Dukascopy reduces leverage on TRY pairs

Dukascopy reduces leverage on TRY pairs

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The Swiss forex broker Dukascopy Bank, prompted by the possible risk of significant price gaps and low liquidity on Turkish lira (TRY) instruments, announced it is reducing the maximum leverage on them.

From July 27, at 10:00 GMT, Dukascopy Bank and Dukascopy Europe are implementing a maximum leverage of 1:10 for EURTRY and USDTRY exposures in order to prevent negative equity on client accounts. For the accounts who do not have open positions in EURTRY and USDTRY the lower maximum leverage of 1:10 will be applied on July 21.

“Traders are invited to estimate their margin usage at the moment when the leverage reduction will be applied and adjust their exposure if needed,” the broker said in a notice published on its website.

With this announcement Dukascopy joins a growing number of forex brokers who are taking measures regarding the volatility of the Turkish lira provoked by the failed military coup of July 15.

First to react were FxPro and ThinkMarkets (formerly ThinkForex) who set TRY pairs to Close-Only on July 18. Earlier today FxPro said it is restoring trading in TRY from next Monday, but with a higher margin requirement. Also today another major broker – Alpari – said it is setting to “Close Only” the trading on the EUTRY, USDTRY pairs from July 22 and closes all open positions on August 1.

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.

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