Dear Traders,

Market uncertainty is increasing around the Italian Parliamentary elections, due to be held on Sunday, 4 March 2018. In response to this situation, we'll be making changes that may affect your trading.

Specific changes will be:

1. A reduction of the maximum leverage on currency pairs to 1:200.
2. A reduction of the maximum leverage on cash index CFDs to 1:100.

The changes will be applied within 3 hours of session close of the respective instruments on Friday, 2 March 2018 and will last until 12:00 noon (EET) on Monday, 5 March 2018.

Please note that these changes will be applied to open positions, which may result in increased margin requirements on your account.

Please be aware of the increased risks within the period leading up to and following the Italian election, including:

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

b. significant price gaps - especially between session close on Friday, 2 March and session opening on Monday, 5 March - on 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 surrounding the Italian Parliamentary elections.

Additional 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 the above instruments

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

Kind regards,

Admiral Markets