平台商獨立帳戶的解析

我想在這里澄清一些交易者對平台商獨立帳戶的錯誤理解。

當一個平台上商告訴你，你的資金存儲在一個獨立帳戶，意思是說他們將客戶的資金存儲在獨立於公司運營之外的另外一個帳戶中。

首先，這當然是一件好事。在過去，一些交易商將客戶的資金存儲在他們的運營帳戶中，可以使用客戶資金做任何事情。有時，這種事情的結局將會很糟糕。
現在客戶資金被獨立保存，意思是平台商不會特意的使用客戶的資金來維持公司運營。更重要的是，“獨立帳戶”不表示下列意思：

1、它不表示你在平台商那里擁有個人獨立的銀行帳戶。你的資金與別的客戶資金混合在一起。所以，如果一個客戶帳戶資金為負數，那麼負數部分將會使用獨立帳戶的資金來彌補（盡管平台商最終會清零該帳戶）。平台上僅僅是通過後台程序查詢每一位客戶帳戶的資金。

2、它不表示平台商不會使用獨立帳戶的資金作為保證金。除非平台商特別說明，否則你將很有可能發現獨立帳戶的資金被用於維持客戶頭寸（支援或者補償客戶交易頭寸）。從這一意義上講，你的資金很有可能用作其他客戶交易頭寸的保證金。

 3、最重要的一點是，它不表示平台商倒閉的時候你的資金是安全的。當你向平台商入金之後，無論從哪個角度來看，這都成為平台商的資金。如果平台商破產，並且負債大於運營資本，那麼你在獨立帳戶的資金就可以被用來償還債務。你不一定會是第一個可以得到自己的資金。它取決於：
a．其他債權人的資金是否安全
b．公司的破產程序

大概的意思是，即使你的資金是存儲在獨立帳戶中，你也有可能得不到自己的資金。盡管獨立帳戶是一件好事，但請別人為地誇大它的作用。

The Segregated Account Fallacy
I want to clear up some misconceptions around segregated accounts.

When a broker tells you that your funds are kept in a segregated account, it means that they keep client deposits in a separate account to the money they use for the operation of the business.

Firstly, yes this is a good thing. In the past, some brokers deposited client funds into their operating account, and used them for all sorts of purposes. Sometimes this ended very badly.

Now that funds are kept separate, it means that brokers do not typically use client funds for operating expenses (I use the word typically in the above sentence on purpose). What is more important, though, is what“segregated funds” does not mean:

1. It does not mean you have your own individual bank account with the broker. Your funds are mixed in with other clients’ funds. So if a client goes into negative balance, that client’s deficit is taken out of that account as a whole (although the broker will generally top it up). They literally just track how much money is in each client’s account in the back office accounting program.

2. It does not mean the broker cannot use the funds for margin. Unless you are specifically advised by your broker, you will likely find that the segregated account is used for margin that the broker might be required to put up for the positions it holds (either prop trading positions, or off-setting client positions). So your funds in this sense can be used as margin on another client’s position.

3. Most importantly, it does not mean your funds are secured if the broker goes bankrupt.When you hand your funds over to a broker, for all intents and purposes they become the broker’s funds. If the broker goes bust, and has more debt than operating capital, your funds in the segregated account can be used to pay off that debt. You are not necessarily going to be first in line for your own money. It will depend:

a. If other creditors in line are secured

b. On the rulings made in the insolvency process

Basically what this means is that you may or may not get your money back, even though the account is segregated.

While segregated accounts are a good thing, please don’t think that they are something they are not. You can still lose your funds if they are in a segregated account.

本文翻譯由兄弟財經提供

本文來源：http://www.fxstreet.com/education/fundamental/forex-lessons/2015/01/28/