Hvordan FX oppgjørrisiko oppstår. Utdrag fra side 55 i BIS kvartalsoversikt, september 2008. Et eksempel på hvordan oppgjørsrisiko oppstår ved bruk av tradisjonell korrespondentbank. I dette eksempelet har Bank A en spothandel med Bank B hvor den selger yen for amerikanske dollar. Handelen er utført på dag V -2 for avregning på dag V verdi dag. Etter at handelen er slått, sender Bank A en instruksjon til korrespondenten i Japan Bank Ja, og spør sistnevnte om å sende yen til bankens korrespondent der Bank Jb på Dag V Bank Ja utfører denne instruksjonen en gang i løpet av dag V ved å debitere den kontoen Bank A holder med den og sende yen til Bank Jb via det relevante betalingssystemet. Etter at Bank Jb har mottatt midlene, krediterer de dem til bankens konto og informerer Bank B om at de er kommet. Parallelt banker bank B sin side av handelen med en lignende prosess der den instruerer sin korrespondent i USA Bank Ub å sende amerikanske dollar til bankens korrespondent der. Oppgjørrisiko oppstår fordi Hver motpart kan betale valutaen den selger, men ikke motta den valutaen den kjøper. Den underliggende årsaken er mangelen på noen sammenheng mellom de to betalingsprosessene i yen og dollar for å sikre at en betaling bare skjer hvis den andre også gjør det. ved handel fra bankens synspunkt begynner eksponeringen mot oppgjørsrisiko når det ikke lenger kan være sikkert at den kan avbryte instruksjonen til å betale bank B Dette avhenger hovedsakelig av en avtale mellom banker A og Ja om kansellering i fravær Av en bestemt avtale kan Bank A ikke være sikker på om den kan avbryte eller ikke, og så eksponeringen begynner umiddelbart, den har sendt betalingsinstruksjonen til Bank Ja, som sannsynligvis vil være på Dag V -1 eller til og med V -2 Selv om det er er en bestemt avtale, kan Bank Ja trenge litt tid til å behandle en avbestillingsforespørsel fra Bank A, slik at eksponeringen kan starte minst flere timer før yen-betalingssystemet åpnes på dag V Den effektive avbestillingsfristen kan derfor være veldig tidlig på V eller til og med på V -1 i japansk lokal tid, som hvis Bank A befinner seg i Europa, vil være enda tidligere i Bank A s lokal tid på grunn av tidszoner. Bankens eksponering slutter når Bank Ua kreditter sin konto med dollar mottatt fra Bank Ub Bank Ua kan ikke motta midler før like ved slutten av det aktuelle betalingssystemet, og det kan være litt tid etter at midlene krediteres bankens konto. Dette kan være relativt sent på dag V i amerikansk lokal tid og til og med senere på dag v eller til og med på dag v 1 i den lokale tiden til banken en bank en faktisk eksponering for denne handelen kan derfor vare mer enn 24 timer. banken står også overfor avregningsrisiko Eksponeringsperioden vil avvike fra bank A i den grad Bankene B, Ub og Jb har forskjellige ordninger i forhold til bankene A, Ja og Ua, og de relevante amerikanske og japanske betalingssystemer har forskjellige åpningstider. også viktig I denne handel arbeider tidssoner ag ainst Bank A fordi det selger en valuta som avgjøres i en tidlig tidszone, så det er forpliktet til å selge sin valuta relativt tidlig og kjøpe en som avgjøres i en sen tidszone slik at den vil motta valutaen den kjøper relativt sent, som strekker seg varigheten av eksponeringen Omvendt virker tidszonen forskjellen i Bank Bs favør. Det er imidlertid viktig å merke seg at problemet ikke oppstår utelukkende på grunn av tidszoner. Forex oppgjørmetoder. Forex opererer på et annet nivå enn annet marked og forretningsenheter Fra grunnleggende grunnleggende til sluttoppgjørsaspektet varierer det. Når en transaksjon er fullført, krever det at det blir avgjort tidlig Forexoppgjøret er unikt i den forstand som det er en oppgjør mellom økonomiene i to forskjellige land gjennom et felles individ Siden økonomien i USA er den sterkeste og mest etterspurte, blir de fleste forex-transaksjonene gjort i form av dollar, noe som gjør den til den mest brukte valutaen i valutamarkedene. Det er mange aksepterte metoder for forexoppgjør. Disse inkluderer. Elektronisk fondsoverføring. Automatiserte clearing houses. Cash og sjekker er den vanligste modusen for pengeoppgjør. Men hovedparten av oppgjøret er gjort gjennom elektronisk overføring av penger, som overfører trillioner dollar i form av valuta på en gitt dag. Elektronisk overføring av penger. Det er to måter gjennom hvilke elektronisk overføring av penger er gjort i USA. CHIPS Det er en forkortelse for Clearing House Inter-Bank Payment System Det er et privat system som drives av New York clearing house. Fedwire Det er systemet som drives av Federal Reserve Bank. Det er to store forskjeller som kan ses i drift av begge systemene. Først avhenger CHIPS av Fedwire for sin transaksjon Så selv om det er en privat enhet, blir det private oppgjøret gjort gjennom den føderale banken. For det andre overfører fedwire pengene i sanntid. Dette betyr t hatten så snart bosetningen er kommet frem, blir pengene overført til kontoen din CHIPS ikke umiddelbart rydde bosetningene Det gjøres bare ved slutten av dagen når alle transaksjonene er fullført. Men United States s CHIPS og Fedwire er de mest brukte metodene for overføring av betalinger, men mange andre land har også lignende metoder for bevegelse av valuta fra en konto til en annen. For eksempel er CHAPS, som står for Clearing House Association Payments System, ansvarlig for oppgjør i Forex markedet i Storbritannia hvor transaksjoner er gjort via Bank of England, mens i EU en operasjonell organisasjon kjent som Target som innebærer ulike banker av medlemslandene gjør alt oppgjør i markedet. Statsrisiko. Dette er et begrep som du må være oppmerksom på av når du handler i forex Siden transaksjonen involverer bankene i to forskjellige land og økonomier, er det alltid en oppgjørsrisiko under de ulike transaksjonene ioner For eksempel er det svært mulig at valutabeløpet du har handlet, blitt debitert fra kontoen din, men beløpet som må krediteres fra den andre banken, har ennå ikke nådd deg. Slik defineres avregningsrisiko. Dette har vært reduseres i stor grad nå med bruk av den nyeste teknologien og høyhastighets Internett-tilkoblinger. Også ved bruk av sanntidssendingssystemer fra banker er risikoen redusert til et minimum. Ekspansjonsrisiko. Disse parene har et risikonivå med dem som ikke kan være iboende Markedet for disse valutaene er svært illikvide, likviditeten opprettholdes og leveres av en eller få eksterne kilder. Disse likviditetsproblemene inkluderer, men er ikke begrenset til, manglende evne til å gå ut av posisjoner basert på manglende markedsaktivitet , forskjeller i prisnotert og endelig utførelse mottatt, eller en forsinkelse i utførelsen mens en motpart for din spesifikke transaksjon er identifisert. Med disse hensynene i tankene er det imper ativat at enhver aktør avgjør dette i enhver handelsavgjørelse. Derfor oppfordrer vi sterkt alle handelsmenn til å utnytte avanserte ordredetyper for å redusere disse risikoene. LØSNINGER I UTFØRING. Deler i utførelse kan forekomme ved bruk av FXCM s No Dealing Desk forex-utførelsesmodell av ulike årsaker, for eksempel tekniske problemer med næringsdrivendes internettforbindelse til FXCM, en forsinkelse i ordrebekreftelse fra en likviditetsleverandør eller manglende tilgjengelig likviditet for valutaparet som næringsdrivende forsøker å handle på grunn av iboende volatilitet i markedene, er det avgjørende at forhandlere har en fungerende og pålitelig internettforbindelse Det er omstendigheter når den personlige internettforbindelsen til forhandleren muligens ikke opprettholder en konstant forbindelse med FXCM-serverne på grunn av mangel på signalstyrke fra en trådløs eller oppringt forbindelse. En forstyrrelse i forbindelsesbanen kan Av og til avbryter signalet og deaktiverer FXCM Trading Station, noe som forårsaker forsinkelser i overføringen av data betwee n handelsstasjonen og FXCM-serveren En måte å sjekke Internett-tilkoblingen din på med FXCM-serveren, er å pinge serveren fra datamaskinen. RESET ORDERS. Markets volatilitet skaper forhold som gjør det vanskelig å utføre bestillinger til den angitte prisen på grunn av ekstremt høy Bestillingsvolum Når ordre kan utføres, er budsprisen som en likviditetsleverandør er villig til å ta stilling til, flere pips unna. I tilfeller der likviditetspuljen ikke er stor nok til å fylle en rekkevidde på markedet , ordren vil ikke bli utført For Limit Entry eller Limit bestillinger, vil bestillingen ikke bli utført, men i stedet tilbakestilles til bestillingen kan fylles ut Husk at både Limit Entry og Limit bestillinger garanterer pris, men garanterer ikke utførelse Avhengig av den underliggende handelsstrategien og de underliggende markedsforholdene som handler, kan være mer opptatt av utførelse i motsetning til prisen mottatt. VIDEREDE SPREADS. Det kan forekomme at spredene vokser utover det typiske spredningen Sp Leser er en funksjon av markedslikviditet og i perioder med begrenset likviditet, åpent marked eller ved overdragelse klokken 17.00 ET, kan spreads utvide som følge av usikkerhet i retning av priser, en oppgang i markedsvolatilitet eller mangel på marked likviditet Det er ikke uvanlig å se at spredene vokser spesielt rundt rollover. Handelsrullingen er typisk en veldig stille periode i markedet siden forretningsdagen i New York er nettopp avsluttet, og det er fortsatt noen timer før den nye virkedagen begynner i Tokyo Å være kjent med disse mønstrene og ta dem i betraktning mens du handler med åpne ordrer eller plasserer nye handler rundt disse tidene, kan forbedre din handelserfaring. Dette kan oppstå under nyhetshendelser, og spredninger kan vokse vesentlig for å kompensere for den enorme volatiliteten i marked De utvidede spreads kan bare vare noen sekunder eller så lenge noen få minutter FXCM oppfordrer handelsmenn til å utvise forsiktighet når de handler rundt nyhetsaften nts og alltid være oppmerksom på deres egenkapital, brukbar margin og markedseksponering. Utvidede sprekker kan påvirke alle posisjoner i en konto, inkludert sikrede posisjoner som er omtalt nedenfor. HANGENDE ORDERS. I perioder med høyt volum kan hengende ordrer forekomme. Dette er en tilstand hvor en bestillingen er i ferd med å utføre, men kjøringen er ikke bekreftet. Ordren vil bli uthevet i rødt, og statuskolonnen vil indikere utført eller behandlet i ordrevinduet. I disse tilfellene er ordren i ferd med å bli utført, men er ventet til FXCM mottar bekreftelse fra likviditetsleverandøren at de oppgitte prisene fortsatt er tilgjengelige. I perioder med tungt handelsvolum er det mulig at en kø av ordrer vil danne. Økningen i innkommende ordre kan noen ganger skape forhold hvor det er en forsinkelse fra Likviditetsleverandørene bekrefter visse bestillinger. Avhengig av hvilken type bestilling som er plassert, kan utfallene variere i tilfelle av en rekkevidde på markedet som ikke kan fylles innenfor det angitte området, eller hvis forsinkelsen er bestått, vil bestillingen ikke bli utført. Ved en på markedsordre vil alle forsøk gjøres for å fylle bestillingen til neste ledig pris på markedet. I begge deler situasjoner, vil status kolonnen i ordrevinduet typisk indikere utført eller behandlet. Handelen vil ganske enkelt ta et øyeblikk å flytte til vinduet med åpne posisjoner Avhengig av ordnetypen, kan plasseringen faktisk blitt utført, og forsinkelsen er rett og slett på grunn av kraftig internettrafikk. Husk at det bare er nødvendig å legge inn noen ordre en gang. Flere oppføringer i samme rekkefølge kan sakte eller låse datamaskinen eller utilsiktet åpne uønskede stillinger. Hvis du ikke har tilgang til FXCM Trading Station for å administrere kontoen din, kan du ringe handelsdisken direkte på 1 212-201-7300 Se en fullstendig liste over internasjonale kontaktnumre. UTGJENGET PRIS. Gråt ut prissetting er en betingelse som oppstår når forex likviditet pr Ovidere som leverer prissetting til FXCM, gjør ikke aktivt et marked for bestemte valutapar og likviditeten reduseres. FXCM gjør ikke forsiktig grå priser, men det kan til tider oppstå en kraftig økning i forskjellen i spredningen på grunn av tap av tilkobling med en leverandør eller på grunn av en kunngjøring som har en dramatisk effekt på markedet som begrenser likviditet. Slik gradering ut av priser eller økte spreads kan føre til marginsamtaler på en handelsmannskonto. Når en ordre er plassert på et valutapar påvirket av gråtonede priser, PL vil midlertidig blinke til null til paret har en omsettelig pris, og systemet kan beregne PL-balansen. Evnen til sikring tillater at en næringsdrivende holder både kjøp og salg av stillinger i samme valuta-par samtidig. Traders har muligheten til å gå inn i markedet uten å velge en bestemt retning for et valutapar Selv om sikring kan redusere eller begrense fremtidige tap, forhindrer det ikke kontoen i å være subj ected til ytterligere tap helt i forex markedet en handelsmann er i stand til fullt ut sikring av kvantitet, men ikke etter pris dette er på grunn av forskjellen mellom kjøp og salg priser, eller spredningen effektive, 02 desember 2012, vil FXCM handelsmenn være pålagt å sette opp margin for en side større side av sikret stilling Marginekrav kan overvåkes til enhver tid i det enkle handlingsrenten vinduet Selv om evnen til sikring er en tiltalende funksjon, bør handelsmenn være oppmerksomme på følgende faktorer som kan påvirke sikrede posisjoner. Miniminerende margin. En marginalanrop kan oppstå selv når en konto er fullt sikret, siden spredningen kan øke, og den resterende marginen i kontoen reduseres. Dersom den resterende marginen ikke er tilstrekkelig til å opprettholde eventuelle åpne posisjoner, kan kontoen opprettholde et marginalanrop , lukke eventuelle åpne posisjoner i kontoen. Selv om du opprettholder en lang og kort posisjon, kan du gi inntrykk av at hans eksponering mot markedsbevegelsen er begrenset , hvis det ikke finnes tilstrekkelig tilgjengelig margin og sprer seg for en viss tid, kan det sikkert føre til et marginalanrop på alle stillinger. ROLLOVER COSTS. Rollover er samtidig lukning og åpning av posisjon på et bestemt tidspunkt i løpet av dagen for å unngå oppgjør og levering av den innkjøpte valutaen. Dette begrepet refererer også til interessen enten belastet eller anvendt på en handelsmanns konto for stillinger holdt over natten, noe som betyr etter klokken 17.00 ET på FXCMs plattformer Tidspunktet hvor stillinger er stengt og gjenåpnet, og overdragelsesavgiften debiteres eller krediteres, blir ofte referert til som Trade Rollover TRO. Det er viktig å merke seg at overgangskostnader vil være høyere enn overgangsperiode. Når alle posisjoner er sikret i en konto, selv om den totale nettoposisjonen kan være flat, er kontoen kan fortsatt opprettholde tap på grunn av spredningen som opptrer på det tidspunktet rollover forekommer. Spread under rollover kan være bredere sammenlignet med andre tidsperioder på grunn av likviditetspro Viders kommer øyeblikkelig på nettet for å avgjøre dagens transaksjoner. Behandle stillinger i henhold til rollover og forstå implikasjonene av sprer som utvides med hensyn til utførelse med eksisterende åpne posisjoner eller nye stillinger. EXCHANGE RATE FLUCTUATIONS PIP COSTS. Vekslingsfrekvenser eller pipkostnader, er definert som verdien gitt til en pipbevegelse for et bestemt valutapar Denne kostnaden er valutabeløpet som vil bli oppnådd eller tapt med hver pipbevegelse av valutapar s-kursen og vil bli denominert i valutaverdien av kontoen der paret blir handlet På FXCM-plattformene kan pipkostnaden for alle valutaparene bli funnet ved å velge Vis, etterfulgt av Dealing Views, og deretter ved å klikke Enkle priser for å bruke avmerkingsmerket ved siden av det. Hvis enkle priser allerede har et merke ved siden av det, er det så enkelt å se handelskursene i den enkle visningen som å klikke på fanen Simple Dealing Rates i handelstakstvinduet Når det er synlig, En enkel prisvisning vil vise pipekostnaden på høyre side av vinduet. INVERTED SPREADS. Når du handler forex med FXCM ved hjelp av en No Dealing Desk-utførelsesmodell, handler du på prisfeeder som tilbys av flere likviditetsleverandører , pluss FXCM s-markering. I sjeldne tilfeller kan disse innmatingene bli forstyrret. Dette kan bare vare et øyeblikk, men når det gjøres, blir spreads omvendt. I disse sjeldne tilfeller anbefaler FXCM at klienter unngår å plassere på markedsordrer mens det kan være fristende til å legge en frihandel, husk at prisene ikke er ekte, og den faktiske fyllingen din kan være mange pips vekk fra den viste prisen. Dersom handelene utføres til priser som ikke faktisk tilbys av FXCMs likviditetsleverandører, forbeholder FXCM seg rett til å reversere slike handler, da de ikke anses som gyldige handler. Ved å plassere ordrer på markedet eller ikke handle i løpet av disse øyeblikkene, kan næringsdrivende unngå risikoen forbundet med scenariene ovenfor. HOLIDAY WEEKEND EXECUTION. TRADING DESK H OURS. Handelsdisken åpner på søndager mellom kl. 00.00 ET og kl. 15.00 ET Handelsdisken stenger på fredager kl. 55.00 ET. Vær oppmerksom på at bestillinger som er lagt i forkant, kan fylles inn til kl. 00.00 ET, og at handlende plasserer handler mellom 4 55.00 og 17.00 ET kan ikke avbryte ordrer i avventning av utførelse. Dersom en Market GTC-ordre sendes rett ved markedsterminalen, foreligger det mulig at det ikke må utføres til søndag på markedet. Vær forsiktig når du handler rundt Fredag s marked lukke og faktor all informasjonen beskrevet ovenfor i enhver handelsavgjørelse. Åpne eller nærme tider kan bli endret av Handelsdisken fordi det er avhengig av at prisene blir tilbudt av likviditetsleverandører til FXCM Utenfor disse tidene, er størstedelen av den store verden banker og finanssentre er stengt Mangelen på likviditet og volum i løpet av helgen hindrer utførelsen og prisleveransen. PRIS OPPDATERING FØR ÅPEN. Kort tid før åpningen oppdaterer Handelsdisken priser for å reflec t dagens markedspris i forberedelse til det åpne På denne tiden handler og ordrer holdt over helgen, er gjenstand for gjennomføring. Kurser i løpet av denne tiden kan ikke kjøres for nye markedsordrer. Etter det kan handelsmenn sette opp nye handler, og avbryte eller endre eksisterende ordrer. Søndagens åpningspriser kan eller ikke være de samme som fredag s sluttpriser. Til tider er prisene på søndagsåpningen nært hvor prisene var på fredagstiden. På andre tidspunkter kan det være en betydelig forskjell mellom fredag s Lukk og søndag er åpent Markedet kan ha gap hvis det er en betydelig nyhetsmelding eller en økonomisk begivenhet som endrer hvordan markedet ser på verdien av en valuta. Traders som holder posisjoner eller ordrer over helgen, bør være fullt komfortable med markedets potensial for gap. ORDER EXECUTION. Limit bestillinger er ofte fylt til den forespurte prisen eller bedre Hvis den forespurte prisen eller en bedre pris ikke er tilgjengelig i markedet, vil bestillingen ikke bli fylt Hvis den forespurte Prisen på en Stoppordre er nådd ved åpningen av markedet på søndag, ordren vil bli en Markedsordrebegrensning Innkjøpsordrer fylles på samme måte som Limit-ordre. Stopp Oppføringsordre fylles på samme måte som Stops. WEEKEND RISK. Traders som frykt for at markedene kan være ekstremt volatile i løpet av helgen, at gapping kan oppstå, eller at potensialet for helgesikring ikke passer for deres handelsstil, kan ganske enkelt lukke opp ordrer og stillinger fremover i helgen. Det er viktig at handelsmenn som holder åpne posisjoner over helgen forstår at potensialet eksisterer for store økonomiske hendelser og nyhetsmeldinger for å påvirke verdien av dine underliggende posisjoner. Med bakgrunn i volatiliteten uttrykt i markedene, er det ikke uvanlig at prisene skal være et antall pips på markedet ute fra markedet lukk Vi oppfordrer alle handelsmenn til å ta hensyn til dette før du tar en handelsavgjørelse. MARGIN Ringer og lukker ute. Få samtaler utløses når din brukbare margin faller ow null Dette skjer når dine flytende tap reduserer din egenkapital til et nivå som er mindre enn marginbehovet. Resultatet av eventuelle marginanrop er etterfølgende likvidasjon med mindre annet er oppgitt. Ideen om marginalhandel er at marginen din fungerer som en god tro innskudd for å sikre den større teoretiske verdien av posisjonen din Marginhandel tillater handelsmenn å beholde en posisjon som er mye større enn den faktiske kontobeløpet FXCM s Trading Station har marginstyringsfunksjoner som tillater bruk av løftestang Selvfølgelig kommer handel på margin med risiko som innflytelse kan virke mot deg så mye som det virker for deg Hvis konto egenkapitalen faller under marginkrav, vil FXCM Trading Station utløse en ordre for å lukke alle åpne posisjoner Når stillinger er over-leverte eller omsetningstap pådras til punktet at det er utilstrekkelig egenkapital for å opprettholde nåværende åpne posisjoner og brukervarmen for kontoen faller under null, vil et marginanrop resultere og al Jeg åpne stillinger vil bli lukket likvidert. Vær oppmerksom på at når brukerens bruksmargin faller under null, blir alle åpne posisjoner utløst for å lukke. Likvidasjonsprosessen er utformet for å være helt elektronisk. Selv om marginalanropsfunksjonen er utformet for å lukke posisjoner når egenkapitalen faller under marginkravene, kan det forekomme tilfeller når likviditeten ikke eksisterer med den nøyaktige marginkonsentrasjonen. Konto egenkapitalen kan derfor falle under marginkrav når bestillingene fylles, til og med når kontoen er egenkapital blir negativt Dette gjelder spesielt i markedssvikt eller volatile perioder. FXCM anbefaler at handelsfolk bruker Stop-ordrer for å begrense risikoen for nedsatt risiko i stedet for å bruke et marginalnummer som en endelig stopp. Det anbefales sterkt at klientene opprettholder riktig beløp i deres kontoer Marginekrav kan til enhver tid endres basert på kontostørrelse, samtidige åpne posisjoner, handelsstil, markedsforhold, og på skjønn for FXCM. Metatrader 4.Vennligst merk at MT4-brukere er underlagt ulike marginaloppkallingsprosedyrer Når et marginalanrop utløses på kontoen, vil individuelle stillinger bli likvidert til den gjenværende egenkapitalen er tilstrekkelig til å støtte eksisterende posisjon s. Ved å bestemme hvilke posisjoner som skal bli individuelt likvidert vil den største tapsposisjonen bli lukket først under likvidasjon. CHART PRICING VS PRISER VIST PÅ PLATFORMEN. Det er viktig å skille mellom indikative priser som vises på diagrammer og omsettelige priser som vises på plattformene, for eksempel Handelsstasjon og MetaTrader 4 Indikative anførselstegn er de som gir indikasjon på prisene i markedet, og prisen som de endrer. Disse prisene er hentet fra en rekke bidragsytere som banker og clearingfirmaer, som kanskje eller ikke reflekterer hvor FXCM s likviditet leverandører gir priser. Indikative priser er vanligvis svært nær å håndtere priser, men de gir bare en indikasjon o f hvor markedet er Executable citerer sikrer finere utførelse og dermed en redusert transaksjonskostnad Fordi spotforexmarkedet mangler en enkelt sentralveksling hvor alle transaksjoner utføres, kan hver forex-forhandler sitere litt forskjellige priser. Derfor blir alle priser vist ved en tredjeparts kartlegging leverandør, som ikke benytter markedsførerens prisvekst, vil gjenspeile indikative priser og ikke nødvendigvis faktiske salgspriser hvor handler kan utføres. MOBILE TRADING PLATFORMS. There er en rekke inneboende risiko ved bruk av mobil trading teknologi som duplisering av ordreanvisninger, ventetid i oppgitte priser og andre problemer som er et resultat av mobil tilkobling. Priser som vises på mobilplattformen er bare en indikasjon på kjørbare priser og kan ikke gjenspeile den faktiske utførte prisen på bestillingen. Mobil TS II benytter offentlige kommunikasjonskretser for overføring av meldinger FXCM skal ikke være ansvarlig for noen og a ll omstendigheter der du opplever en forsinkelse i prisnotering eller manglende evne til å handle som følge av nettverkskretsoverføringsproblemer eller andre problemer utenfor direkte kontroll av FXCM Transmissionproblemer inkluderer, men er ikke begrenset til styrken til mobilsignalet, cellulær latens, eller andre problemer som måtte oppstå mellom deg og en hvilken som helst Internett-leverandør, telefonleverandør eller annen tjenesteleverandør. Det anbefales sterkt at kundene kjenner seg til funksjonaliteten til FXCM Mobile Trading Station før du administrerer en live-konto via bærbar device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Web-plattformen har blitt modifisert for å kjøre på mobil - og nettbrett-enheter Den mobile plattformen for nettbrettethetene heter Trading Station Mobile og har samme handelsfunksjoner som Trading Station Web De samme tilkoblingsrisikoen som er beskrevet ovenfor angående vår Mobile TS II gjelder for bruk med alle søknader som er tilgjengelig for tabletthandel. Dealing Desk Forex Execution Trading Risks. High RISK INVESTMENT. Trading valutakurs på margen har et høyt nivå av risiko og kan ikke være egnet for alle investorer Før du bestemmer deg for å handle disse produktene som tilbys av Forex Capital Markets, Limited FXCM, bør du nøye vurdere Målene dine, økonomiske forhold, behov og erfaringsnivå Forex Capital Markets Limited er autorisert og regulert av UK Financial Conduct Authority FCA Registreringsnummer 217689 FXCM har sitt hovedkontor på Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD FXCM kan gi generell kommentar uten hensyn til dine mål, økonomiske situasjoner eller behov Generelle råd gitt, eller innholdet på dette nettstedet er ikke ment å være personlig rådgivning og bør ikke tolkes som sådan. Muligheten er at du kan opprettholde et tap i overkant av dine deponerte midler Du bør være oppmerksom på alle risikoene knyttet til handel på margin FXCM recommen Ds du søker råd fra en uavhengig finansiell rådgiver. FXCM MARKEDSAVTALER. Alle meninger, nyheter, undersøkelser, analyser, priser eller annen informasjon på dette nettstedet er gitt som generell markedskommentar og utgjør ikke investeringsrådgivning. FXCM vil ikke godta ansvar for ethvert tap eller skade, inkludert uten begrensning til eventuelle tap av fortjeneste, som kan oppstå direkte eller indirekte fra bruk av eller avhengighet av slik informasjon. INTERNET TRADING RISKS. Det er risiko forbundet med å benytte et internettbasert avtaleutførelsessystem inkludert, men ikke begrenset til, feil på maskinvare, programvare og internettforbindelse. Siden FXCM ikke styrer signalkraft, mottak eller ruting via Internett, konfigurasjon av utstyret eller pålitelighet av forbindelsen, kan vi ikke være ansvarlig for kommunikasjonsfeil , forvrengninger eller forsinkelser ved handel via internett FXCM benytter sikkerhetskopieringssystemer og beredskapsplaner for å minimere muligheten for systemfeil re, som inkluderer å tillate kundene å handle via telefon. DEALING DESK FOREX EXECUTION MODEL. FXCM tilbyr også forex-utførelse via en Dealing Desk-utførelsesmodell I denne modellen kan FXCMs kompensasjon ikke være begrenset til vår standardoppdeling og våre interesser kan være direkte Konflikt med din FXCM står overfor markedsrisiko som følge av å inngå handel med deg. FXCM kan ta skritt for å redusere risikoen som oppstår ved markedsutvikling, etter eget skjønn og når som helst og uten forrige samtykke, overføre din underliggende konto til Vår NDD-utførelse tilbyr FXCM kan også velge å overføre kontoen din til vårt NDD-tilbud uten NDD hvis egenkapitalbalansen i kontoen din overskrider maksimum 20.000 valutaenheter der kontoen er denominert. Egenkapitalen er definert som balansen i kontoen din pluss flytende PL av dine åpne stillinger. Beslutning Utføring av kontor og handel utføres ikke på en bytte FXCM opptrer som motpart i disse t ransaksjoner og fungerer derfor som kjøper når du selger og selger når du kjøper. FXCMs interesser kan derfor være i konflikt med deg. Med mindre annet er angitt i din skriftlige avtale eller andre skriftlige dokumenter, fastsetter FXCM prisene som den tilbyr å handle med deg Prisene FXCM tilbyr kanskje ikke de beste prisene, og FXCM kan tilby forskjellige priser til forskjellige kunder Hvis FXCM velger å ikke dekke sin egen eksponering for handel, bør du være oppmerksom på at FXCM kan tjene mer penger dersom markedet går mot deg. Valutaparene som er oppført nedenfor, er tilgjengelige på Utføringsboksens eksekveringstilbud. FXCM garanterer ikke at anførselstegn, priser eller spreads alltid vil bli bedre på en form for utførelse i forhold til de andre. Kunder bør vurdere mange faktorer når de bestemmer hvilken utførelse type best passer til deres behov f. eks. interessekonflikt, handelsstil eller strategi, etc. FXCM tar sikte på å gi kundene den beste gjennomføringen tilgjengelig og for å få alle ordene er fylt med ønsket hastighet Imidlertid er det tider da på grunn av økt volatilitet, kan ordrer bli utsatt for glidning. Slippage forekommer oftest under grunnleggende nyhetshendelser eller perioder med høy volatilitet. For eksempel som handelsrulling 17:00 EST er en kjent periode hvor likviditetsnivået har en tendens til å være begrenset, da mange likviditetsleverandører avgjør transaksjoner for den dagen. For mer informasjon om hvorfor overgang skjer, se avsnittet om overgangskostnader. I perioder som disse, din bestillings type, kreves mengde og spesifikke bestillingsanvisninger kan påvirke den totale gjennomføringen du mottar. Volatiliteten i markedet kan skape forhold hvor bestillinger er vanskelige å utføre. Eksempelvis kan prisen du mottar i utførelsen av bestillingen være mange pips vekk fra den valgte eller oppgitte prisen på grunn av til markedsbevegelse I dette scenariet ser forretningen ut til å utføre til en viss pris, men i et splittet sekund, kan markedet for eksempel ha flyttet si Gnificantly vekk fra den prisen Leverandørens ordre vil da bli fylt til neste ledig pris for den spesifikke bestillingen. FXCM gir en rekke grunnleggende og avanserte bestilletyper for å hjelpe klienter til å redusere utførselsrisikoen. En måte å redusere risikoen forbundet med slippage er å utnytte Markedsområdet Maksimal avvik for MT4-brukere på FXCMs plattformer Markedsområde-funksjonen tillater handelsmenn å spesifisere hvor mye potensielt slippe de er villige til å akseptere på en markedsordre ved å definere et område. Null indikerer at ingen slipp er tillatt. Ved å velge null på the Market Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order s executed In this scenario the order will be filled at the best price available within the specified range For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price The system would then fill the client within the acceptable range in this instance, 2 pips if sufficient liquidity exists If the order cannot be filled within the specified range, the order will not be filled Please note, Market Range orders specify a negative range only If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive. Additionally, when triggered, stop orders become a market order available for execution at the next available market price Stop orders guarantee execution but do not guarantee a particular price. When trading Forex via FXCM s dealing desk execution model, FXCM is the final counterparty to these transactions Therefore, FXCM is providing all liquidity for all currency prices it extends to its clients while dealing as counterparty FXCM is able to make auto execution available by limiting the max trade size of all or ders to 2 million per trade. DELAYS IN EXECUTION. A delay in execution may occur using a dealing desk model for various reasons, such as technical issues with the trader s internet connection to FXCM or by a lack of available liquidity for the currency pair that trader is attempting to trade Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection There are circumstances when the trader s personal internet connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal strength from a wireless or dialup connection A disturbance in the connection path can sometimes interrupt the signal and disable the FXCM Trading Station, causing delays in the transmission of data between the trading station and the FXCM server One way to check your internet connection with FXCMs server is to ping the server from your computer. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within m illiseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. When a client makes an order, FXCM first verifies the account for sufficient margin The order is then matched against quotes from liquidity providers A hedge order is then sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liqui dity providers in confirming certain orders. RESET ORDERS. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders By the time orders are able to be executed, the bid ask price at which FXCM s Trading Desk is willing to take a position may be several pips away. In cases where the liquidity pool is not large enough to fill a Market Range order, the order will not be executed For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution Depending on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received. WIDENED SPREADS. There may be instances when spreads widen beyond the typical spread Spreads are a function of market liquidity and in periods of limited liquidity, at market open, or dur ing rollover at 5 00 PM ET, spreads may widen in response to uncertainty in the direction of prices or to an uptick in market volatility, or lack of market liquidity It is not uncommon to see spreads widen particularly around rollover Trade rollover is typically a very quiet period in the market, since the business day in New York has just ended, and there are still a few hours before the new business day begins in Tokyo Being cognizant of these patterns and taking them into consideration while trading with open orders or placing new trades around these times can improve your trading experience This may occur during news events and spreads may widen substantially in order to compensate for the tremendous amount of volatility in the market The widened spreads may only last a few seconds or as long as a few minutes FXCM strongly encourages traders to utilize caution when trading around news events and always be aware of their account equity, usable margin and market exposure Widened spre ads can adversely affect all positions in an account including hedged positions discussed below. HANGING ORDERS. During periods of high volume, hanging orders may occur This is a condition where an order is in the process of executing but execution has not yet been confirmed The order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay in confirming certain orders. Depending on the type of order placed, outcomes may vary In the case of a Market Range order that cannot be filled within the specified range, or if the delay has passed, the order will not be executed In the case of an At Market order, every attempt will be made to fill the order at the next available price in the mar ket In both situations, the status column in the orders window will typically indicate executed or processing The trade will simply take a few moments to move to the open positions window Depending upon the order type, the position may in fact have been executed, and the delay is simply due to heavy internet traffic. Keep in mind that it is only necessary to enter any order once Multiple entries for the same order may slow or lock your computer or inadvertently open unwanted positions. If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at 1 212-201-7300 View a full list of international contact numbers. GREYED OUT PRICING. Greyed out pricing is a condition that occurs when FXCM s Trading Desk is not actively making a market for particular currency pairs and liquidity therefore decreases FXCM does not intentionally grey out prices however, at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity Such greying out of prices or increased spreads may result in margin calls on a traders account When an order is placed on a currency pair affected by greyed out prices, the P L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P L balance. The ability to hedge allows a trader to hold both buy and sell positions in the same currency pair simultaneously Traders have the ability to enter the market without choosing a particular direction for a currency pair Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether In the forex market a trader is able to fully hedge by quantity but not by price This is because of the difference between the buy and sell prices, or the spread Effective, 02 December 2012, FXCM traders will be required to put up margin for one side the larger side of a hedg ed position Margin requirements can be monitored at all times in the simple dealing rates window While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions. DIMINISHING MARGIN. A margin call may occur even when an account is fully hedged, since spreads may widen, causing the remaining margin in the account to diminish Should the remaining margin be insufficient to maintain any open positions, the account may sustain a margin call, closing out any open positions in the account Although maintaining a long and short position may give the trader the impression that his exposure to the market s movement is limited, if insufficient available margin exists and spreads widen for any period of time, it may certainly result in a margin call on all positions. ROLLOVER COSTS. Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the p urchased currency This term also refers to the interest either charged or applied to a trader s account for positions held overnight, meaning after 5 p m ET on FXCM s Platforms The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover TRO It is important to note that rollover charges will be higher than rollover accruals When all positions are hedged in an account, although the overall net position may be flat, the account can still sustain losses due to the spread that occurs at the time rollover occurs Spreads during rollover may be wider when compared to other time periods because of FXCM s Trading Desk momentarily coming offline to settle the day s transactions. EXCHANGE RATE FLUCTUATIONS PIP COSTS. Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular currency pair This cost is the currency amount that will be gained or lost with each pip movement o f the currency pair s rate and will be denominated in the currency denomination of the account in which the pair is being traded On the FXCM Platforms, the pip cost for all currency pairs can be found by selecting View, followed by Dealing Views, and then by clicking Simple Rates to apply the checkmark next to it If Simple Rates already has a check mark next to it, viewing the dealing rates in the simple view is as easy as clicking the Simple Dealing Rates tab in the dealing rates window Once visible, the simple rates view will display the pip cost on the right-hand side of the window. INVERTED SPREADS. When trading Forex with FXCM s dealing desk execution model, all quotable prices are provided by our Trading Desk FXCM s Trading Desk may rely on various third party sources for the prices that it makes available to clients In the event that a manifest misquoted price is provided to us from a source that we generally rely on, all trades executed on that manifest misquoted price may be rev oked, as the manifest misquoted price is not representative of genuine market activity These manifest misquoted prices can lead to an inversion in the spread. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The trading desk opens on Sundays between 5 00 PM ET and 5 15 PM ET The trading desk closes on Fridays at 4 55 PM ET Please note that orders placed prior may be filled until 5 00 p m ET and that traders placing trades between 4 55 p m and 5 00 p m ET may be unable to cancel orders pending execution In the event that a Market GTC Order is submitted right at market close, the possibility exists that it may not be executed until Sunday market open Please use caution when trading around Friday s market close and factor all the information described above into any trading decision The open or close times may be altered by the Trading Desk because it relies on prices being offered by third party sources Outside of these hours, most of the major world banks and financial centres are closed The lack of liquidity and volume during the weekend impedes execution and price delivery. PRICES UPDATING BEFORE THE OPEN. Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open At this time, trades and orders held over the weekend are subject to execution Quotes during this time are not executable for new market orders After the open, traders may place new trades, and cancel or modify existing orders. Sunday s opening prices may or may not be the same as Friday s closing prices At times, the prices on the Sunday open are near where the prices were on the Friday close At other times, there may be a significant difference between Friday s close and Sunday s open The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap. ORDER EXEC UTION. Limit orders are often filled at the requested price or better If the price requested or a better price is not available in the market, the order will not be filled If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order Limit Entry orders are filled the same way as Limit orders Stop Entry orders are filled the same way as Stops. WEEKEND RISK. Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the weekend It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from mark et close We encourage all traders to take this into consideration before making a trading decision. MARGIN CALLS AND CLOSE OUTS. Margin calls are triggered when your usable margin falls below zero This occurs when your floating losses reduce your account equity to a level that is less than your margin requirement Therefore, the result of any margin call is subsequent liquidation unless otherwise specified. The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position Margin trading allows traders to hold a position much larger than the actual account value FXCM s Trading Station has margin management capabilities, which allow for the use of leverage Of course, trading on margin comes with risk as leverage may work against you as much as it works for you If account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions When positions have been over-leveraged or tra ding losses are incurred to the point that insufficient equity exists to maintain current open positions and the account s usable margin falls below zero, a margin call will result and all open positions will be closed out liquidated. Please keep in mind that when the account s usable margin falls below zero, all open positions are triggered to close The liquidation process is designed to be entirely electronic. Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate As a result, account equity can fall below margin requirements at the time orders are filled, even to the point where account equity becomes negative FXCM recommends that traders use Stop orders to limit downside risk in lieu of using a margin call as a final stop. It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times Margin r equirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of FXCM. METATRADER 4.Please note that MT4 users are subject to different margin call procedures When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position s In deciding what positions will be individually liquidated the largest losing position will be closed first during liquidation. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. It is important to make a distinction between indicative prices displayed on charts and dealable prices displayed on the platforms, such as Trading Station and MetaTrader 4 Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM s liquidity providers are making prices Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is Executable quotes ensure finer execution and thus a reduced transaction cost Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices Therefore, any prices displayed by a third party charting provider, which does not employ the market maker s price feed, will reflect indicative prices and not necessarily actual dealing prices where trades can be executed. MOBILE TRADING PLATFORMS. There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Mobile T S II utilizes public communication network circuits for the transmission of messages FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider. It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Web platform has been modified to run on mobile and tablet devices The mobile platform for tablets is called Trading Station Mobile and has the same trading features as Trading Station Web The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading. CFD Execution. HIGH RISK INVESTMENT. Trading Contracts for Difference CFD S on margin carries a high level of risk, and may not be suitable for all investors Before deciding to trade these products offered by Forex Capital Markets, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience Forex Capital Markets, Limited is authorised and regulated by the UK Financial Conduct Authority FCA Registration No 217689 FXCM maintains its registered office at Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD FXCM may provide general commentary without regard to your objectives, financial situation or needs General advice given, or the content of this website are not intended to be personal advice and should not be construed as such The possibility exists that you could sustain a loss in excess of your deposited funds You should be aware of all the risks associated with trading on margin FXCM recommends you seek advice from an independent financial advisor. FXCM MARKET OPINIONS. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice FXCM will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. INTERNET TRADING RISKS. There are risks associated with utilising an internet-based deal-execution trading system including, but not limited to, the failure of hardware, software, and internet connection Since FXCM does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the i nternet FXCM employs backup systems and contingency plans to minimise the possibility of system failure, which includes allowing clients to trade via telephone. CFD EXECUTION MODEL. Contract for Difference products are generally subject to dealing desk execution FXCM reserves the right to switch a client s execution to No Dealing Desk without prior consent from client, for any reason, including but not limited to, the product being traded, trading style of client, or volume traded FXCM does not generally execute CFD orders with an external counterparty FXCM is the final counterparty for most CFD positions which you undertake Please note that as the final counterparty FXCM may receive compensation beyond our standard fixed mark-up FXCM makes prices for the CFD instruments it offers to its clients Although these prices may be indicative of the underlying market for the product being traded, they do not represent the actual prices of the underlying asset on the physical market or exchange w here it is listed. As dealer, FXCM accumulates exposure for the products we deal to you As such, FXCM may take steps to mitigate risk accumulated during the market making process Therefore, FXCM provides automatic execution of all orders submitted for execution up to a certain amount In the event that you exhibit behaviours that prevent FXCM from mitigating exposure, we may, in our sole discretion remove you from participation of auto execution Removal from auto execution means that each order will be confirmed by a dealer before it is processed to ensure that we are able to mitigate any market risk. In the case that FXCM provides execution for CFD s through a straight through processing, or No Dealing Desk execution model, FXCM passes on to its clients the best prices that are provided by one of FXCM s liquidity providers with a fixed mark-up for each product In this model, FXCM does not act as a market marker and is reliant on liquidity providers for pricing and there are certain limit ations to liquidity that can affect the final execution of your order. For more information on the CFD execution model, read the CFD FAQs. FXCM aims to provide clients with the best execution available and to get all orders filled at the requested rate However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage Slippage most commonly occurs during fundamental news events or periods of limited liquidity Instances such as trade rollover 5pm EST is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day For more information on why rollover occurs, see the section on Rollover Costs During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive. Examples of specific order instructions include. Good Til Cancelled GTC Orders - Your entire order will be filled at the next available price s at the time it is received. Immediate or Cancel IOC Orders - All or part of your order will be filled at the next available price with the remaining amount cancelled should liquidity not exist to fill your order immediately. Fill or Kill FOK Orders - The order must be filled in its entirety or not at all. The volatility in the market may create conditions where orders are difficult to execute For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price The trader s order would then be filled at the next price available price for that specific order Similarly, given FXCM s models for execution, sufficient liquidity must exist to execute all trades at any price. FXCM provides a number of basic and advanced order types to help clients mitiga te execution risk One way to mitigate the risk associated with slippage is to utilize the Market Range Max Deviation for MT4 users feature on FXCM s Platforms The Market Range feature allows traders to specify the amount of potential slippage they are willing to accept on a market order by defining a range Zero indicates that no slippage is permitted By selecting zero on the Market Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order s executed In this scenario the order will be filled at the best price available within the specified range For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price The system would then fill the client within the acceptable range in this instance, 2 pips if sufficient liquidity exists If the order cannot be filled within the speci fied range, the order will not be filled Please note, Market Range orders specify a negative range only If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive. Additionally, when triggered, stop orders become a market order available for execution at the next available market price Stop orders guarantee execution but do not guarantee a particular price Therefore, stop orders may incur slippage depending on market conditions. When trading Forex via FXCM s dealing desk execution model, FXCM is the final counterparty to these transactions Therefore, FXCM is providing all liquidity for all currency prices it extends to its clients while dealing as counterparty FXCM is able to make auto execution available by limiting the max trade size of all orders to 2 million per trade. In addition to the order type, a trader must consider the availability of the instrument prior to makin g any trading decision As in all financial markets, some instruments within that market will have greater depth of liquidity than others Ample liquidity allows the trader to seamlessly enter or exit positions, near immediacy of execution, and minimal slippage during normal market conditions However, certain products have more liquid markets than others. DELAYS IN EXECUTION. A delay in execution may occur for various reasons, such as technical issues with the trader s internet connection to FXCM or by a lack of available liquidity for the instrument that the trader is attempting to trade Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection There are circumstances when the trader s personal internet connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal strength from a wireless or dialup connection A disturbance in the connection path can sometimes interrupt the signal and dis able the FXCM Trading Station, causing delays in the transmission of data between the trading station and the FXCM server One way to check your internet connection with FXCMs server is to ping the server from your computer. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these ins tances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. RESET ORDERS. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders By the time orders are able to be executed, the bid ask price may be several pips away. There may be cases where a Market Range order is not executed due to a lack of liquidity or the inability to act as counterparty to your trade For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution Depend ing on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received. Depending on the type of order placed, outcomes may vary In the case of a Market Range order that cannot be filled within the specified range, or if the delay has passed, the order will not be executed In the case of an At Market order, every attempt will be made to fill the order at the next available price in the market In both situations, the status column in the orders window will typically indicate executed or processing The trade will simply take a few moments to move to the open positions window Depending upon the order type, the position may in fact have been executed, and the delay is simply due to heavy internet traffic. Keep in mind that it is only necessary to enter any order once Multiple entries for the same order may slow or lock your computer or inadvertently open unwanted positions. If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at 1 212-201-7300 View a full list of international contact numbers. GREYED OUT PRICING. Greyed out pricing is a condition that occurs when FXCM s Trading Desk or liquidity provider that supplies pricing to FXCM is not actively making a market for particular instruments and liquidity therefore decreases FXCM does not intentionally grey out prices however, at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity Such greying out of prices or increased spreads may result in margin calls on a traders account When an order is placed on an instrument affected by greyed out prices, the P L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P L balance. The ability to hedge allows a trader to hold both buy and sell positions in the same instrument simultaneously Trade rs have the ability to enter the market without choosing a particular direction Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether FXCM traders are required to put up margin for one side the larger side of a hedged position Margin requirements can be monitored at all times in the simple dealing rates window While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions. DIMINISHING MARGIN. A margin call may occur even when an account is fully hedged, since spreads may widen, causing the remaining margin in the account to diminish Should the remaining margin be insufficient to maintain any open positions, the account may sustain a margin call, closing out any open positions in the account Although maintaining a long and short position may give the trader the impression that his exposure to the market s movement is limited, if insufficie nt available margin exists and spreads widen for any period of time, it may certainly result in a margin call on all positions. ROLLOVER COSTS. Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the purchased currency This term also refers to the interest either charged or applied to a trader s account for positions held overnight, meaning after 5 p m ET on FXCM s Platforms The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover TRO It is important to note that rollover charges will be higher than rollover accruals When all positions are hedged in an account, although the overall net position may be flat, the account can still sustain losses due to the spread that occurs at the time rollover occurs Spreads during rollover may be wider when compared to other time periods because of FXCM s Trading Desk or liqui dity providers momentarily coming offline to settle the day s transactions. EXCHANGE RATE FLUCTUATIONS PIP COSTS. Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular instrument This cost is the currency amount that will be gained or lost with each pip movement of the instrument s rate and will be denominated in the currency denomination of the account in which the pair is being traded On the FXCM Platforms, the pip cost can be found by selecting View, followed by Dealing Views, and then by clicking Simple Rates to apply the checkmark next to it If Simple Rates already has a check mark next to it, viewing the dealing rates in the simple view is as easy as clicking the Simple Dealing Rates tab in the dealing rates window Once visible, the simple rates view will display the pip cost on the right-hand side of the window. INVERTED SPREADS. FXCM s Trading Desk may rely on various third party sources for the prices that it makes available to clients In the event that a manifest misquoted price is provided to us from a source that we generally rely, all trades executed on that manifest misquoted price may be revoked, as the manifest misquoted price is not representative of genuine market activity These manifest misquoted prices can lead to an inversion in the spread. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The hours for each CFD are determined by FXCM s Trading Desk based on the schedule for trading on the exchange for the underlying market, commodity, or asset. Please refer to the CFD Product Guide for specific hours for each instrument. FXCM aims to open markets as close to the posted trading hours as possible However, liquidity at or around market open close for any CFD instrument can be very thin FXCM may delay market open on specific instruments by several minutes to protect clients from quoted prices that are not representative of the true market price Traders are advised to use extreme caution during these periods and to utilize FXCM s basic and advanced orders types to mitigate execution risk Based on the illiquidity illustrated during these time periods traders using market orders can experience slippage, or gapping in prices that can have a material impact on your final execution price. PRICES UPDATING BEFORE THE OPEN. Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open At this time, trades and orders held over the weekend are subject to execution Quotes during this time are not executable for new market orders After the open, traders may place new trades, and cancel or modify existing orders. There is a substantial risk that stop-loss orders left to protect open positions held overnight may be executed at levels significantly worse than their specified pricemensurate with the opening closing of the market for the underlying instrument, CFD traders may experience gaps in market prices Due to the volatility expressed during th ese time periods, trading at the open or at the close, can involve additional risk and must be factored into any trading decision These time periods are specifically mentioned because they are associated with the lowest levels of market liquidity and can be followed by significant movements in prices for both the CFD, and the underlying instrument. ORDER EXECUTION. Limit orders are often filled at the requested price or better If the price requested or a better price is not available in the market, the order will not be filled If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order Limit Entry orders are filled the same way as Limit orders Stop Entry orders are filled the same way as Stops. WEEKEND RISK. Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and posit ions ahead of the weekend It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from market close We encourage all traders to take this into consideration before making a trading decision. MARGIN CALLS AND CLOSE OUTS. Margin calls are triggered when your usable margin falls below zero This occurs when your floating losses reduce your account equity to a level that is less than your margin requirement Therefore, the result of any margin call is subsequent liquidation unless otherwise specified. FXCM process all liquidations for CFD products automatically Open and close times for the underlying reference market are determined by the exchange, or third party execution venue, and not by FXCM If the client s liquidation event i s triggered during the period when the underlying reference market is closed, it may be necessary for the FXCM Trading Desk to wait until the underlying reference market re-opens before liquidation of the CFD positions can be finalized Depending on market conditions, this could mean that the final price the client receives is a significant number of points away from the price that triggered the client s liquidation If the clients account contains open positions for both CFD and forex at the time liquidation is triggered it is possible that only the client s forex positions will be liquidated This would only occur in situations where the underlying reference market for the client s CFD positions is closed, and the liquidation of the client s forex positions satisfies the liquidation requirement. METATRADER 4.Please note that MT4 users are subject to different margin call procedures When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position s In deciding what positions will be individually liquidated the largest losing position will be closed first during liquidation. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. It is important to make a distinction between indicative prices displayed on charts and dealable prices displayed on the platforms, such as Trading Station and MetaTrader 4 Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM s liquidity providers are making prices Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is Executable quotes ensure finer execution and thus a reduced transaction cost Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex deale r may quote slightly different prices Therefore, any prices displayed by a third party charting provider, which does not employ the market maker s price feed, will reflect indicative prices and not necessarily actual dealing prices where trades can be executed. MOBILE TRADING PLATFORMS. There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Mobile TS II utilizes public communication network circuits for the transmission of messages FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM Transmission prob lems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider. Please note some features of the FXCM Trading Station will not be available on the FXCM Mobile Trading Station Key differences include, but are not limited to, charting packages, daily interest rolls will not appear, and the maintenance margin requirement per financial instrument will not be available It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Web platform has been modified to run on mobile and tablet devices The mobile platform is called Trading Station Mobile With the exception of OCO orders one-cancels-other , Trading Station Mobile for tablet devices has the same trading features a s Trading Station Web The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading. FXCM MetaTrader 4 Execution. Individuals should review the information below carefully which details the differences regarding execution, trading features, and platform settings specific to the FXCM MT4 platform. Trade Execution. Orders to open and close trades, as well as take profit TP orders execute Fill or Kill These orders only execute if they can fill in their entirety at the requested price These orders cannot be broken up and filled at multiple prices. In the event that sufficient liquidity is not immediately available to execute a Fill or Kill order in its entirety, execution ceases. Stop Loss SL orders, and orders submitted due to margin call do not execute Fill or Kill These orders do fill in their entirety at the same price however, execution will not cease if sufficient liquidity is not immediately available Execution w ill continue until a price becomes available to fill the entire order. The maximum number of open orders is capped at 500 individual orders per account This restriction includes both open orders and pending orders The MT4 platform will display an error message if traders attempt to open more than 500 individual orders Stop Losses and Take Profits are exempt from this restriction. Margin Call. The margin call policy for FXCM MetaTrader 4 accounts is different from all other FXCM accounts When a margin call occurs, trades will be closed one by one until Free Margin is greater than zero. Interest rates are not displayed on the MetaTrader 4 Platform however, traders will pay or accrue interest in accordance with the current FXCM rates To obtain the rollover rates traders can view them on the FXCM Trading Station II platform or call FXCM customer service for current rates Please be advised that interest rates are provided to FXCM by multiple liquidity providers Every effort is made to display r ollover rates one day in advance on the FXCM Trading Station II However, during times of extreme market volatility, rates may change intraday. Any positions that are open at 5 p m ET sharp are considered to be held overnight, and are subject to rollover A position opened at 5 01 p m is not subject to rollover until the next day, while a position opened at 4 59 p m is subject to rollover at 5 p m ET. Expert Advisor. Expert Advisor s EA are automated trading tools that can perform all or part of a trading strategy While FXCM offers proprietary EAs, there are others developed by third parties FXCM does not vouch for the accuracy or reliability provided by the EAs not in its control Traders utilizing an EA do so at their own risk Additionally, many EA s employ the use of micro lots and do not account for fractional pip pricing On the FXCM MetaTrader 4 platform the smallest lot size increment is 1k and fractional pips are used Prior to trading, please contact your EA provider to discuss the lo t sizes used in the program and any potential issues that may arise from fractional pip pricing. Max Deviation. With FXCM MetaTrader 4, all orders execute using instant execution This MetaTrader 4 execution type enables the maximum deviation max deviation feature. The maximum deviation feature was designed to control slippage - both negative and positive - in the following way When creating an order, a number is specified in tenths of a pip 0 in the max deviation field This number is the maximum amount of slippage the order can receive If the market price moves beyond this amount while the order is executing, the order will cancel automatically This is how the maximum deviation feature was designed to function. FXCM trading policy allows for unlimited positive slippage on all order types Therefore, FXCM has developed a way to override the restriction that the maximum deviation feature places on positive slippage All orders placed on the FXCM MetaTrader 4 platform fill with the greatest amo unt of positive slippage possible. In the event that an order fills with positive slippage beyond the maximum deviation the platform logs a message in the Journal tab The message has the following format - Positive Slippage - is the positive slippage the order received beyond the maximum deviation. If the market price moves negatively beyond the maximum deviation, the order cancels automatically When this occurs, an Off Quotes message is displayed This is a standard MetaTrader 4 message notifying the user that an order canceled because the market price deviated beyond the order setting. Please note dependent upon market conditions, a lower maximum deviation amount can increase the likelihood that an order will be rejected due to the market price moving outside of the maximum deviation. Pending Orders. You cannot use a pending order to close a trade or a portion of it Pending orders can only be used to open new trades For example, assume that an account is long 0 2 EUR USD A trader then crea tes a pending order to sell 0 1 EUR USD If the pending order price is reached, the order will trigger for execution However, because the pending order is attempting to trade in the opposite direction of the existing long trade, the pending order will automatically cancel, leaving the long trade unaffected. When closing a trade, MetaTrader 4 users can use stop loss and take profit orders as an alternative to pending orders. Cross-Platform Compatibility. FXCM MetaTrader 4 login credentials grant a user with access to the FXCM Trading Station platforms Therefore, FXCM MetaTrader 4 account holders can place and manage trades and orders through the FXCM Trading Station platforms Account details for retail clients e g orders, trades, P L, margin, equity will match on all of these platforms and their statement of records However, please note that some functionality available on the FXCM Trading Station platforms may not be available on the FXCM MetaTrader 4 platform. FXCM MetaTrader 4.FXCM MetaTr ader 4 allows for order sizes up to 50 million per trade Traders have the ability to trade incremental sizes multiple orders of 50 million for the same pair The FXCM MetaTrader 4 Platform does not show pip costs The potential exists for variations in pricing displayed between servers These differences do not have an impact on prices available for execution but can impact the prices used to trigger resting orders. FXCM MetaTrader 4 Server Information. Under rare circumstances it may be necessary to type in a server address when logging into FXCM MetaTrader 4 A list of FXCM s MT4 server names and addresses has been provided below So long as you download FXCM MetaTrader 4 here and install it on your computer or VPS, you will not need these server addresses. If you need to enter the server address when logging in, be sure to use the one that corresponds to the server name that your account is assigned to As an example, if your account s server name is MT4USDREAL01, you would use. TIMEFRAME COM PLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers A hedge order can be sent to the liquidity provider for execution Finally, the client s order is filled and open closed positions are updated. With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under rev iew. Trading station If abnormal market order processing occurs, the order will be highlighted in red, and the status column will indicate executed or processing, in the orders window In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices are still available During periods of heavy trading volume, it is possible that a queue of orders will form That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders. Risk Warning Our service includes products that are traded on margin and carry a risk of losses in excess of your deposited funds The products may not be suitable for all investors Please ensure that you fully understand the risks involved. High Risk Investment Warning Trading foreign exchange and or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors The possibility exists that you could sustain a loss in excess of your deposited funds Before deciding to trade the products offered by FXCM you should carefully consider your objectives, financial situation, needs and level of experience You should be aware of all the risks associated with trading on margin FXCM provides general advice that does not take into account your objectives, financial situation or needs Th e content of this Website must not be construed as personal advice FXCM recommends you seek advice from a separate financial advisor. Please click here to read full risk warning. Forex Capital Markets Limited FXCM LTD is an operating subsidiary within the FXCM group of companies collectively, the FXCM Group All references on this site to FXCM refer to the FXCM Group. Forex Capital Markets Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority Registration number 217689.Tax Treatment The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions. Copyright 2017 Forex Capital Markets All rights reserved. Northern Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD Company incorporated in England Wales No 04072877 with registered office as above. We use cookies to enhance the performance and functionality of our site, which ult imately improves your browsing experience By continuing to browse this site you are agreeing to our use of cookies You may change your cookie settings at any time Learn More. Your browser is out of date.
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