Additional changes in trading terms around the Brexit vote 2016.06.16
Dear Trader,
Market uncertainty is increasing around the 'Brexit' referendum in the UK on June 23, 2016. In response to this climate, please note that there will be further changes that will affect your trading.
In addition to the changes related to the GBP-based instruments, we will also:
a. increase our margin requirements on all EUR-based instruments, to reflect the most recent margin rate changes by our liquidity providers; and
b. prohibit opening new positions on the less liquid currency pairs with Euro.
From the session opening Monday, June 20 to 12.00 (EET) on Monday, June 27 - specific changes will include:
a. 5 times increase in the margin requirements for the currency pairs with GBP and [FTSE100] index CFD on Trade.MT4 and Admiral.Classic accounts
b. 2 times increase of above on Zero.MT4 account
c. Close Only mode enabled for the less liquid cross rates plus exotic currency pairs with GBP and EUR.
Plus for the duration of June 23, 2016 (00:00 - 24:00 EET) and until 12:00 (EET) of June 24, the following changes will take place:
a. 2.5 times increase in the margin requirements on Trade.MT4 and Admiral.Classic accounts for the currency pairs with EUR
b. 2 times increase of above for the following CFDs on Trade.MT4 account - [DAX30], [CAC40], [IBEX35], [STOXX50], #Bund.
Summary change information
1.1. New leverage rates for Trade.MT4 accounts
|
Account balance |
Leverage 20.06.16, 00:00 - 27.06.16, 12:00 (EET) |
Leverage 23.06.16, 00:00 - 24.06.16, 12:00 (EET) |
|||
|
EUR, USD, CHF |
GBP |
Pairs with GBP |
[FTSE100] |
Pairs with EUR |
[DAX30], [CAC40], [IBEX35], [STOXX50], #Bund |
|
Up to 20,000 |
Up to 12,000 |
1:100 |
1:40 |
1:200 |
1:100 |
|
20,000 - 80,000 |
12,000 - 50,000 |
1:40 |
1:16 |
1:80 |
1:40 |
|
80,000 - 150,000 |
50,000 - 90,000 |
1:20 |
1:8 |
1:40 |
1:20 |
|
Over 150,000 |
Over 90,000 |
1:5 |
1:2 |
1:10 |
1:5 |
1.2. New leverage rates for Zero.MT4 accounts
|
Account balance |
Leverage |
|
|
EUR, USD, CHF |
GBP |
Pairs with GBP |
|
Up to 80,000 |
Up to 50,000 |
1:100 |
|
80,000 - 300,000 |
50,000 - 180,000 |
1:50 |
|
Over 300,000 |
Over 180,000 |
1:25 |
1.3. New leverage rates for Admiral.Classic accounts
|
Account balance |
Leverage 20.06.16, 00:00 - 27.06.16, 12:00 (EET) |
Leverage 23.06.16, 00:00 - 24.06.16, 12:00 (EET) |
|
EUR, USD, CHF, GBP |
Pairs with GBP |
Pairs with EUR |
|
Up to 2,000 |
1:100 |
1:200 |
|
2,000 - 5,000 |
1:40 |
1:80 |
|
Over 5,000 |
1:20 |
1:40 |
2. Opening new positions using exotic currency pairs and the less liquid cross rates with GBP plus EUR - will be restricted from the session opening Monday, June 20 to 12:00 (EET) on Monday, June 27.
The Close Only mode will be enabled for the following instruments: EUR/CAD, EUR/NZD, EUR/CZK, EUR/HUF, EUR/MXN, EUR/NOK, EUR/PLN, EUR/RUB, EUR/SEK, EUR/ZAR, GBP/CAD, GBP/NZD, GBP/CZK, GBP/HKD, GBP/MXN, GBP/PLN, GBP/SGD, GBP/TRY, GBP/ZAR.
3. Internal fund transfers from or to GBP and EUR accounts via Trader's Room, will be temporarily disabled on Thursday, 23 June from 00:00 to 24:00 EET.
We kindly ask you to properly evaluate the potential impact of the above changes on your trading.
Please be aware of the increased risks within the period leading to, during and after the 'Brexit' vote, including:
a. sharp moves in currency pairs, especially pairs with GBP
b. significant price gaps
c. limited liquidity, which may result in an increased amount of order rejections and slippage.
Further to the amendments described above, Admiral Markets reserves the right to make further changes depending on the market situation around the Brexit vote. These notifications may be provided via our website, e-mail or internal MetaTrader mail. Such changes may include but are not limited to:
a. increases in margin requirements on other instruments and further increases in margin requirements on GBP-based and EUR-based instruments
b. additional trading restrictions or extension of the terms of any or all amendments described above for additional time.
Sincerely,
Admiral Markets
