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Swiss forex brokerage Dukascopy announced it is extending the higher margin requirements on some instruments due to the high market volatility caused by Britain’s decision to leave the EU. Another reason are the eventual important announcements during the weekend.
Dukascopy was among the first forex brokers to announce it is taking measures against the possible increased market volatility surrounding the British referendum on the EU and temporarily increased margin requirements to 3.3% for currency pairs containing the British pound (GBP). The measure came into effect from June 22 and was supposed to expire on June 26. In the light of the Brexit results and the disarray on the financial markets, Dukascopy said it is extending the limitations at least until 10 AM (GMT) when the situation will be reassessed and the eventual termination of the limitations will be announced.
Until then the leverage remains reduced to 1:30 on GBP and EUR currency pairs and 1:10 on GBR.IDX, DEU.IDX/EUR, ESP.IDX/EUR, EUS.IDX/EUR and FRA.IDX/EUR over the weekend and on Monday. Maximum position limitations for UK and European CFD indexes also remain in force: GBP/IDX – 5 contracts; IDX/EUR, ESP.IDX/EUR, EUS.IDX/EUR and FRA.IDX/EUR – 10 contracts.
Meanwhile, in a separate announcement, Dukascopy said it has safely managed the Brexit related plunge of the markets, mostly thanks to the reduced leverages on the above-mentioned instruments, advanced execution technology and careful risk management.
Dukascopy Bank, set up in 2004, is based in Switzerland’s Geneva and operated globally through offices in Zurich, Riga, Kiev, Moscow, Kuala Lumpur and Hong Kong. It is licensed as a bank and as a securities dealer by Switzerland’s Financial Market Supervisory Authority (FINMA). The company owns 100% in brokerage Dukascopy Europe IBS , e-payments provider Dukascopy Payments, both based in Latvia, as well as Japanese broker Dukascopy Japan K.K., formerly Alpari Japan K.K.