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We wish to inform you about the upcoming changes regarding Overnight Financing fees related to exotic pairs of currencies.
Whereas the mark-up for currency pairs is 0.75%, please note that - effective as of 01/04/2019 - exotic currency pairs might necessitate higher mark-up levels that may differ between Long (Buy) and Short (Sell) positions.
For illustrative purposes, please see the following example that involves a situation where the Interbank Rate difference is HIGHER than the mark-up and the Long and Short mark-ups are different. In such cases, your account will be debited when you go Long and credited when you go Short:
Overnight Financing Percentage when you Buy (Long Positions):
Overnight Financing Amount = 620,000 × (-0.000663) = -411 TRY, meaning 411 TRY charge per day (≅80 USD)
Overnight Financing Percentage when you Sell (Short Positions):
Overnight Financing Amount = 620,000 × (0.000253) = 157 TRY, meaning 157 TRY credit per day (≅30 USD)
Please make yourself aware to the applicable fees before placing an order.
We are updating our Client Agreement as of 08/01/2017.
Kindly note that our new agreement and order execution policy include the following changes among others:
Market Orders (trade requests, i.e. Open Deal, Close Deal) are executed at the price that is in effect on the Company’s Trading Platform (client side) at the exact time of execution, provided that such price is within a predetermined tolerance level from the underlying price indicated in the Company’s server and irrespective if the underlying price is above or below the price indicated in the Trading Platform (What You See Is What You Get, or WYSIWYG). In the event that the price indicated in the trading platform (client side) exceeds the above tolerance level, for example, due to movements in the underlying assets between the time a client placed its order and the time it is received and executed, high markets volatility and communication latency, the Order will be executed at the price indicated in the Company’s server which shall be different from the price indicated in the Trading Platform (Market Price), on a symmetrical basis. In the event of a substantial difference between the price indicated in the Trading Platform (client side) and the price indicated in the Company’s servers, the Order shall be rejected.
Limit Orders (future orders) are executed at the market price indicated at the Company’s server which may be different than the price indicated in the Order (“Slippage”). Slippage may occur in the event where the price indicated in the order is not available in the server, for example, due to high volatility and gaps in the market prices. In such event, the order will be executed at the first available price, irrespective of the direction of the slippage, either to the client’s favor or not, in a symmetrical and transparent manner (Symmetrical Slippage).
It is important to note that Slippage does not affect the Negative Balance Protection and therefore the Client will never lose more than the amount invested (including any profit, if gained), even if a slippage occurs. In addition, transactions in some currencies (e.g. RUB) or other instruments (e.g. shares and indices) which are not traded on a 24 hours basis, may experience a market gap on a daily basis and are therefore more susceptible to slippage.
Market Orders can be placed and executed only within the trading hours per each Financial Instrument, as detailed in the Trading Conditions. Limit Orders can be placed, changed or removed outside the trading hours per each Financial Instrument; however, such Limit Orders shall only be executed during the above trading hours.
All open future contract CFD Positions which are not closed before reaching their value date shall be rolled over by the Company to the next contract’s value date, so that the Positions remain open. Upon effectuating such rollover, the Client’s Balance shall be adjusted in order to reflect the difference between the price of the expired contract and the price of the new contract, and all associated Limit Orders shall be adjusted to the new future contract. The Balance adjustment may also include a mark-up spread. During such rollover, the Company may utilize higher Margin Requirements. The value date for each future contract CFD, as well as the Margin Requirements, can be found in the Trading Conditions page on the Website.
In the event of a distribution of cash dividends in relation to a share CFD, a dividend adjustment will be made to the Client’s Balance with respect the underlying share’s Positions held by the Client at the end of business day which precedes the ex-dividend date. The dividend adjustment shall be calculated based on the size of the dividend, the size of the Client’s position and whether it is a buy or a sell Transaction, whereby in long Positions the adjustment shall be credited to the Client’s Balance and in short positions the adjustment shall be debited from the Client’s Balance. Dividends shall be credited or debited from the Client’s Balance outside the underlying share’s trading hours and before the opening of the share’s next trading day, and are contingent upon the Client holding its respective Position at the time of the dividend adjustment. During this period, in order to keep the fair value of the Client’s Equity until the opening of the next trading day, the Company shall adjust the Client’s Position in accordance with the dividend amount debited or credited from the Client’s Balance.
In addition to Shares, Future contracts based CFDs (Indices and Commodities) shall be subject to a daily credit or debit of interest adjustments (depending on the Position held by the Client – Long/Short) calculated on the basis of the relevant Inter-Bank interest rate of the currency in which the underlying asset is traded and may also include a mark-up spread.
For any further assistance please contact your account manager.