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XM increases margins for TRY pairs ahead of Turkish Referendum

Forex brokerage XM informed its clients on Wednesday that as of April 14 (13:00 server time, GMT +3.) it will temporarily hike margins on Turkish Lira pairs to 5%. Being a true client-oriented broker, XM took this move as extreme market volatility is expected in relation to the forthcoming Turkish Constitutional Referendum.

 

The measure will apply on both new and existing positions with USDTRY and EURTRY pairs. This means that the maximum available leverage for these trading instruments will be 1:20, while typically the broker offers leverage up to 1:888.

 

XM said that the margin requirements for TRY pairs will go back to normal shortly after the opening of the market and the announcement of the results. The referendum will take place on 16th April 2017. If the amendments to the constitution are accepted, President Recep Tayyip Erdogan’s powers could be vastly expanded, which worries European leaders. 

 

As the date of the vote approaches, more brokers are expected to follow suit and temporarily change their trading conditions for TRY pairs. However, Turkey-based brokers are not going to take any action, as the maximum leverage they are allowed to offer is 1:10. 

 

If you intend to keep open positions around the referendum date on TRY pairs, we encourage you to review your trading positions and ensure that your account is sufficiently funded to avoid any disturbances in your trading activity,” the broker said in the notice.

 

XM is a brand of Trading Point Holdings Ltd., a company regulated by the Cyprus Securities and Exchange Commission (CySEC). Apart from its units in Cyprus, it also has a UK and Australian subsidiaries, duly licensed by the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC), respectively. Furthermore, the XM group is registered with the relevant authorities in several other European countries, including the Germany, Spain, Italy, Finland, and France.

 

The brokerage provides its services to customers in nearly 200 countries, offering trading in more than 50 currency pairs, along with Silver and Gold.

TAGS: XM  leverage 

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