Changes in Trading Terms Ahead of Italian Referendum 2016.11.29

November 29, 2016 11:25

Dear Traders,

Market uncertainty is increasing around the Italian constitutional referendum on Sunday, 4 December 2016. In response to this situation, please note that there will be changes that will affect your trading.

Specific changes will be:

a. four-times increase in the margin requirements for EUR-based cash index CFDs and bonds CFDs on Trade.MT4 account

b. two-times increase of above on Admiral.Classic account

c. Close Only mode enabled for the less liquid cross rates plus exotic currency pairs with EUR.

The changes will be applied within 60 minutes before the session close of the respective instruments on Friday, 2 December 2016 and will last until 12:00 (EET) on Monday, 5 December 2016.

Change information

1.1. Amended leverage rates for Trade.MT4 accounts

Account balance




[AEX25], [BELG20], [CAC40], [DAX30], [IBEX35], [MDAX50], [STOXX50], [TECDAX30], #Bund

Up to 20,000

Up to 12,000


20,000 - 80,000

12,000 - 50,000


80,000 - 150,000

50,000 - 90,000


Over 150,000

Over 90,000


1.2. Amended leverage rate for Admiral.Classic accounts on [DAX30] will be 1:50.

2. Opening new positions using exotic currency pairs and the less liquid cross rates with EUR will be restricted from 23:00 (EET) on Friday, 2 December to 12:00 (EET) on Monday, 5 December.

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.

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 and after the Italian referendum, including:

a. sharp moves in market prices, especially those on EUR-based CFDs and currency pairs with EUR

b. significant price gaps, especially between Friday, 2 December close and Monday, 5 December open prices on the above instruments

c. limited liquidity, which may result in an increased amount of order rejections and slippage.

In addition to the amendments described above, Admiral Markets reserves the right to make further changes depending on the market situation around the Italian referendum. These notifications may be provided via our website, email 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 EUR-based instruments

b. additional trading restrictions or extension of the terms of any or all amendments described above for additional time.

Kind Regards,

Admiral Markets

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