Brexit Shockwaves - Live Blogging

After the unexpected decision to leave the EU following the announcement of this morning’s results, the value of the pound has fallen dramatically. At one stage, the currency hit $1.3305, reaching lows of over 10 percent not seen since 1985. The pound is currently hovering around $1.3637.

The Bank of England is said to be monitoring developments closely and is set to take the necessary steps to support monetary stability.

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Traders

Finance Magnates recently published an easy-to-understand guide that listed the margin and ‎leverage changes across most of the key players in the trading industry. ‎The tightening of the trading conditions was a mandatory step to help ‎ensure that their clients are provided with better protection against the predicted volatility ‎surrounding this event. ‎

In light of the results, to follow is a list of ‎brokers that have since updated their trading requirements. More ‎‎will be added as news comes in.

EasyMarkets: Leading up to the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term referendum, easyMarkets announced to its traders that it would not alter its trading conditions. Leverage would remain at 1:200, No Slippage, Fixed Spreads and Free Guaranteed STOP LOSS.

Following the Brexit event easyMarkets can confirm that client orders were executed at the requested prices and that no clients suffered from negative account balances.

CEO, Nikos Antoniades says “Our goal is to keep traders safe especially when trading in such volatile conditions. The Brexit event was the perfect scenario for us to show that we honour our promises to our traders”.

XTB: XTB has announced that trading on the following instruments has been restored - US500, US.500, US.500., US.500.., US100, US.100.

FXTF: FXTF has announced new leverage changes to select GBP major pairs and crosses, which will take effect for the duration of trading on Monday June 27.

XM: XM will be keeping its previously changed measures in effect for the duration of trading today, and will restore all leverages and margin requirements to original levels on June 27.

Dukascopy: Dukascopy will be retaining a reduced leverage of 1:30 for all GBP and EUR currency pairs as well as 1:10 on other select indices over the weekend and on Monday. Moreover, the maximum position limitations for UK and European CFD indexes also remain at GBP/IDX - 5 contracts - the broker will announce whether these limitations will be removed or extended Monday.

CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term: CIFs Action Required Due To Brexit

Following Brexit, CySEC has requested that the Cyprus Investment Firms (CIFs) should inform CySEC on the effects that Brexit has on their activities, including any contingent liabilities.

In addition, CIFs must calculate their own funds and capital adequacy ratio and inform CySEC accordingly by the close of business today at midnight.

The Markets

The move in sterling is the biggest one-day fall ever seen and London's main share index, the FTSE 100, is expected to open sharply lower, with indications of a fall of about 7%. Against the euro, the pound dropped 7 percent and is currently at about €1.2388.The euro also fell 3.3 percent versus the dollar, its biggest one-day fall since the currency's inception. Currency traders are reporting that the moves are more extreme than those seen during the financial crisis of 2008.

In Tokyo, the Nikkei 225 share index has fallen by more than 8 percent, with the yen up 5 percent as investors piled into the Japanese currency, which is seen as a safe haven.

In commodities, the price of gold jumped nearly 7 percent to $1,348.27 an ounce. Oil prices have also fallen sharply in the wake of the referendum outcome, with Brent crude down 5.2 percent. The price of Brent crude has fallen by $2.68 to $48.24 a barrel, its biggest fall since February. US crude, meanwhile, was down 5.4 percent, or $2.69, to $47.52 a barrel.