Leverage to be cut during Brexit week by Rakuten Securities across FX pairs that include the British pound.
The Japanese retail Forex subsidiary of Rakuten Securities, today announced new margin requirements that will take effect on June 20th 2016 ahead of the UK referendum next week, according to an official corporate announcement.
The company noted that on June 20th at 6am (Tokyo) there could be a forced settlement or close-out of client’s positions if they fall short of the new margin requirements that the company outlined in its announcement ahead aimed to reduce leverage ahead of expected market volatility surrounded the Brexit vote.
Change at start of Brexit week
The time of 6am Monday in Tokyo corresponds to 5pm Sunday in New York - which is considered the start of the trading week for most brokers globally (plus or minus 30 minutes) as markets first open in Asia.
For clients of Rakuten Securities, the margin rates on corporate and individual accounts, have their margin rates set to nearly double once the margin changes go into effect across all GBP-related pairs including GBP/USD, GBP/JPY, GBP/CHF, GBP/AUD, GBP/CAD,GBP/NZD, and EUR/GBP. The changes are expected across both USD-denominated accounts and accounts based in JPY.
FXCM Japan noted in the announcement that in anticipation of the vote on June 23rd, and immediately after the exit poll of the referendum, there may be sudden market changes including to stop-loss order fill rates as a gap could occur.
Accordingly, the company emphasized that losses could exceed the amounts on deposit in client accounts, including in GBP-related pairs, as it appears that any trades held during this time could be subject to such conditions and should be adjusted accordingly.
An excerpt of one of the tables provided in the announcement for USD-based accounts can be seen below, translated from Japanese:
The Japanese retail Forex subsidiary of Rakuten Securities, today announced new margin requirements that will take effect on June 20th 2016 ahead of the UK referendum next week, according to an official corporate announcement.
The company noted that on June 20th at 6am (Tokyo) there could be a forced settlement or close-out of client’s positions if they fall short of the new margin requirements that the company outlined in its announcement ahead aimed to reduce leverage ahead of expected market volatility surrounded the Brexit vote.
Change at start of Brexit week
The time of 6am Monday in Tokyo corresponds to 5pm Sunday in New York - which is considered the start of the trading week for most brokers globally (plus or minus 30 minutes) as markets first open in Asia.
For clients of Rakuten Securities, the margin rates on corporate and individual accounts, have their margin rates set to nearly double once the margin changes go into effect across all GBP-related pairs including GBP/USD, GBP/JPY, GBP/CHF, GBP/AUD, GBP/CAD,GBP/NZD, and EUR/GBP. The changes are expected across both USD-denominated accounts and accounts based in JPY.
FXCM Japan noted in the announcement that in anticipation of the vote on June 23rd, and immediately after the exit poll of the referendum, there may be sudden market changes including to stop-loss order fill rates as a gap could occur.
Accordingly, the company emphasized that losses could exceed the amounts on deposit in client accounts, including in GBP-related pairs, as it appears that any trades held during this time could be subject to such conditions and should be adjusted accordingly.
An excerpt of one of the tables provided in the announcement for USD-based accounts can be seen below, translated from Japanese:
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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