This is a reminder that tomorrow Tuesday 15th January, UK Prime Minister Theresa May brings her Brexit deal to Parliament. Voting is due to start at 19:00 UK Time, however, any amendments may be put to the vote before the main vote takes place.
With all possible outcomes open we expect markets, and particularly directly related instruments (e.g. GBP FX pairs, UK stock market indices/shares) to experience extreme volatility with the possibility of wider spreads and price gaps throughout this risk event. For this reason, we strongly recommend that you ensure you have adequate funds in your trading account to protect your open positions. Kindly note, also, that due to an expected increase in volatility, market orders, as well as limit orders will be executed at the best available market price in line with our order execution policy.
In addition, we are pleased to announce that we will not altering our margin requirements, but the company reserves the right to take all necessary measures to protect the clients and the company in accordance to our terms and conditions.
Should you have any questions please contact as on Live Chat or email us at [email protected].
Please be advised that in compliance with the ESMA Product Intervention Measures we have revised our Terms and Conditions of Use and Client Categorization Policy. Updated Documents are available on our website where you can view them directly, however we encourage you to download a copy in a PDF format and store it safely for your own convenience.
Dear Valued Client,
We would like to bring to your attention that the European Securities and Markets Authority (ESMA) has issued a temporary product intervention measures on the provision of Contracts for Differences (CFDs) for the protection of retail investors within the European Union.
What are the new rules that will impact my trading account?
Leverage limits on the opening of a position by a retail client from 30:1 to 2:1, which vary according to the volatility of the underlying:
- Leverage 30:1 for major currency pairs
- Leverage 20:1 for non-major currency pairs, gold and major indices
- Leverage 10:1 for commodities other than gold and no-major equity indices
- Leverage 5:1 for individual equities and other reference values
- Leverage 2:1 for cryptocurrencies
- For detail information on the products, please click here.
The additional measures below are already implemented by FxNet.
- A margin closes out rule on a per account basis, at 50% of minimum required margin,
- Negative balance protection on a per account basis, providing a guaranteed limit that your balance will not drop below zero,
- Restriction of incentives offered to clients,
- Standardized risk warning.
When will the changes come into effect?
The relevant measures will start to apply from 1st of August 2018 for all CFDs.
What do I need to do?
As a Retail Client please note that these rules will not impact positions, which have been open by you at any time before the 1st of August 2018, but you need to be aware and adapt your activities in the coming months, in particular to the change in leverage that will apply to your account; you may need to add funds to your account to keep your positions open or wind down your positions.
Important Note: The above restrictions will not apply to Professional Clients however, please be aware that being classified as a Professional means you will forfeit some protections that currently cover Retail Clients. If you wish to find out more about your current categorization or request a change of your categorization, please contact our support department at [email protected]
Our Privacy Policy has been recently updated in compliance with the European Union's new General Data Protection Regulation (GDPR), to provide you with more information on how we collect, use, disclose, transfer, and store your personal information.
If you have any additional questions, please contact us at [email protected]
Please be informed that - in order to meet our regulatory obligations and reflect new regulatory provisions stemming from the Markets in Financial Instruments Directive II (EU) 2014/65/EU (‘MIFID II’) and the Commission Delegated Regulation (EU) 2017/565 supplementing MiFID II, which came into force on the 3rd of January 2018 - we have adjusted our client legal documentation. We encourage you to familiarize yourself with all the Legal Documentation, as well as to download and retain a copy of each new and updated document for your records.
Please note that CFD Expiry Dates for May 2018 are now available on our website.
Please be advised that our Pillars III Disclosures for the year 2017 and the Execution Quality Summary Statement, together with the RTS28 Disclosures are now available on our website in the Legal Documents section.
Please refer to our CFD Expiry Dates to see which contracts will expire in April 2018.
Please note that trading hours will be affected due to upcoming Easter Holidays. For more details, kindly refer to our Holidays Calendar.
Hedged Margin Requirements
Please note that following our extended notification in relation to the new Hedged Margin %, scheduled to come into effect on Friday, 9th of March 2018, it was observed that many customers did not take any measures in their account/s prior to this change. As a result of that, and as a responsible broker, we have decided to extend the notification for this change in order to allow customers to adjust their open positions or fund their account/s. Hedged Margin of 50% new date will be on Friday, 16th of March 2018, at 21:00 (GMT+2)
MARGIN RATE MODIFICATION NOTICE
Please be advised that we will revise our margin requirements on Friday, 9th of March 2018 at 21:00 GMT+2. Kindly note that new margin requirements will apply on existing open positions, thus we draw your attention that you may have to amend open positions or pending orders. Please make sure you have sufficient funds in your account to meet the new margin requirements. For more information check our Margin Requirements.
Please note that our revised Key Information Documents are now available on the website.
