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Two more forex brokers announced they are hiking margin requirements over fears of market volatility caused by UK’s EU referendum on June 23 – AMarkets and Admiral Markets.
For GBP forex pairs (EUR/GBP, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/USD, GBP/NZD, GBP/PLN) AMarkets raises the margin requirements to up to 2% (maximum leverage is 1:50, percentage 1000%). For the UK100 index the broker increases the margin requirements to up to 3% (maximum leverage 1:33, percentage 1500%). The changes are effective from June 10, on the broker’s MetaTrader4 and xStation platforms and will affect both current open positions and the ones opened afterward. The new margin requirements will be in effect until further notice.
Admiral Markets informed its clients that it changes the margin requirements for all currency pairs with the GBP and the CFDs on the FTSE100 index between market opening on June 20 and midnight EET on June 27. The margin requirements on Admiral.Markets and Admiral.Classic accounts rise five times, while those on Admiral.Prime accounts increase twofold.
The broker also warns it may temporarily disable internal fund transfers from or to GBP accounts via Trader’s Room on June 23, between 12 AM and 12 PM, EET. Admiral Markets will also restrict opening of new positions on exotic currency pairs and the less liquid cross rates with GBP in the period June 20-27.
The instruments GBP/CAD, GBP/NZD, GBP/CZK, GBP/HKD, GBP/MXN, GBP/PLN, GBP/SGD, GBP/TRY, GBP/ZAR will be available in close only mode.
Admiral Markets reserves the rights to make further changes to its trading requirements, depending on the market situation, including, but not limited to increased margin requirements on other instruments, additional trading restrictions or extension of the terms of any or all amendments for additional time. The broker will inform its clients on the website, via e-mail or internal MetaTrader mail.
AMarkets and Admiral Markets are the latest to join the club of forex brokers concerned for their clients and the expected market volatility around the eventual Brexit. Only today we already reported of ActiveTrades and Dukascopy Bank also hiking margin requirements. Earlier this week Saxo Bank, Oanda, FXCM, IG, as well as Z.com Trading, FXPrimus and Invast did the same.