Bagaimana risiko settlement FX muncul. Ekstrak dari halaman 55 dari BIS Triwulanan Review, September 2008. Contoh bagaimana risiko settlement muncul saat menggunakan perbankan koresponden tradisional. Dalam contoh ini, Bank A melakukan perdagangan spot dengan Bank B dimana ia menjual yen untuk dolar AS. Perdagangan adalah Dieksekusi pada Hari V -2 untuk penyelesaian pada hari Day V. Setelah perdagangan terjadi, Bank A mengirim instruksi ke korespondennya di Jepang Bank Ja, meminta yang terakhir mengirim yen ke koresponden Bank B di sana Bank Jb on Hari V Bank Ja melaksanakan instruksi ini beberapa saat pada Hari V dengan mendebet rekening yang Bank A pegang dengannya dan mengirim yen ke Bank Jb melalui sistem pembayaran yang relevan Setelah Bank Jb menerima dana, mereka akan mengreditkannya ke rekening Bank B dan Menginformasikan kepada Bank B bahwa mereka telah tiba. Secara paralel, Bank B mengatasinya dengan cara yang sama seperti menginstruksikan korespondennya di Amerika Serikat Bank Ub untuk mengirim dolar AS ke koresponden Bank A di sana. Risiko permukiman muncul karena Setiap counterparty dapat membayar mata uang yang dijual tetapi tidak menerima mata uang yang dibeli. Penyebab utamanya adalah tidak adanya hubungan antara dua proses pembayaran dalam yen dan dolar untuk memastikan bahwa satu pembayaran dilakukan hanya jika yang lain juga melakukannya. Pada perdagangan dari sudut pandang Bank A, eksposur terhadap risiko permukiman dimulai ketika tidak dapat dipastikan bahwa hal itu dapat membatalkan instruksi untuk membayar Bank B Hal ini terutama bergantung pada kesepakatan antara Bank A dan Ja tentang pembatalan Jika tidak ada Dari suatu kesepakatan tertentu, Bank A tidak dapat memastikan apakah bisa membatalkan atau tidak dan pemaparannya segera dimulai, instruksi pembayarannya dikirim ke Bank Ja, yang kemungkinan akan berada di Hari V -1 atau bahkan V -2 Bahkan jika ada Adalah kesepakatan khusus, Bank Ja mungkin memerlukan beberapa waktu untuk memproses permintaan pembatalan oleh Bank A, sehingga pemaparannya mungkin akan dimulai paling tidak beberapa jam sebelum sistem pembayaran yen dibuka pada Hari V. Batas waktu pembatalan efektif dapat jadi Sangat awal pada V atau bahkan di V -1 di waktu lokal Jepang, yang jika Bank A berada di Eropa, akan lebih awal di waktu lokal Bank A karena perbedaan zona waktu. Paparan bank berakhir pada saat Bank Ua Kredit rekeningnya dengan uang yang diterima dari Bank Ub Ua Bank mungkin tidak menerima dana sampai sebelum penutupan sistem pembayaran yang relevan, dan mungkin beberapa saat setelah itu dana tersebut dikreditkan ke rekening Bank A Hal ini dapat relatif Terlambat pada Hari V di waktu lokal AS, dan bahkan di hari V atau bahkan pada Hari V 1 di waktu setempat, eksposur Bank A Bank A yang sesungguhnya terhadap perdagangan ini dapat berlangsung lebih dari 24 jam. Bank B juga menghadapi risiko penyelesaian Periode paparannya berbeda dengan Bank A, sehingga Bank B, Ub dan Jb memiliki pengaturan yang berbeda dibandingkan dengan Bank A, Ja dan Ua, dan sistem pembayaran AS dan Jepang yang relevan memiliki jam buka yang berbeda. Perbedaan zona waktu adalah Juga penting Dalam perdagangan ini, zona waktu bekerja ag Ainst Bank A karena menjual mata uang yang menetap di zona waktu awal sehingga berkomitmen untuk menjual mata uangnya relatif lebih awal dan membeli yang mengendap di zona waktu akhir sehingga akan menerima mata uang yang dibeli relatif terlambat, yang meluas Durasi eksposurnya Sebaliknya, perbedaan zona waktu sesuai dengan keinginan Bank B Namun, penting untuk dicatat bahwa masalahnya tidak muncul semata-mata karena perbedaan zona waktu. Metode penyelesaian rumah kaca. Forex beroperasi pada tingkat yang berbeda dari pasar lain. Dan entitas bisnis Berawal dari fundamental dasar hingga aspek penyelesaian akhir, hal ini bervariasi Begitu transaksi selesai, tuntutan tersebut akan diselesaikan di permukiman Forex paling awal yang unik dalam arti karena merupakan penyelesaian antara ekonomi dua negara yang berbeda melalui Individu yang umum Karena ekonomi Amerika Serikat adalah yang terkuat dan paling banyak dicari, sebagian besar transaksi forex dilakukan dalam bentuk Dolar, menjadikannya mata uang yang paling banyak digunakan di pasar valuta asing. Ada banyak metode penyelesaian forex yang dapat diterima. Termasuk transfer dana elektronik. Rumah kliring yang aman. Kas dan cek adalah cara penyelesaian dana yang paling umum. Namun, sebagian besar penyelesaian Dilakukan melalui transfer dana secara elektronik, yang mentransfer triliunan dolar dalam bentuk valuta asing pada suatu hari tertentu. Transfer dana elektronik. Ada dua cara untuk mentransfer dana elektronik di AS. CHIPS Ini adalah singkatan dari Clearing House Sistem Pembayaran Antar Bank Merupakan sistem pribadi yang dioperasikan oleh rumah kliring New York. Fedwire Ini adalah sistem yang dioperasikan oleh Federal Reserve Bank. Ada dua perbedaan utama yang dapat dilihat dalam pengoperasian kedua sistem. Pertama, CHIPS bergantung pada Fedwire untuk transaksinya Jadi meskipun entitas swasta, penyelesaian pribadi dilakukan melalui bank federal. Kedua, fedwire mentransfer uang secara real time. Ini berarti t Topi segera setelah penyelesaian selesai, uangnya ditransfer ke rekening Anda CHIPS tidak segera membersihkan permukiman Hal ini dilakukan hanya pada akhir hari ketika semua transaksi telah selesai. Namun, CHIPS dan CHIP United State Fedwire adalah metode yang paling sering digunakan untuk mentransfer pembayaran, namun banyak negara lain juga memiliki metode serupa untuk pergerakan mata uang mereka dari satu akun ke rekening lainnya. Misalnya, CHAPS, yang merupakan singkatan dari Sistem Pembayaran Asosiasi Kliring Rumah Tangga bertanggung jawab atas penyelesaian di Pasar Forex di Inggris dimana transaksi dilakukan melalui Bank of England, sedangkan di UE sebuah organisasi pengoperasi yang dikenal sebagai Target yang melibatkan berbagai bank di negara anggota melakukan semua penyelesaian di pasar. Risiko Pelonggaran. Ini adalah istilah yang harus Anda sadari. Saat bertransaksi di forex Karena transaksi melibatkan bank dari dua negara dan ekonomi yang berbeda, selalu ada risiko penyelesaian selama berbagai transaksi. Ion Sebagai contoh, sangat mungkin jumlah mata uang yang Anda tukar telah didebet dari rekening Anda, namun jumlah yang harus dikreditkan dari bank lain belum sampai kepada Anda. Inilah bagaimana risiko penyelesaian didefinisikan. Dikurangi sampai batas tertentu sekarang dengan penggunaan teknologi terbaru dan koneksi internet kecepatan tinggi Juga dengan penggunaan sistem transfer real time oleh bank, risiko tersebut telah dikurangi menjadi minimal. Resiko Eksekusi. Pasangan ini memiliki tingkat risiko yang terkait. Dengan mereka yang mungkin tidak melekat Pasar untuk mata uang ini sangat tidak likuid, dengan likuiditas dipertahankan dan disediakan oleh satu, atau sedikit sumber eksternal Kekhawatiran likuiditas ini termasuk namun tidak terbatas pada, ketidakmampuan untuk keluar dari posisi berdasarkan kurangnya aktivitas pasar. , Perbedaan harga yang dikutip dan eksekusi terakhir diterima, atau penundaan eksekusi sementara counterparty untuk transaksi spesifik Anda diidentifikasi Dengan pertimbangan ini, hal itu penting Ative bahwa setiap faktor trader ini ke dalam keputusan perdagangan apapun Untuk alasan ini kami sangat menganjurkan semua trader untuk menggunakan tipe pesanan tingkat lanjut untuk mengurangi risiko ini. DELAYS IN EXECUTION. Delays in execution dapat terjadi dengan menggunakan FXCM s No Dealing Desk model eksekusi forex karena berbagai alasan, Seperti masalah teknis dengan koneksi internet trader ke FXCM sebagai penundaan konfirmasi pesanan dari penyedia likuiditas atau dengan kurangnya likuiditas yang tersedia untuk pasangan mata uang yang diperdagangkan oleh trader karena adanya volatilitas yang melekat di pasar, ini sangat penting. Bahwa pedagang memiliki koneksi internet yang handal dan bekerja Ada keadaan ketika koneksi internet pribadi trader mungkin tidak menjaga koneksi konstan dengan server FXCM karena kurangnya kekuatan sinyal dari koneksi nirkabel atau dialup Gangguan pada jalur koneksi dapat terjadi. Terkadang mengganggu sinyal dan menonaktifkan FXCM Trading Station, menyebabkan penundaan transmisi data diantara keduanya N stasiun perdagangan dan server FXCM Salah satu cara untuk memeriksa koneksi internet Anda dengan server FXCM adalah dengan melakukan ping ke server dari komputer Anda. RESET ORDERS. pasar volatility menciptakan kondisi yang membuat sulit untuk mengeksekusi pesanan dengan harga tertentu karena harga sangat tinggi. Volume pesanan Pada saat pesanan dapat dieksekusi, tawaran meminta harga dimana penyedia likuiditas bersedia mengambil posisi mungkin beberapa pip jauhnya. Jika kolam likuiditas tidak cukup besar untuk memenuhi pesanan Market Range. , Pesanan tidak akan dieksekusi Untuk perintah Limit Entry atau Limit, pesanan tidak akan dieksekusi tapi ganti ulang sampai pesanannya terisi. Ingat, baik Limit Entry dan Limit orders menjamin harga namun tidak menjamin eksekusi Tergantung pada strategi trading yang mendasari. Dan kondisi pasar yang mendasari pedagang mungkin lebih peduli dengan eksekusi versus harga yang diterima. WIDENED SPREADS. Mungkin ada contoh ketika spread menyebar melampaui spread Sp Bacaan adalah fungsi likuiditas pasar dan pada periode likuiditas terbatas, di pasar terbuka, atau pada saat rollover pada pukul 5:00 ET, spread dapat melebar dalam menanggapi ketidakpastian dalam arah harga, sebuah kenaikan dalam volatilitas pasar, atau kurangnya pasar. Likuiditas Bukan hal yang aneh melihat spread melebar terutama di seputar rollover Trade rollover biasanya merupakan periode yang sangat sepi di pasaran, sejak hari kerja di New York baru saja berakhir, dan masih ada beberapa jam sebelum hari kerja baru dimulai di Tokyo. Mengetahui pola-pola ini dan mempertimbangkannya saat berdagang dengan pesanan terbuka atau menempatkan perdagangan baru sekitar waktu-waktu ini dapat memperbaiki pengalaman trading Anda Hal ini dapat terjadi selama acara berita dan spread dapat meluas secara substansial untuk mengkompensasi jumlah volatilitas yang luar biasa di Pasar Spread yang melebar mungkin hanya bertahan beberapa detik atau selama beberapa menit FXCM sangat menganjurkan para trader untuk berhati-hati saat berdagang di sekitar berita. Nts dan selalu waspada terhadap ekuitas akun mereka, margin yang dapat digunakan dan eksposur pasar Spread yang melebar dapat mempengaruhi semua posisi di akun termasuk posisi lindung nilai yang dibahas di bawah ini. HANGING ORDERS. Selama periode volume tinggi, pesanan gantung mungkin terjadi. Ini adalah kondisi dimana Order sedang dalam proses eksekusi tapi eksekusi belum dikonfirmasi Urutan akan disorot dalam warna merah, dan kolom status akan menunjukkan eksekusi atau pemrosesan, di jendela pesanan Dalam kasus ini, pesanan sedang dalam proses eksekusi, Namun tertunda sampai FXCM menerima konfirmasi dari penyedia likuiditas bahwa harga yang dikutip masih tersedia Selama periode volume perdagangan yang berat, ada kemungkinan antrian pesanan akan terbentuk. Peningkatan dalam pesanan masuk terkadang dapat menciptakan kondisi dimana ada penundaan dari Penyedia likuiditas dalam mengkonfirmasikan pesanan tertentu. Tergantung pada jenis pesanan yang ditempatkan, hasilnya mungkin berbeda-beda Dalam hal pesanan Market Range Yang tidak dapat diisi dalam kisaran yang ditentukan, atau jika penundaan telah berlalu, pesanan tidak akan dieksekusi Dalam kasus pesanan di Market, setiap usaha akan dilakukan untuk memenuhi pesanan pada harga yang tersedia berikutnya di pasar. Dalam keduanya Situasi, kolom status di jendela pesanan biasanya akan menunjukkan eksekusi atau pemrosesan Perdagangan hanya akan memakan waktu beberapa saat untuk pindah ke jendela posisi terbuka Tergantung pada jenis pesanan, posisi tersebut mungkin sebenarnya telah dilaksanakan, dan penundaannya hanya berlaku. Karena lalu lintas internet yang berat. Ingatlah bahwa hanya perlu memasukkan pesanan apapun sekali Beberapa entri dengan urutan yang sama dapat memperlambat atau mengunci komputer Anda atau secara tidak sengaja membuka posisi yang tidak diinginkan. Jika sewaktu-waktu Anda tidak dapat mengakses FXCM Trading Station Untuk mengelola akun Anda, Anda bisa menghubungi Trading Desk secara langsung di 1 212-201-7300 Melihat daftar lengkap nomor kontak internasional. GREYED OUT PRICING. Greyed out pricing adalah kondisi yang terjadi saat forex liquidity pr Oviders yang memasok harga ke FXCM tidak secara aktif membuat pasar untuk pasangan mata uang dan likuiditas tertentu sehingga menurunkan FXCM tidak secara sengaja menilai harga abu-abu, kadang-kadang, peningkatan yang parah dalam perbedaan spread dapat terjadi karena hilangnya konektivitas dengan Penyedia atau karena pengumuman yang memiliki efek dramatis di pasar yang membatasi likuiditas Harga abu-abu di antara harga atau spread yang meningkat dapat menyebabkan margin call pada akun trader Bila pesanan dilakukan pada pasangan mata uang yang terpengaruh oleh harga yang diklik, PL akan sementara berkedip sampai nol sampai pasangan memiliki harga yang dapat diperdagangkan dan sistem dapat menghitung keseimbangan PL. Kemampuan untuk melakukan lindung nilai memungkinkan pedagang memegang posisi beli dan jual pada pasangan mata uang yang sama secara bersamaan. Pedagang memiliki kemampuan untuk masuk ke dalam Pasar tanpa memilih arah tertentu untuk pasangan mata uang Meskipun lindung nilai dapat mengurangi atau membatasi kerugian di masa depan, hal itu tidak menghalangi akun untuk menjadi sasaran Ected untuk kerugian lebih lanjut sama sekali Di pasar forex seorang pedagang dapat sepenuhnya lindung nilai oleh kuantitas tapi tidak dengan harga Hal ini karena perbedaan antara harga beli dan jual, atau spread Efektif, 02 Desember 2012, trader FXCM akan diminta untuk Memasang margin untuk satu sisi sisi yang lebih besar dari posisi yang dilindung nilai Persyaratan margin dapat dipantau setiap saat di jendela dealing rate sederhana Sementara kemampuan untuk melakukan lindung nilai adalah fitur yang menarik, para pedagang harus menyadari faktor-faktor berikut yang dapat mempengaruhi posisi yang dilindung nilai. Mendefinisikan Margin. Margin call mungkin terjadi bahkan ketika akun dilindung nilai sepenuhnya, karena spread dapat melebar, menyebabkan margin yang tersisa di akun berkurang. Jika margin yang tersisa tidak mencukupi untuk mempertahankan posisi terbuka, akun tersebut dapat mempertahankan margin call. , Menutup semua posisi terbuka di akun Meskipun mempertahankan posisi panjang dan pendek mungkin memberi kesan pada pedagang bahwa ekspos terhadap pergerakan pasar terbatas , Jika margin yang tersedia tidak mencukupi dan menyebar melebar untuk jangka waktu tertentu, mungkin akan menghasilkan margin call pada semua posisi. ROTLOVER COSTS. Rollover adalah penutupan sekaligus pembukaan posisi pada titik tertentu pada siang hari untuk Hindari penyelesaian dan pengiriman mata uang yang dibeli Istilah ini juga mengacu pada bunga yang dikenakan atau diterapkan ke akun trader untuk posisi yang diadakan semalam, artinya setelah jam 5 sore ET di Platform FXCM Waktu dimana posisi ditutup dan dibuka kembali, dan Biaya rollover didebet atau dikreditkan, biasanya disebut sebagai Trade Rollover TRO Penting untuk dicatat bahwa biaya rollover akan lebih tinggi daripada akrual rollover Bila semua posisi dilindung nilai dalam akun, meskipun keseluruhan posisi bersih mungkin datar, akun Masih dapat mempertahankan kerugian akibat penyebaran yang terjadi pada saat rollover terjadi Spread selama rollover mungkin lebih lebar bila dibandingkan dengan periode waktu lainnya karena likuiditas pro Viders sebentar lagi offline untuk menyelesaikan transaksi hari Silakan atur posisi yang sesuai di seputar rollover dan pahami implikasi pelebaran spread sehubungan dengan eksekusi dengan posisi terbuka atau perintah posisi baru. FLASHUENCIA RATE FLUCTUATIONS PIP COSTS. Exchange fluktuasi tingkat, atau biaya pip, Didefinisikan sebagai nilai yang diberikan pada pergerakan pip untuk pasangan mata uang tertentu Biaya ini adalah jumlah mata uang yang akan diperoleh atau hilang dengan masing-masing pergerakan pip suku bunga mata uang dan akan didenominasi dalam denominasi mata uang di mana Pasangan ini diperdagangkan Pada Platform FXCM, biaya pip untuk semua pasangan mata uang dapat ditemukan dengan memilih View, diikuti oleh Dealing Views, dan kemudian dengan mengklik Simple Rates untuk menerapkan tanda centang di sebelahnya Jika Harga Sederhana sudah memiliki tanda centang Di samping itu, melihat tingkat transaksi dalam tampilan sederhana semudah mengklik tab Simple Dealing Rates di jendela dealing rates Begitu terlihat, E tingkat suku bunga sederhana akan menampilkan biaya pip di sisi kanan jendela. BEBAN DIBAWAH. Ketika Anda melakukan trading forex dengan FXCM menggunakan model eksekusi No Dealing Desk, Anda melakukan trading pada harga feed yang disediakan oleh beberapa penyedia likuiditas. , Ditambah markup FXCM Dalam kasus yang jarang terjadi, umpan ini dapat terganggu Hal ini mungkin hanya berlangsung beberapa saat, namun bila terjadi, spread menjadi terbalik Selama kesempatan langka ini, FXCM menyarankan agar klien menghindari penempatan di Market orders. Tergoda untuk menempatkan perdagangan bebas, ingatlah bahwa harganya tidak nyata dan isi aktual Anda mungkin jauh dari harga yang ditampilkan. Jika perdagangan dilakukan dengan harga yang tidak benar-benar ditawarkan oleh penyedia likuiditas FXCM, FXCM menyediakan Hak untuk membalikkan perdagangan semacam itu, karena perdagangan mereka tidak dianggap sah Dengan menempatkan pesanan Market Range atau tidak melakukan perdagangan selama saat-saat ini, para pedagang dapat menghindari risiko yang terkait dengan skenario di atas. HOLIDAY WEEKEND EXECUTION. TRADING DESK H KAMIS. Meja perdagangan dibuka pada hari Minggu antara pukul 5:00 ET dan 5 15 PM ET Meja perdagangan tutup pada hari Jumat pukul 4 55 PM ET Harap dicatat bahwa pesanan yang dilakukan sebelumnya dapat diisi sampai pukul 05:00 ET dan bahwa pedagang melakukan perdagangan antara 4 55 pm dan 5:00 pm ET mungkin tidak dapat membatalkan pesanan eksekusi yang tertunda Dalam hal Market GTC Order diajukan tepat di pasar, kemungkinan ada kemungkinan tidak akan dilaksanakan sampai hari Minggu di pasar terbuka Harap berhati-hati saat melakukan trading Pasar Jumat dekat dan memperhitungkan semua informasi yang dijelaskan di atas ke dalam keputusan perdagangan. Waktu buka atau tutup dapat diubah oleh Meja Perdagangan karena bergantung pada harga yang ditawarkan oleh penyedia likuiditas ke FXCM Di luar jam-jam ini, sebagian besar dunia besar Bank dan pusat keuangan ditutup Kekurangan likuiditas dan volume selama akhir pekan menghambat eksekusi dan pengiriman harga. PRICES UPDATING SEBELUM YANG TERBUKA. Sebelum pembukaan, Meja Perdagangan menyegarkan suku bunga menjadi reflec. T harga pasar saat ini dalam persiapan untuk terbuka Pada saat ini, perdagangan dan pesanan yang diadakan selama akhir pekan tunduk pada eksekusi Kutipan selama ini tidak dapat dieksekusi untuk pesanan pasar baru Setelah terbuka, pedagang dapat menempatkan perdagangan baru, dan membatalkan atau memodifikasi yang ada Order. Sunday harga pembukaan mungkin atau mungkin tidak sama dengan harga penutupan hari Jumat Kadang-kadang, harga pada pembukaan hari Minggu mendekati harga di Jumat tutup Di lain waktu, mungkin ada perbedaan yang signifikan antara hari Jumat s Tutup dan buka hari Minggu Pasar mungkin mengalami kesenjangan jika ada pengumuman berita atau peristiwa ekonomi yang signifikan yang mengubah bagaimana pasar memandang nilai mata uang Pedagang yang memegang posisi atau pesanan selama akhir pekan harus merasa nyaman dengan potensi pasar terhadap kesenjangan..ORDER EXECUTION. Limit order sering diisi dengan harga yang diminta atau lebih baik Jika harga yang diminta atau harga yang lebih baik tidak tersedia di pasaran, pesanan tidak akan terisi Jika diminta Harga order Stop tercapai pada saat pembukaan pasar pada hari Minggu, order akan menjadi Market Order Limit Entry order diisi dengan cara yang sama seperti perintah Limit Stop Entry orders diisi dengan cara yang sama seperti Stops. WEEKEND RISK. rader who Takut bahwa pasar mungkin sangat tidak stabil selama akhir pekan, gapping itu mungkin terjadi, atau potensi risiko akhir pekan tidak sesuai dengan gaya trading mereka, mungkin hanya menutup pesanan dan posisi menjelang akhir pekan. Sangat penting bagi trader yang memegang Posisi terbuka akhir pekan ini mengerti bahwa ada potensi untuk kejadian ekonomi utama dan pengumuman berita untuk mempengaruhi nilai posisi Anda yang mendasar. Dengan adanya volatilitas yang ditunjukkan di pasar, tidak jarang harga menjadi sejumlah pips di pasar terbuka dari pasar. Dekat Kami mendorong semua trader untuk mempertimbangkan hal ini sebelum membuat keputusan trading. MARGIN PANGGILAN DAN CLOSE OUTS. Margin panggilan dipicu saat margin yang bisa Anda gunakan jatuh Ow nol Ini terjadi ketika kerugian mengambang Anda mengurangi ekuitas akun Anda ke tingkat yang kurang dari persyaratan margin Anda Oleh karena itu, hasil dari margin call adalah likuidasi berikutnya kecuali jika ditentukan lain. Gagasan tentang perdagangan marjin adalah margin Anda bertindak sebagai barang yang baik. Setoran iman untuk mengamankan nilai nosional yang lebih besar dari posisi Anda Margin trading memungkinkan trader untuk memegang posisi yang jauh lebih besar daripada nilai akun sebenarnya FXCM's Trading Station memiliki kemampuan manajemen margin, yang memungkinkan penggunaan leverage Tentu saja, trading pada margin hadir dengan Risiko sebagai leverage dapat bekerja melawan Anda sama seperti bekerja untuk Anda Jika ekuitas akun turun di bawah persyaratan margin, FXCM Trading Station akan memicu perintah untuk menutup semua posisi terbuka Bila posisi telah terlalu leverage atau kerugian diperdagangkan terjadi pada poin Ekuitas yang tidak mencukupi ada untuk mempertahankan posisi terbuka saat ini dan margin yang dapat digunakan di bawah nol, margin call akan menghasilkan dan al L posisi terbuka akan ditutup dilikuidasi. Harap diingat bahwa ketika margin yang digunakan pada akun turun di bawah nol, semua posisi terbuka dipicu untuk ditutup Proses likuidasi dirancang agar sepenuhnya elektronik. Meskipun fitur margin call dirancang untuk menutup Posisi ketika ekuitas akun turun di bawah persyaratan margin, mungkin ada kejadian ketika likuiditas tidak ada pada tingkat bunga margin yang tepat Akibatnya, ekuitas akun dapat berada di bawah persyaratan margin pada saat pesanan terisi, bahkan sampai pada titik di mana ekuitas akun Menjadi negatif Hal ini terutama terjadi pada saat terjadi kesenjangan pasar atau periode volatilitas FXCM merekomendasikan agar trader menggunakan perintah Stop untuk membatasi risiko penurunan sebagai pengganti penggunaan margin call sebagai pemberhentian terakhir. Sangat disarankan agar klien mempertahankan jumlah margin yang sesuai di akun mereka. Setiap saat Persyaratan margin dapat diubah berdasarkan ukuran akun, posisi terbuka simultan, gaya trading, kondisi pasar, dan pada Kebijaksanaan FXCM. Metatrader 4. Harap dicatat bahwa pengguna MT4 tunduk pada prosedur panggilan margin yang berbeda Bila panggilan margin dipicu pada akun, posisi individual akan dilikuidasi sampai ekuitas yang tersisa cukup untuk mendukung posisi yang ada. Dalam menentukan posisi apa yang akan Dilikuidasi secara individual posisi kehilangan terbesar akan ditutup paling lama saat likuidasi. BAB HARGA HARGA YANG DITAMPILKAN PADA PLATFORM. Hal ini penting untuk membuat perbedaan antara harga indikatif yang ditunjukkan pada grafik dan harga yang dapat ditukar yang ditampilkan pada platform, seperti Stasiun Perdagangan dan MetaTrader 4 Kutipan indikatif adalah yang menawarkan indikasi harga di pasar, dan tingkat di mana mereka berubah Harga ini berasal dari sejumlah kontributor seperti bank dan perusahaan kliring, yang mungkin atau mungkin tidak mencerminkan di mana likuiditas FXCM Penyedia membuat harga Harga indikatif biasanya sangat dekat dengan harga transaksi, tapi hanya memberi indikasi o F dimana pasar adalah Executable quotes menjamin eksekusi yang lebih baik dan dengan demikian mengurangi biaya transaksi Karena pasar forex spot tidak memiliki pertukaran sentral tunggal dimana semua transaksi dilakukan, masing-masing dealer forex dapat mengutip harga yang sedikit berbeda. Oleh karena itu, harga yang ditunjukkan oleh chartings pihak ketiga Penyedia, yang tidak menggunakan umpan harga pembuat pasar, akan mencerminkan harga indikatif dan belum tentu harga transaksi aktual dimana perdagangan dapat dieksekusi. PERDAGANGAN TRADING PLATE. Ada serangkaian risiko inheren dengan penggunaan teknologi perdagangan bergerak seperti Duplikasi instruksi pesanan, latency dalam harga yang diberikan, dan masalah lain yang merupakan hasil konektivitas mobile Harga yang ditampilkan pada platform mobile semata-mata merupakan indikasi tingkat eksekusi dan mungkin tidak mencerminkan harga eksekusi yang sebenarnya dari pesanan. TS mobile II menggunakan sirkuit jaringan komunikasi publik untuk pengiriman pesan FXCM tidak bertanggung jawab atas apapun dan a Keadaan dimana Anda mengalami penundaan dalam penawaran harga atau ketidakmampuan untuk berdagang yang disebabkan oleh masalah transmisi sirkuit jaringan atau masalah lain di luar kendali langsung masalah Transmisi FXCM termasuk namun tidak terbatas pada kekuatan sinyal seluler, latensi seluler, Atau masalah lain yang mungkin timbul antara Anda dan penyedia layanan internet, penyedia layanan telepon, atau penyedia layanan lainnya. Sangat disarankan agar klien membiasakan diri dengan fungsi FXCM Mobile Trading Station sebelum mengelola akun live melalui perangkat portabel. Device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Platform web telah dimodifikasi untuk berjalan pada perangkat mobile dan tablet Platform mobile untuk perangkat tablet disebut Trading Station Mobile dan memiliki fitur perdagangan yang sama dengan Trading Station Web Risiko konektivitas yang sama seperti yang dijelaskan di atas. Mengenai Mobile TS II kami berlaku untuk aplikasi yang tersedia untuk perdagangan tablet Risiko Forex Execution Forex Execution. HIGH RISK INVESTMENT. Trading devisa pada margin membawa tingkat risiko tinggi, dan mungkin tidak sesuai untuk semua investor Sebelum memutuskan untuk menukar produk ini yang ditawarkan oleh Forex Capital Markets, Limited FXCM yang harus Anda pertimbangkan dengan saksama. Tujuan Anda, situasi keuangan, kebutuhan dan tingkat pengalaman Forex Capital Markets, Limited diberi wewenang dan diatur oleh Otoritas Perilaku Finansial Inggris Pendaftaran FCA No 217689 FXCM mengelola kantor terdaftar di Northern and Shell Building, 10 Lower Thames Street, Lantai 8, London EC3R 6AD FXCM dapat memberikan komentar umum tanpa memperhatikan tujuan, situasi keuangan atau kebutuhan Anda Saran umum yang diberikan, atau isi dari situs ini tidak dimaksudkan sebagai nasihat pribadi dan tidak boleh ditafsirkan demikian Kemungkinan ada bahwa Anda dapat mempertahankan kerugian Melebihi dana yang Anda setorkan Anda harus menyadari semua risiko yang terkait dengan perdagangan pada margin FXCM recommen Jika Anda mencari saran dari penasihat keuangan independen. FXCM PASAR OPINI. Setiap pendapat, berita, penelitian, analisis, harga, atau informasi lain yang terdapat di situs ini disediakan sebagai komentar pasar umum, dan bukan merupakan saran investasi FXCM tidak akan menerima tanggung jawab Untuk setiap kehilangan atau kerusakan, termasuk namun tidak terbatas pada, kehilangan keuntungan, yang mungkin timbul secara langsung atau tidak langsung dari penggunaan atau kepercayaan terhadap informasi semacam itu. RISIKO TRADING PERDAGANGAN. Ada risiko yang terkait dengan penggunaan sistem perdagangan eksekusi transaksi berbasis internet. Termasuk, namun tidak terbatas pada, kegagalan perangkat keras, perangkat lunak, dan koneksi internet Karena FXCM tidak mengendalikan kekuatan sinyal, penerimaan atau peruteannya melalui internet, konfigurasi peralatan atau keandalan koneksi Anda, kami tidak dapat bertanggung jawab atas kegagalan komunikasi. , Distorsi atau penundaan saat melakukan trading via internet FXCM menggunakan sistem backup dan rencana kontingensi untuk meminimalisasi kemungkinan failu sistem. Kembali, yang mencakup memungkinkan klien untuk melakukan perdagangan via telepon. DEALING DESK FOREX EXECUTION MODEL. FXCM juga menawarkan eksekusi valas melalui model eksekusi Dealing Desk Dalam model ini, kompensasi FXCM mungkin tidak terbatas pada markup standar kami dan kepentingan kami mungkin langsung Konflik dengan Anda FXCM menghadapi risiko pasar sebagai akibat dari melakukan perdagangan dengan Anda FXCM dapat mengambil langkah-langkah untuk mengurangi risikonya yang timbul dari pembuatan pasar secara lebih efektif, atas kebijakan kami sendiri dan kapan saja dan tanpa persetujuan sebelumnya, mentransfer akun Anda yang mendasarinya ke Penawaran NDD kami yang menawarkan FXCM juga dapat memilih untuk mentransfer akun Anda ke penawaran NDD No Dealing Desk seandainya saldo ekuitas di akun Anda melebihi 20.000 unit mata uang maksimum di mana akun tersebut didenominasi Ekuitas akun didefinisikan sebagai saldo akun Anda ditambah dengan Floating PL dari posisi terbuka Anda. Eksekusi dan eksekusi Desk Desk tidak dilakukan pada bursa FXCM yang bertindak sebagai counterparty di t ini. Ransactions dan oleh karena itu bertindak sebagai pembeli saat Anda menjual dan penjual saat Anda membeli. Akibatnya, kepentingan FXCM mungkin bertentangan dengan Anda Kecuali ditentukan lain dalam perjanjian tertulis atau dokumen tertulis lainnya FXCM menetapkan harga yang ditawarkannya. Untuk berdagang dengan Anda Harga penawaran FXCM mungkin bukan harga terbaik yang tersedia dan FXCM mungkin menawarkan harga yang berbeda kepada klien yang berbeda Jika FXCM memilih untuk tidak menutupi eksposur perdagangannya sendiri, maka Anda harus sadar bahwa FXCM dapat menghasilkan lebih banyak uang jika pasar berjalan Terhadap pasangan mata uang Anda yang tercantum di bawah ini tersedia pada eksekusi Dealing Desk yang menawarkan FXCM tidak menjamin bahwa harga, harga, atau spread akan selalu lebih baik pada satu bentuk eksekusi dibandingkan dengan yang lain. Pelanggan harus mempertimbangkan banyak faktor saat menentukan eksekusi mana Tipe yang paling sesuai dengan kebutuhannya misalnya konflik kepentingan, gaya perdagangan atau strategi, dll. FXCM bertujuan untuk memberikan eksekusi terbaik kepada klien dan untuk mendapatkan semua ord Ers diisi pada tingkat yang diminta Namun, ada kalanya, karena adanya peningkatan volatilitas, pesanan mungkin akan mengalami selip Slippage paling sering terjadi selama kejadian berita fundamental atau periode volatilitas tinggi Contohnya seperti rollover perdagangan 5pm EST adalah periode yang diketahui. Di mana jumlah likuiditas cenderung terbatas karena banyak penyedia likuiditas menyelesaikan transaksi untuk hari itu. Untuk informasi lebih lanjut tentang mengapa rollover terjadi, lihat bagian tentang Biaya Rollover Selama periode seperti ini, jenis pesanan Anda, jumlah permintaan, dan perintah pesanan spesifik Dapat berdampak pada keseluruhan eksekusi yang Anda terima. Volatilitas di pasar dapat menciptakan kondisi di mana pesanan sulit dijalankan Misalnya, harga yang Anda terima dalam pelaksanaan pesanan Anda mungkin banyak pips dari harga yang dipilih atau yang dikutip karena Untuk pergerakan pasar Dalam skenario ini, trader mencari untuk mengeksekusi pada harga tertentu namun dalam sepersekian detik, misalnya, pasar mungkin telah memindahkan si Secara signifikan dari harga itu, pesanan trader kemudian akan diisi pada harga yang tersedia berikutnya untuk pesanan spesifik FXCM yang menyediakan sejumlah jenis pesanan dasar dan lanjutan untuk membantu klien mengurangi risiko eksekusi Salah satu cara untuk mengurangi risiko yang terkait dengan selip adalah dengan memanfaatkan Deviasi Maksimum Pasar untuk fitur MT4 pengguna pada Platform FXCM Fitur Market Range memungkinkan pedagang untuk menentukan jumlah selip potensial yang bersedia mereka terima berdasarkan pesanan pasar dengan menentukan rentang Nol menunjukkan bahwa tidak ada selip yang diizinkan Dengan memilih nol pada 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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