Vanilla FX OTC Options with Saxo Bank

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Vanilla FX OTC Options with Saxo Bank"

Transcription

1 Vanilla FX OTC Options with Saxo Bank

2 Introduction Saxo Bank s proposition to FX options traders is truly unique. Thanks to the quality and depth of the analytics provided, the width of the product offering, the trading functionalities and the level of service available, Saxo Bank clients have access to a grade of trading capabilities that has up to now been reserved to the professional FX option trader. As the vast majority of traded volumes in FX options are done outside of traditional exchanges, effectively between market makers, the currency options market is said to be an OTC (Over-the-Counter) market. Saxo Bank is a top tier market maker and a major player in the interbank market. This provides Saxo Bank and its clients with access to deep liquidity pools and competitive pricing. In practice, the vast majority of trades done at Saxo Bank are executed without manual intervention and the market making desk is there to provide an added-value service for pricing and execution, if and when needed. This essential facilitation service enables Saxo Bank to provide FX option traders with the best possible trading experience. FX Options at Saxo Bank can be sold and bought, with maturities from 1 day to 1 year, so traders are provided with maximum flexibility to implement their trading strategies and market views. Our FX options follow industry convention and are therefore European-style options, meaning that in-the-money options can only be exercised at expiry. Saxo Bank offers two types of options: Plain Vanilla and Binary Options. This document focuses on Plain Vanilla Options only. 2 VANILLA FX OTC OPTIONS WITH SAXO BANK

3 Table of Contents Introduction... 2 Product Overview... 4 Unique offering and Key Features... 4 Trade Ticket... 4 Monitoring Open Positions... 5 Automated Trading... 6 Dealing Desk... 7 Orders types and order management... 7 Exercise & Settlement - Choice of Exercise method... 7 Color-coded Trade Ticket... 8 Pricing... 9 Spread... 9 Minimum ticket fee... 9 Minimum trade size / liquidity... 9 The Forex Options Board Opening the Options Board Strikes / Maturities on the FX Options Board The Forex Options Report Where to find the reports? What are those reports? Summary Per Cross Net Delta by Currency Summary per position The Spot Ladder The Spot / Volatility Grid Margin Requirement Delta Margin Vega Margin Exception for Bought Options Stop-out procedures VANILLA FX OTC OPTIONS WITH SAXO BANK 3

4 Product Overview Unique offering and Key Features 12+ years of experience in market making OTC FX options Major OTC interbank market participant, hence access to deep pool of liquidity Streaming green prices with high thresholds for automatic execution FX Options Board for easier price discovery Wealth of FX Options analytics made available on tradingfloor.com; retail position ratios, 25-delta Risk Reversals, OTC volume index and market pin risk. Streaming prices in 45 currency pairs, including silver and gold. Plain Vanilla Calls and Puts with European-style expiries Full flexible choice of strikes with maturities from 1day to 1 year Automatic exercise of ITM options with choice of exercise method spot or cash All trades are done on live, two-way quotes Dynamic Bid/Ask spreads reflecting the option s maturity and strike Sophisticated margin calculation method (Delta & Vega margins) FX Options Reports free of charge, for a combined analysis of your spot and options portfolio Trade Ticket Saxo Bank has designed an industry-leading trade ticket to facilitate trading decisions for the currency options trader. As illustrated below, traders have access to the relevant information before entering the trade, all condensed in one snapshot. Whilst this information is essential, option traders need to be able to compare different option strikes and maturities in order to find the best value for their trade ideas. For this purpose Saxo Bank developed its unique Forex Options Board. This tool is described in a subsequent section. 4 VANILLA FX OTC OPTIONS WITH SAXO BANK

5 Monitoring Open Positions Once a trade has been executed, the parameters of the position are updated in real time. Traders are able to review the details of their individual positions by opening the Open Positions module: Traders are then simply required to click on the icon highlighted in the Open Positions monitor, as per below. Following an example of the Position Summary where the trader holds one option. VANILLA FX OTC OPTIONS WITH SAXO BANK 5

6 For clients with multiple options positions or portfolios combining FX spot and option positions, Saxo Bank offers advanced analysis tools (FX Options Reports) which are covered in a subsequent section. Automated Trading One of the key features of Saxo Bank s offering is the ability for traders to trade in an automated fashion on the most liquid strikes available at a given point in time. To achieve this, Saxo Bank streams prices continuously up to a maximum notional amount that varies according to the underlying cross under consideration. As for all other OTC products offered by Saxo Bank, streaming prices are shown as Green prices in the trading platforms. A Green price is in effect a firm two-way price offered by Saxo Bank to its clients. Trade executions on these prices are handled automatically without any manual intervention. Auto-execution limits are displayed in the trading platforms under Trading Conditions. For example live quoted tradable prices in green for EURUSD options are streamed through the platforms for up EUR 10,000,000 of notional on short dated options and up to EUR 25,000,000 of notional for longer dated options. 6 VANILLA FX OTC OPTIONS WITH SAXO BANK

7 Clients can trade a given option on streaming quotes no more than three times in two minutes. If the client does trade three times the same option within that time span, streaming quotes will be suspended automatically for five minutes. The client can still request a quote during the suspension period by clicking on the Live Price hyperlink shown below. Auto-execution limits may be changed without notice under volatile or illiquid market conditions. Dealing Desk The Dealing Desk facilitates trades when the automated execution system is unable to do so. If for example a client s requested size exceeds the auto-execution limit or the client requests a price for an illiquid option, the dealing desk will offer tailor-made quotes in order to provide Saxo Bank s clients with the best possible trading experience. Abnormally volatile market conditions represent another typical situation where the intervention of the dealing desk is warranted. Orders types and order management Clients cannot place orders on FX Options. All trades are executed on live quotes. Exercise & Settlement - Choice of Exercise method Expiry of options is an automatic process at Saxo Bank hence clients do not have to call in to manage the expiry of their options. When entering the trade, the client has the choice of the exercise method that will apply to the specific option in case the option ends up In-The-Money. Options can either be converted to a spot position on the expiry date or simply cash settled. FX Options that are In-The-Money are automatically exercised at 10:00 am New York time (New York cut) on the day of expiry. The Cash exercise method is in effect an automated exit of the spot position and is executed at mid-price. If the spot exercise method is chosen, the spot position is subject to the usual profit/loss as the spot price moves from the exercise price. If the client already owns an offsetting position at the time of exercise, the exercised position will be netted out on the following day. The exercise method can be amended by the client up to one hour before exercise. In order to change the exercise method the client goes to Open Positions module and right clicks over the desired position before choosing the Change exercise method menu item as described below: VANILLA FX OTC OPTIONS WITH SAXO BANK 7

8 Color-coded Trade Ticket The trade tickets in the platforms are color coded to indicate the availability of the price quoted: Green prices are those available for auto-execution. Yellow prices are those where a request for quote (RFQ) is required from the dealers. Purple prices typically mean the market is closed or pricing is unreliable. 8 VANILLA FX OTC OPTIONS WITH SAXO BANK

9 Pricing The pricing model Saxo Bank applies for FX Vanilla Options is based on the Black-Scholes model adapted for FX Options (Garman-Kohlhagen). Spreads The spread is defined as the distance between the bid price and the ask price. Spreads are variable depending on maturity and currency pair. Minimum ticket fee Small trade sizes incur a Minimum Ticket Fee of USD10 or equivalent. A small trade that attracts a minimum ticket fee is any trade below the Ticket Fee Threshold as per below: Minimum trade size / liquidity The minimum trade size is 10,000 units of base currency. Market orders up to 25,000,000 units of base currency (for EURUSD) will be executed automatically online on live streaming prices. RFQs on amounts above this will be executed manually by the FX Trading Desk. Minimum trade sizes are as follows: XAU/USD: 10 Oz XAG/USD: 100 Oz NOK/SEK 50,000 NOK All others: 10,000 units of base currency Please note that maximum streaming amounts are subject to change without prior notice. FX Vanilla Option Ticket Fee Threshold XAUUSD 50 XAGUSD 5,000 AUDSGD, EURCZK, EURHUF, EURPLN, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPUSD, USDCAD USDCHF, USDHUF, USDILS, USDJPY, USDMXN, USDPLN, USDSGD, USDTRY, USDZAR, USDRUB, EURRUB AUDJPY, AUDNZD, AUDUSD, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNOK, EURNZD, EURSEK, NZDJPY, NZDUSD, USDNOK, USDSEK 50, ,000 NOKSEK 1,000,000 VANILLA FX OTC OPTIONS WITH SAXO BANK 9

10 The Forex Options Board In order to facilitate the process of price discovery for the trader, Saxo Bank developed a unique proprietary tool called the Forex Options Board. In other words, when a trader has an idea he wants to implement, the Forex Options Board enable him to view the impact of the time value and the level of the strike on the Premium to be paid (long position) or to be received (short position). The Forex Options Board is an essential tool in an FX Option trader s arsenal. Opening the Options Board Strikes / Maturities on the FX Options Board Saxo Bank shows a maximum of 8 standard expiry dates ranging from 1 week up to 6 months. These expiry dates are on Wednesdays and follow the below schedule: 1 weekly contracts 2 bi-weekly contracts 2 four-weekly contracts 1 eight-weekly contract 10 VANILLA FX OTC OPTIONS WITH SAXO BANK

11 The Forex Options Report Saxo Bank has built a professional-grade set of reports that provide a detailed analysis of the trader s FX and FX Options positions across multiple currency pairs. The reports offer invaluable information for anyone taking a portfolio-based approach to trading. They allow the astute investor to efficiently manage his/her risk exposure and efficiently reflect their market view. Where to find the reports? The FX Options reports are available in the Client Station under the Account tab as shown below: What are those reports? The reports are designed to show exposure to various factors under different scenario. The data is aggregated per currency pair, per currency itself or by individual position. Reports will be available if the client has at least one open vanilla option and will include both the FX Spot positions and FX Options positions. (Binary Touch Options are NOT included). Assume we currently hold the below positions: VANILLA FX OTC OPTIONS WITH SAXO BANK 11

12 Summary Per Cross Cross Spot Value (EUR) Delta (Ccy1) Gamma (Ccy1) Vega (Ccy2) Theta (Ccy2) No. of Positions EURUSD , , , USDCHF ,196-50, This table aggregates all the positions per currency pair, and shows a global view of one s risk in each pair. For instance, we can see that the EURUSD portfolio is comprised of 4 positions (Note: the short call position was traded in two lots). Value: shows the amount an option is worth. Shows a positive number if you are long and a negative one if you are short. For Spot, this shows how much the position is in profit or loss. Delta: Shows the equivalent FX Spot exposure of a given position. This is the sensitivity of a position s value with respect to the spot rate. In the above table, we can see that the overall position in EURUSD behaves as if it was long 522,388 EURUSD spot: if EURUSD spot moves 1 pip up, the portfolio s value would increase by USD Gamma: This is the second derivative of the position value with respect to spot, i.e. it shows how much the delta changes when spot changes (i.e. how much will the delta change when spot moves up by 1%). Vega: Sensitivity of a position with respect to the implied volatility used to price FX Options. This shows how much money is made (positive number) or lost (negative number) when volatility goes up 1%... from say 12.5% to 13.5%. In our example, we see a positive Vega of USD 999 in EURUSD, meaning that the position s value will increase by this amount should volatility rise by 1%. This amount would be lost if EURUSD implied volatilities were to go down by 1%. Theta: Also known as time decay. This shows by how much the position will increase or decrease in value from one day to the next. In the above example, and all other things being equal, we can see a decrease in value of USD 221 for the EURUSD positions for one calendar day. Note: Since changes in interest rates typically do not pose as great a risk to option traders as Delta, Gamma, Theta, and Vega risks, Rho and Psi were intentionally left out of the reports. 12 VANILLA FX OTC OPTIONS WITH SAXO BANK

13 Net Delta by Currency Cross Delta No. of Positions CHF 47,215 1 EUR 510,854 4 USD -710,585 5 This table shows the delta, but this time netted per currency rather than currency pairs. This is very useful to see triangulation risks, and to identify which cross a portfolio is most exposed to. Summary per position Position ID Direction Amount Cross Strategy Strike Expiry Value Value (EUR) Delta (Ccy1) Gamma (Ccy1) Vega (Ccy2) Theta (Ccy2) Sell 50,000 USDCHF FX ,201 9,173-50, Sell 100,000 EURUSD Call Apr Sell 1,000,000 EURUSD Call Apr Buy 250,000 EURUSD FX ,230-5, , Buy 1,000,000 EURUSD Call Apr ,129 3, , , The summary page displays a table showing the market sensitivities per individual position. Although this might seem a little redundant with the other tables, this is actually quite useful to identify where a specific exposure comes from. For instance, we can see that our net EURUSD Vega exposure (sensitivity to implied volatility) is mostly coming from our long position in 8th April 2013, EUR calls (last line of the table). As can be seen, this summary page provides a very good snapshot of the portfolio at a given time, and will be very useful to the active trader. VANILLA FX OTC OPTIONS WITH SAXO BANK 13

14 The Spot Ladder Additionally, the Forex Options Report clarifies the sensitivity of the client s portfolio thanks to the Spot Ladder and the Spot/Volatility Grid. In the snapshot below, it is easy to assess what the sensitivity of the value of the EURUSD portfolio as well as its Greeks is to variations of the Spot rate. The table shows this sensitivity to a 2.5% variation up and down of the spot rate.. Note that the table provides the trader with the possibility of drawing the same table for a +/- 10% variation of the spot rate as well The Spot / Volatility Grid Taking the analysis one step further, the Spot / Volatility Grid provides a similar analysis as the previous report but this time enables the client to see a two dimensional picture of the sensitivity of his portfolio. Hence the trader is able to assess the impact of a variation of +/- 2.5% of the spot rate combined with a variation in volatility of up to +/-2 points of volatility on his portfolio. The table provides both a profit & loss measure and an estimate of the portfolio delta. Note that the trader has also the option to choose the combination of a +/-10% spot variation with a variation of +/-5 points of volatility. 14 VANILLA FX OTC OPTIONS WITH SAXO BANK

15 Margin Requirement To enable clients to efficiently manage their risk and capital Saxo Bank offers margin netting between Spot FX and OTC FX Option positions. If a client only holds bought FX Vanilla Options no margin is required since the premium is paid upfront and represents the maximum risk the client is exposed to. However, if a client chooses to trade in other FX margin instruments (FX spot and/or sold FX options) with at least one currency overlap, Saxo Bank s proprietary margining system kicks in. Saxo Bank applies a Delta Vega margin methodology on the entire portfolio in the given current cross. This would include an In- The-Money option being exercised into a spot trade at expiry. Square positions for Forex Options or FX spot are not taken into consideration. The margin requirements for Forex Vanilla Option positions at Saxo Bank consist of two components: Delta Margin is related to the changes in the underlying FX spot rate Vega Margin is related to the percentage change in volatility The calculation for the margin requirement of a Forex Vanilla Option position is therefore: MARGIN REQUIRED = DELTA MARGIN + VEGA MARGIN The calculation for the margin requirement of a Forex Vanilla Option position is therefore: MARGIN REQUIRED = DELTA MARGIN + VEGA MARGIN VANILLA FX OTC OPTIONS WITH SAXO BANK 15

16 Delta Margin The Delta of a Forex Option position describes how the value of the option (i.e. the premium) changes as a result of changes in the underlying Forex spot rate. The Delta of an FX Vanilla Option position multiplied by the notional amount gives the underlying spot exposure equivalent of the position at a specific point in time (i.e. DELTA EXPOSURE = NOTIONAL AMOUNT * DELTA). The calculation for the Delta Margin requirement of a Forex Option position is as follows: DELTA MARGIN = DELTA EXPOSURE * FOREX SPOT MARGIN RE- QUIREMENT When calculating the Delta Margin requirement for a new FX Vanilla Option position, all of the portfolio s current spot exposures both open FX spot positions and FX Vanilla Option spot exposures are considered. Vega Margin The Vega of an FX Vanilla Option position describes how the value of the Forex Option position changes as a result of changes in the implied volatility of the underlying Forex cross. The calculation for the Vega Margin component of a Forex Option position is given by the following formula: VEGA MARGIN = NOTIONAL AMOUNT * VEGA * MAX (IMPLIED VOLATILITY, FLOOR VALUE) * VOLATILITY FACTOR Volatility Factors are set per Currency Pair and Expiry Date tenor (see table below). Between these Expiry Date tenors the Volatility Factors are interpolated. The Volatility Factors for short dated Expiry Dates are higher than those for long dated Expiry Dates because the volatility of a long-term Forex Option position is relatively less dynamic than a short-term Forex Option position. When calculating the Vega Margin requirement for a Forex Option position, netting is performed across each Currency Pair for each Expiry Date. Thus, if a client has both bought and sold Forex Options in the same Currency Pair and for the same Expiry Date, the Vega Margin is calculated as the net of these positions. The Volatility Factors used in the Vega Margin calculation for major and minor currency pairs are shown below in tabular and graphical form. As noted above, Volatility Factors are interpolated between the expiry date tenors. Tenor Days Major Currency Pairs Minor Currency Pairs Short Positions Long Positions Shorts Positions Long Positions 1 week 7 28% -28% 50% -50% 2 weeks 14 20% -20% 25% -25% 1 month 30 11% -11% 20% -20% 3 months 90 8% -8% 15% -15% 1 year 365 8% -8% 10% -10% The next table shows the categorization of currencies for Major Currency Pairs. With respect to these Volatility Factors, a Major Currency Pair is one which includes BOTH of any of the currencies listed. Major Currencies AUD CAD CHF EUR CBP JPY NOK NZD SEK USD 16 VANILLA FX OTC OPTIONS WITH SAXO BANK

17 Exception for Bought Options If a client only holds bought FX Vanilla Options, then no margin is required to hold the FX Vanilla Option positions. However cash is required to pay the premiums for the bought FX Vanilla Options. If a client, in addition to bought Options, chooses to trade in margin instruments (spot and sold options) that would change the delta exposure in the existing portfolio. Hence the system uses the Delta Vega margin methodology on the entire portfolio in the given current cross. This would include an option being exercised into a spot trade at expiry. Square positions for Forex Options or FX spot are not taken into consideration. In summary no margin is required to hold long FX Vanilla Option positions if: Client holds no short option positions Client holds no FX spot in the same cross VANILLA FX OTC OPTIONS WITH SAXO BANK 17

18 Stop-out procedures Portfolio type Vanilla Options only Vanilla Options & Spot Margin handling / Stop out Stop-out is handled like any other margin instrument position. For bought Vanilla Options the client recieves bought option risk value (collateral on the back of the option). Vanilla options will be handled equally to any other margin instruments (no partioal stop-out) The system constantly monitors the risk of a short option position ending in-the-money (ITM) and long option position ending outthe-money (OTM). 18 VANILLA FX OTC OPTIONS WITH SAXO BANK

19 Product risk Danish banks are required to categorise investment products offered to retail clients depending on the product s complexity and risk as: green, yelleow or Red. Forex is categorised as a red product as it is considered an investment product with a high complexity and a high risk. See also the Product Risk Categorisation located under our General Business Terms. Disclaimer Unless specifically stated, no Publication of the Saxo Bank Group should be construed as an offer (or solicitation of an offer) to: buy or sell any currency, product or financial instrument, make any investment, or participate in any particular trading strategy(collectively Offers ). No representation, no warranty The Saxo Bank Group uses reasonable efforts to obtain information from reliable sources, but all Publications are provided on an as is basis without representation or warranty of any kind (neither express nor implied) and the Saxo Bank Group disclaims liability for any Publication not being complete, accurate, suitable and relevant for the recipient. Specifically, the Saxo Bank Group disclaims liability towards any subscriber, client, partner, supplier, counterparty and other recipients for: No Recommendations The Saxo Bank Group does not in any of its Publications take into account any particular recipient s investment objectives, special investment goals, financial situation, and specific needs and demands. Therefore, all Publications of the Saxo Bank Group are, unless otherwise specifically stated, intended for informational and/or marketing purposes only and should not be construed as: business, financial, investment, hedging, legal, regulatory, tax or accounting advice, a recommendation or trading idea, or any other type of encouragement to act, invest or divest in a particular manner(collectively Recommendations ). The Saxo Bank Group shall not be responsible for any loss arising from any investment based on a perceived Recommendation. Risk Warning Trading of products and services offered by the Saxo Bank Group, even when executed in accordance with a perceived recommendation, entails a risk and may result in both profits and losses. the accuracy of any market quotations, any delay, inaccuracy, error, interruption or omission in providing market quotations, and any discontinuance of market quotations. If a Publication becomes outdated the Saxo Bank Group shall be under no obligation to; update the Publication, inform the recipients of a Publication, or perform any other action. DISCLAIMER This material is produced for marketing and/or informational purposes only and Saxo Bank A/S and its owners, subsidiaries and affiliates whether acting directly or through branch offices make no representation or warranty, and assume no liability, for the accuracy or completeness of the information provided herein. Saxo Bank may change its offering and content of this catalogue without notice. The content of this catalogue shall not be relied up for any contractual purposes. This disclaimer is subject to Saxo Bank s Full Disclaimer available at VANILLA FX OTC OPTIONS WITH SAXO BANK 19

20

You can find the Report on the SaxoTrader under the Account tab. On the SaxoWebTrader, it is located under the Account tab, on the Reports menu.

You can find the Report on the SaxoTrader under the Account tab. On the SaxoWebTrader, it is located under the Account tab, on the Reports menu. The FX Options Report What is the FX Options Report? The FX Options Report gives you a detailed analysis of your FX and FX Options positions across multiple currency pairs, enabling you to manage your

More information

Margin Foreign Exchange

Margin Foreign Exchange SCHEDULE DATED 26 MAY 2015 RELATING TO THE PRODUCT DISCLOSURE STATEMENT DATED 26 MAY 2015 FOR MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS ISSUED BY HALIFAX NEW ZEALAND LIMITED Halifax New Zealand

More information

Swap Value in Points** As low as Average Long Short

Swap Value in Points** As low as Average Long Short SPREADS AND CONDITIONS FOR STANDARD ACCOUNTS FOREX - Foreign Exchange Instruments Currency Pair Minimum Price Fluctuation Spreads* Swap Value in Points** As low as Average Long Short Value of 1 lot Limit

More information

Instrument Tick Value* Tick Size Currency Trading Days Trading Hours Contract size (1 lot) Notes Financing Charges Spot FX AUD/USD USD 1.0 0.

Instrument Tick Value* Tick Size Currency Trading Days Trading Hours Contract size (1 lot) Notes Financing Charges Spot FX AUD/USD USD 1.0 0. FX Instrument Tick Value* Tick Size Currency Trading Days Trading Hours Contract size (1 lot) Notes Financing Charges Spot FX AUD/USD USD 1.0 0.00001 USD Sun- Fri 17:05-17:00 (EST) 100 000 Min trade size

More information

This proposal is for the internal purposes of the recipient and its management only. The material is property of FXCM and its content cannot be

This proposal is for the internal purposes of the recipient and its management only. The material is property of FXCM and its content cannot be FXCM Profile Introduction FXCM is a NYSE-listed online provider of foreign exchange trading. During 2010, FXCM s total revenues were over $360 million USD. We have over 750 employees globally. FXCM executes

More information

Chapter 1.2. Currencies Come in Pairs

Chapter 1.2. Currencies Come in Pairs Chapter 1.2 Currencies Come in Pairs 0 GETTING STARTED You know the advantages of trading forex, and you are excited to start trading. Now you need to learn what this market is all about. How does it work?

More information

P R O D U C T T R A D I N G R A T E S & C O N D I T I O N S F O R E X O P T I O N S

P R O D U C T T R A D I N G R A T E S & C O N D I T I O N S F O R E X O P T I O N S P R O D U C T T R A D I N G R A T E S & C O N D I T I O N S F O R E X O P T I O N S PRODUCT TRADING RATES & CONDITIONS FOREX OPTIONS Bid/Ask Spreads and Autoexecution The Bank is a global leader in FX

More information

Contract Specifications 2015 Mini Trading Account

Contract Specifications 2015 Mini Trading Account Forex Currency Pairs Australian Dollar / Canadian Dollar (AUDCAD@) Australian Dollar / Swiss Franc (AUDCHF@) Australian Dollar / Japanese Yen (AUDJPY@) Australian Dollar / New Zealand Dollar (AUDNZD@)

More information

Phone: 1800 886 514 (Press '1' for Trade Desk or '2' for Enquiries)

Phone: 1800 886 514 (Press '1' for Trade Desk or '2' for Enquiries) POPULAR MARKETS Market Name Brackets = Out of Hours Spread 24hr Fixed Spread Contract Value per Index Point/Pip Margin per Unit Trade Per Phone: 1800 886 514 AUD/USD 0.8 (0.8) $1 0.50% 0.0001 Open Monday

More information

FX Margin Update 26 August, 2016

FX Margin Update 26 August, 2016 FX Margin Update 26 August, 2016 The margin requirement (MMR) for a specific currency pair is calculated as a percentage of the notional value of such pair. As the exchange rates for any specific currency

More information

FX Derivatives Terminology. Education Module: 5. Dated July 2002. FX Derivatives Terminology

FX Derivatives Terminology. Education Module: 5. Dated July 2002. FX Derivatives Terminology Education Module: 5 Dated July 2002 Foreign Exchange Options Option Markets and Terminology A American Options American Options are options that are exercisable for early value at any time during the term

More information

Updated Margin Requirements

Updated Margin Requirements Updated Margin Requirements Table of Contents 1. Schedule... 2 1.1 Timeline of Events... 2 2. Margin Requirements... 3 2.1 Margin Requirements for USD Account Denomination... 3 2.2 Margin Requirements

More information

Chapter 1.2. Currencies Come in Pairs

Chapter 1.2. Currencies Come in Pairs Chapter 1.2 Currencies Come in Pairs 0 GETTING STARTED You know the advantages of trading forex, and you are excited to start trading. Now you need to learn what this market is all about. How does it work?

More information

DEALING HANDBOOK FOR FX TRADERS

DEALING HANDBOOK FOR FX TRADERS DEALING HANDBOOK FOR FX TRADERS ONLINE TRADING Trading on the QuestradeFX platforms is available 24hrs a day from 5pm ET Sundays through 5pm ET Fridays. Clients have the ability to execute trades directly

More information

LMAX Exchange, UK s No.1 fastest growing technology firm in The Sunday Times 2014 Tech Track 100. A unique vision for global FX

LMAX Exchange, UK s No.1 fastest growing technology firm in The Sunday Times 2014 Tech Track 100. A unique vision for global FX LMAX Exchange, UK s No.1 fastest growing technology firm in The Sunday Times 2014 Tech Track 100 * A unique vision for global FX F C A A U T H O R I S E D & R E G U L A T E D M T F F O R G L O B A L F

More information

INTRODUCING BROKER PROSPECTUS

INTRODUCING BROKER PROSPECTUS INTRODUCING BROKER PROSPECTUS Index Executive Overview Retail Forex: An Unmissable Opportunity About Titan FX What is an Introducing Broker? Why partner with Titan FX? Benefits of becoming a Titan FX Introducing

More information

Forex Spreads for Classic Accounts Majors. Forex Spreads for Advantage Accounts Majors

Forex Spreads for Classic Accounts Majors. Forex Spreads for Advantage Accounts Majors Forex Spreads for Classic Accounts Exotics EURUSD 1.3 pips USDCAD 2 pips AUDNZD 6 pips USDHUF 23 pips USDJPY 1.3 pips GBPUSD 2.1 pips EURDKK 6 pips EURHUF 23 pips AUDUSD 1.7 pips EURJPY 2.1 pips EURNZD

More information

Contract Specifications 2015 Dynamic STP Trading Account

Contract Specifications 2015 Dynamic STP Trading Account Forex Currency Pairs (Online Trading Platform Symbol) 2 Minimum Price Fluctuation Tick / Point Value Pip Value Australian Dollar / Canadian Dollar (AUDCAD# / AUDCAD ) AUD 00,000 0.0000 CAD CAD 0 Australian

More information

FX Options. Dan Juhl Larsen FX Options trader at Saxo Bank. Moscow 19 Marts 2014

FX Options. Dan Juhl Larsen FX Options trader at Saxo Bank. Moscow 19 Marts 2014 FX Options Dan Juhl Larsen FX Options trader at Saxo Bank Moscow 19 Marts 2014 4 June 2013 Disclaimer None of the information contained herein constitutes an offer (or solicitation of an offer) to buy

More information

Learn to Trade FOREX II

Learn to Trade FOREX II Lesson 1 The Forex Market The Foreign Exchange market, also referred to as the "FX market" or "Spot FX", is the largest financial market in the world with daily average turnover of US$1.9 trillion. Unlike

More information

SaxoTraderGO. Saxo Academy. Trading Forex on Live Prices. academy.tradingfloor.com

SaxoTraderGO. Saxo Academy. Trading Forex on Live Prices. academy.tradingfloor.com Saxo Academy SaxoTraderGO Trading Forex on Live Prices Please note, these notes are transcripts of the videos on Saxo Academy and are designed to accompany the SaxoTraderGO video series. Making an FX Spot

More information

Getting Started With Forex Trading: A Forex Primer. Member NASD, NYSE, SIPC, and NFA

Getting Started With Forex Trading: A Forex Primer. Member NASD, NYSE, SIPC, and NFA Getting Started With Forex Trading: A Forex Primer Member NASD, NYSE, SIPC, and NFA 1 Important Information and Disclaimer: TradeStation Securities, Inc. seeks to serve institutional and active traders.

More information

TRADING RULES ONLINE FX AND PRECIOUS METAL Effective August 10, 2015

TRADING RULES ONLINE FX AND PRECIOUS METAL Effective August 10, 2015 TRADING RULES ONLINE FX AND PRECIOUS METAL Effective August 10, 2015 PRODUCTS Contract Size EUR/USD EUR 100,000 USD/JPY USD 100,000 GBP/USD GBP 100,000 USD/CHF USD 100,000 AUD/USD AUD 100,000 NZD/USD NZD

More information

Forex Pair Performance Strength Score

Forex Pair Performance Strength Score Issue 50 Wednesday, September 11, 2013 Forex Pair Performance Strength Score Michael Burke Vice-president of Client Training and Education TSLabs@TradeStation.com Features Studies/Files Included: Focus:

More information

TRADITION SEF PLATFORM SUPPLEMENT 2 VOLBROKER CURRENCY OPTIONS TRADING PLATFORM. ( Platform )

TRADITION SEF PLATFORM SUPPLEMENT 2 VOLBROKER CURRENCY OPTIONS TRADING PLATFORM. ( Platform ) TRADITION SEF PLATFORM SUPPLEMENT 2 VOLBROKER CURRENCY OPTIONS TRADING PLATFORM ( Platform ) This Tradition SEF Platform Supplement to the Tradition SEF Rulebook, (the Rulebook ) sets out the additional

More information

NEW TO FOREX? FOREIGN EXCHANGE RATE SYSTEMS There are basically two types of exchange rate systems:

NEW TO FOREX? FOREIGN EXCHANGE RATE SYSTEMS There are basically two types of exchange rate systems: NEW TO FOREX? WHAT IS FOREIGN EXCHANGE Foreign Exchange (FX or Forex) is one of the largest and most liquid financial markets in the world. According to the authoritative Triennial Central Bank Survey

More information

Authorised and regulated by the Financial Services Authority, members of the NFA in the USA and regulated by ASIC in Australia

Authorised and regulated by the Financial Services Authority, members of the NFA in the USA and regulated by ASIC in Australia FX TRADING GUIDE June 2006 Authorised and regulated by the Financial Services Authority, members of the NFA in the USA and regulated by ASIC in Australia Copyright 2006 CMC Markets, 66 Prescot Street,

More information

TRADITION SEF PLATFORM SUPPLEMENT 2 VOLBROKER CURRENCY OPTIONS TRADING PLATFORM. ( Platform )

TRADITION SEF PLATFORM SUPPLEMENT 2 VOLBROKER CURRENCY OPTIONS TRADING PLATFORM. ( Platform ) TRADITION SEF PLATFORM SUPPLEMENT 2 VOLBROKER CURRENCY OPTIONS TRADING PLATFORM ( Platform ) This Tradition SEF Platform Supplement to the Tradition SEF Rulebook, (the Rulebook ) sets out the additional

More information

WHS FX options guide. Getting started with FX options. Predict the trend in currency markets or hedge your positions with FX options.

WHS FX options guide. Getting started with FX options. Predict the trend in currency markets or hedge your positions with FX options. Getting started with FX options WHS FX options guide Predict the trend in currency markets or hedge your positions with FX options. Refine your trading style and your market outlook. Learn how FX options

More information

Product Disclosure Statement (PDS)

Product Disclosure Statement (PDS) Product Disclosure Statement (PDS) Last updated: January 29, 2015 IMPORTANT INFORMATION AND DISCLAIMER General Information IBFX Australia Pty Ltd ABN 84 142 210 179 ("IBFX", "we", "us" and "our") is a

More information

FX OPTIONS MARGIN MODEL SEPTEMBER 2015, SAXO BANK

FX OPTIONS MARGIN MODEL SEPTEMBER 2015, SAXO BANK F PTINS MRGIN MDEL SEPTEMER 2015, S NK F Expiry Margin Description (1/2) Calculation For a given currency pair the F Expiry Margin model calculates a potential maximum future loss in a given F option strategy

More information

Dual Currency Investment. Product Sheet

Dual Currency Investment. Product Sheet Dual Investment Product Sheet 2 Dual Investment Product Sheet This Product Sheet must be read in conjunction with the Dual s and Conditions and the Dual Investment Mandate which contains a Product Checklist

More information

AXITRADER PRODUCT SCHEDULE

AXITRADER PRODUCT SCHEDULE AxiCorp Limited FRN: 509746 www.axitrader.co.uk Tel: +44 207 096 7488 AXITRADER PRODUCT SCHEDULE IMPORTANT NOTICE This Product Schedule issued by AxiCorp Limited (AxiTrader) forms part of the Client Agreement

More information

The purpose of this ebook is to introduce newcomers to the forex marketplace and CMTRADING. Remember that trading in forex is inherently risky, and

The purpose of this ebook is to introduce newcomers to the forex marketplace and CMTRADING. Remember that trading in forex is inherently risky, and The purpose of this ebook is to introduce newcomers to the forex marketplace and CMTRADING. Remember that trading in forex is inherently risky, and you can lose money as well as make money. Manage your

More information

Transaction Cost. AETOS Capital Group (UK) Limited. May 2016 V20160503

Transaction Cost. AETOS Capital Group (UK) Limited. May 2016 V20160503 AETOS Capital Group (UK) Limited May 2016 V20160503 Product Symbol Tick Value Swap Rate - Swap Rate - LONG 2 SHORT 2 Typical Margin Spread 3 FOREX Australian Dollar vs U.S. Dollar AUDUSD 10.0USD 0.50%

More information

DEALING HANDBOOK FOR FX TRADERS

DEALING HANDBOOK FOR FX TRADERS DEALING HANDBOOK FOR FX TRADERS ONLINE TRADING Trading on the QuestradeFX platforms is available 24hrs a day from 5pm ET Sundays through 5pm ET Fridays. Clients have the ability to execute trades directly

More information

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS Halifax New Zealand Limited Financial

More information

Appendix C to Tradition SEF Rulebook Foreign Currency Product Listing

Appendix C to Tradition SEF Rulebook Foreign Currency Product Listing Appendix C to Tradition SEF Rulebook Foreign Currency Product Listing Foreign Exchange Product Descriptions Options: The trading strategies allowed include, but are not limited to all manner of Put, Call,

More information

CFDs Market Information

CFDs Market Information CFDs Information General notes i) All details are correct at time of going to press. ii) London Capital Group Ltd reserves the right, at its sole discretion, to alter the contract specifications at anytime

More information

TRADING FOREX ON SAXOTRADER PLATFORM

TRADING FOREX ON SAXOTRADER PLATFORM Saxo Bank A/S Headquarters Philip Heymans Allé 15 DK - 2900 Hellerup, Denmark Phone: +45 3977 4000 Fax: +45 3977 4200 Web: www.saxobank.com TRADING FOREX ON SAXOTRADER PLATFORM How to trade in FOREX through

More information

Monthly Statistics - December 2015

Monthly Statistics - December 2015 Monthly Statistics - December 2015 1. VOLUME SNAPSHOT Hotspot s average daily volume (ADV) registered at $24.1 in December 2015, a 7.5% increase from November 2015. Market share for December, as measured

More information

academy.tradingfloor.com Saxo Academy Forex: Quick-start guide part 1 - Getting Started academy.tradingfloor.com

academy.tradingfloor.com Saxo Academy Forex: Quick-start guide part 1 - Getting Started academy.tradingfloor.com Saxo Academy Forex: Quick-start guide part 1 - Getting Started academy.tradingfloor.com How to trade Forex through the SaxoTrader Platform Here are some quick tips to help you get started right away. 1.

More information

An Introduction to Nadex

An Introduction to Nadex An Introduction to Nadex AN INTODUCTION TO NADEX MULTIPLY YOUR TRADING OPPORTUNITIES, LIMIT YOUR RISK Discover a product set that: Allows you to trade in very small size (risking no more than a few dollars)

More information

4. ANNEXURE 3 : PART 3 - FOREIGN EXCHANGE POSITION RISK

4. ANNEXURE 3 : PART 3 - FOREIGN EXCHANGE POSITION RISK Annexure 3 (PRR) - Part 3, Clause 18 - Foreign Exchange Position Risk Amount 4 ANNEXURE 3 : PART 3 - FOREIGN EXCHANGE POSITION RISK (a) CLAUSE 18 - FOREIGN EXCHANGE POSITION RISK AMOUNT (i) Rule PART 3

More information

THOMSON REUTERS MATCHING

THOMSON REUTERS MATCHING THOMSON REUTERS MATCHING MATCHING INSTRUMENT LIST Thomson Reuters Matching instrument list The following document contains a tabulated list of all the Matching Instruments that are available to be traded

More information

Scandinavian. Exotic and Emerging

Scandinavian. Exotic and Emerging MARKET INFORMATION SPREAD BETTING MARKETS FOREX Majors spread Unit risk AUDUSD 0.50 0.000 3 0 2 EURCHF 2 0.50 0.000 N/A 0 2 EURGBP 0. 0.50 0.000 3 0 2 EURJPY.6 0.50 0.0 3 0 2 EURUSD 0. 0.50 0.000 3 0 2

More information

Nadex Multiply Your Trading Opportunities, Limit Your Risk

Nadex Multiply Your Trading Opportunities, Limit Your Risk Nadex Multiply Your Trading Opportunities, Limit Your Risk Discover a product set that: Allows you to trade in very small size (risking no more than a few dollars) Gives you the security of trading on

More information

Introduction to Forex Trading

Introduction to Forex Trading Introduction to Forex Trading The Leader in Rule-Based Trading 1 Important Information and Disclaimer: TradeStation Securities, Inc. seeks to serve institutional and active traders. Please be advised that

More information

AUTOCHARTIST TRADE IDEAS

AUTOCHARTIST TRADE IDEAS A QUICK START GUIDE AUTOCHARTIST TRADE IDEAS Sometimes, it s hard to know what to trade. Even if you do your research, you may still wonder if the trade you set up will go the way you want. Now, you can

More information

Chapter 3.4. Forex Options

Chapter 3.4. Forex Options Chapter 3.4 Forex Options 0 Contents FOREX OPTIONS Forex options are the next frontier in forex trading. Forex options give you just what their name suggests: options in your forex trading. If you have

More information

OPTIONS EDUCATION GLOBAL

OPTIONS EDUCATION GLOBAL OPTIONS EDUCATION GLOBAL TABLE OF CONTENTS Introduction What are FX Options? Trading 101 ITM, ATM and OTM Options Trading Strategies Glossary Contact Information 3 5 6 8 9 10 16 HIGH RISK WARNING: Before

More information

SPOT FX Trading Strategies. Copyright Powerup Capital Sdn Bhd

SPOT FX Trading Strategies. Copyright Powerup Capital Sdn Bhd SPOT FX Trading Strategies Currency Codes USD = US Dollar EUR = Euro JPY = Japanese Yen GBP = Great Britian Pound CHF = Swiss Franc CAD = Canadian Dollar AUD = Australian Dollar NZD = New Zealand Dollar

More information

DAILY SNAPSHOT 23.05.2016

DAILY SNAPSHOT 23.05.2016 AUDJPY 0 9 AUDNZD 1 8 AUDUSD 2 7 EURCAD 5 4 EURGBP 3 7 EURJPY 2 7 EURUSD 4 5 GBPCHF 9 1 GBPJPY 4 5 GBPUSD 8 1 NZDUSD 3 7 USDCAD 6 4 USDCHF 8 2 USDJPY 4 5 DISCLAIMER Forex-AnalysisBlog.com is offered on

More information

- INTRODUCTION - TIME & PRICE - CORRELATION - FOREX RANKING - FOREX BASKET ARBITRAGE - FX-QUANT

- INTRODUCTION - TIME & PRICE - CORRELATION - FOREX RANKING - FOREX BASKET ARBITRAGE - FX-QUANT 1 - INTRODUCTION - TIME & PRICE - CORRELATION - FOREX RANKING - FOREX BASKET ARBITRAGE - FX-QUANT 2 Which Trend line is correct? 3 What is the value of a 45 degree trendline when you have charts with different

More information

1. HOW DOES FOREIGN EXCHANGE TRADING WORK?

1. HOW DOES FOREIGN EXCHANGE TRADING WORK? XV. Important additional information on forex transactions / risks associated with foreign exchange transactions (also in the context of forward exchange transactions) The following information is given

More information

LHV Broker Trading Rules

LHV Broker Trading Rules LHV Broker Trading Rules Contents 1. SYSTEM REQUIREMENTS... 3 1.1 System requirements for LHV Broker... 3 1.2 System requirements for LHV WebBroker... 3 2. LHV BROKER PLATFORMS... 4 2.1 LHV Broker... 4

More information

MARKET INFORMATION CFD MARKETS

MARKET INFORMATION CFD MARKETS MARKET INFORMATION CFD MARKETS FOREX Majors charges AUDUSD 0. Lot 0.000 USD 0 3 0 2 EURCHF 2 0. Lot 0.000 CHF0 N/A 0 2 EURGBP 0. 0. Lot 0.000 GBP 0 3 0 2 EURJPY.6 0. Lot 0.000 JPY 000 3 0 2 EURUSD 0.6

More information

The World s Elite Trading School. The Trusted Source for Online Investing and Day Trading Education Since 1994. What is a Forex?

The World s Elite Trading School. The Trusted Source for Online Investing and Day Trading Education Since 1994. What is a Forex? What is a Forex? Forex is the market where one currency is traded for another Unlike stocks and futures exchange, foreign exchange is indeed an interbank, over-the-counter (OTC) market which means there

More information

Currency Derivatives Guide

Currency Derivatives Guide Currency Derivatives Guide What are Futures? In finance, a futures contract (futures) is a standardised contract between two parties to buy or sell a specified asset of standardised quantity and quality

More information

Live Trading Webinar and Daily Trading Plan Setups Log

Live Trading Webinar and Daily Trading Plan Setups Log This spreadsheet labels entry times as well as trade entry type for easy review. These are the actual trade calls that we give out in the US Open Live Trading Webinar and the Daily Trading Plan we Starting

More information

Q1.1.1 What is Foreign Exchange and Precious Metal Margin Trading Services?

Q1.1.1 What is Foreign Exchange and Precious Metal Margin Trading Services? FAQs (Updated: 09-Oct 2015) Table of Contents 1. General 1.1 General 1.2 Orders 1.3 Collateral/Settlement Account 2. Cyberbanking Related Questions 3. Trading Platform Related Questions 4. Technical Questions

More information

INVESTMENT INSTRUMENT SPECIFICATIONS SPOT FX

INVESTMENT INSTRUMENT SPECIFICATIONS SPOT FX INVESTMENT INSTRUMENT SPECIFICATIONS SPOT FX Citypoint Trading Limited is a company registered in England and Wales under registration no. 6707165 and authorised and regulated by the Financial Conduct

More information

Introduction to Forex Trading

Introduction to Forex Trading Introduction to Forex Trading The Leader in Rule-Based Trading 1 Important Information and Disclaimer: TradeStation Securities, Inc. seeks to serve institutional and active traders. Please be advised that

More information

Monthly Statistics July 2014

Monthly Statistics July 2014 1. Volume Snapshot Monthly Statistics July 2014 KCG Hotspot posted a month-over-month 13% decrease in ADV, accounting for 12.4% of publicly reported spot FX volume in July 2014. KCG Hotspot was the sole

More information

FxPro Education. Introduction to FX markets

FxPro Education. Introduction to FX markets FxPro Education Within any economy, consumers and businesses use currency as a medium of exchange. In the UK, pound sterling is the national currency, while in the United States it is the US dollar. Modern

More information

KE Forex Product Term Sheet

KE Forex Product Term Sheet KE Forex Product Term Sheet ** Please note that Page 1-5 is for your reference, and only Page 7 is required to be completed and returned. What is leveraged trading in Forex (Foreign Exchange) Contracts?

More information

Annex C. List of Conditions LIST OF CONDITIONS

Annex C. List of Conditions LIST OF CONDITIONS Annex C. List of Conditions LIST OF CONDITIONS Effective from: 13 June 2014 if the contract was concluded after that date and 14 June 2014 if the contract was concluded earlier. Published: 13 June 2014

More information

MARGIN FOREIGN EXCHANGE

MARGIN FOREIGN EXCHANGE PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE Halifax Investment Services Limited Australian Financial Services Licence No. 225973 Date 20th October 2014 HALIFAX Product Disclosure Statement 1 IMPORTANT

More information

FOREX Markets & Trading Currencies

FOREX Markets & Trading Currencies FOREX Markets & Trading Currencies Updates Tonight: FOREX & Demonstra1on of thinkorswim pla9orm Next Week: Stock & Op*ons Trading 101 on March 3 rd Execu1ve Board Applica1ons out now Apply for COO & CMO

More information

Online Share Trading Currency Futures

Online Share Trading Currency Futures Online Share Trading Currency Futures Wealth warning: Trading Currency Futures can offer significant returns BUT also subject you to significant losses if the market moves against your position. You may,

More information

Beginner s Guide to CFDs

Beginner s Guide to CFDs Saxo Academy Beginner s Guide to CFDs Chapters 1.1-1.3 academy.tradingfloor.com CFDs Chapter 1.1 / A Basic Description Welcome to this chapter, which will give a brief introduction to the history of CFDs.

More information

FX Key products Exotic Options Menu

FX Key products Exotic Options Menu FX Key products Exotic Options Menu Welcome to Exotic Options Over the last couple of years options have become an important tool for investors and hedgers in the foreign exchange market. With the growing

More information

Trading Station / MetaTrader 4 Product Guide 2 October 2015. Page 1 of 15

Trading Station / MetaTrader 4 Product Guide 2 October 2015. Page 1 of 15 Trading Station / MetaTrader 4 Product Guide 2 October 2015 Page 1 of 15 Notice This product summary should be read in conjunction with our Terms of Business. Whilst every effort has been made to ensure

More information

Handbook FXFlat FX Options

Handbook FXFlat FX Options Handbook FXFlat FX Options FXFlat Trading FX Options When you open an FX options account at FXFlat, you can trade options on currency pairs 24- hours a day, 5.5 days per week. The FX options features in

More information

FX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010

FX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010 FX Strategies In the Low Yield Environment Eddie Wang Head of FX Structuring, Asia Hong Kong October 2010 Contents 01 Key Trends 02 FX Hedging Strategies 03 FX Investment Strategies SECTION 01 Key Trends

More information

PIP INDEX CAPITAL MARKETS CONTRACT SPECIFICATIONS FOREX & PRECIOUS METALS

PIP INDEX CAPITAL MARKETS CONTRACT SPECIFICATIONS FOREX & PRECIOUS METALS FOREX (FX) AUD/CAD AUDCAD.a AUD 100,000 AUD/CHF AUDCHF.a AUD 100,000 AUD/JPY AUDJPY.a AUD 100,000 AUD/NZD AUDNZD.a AUD 100,000 AUD/SGD AUDSGD.a AUD 100,000 AUD/USD AUDUSD.a AUD 100,000 CAD/CHF CADCHF.a

More information

SaxoTraderGO. Saxo Academy. Placing Forex Trade Orders. academy.tradingfloor.com

SaxoTraderGO. Saxo Academy. Placing Forex Trade Orders. academy.tradingfloor.com Saxo Academy SaxoTraderGO Placing Forex Trade Orders Please note, these notes are transcripts of the videos on Saxo Academy and are designed to accompany the SaxoTraderGO video series. Placing FX Trade

More information

DAILY TECHNICAL REPORT

DAILY TECHNICAL REPORT RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Selling pressures are still strong. EUR/USD

More information

Online Share Trading Currency Futures

Online Share Trading Currency Futures Online Share Trading Currency Futures pic Currency Futures Introduction Currency futures contracts can be hard-working additions to any investor s or trader s portfolio. They provide a way to hedge the

More information

ORDER EXECUTION POLICY

ORDER EXECUTION POLICY ORDER EXECUTION POLICY Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary

More information

w w w.c a t l e y l a k e m a n.c o m 0 2 0 7 0 4 3 0 1 0 0

w w w.c a t l e y l a k e m a n.c o m 0 2 0 7 0 4 3 0 1 0 0 A ADR-Style: for a derivative on an underlying denominated in one currency, where the derivative is denominated in a different currency, payments are exchanged using a floating foreign-exchange rate. The

More information

The foreign exchange market is global, and it is conducted over-the-counter (OTC)

The foreign exchange market is global, and it is conducted over-the-counter (OTC) FOREIGN EXCHANGE BASICS TERMS USED IN FOREX TRADING: The foreign exchange market is global, and it is conducted over-the-counter (OTC) through the use of electronic trading platforms, or by telephone through

More information

Trading Station II / MetaTrader 4 Product Guide 12 November 2012. Page 1 of 14

Trading Station II / MetaTrader 4 Product Guide 12 November 2012. Page 1 of 14 Trading Station II / MetaTrader 4 Product Guide 12 November 2012 Page 1 of 14 Notice This product summary should be read in conjunction with our Terms of Business. Whilst every effort has been made to

More information

Market Risk for Single Trading Positions

Market Risk for Single Trading Positions Chapter 6 Market Risk for Single Trading Positions Market risk is the risk that the market value of trading positions will be adversely influenced by changes in prices and/or interest rates. For banks,

More information

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ( Act ), 1 and Rule

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ( Act ), 1 and Rule SECURITIES AND EXCHANGE COMMISSION (Release No. 34-65959; File No. SR-CME-2011-17) December 15, 2011 Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing and Order Granting

More information

An Overview of the Fibozachi FOREX Force : A FOREX Command Center Page 3. Fibozachi FOREX Force : A Birds-Eye View of the FX Market Page 5

An Overview of the Fibozachi FOREX Force : A FOREX Command Center Page 3. Fibozachi FOREX Force : A Birds-Eye View of the FX Market Page 5 An Overview of the Fibozachi FOREX Force : A FOREX Command Center Page 3 Fibozachi FOREX Force : A Birds-Eye View of the FX Market Page 5 The Hierarchy of Currencies: Reverse Symbols Explained Page 7 The

More information

ActTrader Forex Trading Guide

ActTrader Forex Trading Guide ActTrader Forex Trading Guide If this is your first time coming across the online Forex market, then you have come to the right place! This guide will provide you with the basic knowledge, tools and techniques

More information

SAXO BANK S BEST EXECUTION POLICY

SAXO BANK S BEST EXECUTION POLICY SAXO BANK S BEST EXECUTION POLICY THE SPECIALIST IN TRADING AND INVESTMENT Page 1 of 8 Page 1 of 8 1 INTRODUCTION 1.1 This policy is issued pursuant to, and in compliance with, EU Directive 2004/39/EC

More information

DAILY TECHNICAL REPORT

DAILY TECHNICAL REPORT RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Bouncing back. EUR/USD is now moving

More information

Chapter 4 - The Foreign Exchange Market. Functions of the FX Market

Chapter 4 - The Foreign Exchange Market. Functions of the FX Market Chapter 4 - The Foreign Exchange Market Market Structure and Roles Volume and distribution by Country, Currencies Who trades with Whom Introduction to different kinds of Foreign Exchange contracts Spot,

More information

is held and maintained at GAIN Capital who serves as the clearing agent and counterparty to your trades. GAIN Capital is a

is held and maintained at GAIN Capital who serves as the clearing agent and counterparty to your trades. GAIN Capital is a Last updated July 2, 2015 FOREX RISK DISCLOSURE STATEMENT Forex trading involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade

More information

Symbol Instrument name Trading hours in CET Currencies AUDCAD Australian Dollar to Canadian Dollar 24h from Sunday 11:00pm to Friday 10:00 pm AUDCHF

Symbol Instrument name Trading hours in CET Currencies AUDCAD Australian Dollar to Canadian Dollar 24h from Sunday 11:00pm to Friday 10:00 pm AUDCHF Symbol Instrument name Trading hours in CET Currencies AUDCAD Australian Dollar to Canadian Dollar 24h from Sunday 11:00pm to Friday 10:00 pm AUDCHF Australian Dollar to Swiss Frank 24h from Sunday 11:00pm

More information

Monthly Statistics September 2015

Monthly Statistics September 2015 Monthly Statistics September 2015 1. VOLUME SNAPSHOT Hotspot s average daily volume (ADV) registered at $26.2B in September 2015, a 7.5% decline from the prior month s pace. Market share for September,

More information

Margin FX and CFDs Product Disclosure Statement 26 April 2016

Margin FX and CFDs Product Disclosure Statement 26 April 2016 Margin FX and CFDs 26 April 2016 Issuer: Forex Capital Trading Pty Ltd AFSL No. 306400 and ABN 69 119 086 270 1 P a g e 1. Important Information 1.1 About this PDS This PDS is issued by Forex Capital Trading

More information

DAILY TECHNICAL REPORT

DAILY TECHNICAL REPORT RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Moving higher. EUR/USD has been range-bound

More information

CommSeC CFDS: IntroDuCtIon to FX

CommSeC CFDS: IntroDuCtIon to FX CommSec CFDs: Introduction to FX Important Information This brochure has been prepared without taking account of the objectives, financial and taxation situation or needs of any particular individual.

More information

THE WORLD MARKETS COMPANY PLC DESCRIPTION OF SERVICES AND CONFLICTS OF INTEREST DISCLOSURE STATEMENT MARCH 1, 2015

THE WORLD MARKETS COMPANY PLC DESCRIPTION OF SERVICES AND CONFLICTS OF INTEREST DISCLOSURE STATEMENT MARCH 1, 2015 THE WORLD MARKETS COMPANY PLC DESCRIPTION OF SERVICES AND CONFLICTS OF INTEREST DISCLOSURE STATEMENT MARCH 1, 2015 The World Markets Company plc (the World Markets Company ) provides a global foreign exchange

More information

FX Options NASDAQ OMX

FX Options NASDAQ OMX FX Options OPTIONS DISCLOSURE For the sake of simplicity, the examples that follow do not take into consideration commissions and other transaction fees, tax considerations, or margin requirements, which

More information

Vanilla Options. Product Disclosure Statement. 21 May 2015

Vanilla Options. Product Disclosure Statement. 21 May 2015 Vanilla Options Product Disclosure Statement Issued by Western Union Business Solutions (Australia) Pty Limited (NZ Branch) (Company Number 3527631, FSP 168204) 21 May 2015 This document provides important

More information

At 17:00 hours (5:00 pm) each Friday, trading will be disabled until Sunday 17:00 hours (5:00 pm).

At 17:00 hours (5:00 pm) each Friday, trading will be disabled until Sunday 17:00 hours (5:00 pm). Trading Hours A Client may execute a trade 24 hours a day beginning at 17:00 hours (5:00 pm) on Sunday, (17:30 hours for off-exchange options) and ending at 17:00 hours (5:00 pm) on Friday for all investment

More information