|Product Symbol||Contract Size||Minimum Fluctuation||Minimum Fluctuation Value||Spread||Necessary Margin per lot|
|EURUSD||10,000EUR||0.00001USD/EUR||0.1USD||3Pips||1 percent of contract size
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|Summer Time from Mar to Nov GMT+8||Winter Time from Nov to Mar GMT+8|
|Trading Hours||Mon 6:01 a.m. ~ Sat 4:00 a.m.||Mon 7:00 a.m. ~ Sat 5:00 a.m.|
|Rollover Time||From Tue to Fri daily 4:55 a.m.
Sat 4:00 a.m.
|From Tue to Fri daily 5:55 a.m.
Sat 5:00 a.m.
When setting up a new position
When holding a position at the time of rollover
Projected Margin at the time of rollover will be the necessary margin for the outstanding
position in the next trading day.
If it’s a long position, Close Price should use ask price.
Necessary Margin of Hedge Position： If the long position and the short position of the same product are held at the same time, necessary margin will be calculated by the higher open price between the long and the short position.
e.g. Buying a lot of EUR/USD at 1.12000, and closing price at rollover time is 1.12500.
For Hedge Position
e.g. Buying a lot of EUR/USD at 1.12000, and meantime selling a lot of EUR/USD at 1.12020.
So, the necessary margin of the hedge position is 112.02 dollars.
All the currency pairs of the FX trading belong to spot products.
Auto Settle Rules of Spot Products
During the trading hours from Monday to Friday, if the current margin percentage drops below 25%, auto settle starts. And, at the moment of market close on Friday or on a certain trading day before a holiday, if the projected margin percentage drops below 100%, auto settle also starts.
The delivery day can be extended to the next trading day in the settlement, which is called rollover.
The parties of a FX trade (interbank market) normally execute at the current exchange rate in the FX market and take delivery two days after the trading day. But for positions in FX margin trading, the actual delivery day can be infinitely extended through rollover. In other words, clients can hold their positions for a long term and don’t need to worry about the delivery.Rollover will generate no commission charge.
Swap interest is the interest accrued from interest rate difference between two
currencies traded during rollover. Swap means exchange. What exchanged,
in this context, is interest rate of different countries. Because of different economic situations, different countries have different interest rates. If one buys a currency with a higher interest rate and sell a currency with a lower interest rate and holds the position to the next trading day, he/she can collect interest. On the contrary, if one sells a currency with a higher interest rate and buy a currency with a lower interest rate and holds the position to the next trading day, he/she will pay interest. For example, the interest rate of Australian Dollar is higher than the one of Japanese Yen. So when you buy AUD/USD and hold the positions to the next trading day, you can collect the net interest, which is the difference between you collect the interest of Australian Dollar and you pay the one of Japanese Yen. On the contrary, you will pay the interest. The FX swap interest is settled at the moment of market close.
The interest day is determined basing on the difference of delivery date between buying and selling instead of the difference of transaction date. The delivery is usually made within 2 days after the transaction. For example, with the outstanding positions at rollover from Wednesday to Thursday, the actual delivery date is respectively on Friday and next Monday, which is the reason that rollover on Wednesday needs to pay interest of 3 days. While with the outstanding positions at rollover from Friday to next Monday, the actual delivery date is respectively on next Tuesday and next Wednesday, which is the reason that rollover on Friday only needs to pay interest of 1 day.Usually, the interest day of a week from Monday to Friday is counted by 1day, 1day, 3days, 1day and 1day. But when it’s on Christmas Day or New Year’s Day, the rules of the interest day in a week may vary with the conditions.