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RoboForex is yet another forex broker to take precautions against the expected volatility of the Turkish Lira (TRY) ahead of the constitutional referendum in Turkey on April 16. Unlike the forex broker XM, which hiked the margin requirements, RoboForex announced it decided to introduce temporary restrictions on the USDTRY and EURTRY pairs.
Starting from April 14, at market opening, until market closing on April 18, RoboForex clients will have the close only mode on TRY instruments on the MetaTrader 4, MetaTrader 5 and cTrader platforms. Opening of new positions with TRY will not be available.
On April 19, the trading conditions will be reverted to normal.
Changing trading conditions, most commonly hiking margin requirements or setting the options to close only, is a common means for brokers to take precautions against extreme market volatility expected around political events who could have a significant impact on financial markets. Last year, for example, many forex brokers took measures anticipating the market reaction on the Brexit referendum. There were similar measures around the constitutional referendum in Italy, which ended up not having a significant impact on the market. Similarly, some brokers hiked the margin requirements and set the positions to close only on the TRY following the failed coup d’etat attempt in Turkey last July, which sent the Turkish lira plumetting for several days.