According to an announcement made by Admiral Markets, the broker will be reshuffling its currency pairs offering as it has gathered enough statistical data in order to optimize the number of pairs available for trading.
The brokerage will enforce the changes starting from the 30th of March by switching certain pairs into close only mode temporarily, while completely removing other currency instruments.
The company has greatly expanded its list of pairs offered in October 2014. While committing to deliver more positive changes throughout 2015, the company is starting with an optimization of its traditional forex offering in the firm’s Admiral.Markets, Admiral.Prime, Admiral.MT5 and Admiral.Classic accounts.
After thorough assessment the firm will move certain offerings into close only mode temporarily. These do include a number of Swiss franc pairs as the company has explained that the spreads and margin requirements offered to the firm have been worse than previously and the broker prefers to wait out the storm in order to obtain better liquidity.
The broker cited that Swiss franc pairs have about 10 times higher margin requirements making it inconvenient for the purposes of retail traders.
The group of pairs which are going to be scrapped is outlined by Admiral Markets as a set of offerings which can be subject to sudden policy changes and are artificially constrained by government intervention. The offerings will be set to close only mode permanently.
In light of recent volatility some brokers have started to optimize their offerings, as obtaining a constant stream of liquidity in a number of currency pairs has become problematic.
Admiral Markets on its decision and post-SNB challenges
Speaking to Forex Magnates reporters, the company’s CEO Dmitri Laush said, “Admiral Markets has streamlined its product offering in order to focus it services on those contracts and instruments that are of greatest interest to its clients and customers.”
Make or Break Decision: Finding the Liquidity Provider Thats Best for YouGo to article >>
“The decision to make these changes followed a detailed analysis of all the instruments we offer to our clients, this analysis took into account a wide variety of factors,” he explained.
Mr Laush continued, “We believe that our revised product list offers Admiral Market’s clients the opportunity to trade the markets that matter to them and for Admiral Markets to focus its attention on providing the best levels of support and customer service to our clients.”
“The turnover in the instruments we set to “Close Only” accounts for less than 1% of our total trading volume. The events of the 15th January have brought significant changes to the whole industry – Other large FX players had already decreased their product offerings. We have taken this decision only after careful consideration. We have always “an eye on the market”, and our clients want to focus on other markets now which offer more potential”, said the CEO of Admiral Markets.
“Admiral Markets intends to enhance its product offering later in 2015 with the introduction of new contracts for differences on a wide range of equities and commodities, which will certainly be of much more of interest to our clients than the products we removing,” he concluded.
Following are the full changes by account type and currency pair:
1. Changes on Admiral.Markets Accounts:
1.1. The following instruments will be temporarily set to ‘Close Only’ mode: AUDCHF, CADCHF, CHFJPY, EURCHF, GBPCHF, NZDCHF, USDPLN, USDSEK2.
1.2. The following instruments will be set to ‘Close Only’ on a permanent basis: EURCZK, EURDKK, EURHKD, EURHUF, EURMXN, EURNOK, EURPLN, EURSEK, EURSGD, EURTRY, EURZAR, GBPCZK, GBPDKK, GBPHKD, GBPHUF, GBPMXN, GBPNOK, GBPPLN, GBPSEK, GBPSGD, GBPTRY, GBPZAR, HKDJPY, NOKJPY, NOKSEK, NZDSGD, SGDJPY, USDCZK, USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDSGD, USDTRY, USDZAR2.
2. Changes on Admiral.Prime Accounts:
2.1.The following instruments will be temporarily set to ‘Close Only’ mode: AUDCHF-ECN, CADCHF-ECN, CHFJPY-ECN, EURCHF-ECN, EURNZD-ECN, GBPAUD-ECN, GBPCHF-ECN, GBPNZD-ECN, NZDCHF-ECN.
2.2. The following instruments will be set to ‘Close Only’ on a permanent basis: EURMXN-ECN, EURTRY-ECN, EURZAR-ECN, GBPTRY-MXN, GBPZAR-ECN, USDCNH-ECN, USDTRY-ECN, USDZAR-ECN.
3. Changes on Admiral.MT5 Accounts:
3.1. The following instruments will be temporarily set to ‘Close Only’ mode: AUDCHF, CADCHF, CHFJPY, EURCHF, GBPCHF, NZDCHF, USDPLN, USDSEK.
3.2. The following instruments will be set to ‘Close Only’ on a permanent basis: EURCZK, EURDKK, EURHUF, EURNOK, EURPLN, EURSEK, EURTRY, GBPSGD, USDCZK, USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDSGD, USDTRY, USDZAR.
4. Changes on Admiral.Classic Accounts:
The following instruments will be placed to ‘Close Only’ on a permanent basis: AUDCHF, CADCHF, CHFJPY, EURCHF, GBPCHF, NZDCHF, USDPLN, USDSEK, EURPLN, USDCZK, USDHUF.