在該證券的交易量中佔據很大比例。 

·       Accounts, that may or may not be related, engaging in prearranged cross trade activity. Cross trades are trades where the same account or two different accounts execute a trade against each other (i.e., buy order executed against the sell order). A bad actor may engage in this activity to, among other things, execute money pass trades (i.e., execute trades at beneficial prices to move money from one account to another account), give the appearance of trading activity in the product (i.e., increase volume and/or change in price) or move positions from one account to another account.
·       多個可能相關也可能不相關的賬戶參與事先安排的交叉交易活動。 交叉交易是指同一個帳戶或兩個不同帳戶互相執行交易（即買單和賣單對盤執行）。違規者參與此類活動的目的，可能是為了執行資金轉手交易（即在有利價格上執行交易，以便將資金從一個帳戶轉移至另一帳戶），營造產品交易活躍的假像（即增加交易量及/或改變價格）或將持倉從一個帳戶轉移至另一帳戶。 

·       A person engages in a frequent pattern of placing orders on one side of the market, usually inside the existing National Best Bid or Offer (NBBO), followed by the person entering orders on the other side of the market that execute against other market participants that joined the market at the improved NBBO (activity indicative of “spoofing”). A person engages in a frequent pattern of placing multiple limit orders on one side of the market at various price levels, followed by the person entering orders on the opposite side of the market that are executed and the person cancelling the original limit orders (activity indicative of “layering).
·       該人士頻繁出現一種交易模式：在市場的一個方向下單（通常是在現有的最佳買賣價格範圍內），然後在市場的另一個方向下單，並以更優的買賣價格與其他市場參與者對盤執行（即“幌騙”）。 該人士頻繁出現一種交易模式：在市場的一個方向上以多個不同的價格下達多個限價指令，然後在市場的另一個方向下單並成交，隨後取消之前下的限價指令（即“分層”）。 

·       A person attempts to affect the close price of a product to show an inflated/deflated price in the product. Low-volume or thinly traded securities may be prone to this activity and it may be the case that the trades that set the close do not necessarily occur within minutes of the close due to the product being low volume or thinly traded. Additionally, a bad actor may have a pattern of this activity and/or do this at an opportune time (e.g.,end of month).
·       該人士試圖影響產品的收盤價，以顯示產品的虛高/虛低價格。 交易量小或流動性低的證券最容易出現此類活動，且由於產品交易量很小、交易稀少，確定收盤價的交易不一定在收盤前幾分鐘發生。 此外，違規者可能有經常開展此類活動的模式且/或會在特定時間（如月末）開展此類活動。 


Some additional tips for preventing any ramp-and-dump related activity:
有助於防止「唱高散貨」行為的一些補充提示： 

·       Fraudsters may open new accounts to establish positions prior to the price move or they may enlist others, who may not know that they are involved in a scam, to assist in ramping the price of a security.
·       欺詐者可能會在價格變動前新開帳戶建倉，也可能會招募他人（這些人可能不知道他們參與了欺詐活動）協助抬高某個證券的價格。 

·       Fraudsters may also use previously dormant accounts(i.e., accounts with minimal trading activity prior to trade in the security)or have accounts that suddenly begin investing in these products when they did not have a pattern of investing in the product in the past.
·       欺詐者還可能使用之前休眠的帳戶（即在交易問題證券前活動極少的帳戶），或者過去不經常投資該產品的帳戶突然開始投資相關產品。 

·       Fraudsters may predominantly trade in the ramp and dump security or trade a handful of similar ramp and dump securities. There are also instances where people may trade in a few other well-known securities andthen invest a large sum in one of these ramp and dump securities.
·       欺詐者可能主要只交易「唱高散貨」證券，或者交易少數幾隻類似「唱高散貨」的證券。 該人士也可能會交易幾隻其它知名證券，然後將大筆資金投入一隻「唱高散貨」的證券。 


Anyone who engages in manipulative trading including trades contributing to ramp-and-dump activity will be subject to increased scrutiny by us or IBKR, and potentially subject to restrictions. This may include:
任何人參與操縱市場的交易（包括參與“唱高散貨”活動的交易），我們或IBKR將實施更嚴格的審查，甚至可能會對其採取限制措施。相關措施可能包括： 

·       Being restricted to closing-only for all products or certain securities;
·       限制只能進行平倉，或針對某些證券只能平倉; 

·       Restrictions on all your account being able to trade certain securities through IBKR (e.g., U.S. Microcap securities, or SmallCap IPO securities); or
·       限制您通過 IBKR交易某些證券（如美國微市值或小市值 IPO證券）; 

·       Closing your account.
·       關閉您的帳戶。