EFFECTIVE: Wed, August 15th 2018 at 13:00GMT
Given the escalated situation associated with Turkey, the recent moves in the TRY/USD exchange rates, the increases in the volatility of TRY spot, and the reduced liquidity in TRY, Global Trading has decided to revise the margin rates for TRY to mitigate increased risk stemming for these factors. As a first stop-gap we will be revising the margin rates for TRY margins to the below.
| Margin Rate | New Margin Rate |
|---|---|
| 7% | 11% |
The above changes to the margin requirement will be implemented on your account on Wednesday, August 15th 2018 at 13:00GMT.
The risk of sovereign default has increased dramatically over the last few days and the contagion effect of such an event has the potential to be widespread, especially to the EU area financial complex that has significant loan exposure to Turkey. In addition, the spat between the USA and Turkey that is translating in additional tariffs and sanctions is making the whole situation more complex and less predictable. We will intervene with additional measures, not only on TRY but on also other instruments, should the situation deteriorate further and adversely impact risk.
Please do not hesitate to contact your Account Manager should you have any questions.
FX spot and FX forward unrealised profit/loss calculation changes effective 1 August 2018
The Account Value shows the current value of the account, combining:
- The cash balance
- Plus or minus the value of any unrealised profit/loss of open positions
- Plus the market value of any options, stocks, bonds, ETFs and other funds
The value of any unrealised profit/loss of FX spot and FX forward positions is changing from being calculated on the mid-price, to being calculated on the opposite-sided price.
- A net long (buy) position will be valued according to the offer price, not the mid-price
- A net short (sell) position will be valued according to the bid price, not the mid-price
Opposite-sided price means that positions are valued according to the opposite price to the price that the position will be closed at, e.g. a long (buy) position will be valued according to the offer price but closed at the bid price. This arrangement is designed to protect clients from the risk that their positions are closed-out as a result of spreads widening without the market actually moving. This could happen around the release of economic statistics or at times of reduced liquidity such as during a value date roll or during the close and opening of the market.
Please note that this change applies to the calculation of any unrealised profit/loss related to the Account Value only. Single position profit/loss is not changing, since this already uses the price that the position will be closed at, e.g. a long (buy) position profit/loss is calculated according to the bid price.
July 2018 New Products & Platform Updates
Product Updates & Enhancements
GTS Mobile improvements
New navigation
The new navigation makes it fast and easy to access the main components: Account Summary Watchlists, Positions and Orders in a single tap.
Other functions are accessed through the menu icon.
Redesigned Watchlists, Order and Positions
The Watchlist, Positions and Orders sections have been redesigned to offer a simpler layout, with easy access to detailed information through the use of info card which appear when you select an instrument.
The info cards allow you to swipe between key information for the position or order, a chart for the instrument and key market information for the instrument.
Account summary
The Account Summary was also redesigned to give an overview of all accounts and easy access to details on a particular account.
Trade Ticket
The new Trade Ticket has recently been introduced which is optimised for easier navigation and use on mobile devices with more touch-friendly controls.
Many other new features are coming to the GTS Mobile soon.
Second currency FX spot trading
Trading in a second currency is now available in the GTS Web.
FX Quick Trades in the GTS Web now have a currency toggle on the amount selector, allowing you to select a second currency and set trade amounts in a second currency (the quote currency).
In this example, the Amount would normally be placed in EUR but you can now select to place the trade in JPY which will be converted to the EUR amount when you place the trade.
Please note that this is for convenience in converting trade amounts from the quote currency. The trade amount will always be placed in the base currency (EUR for EURJPY in this example).
Futures and futures options initial margin
Effective Monday, 9 July 2018 Global Trading LTD will improve the order checking of futures and options orders, so that the initial margin is used for the entire portfolio. The change only relates to pre-check of futures and futures options so clients without positions in these instruments are not affected.
Aggregated amounts tool
A new Aggregated Amounts tool is now available which exports aggregated amounts for your holdings into an Excel sheet. These include daily exposures, position values, P/Ls, costs and bookings and allows you to filter and process these amounts based on your own use cases.
The exported Excel sheet includes sections for:
- Aggregated Amounts – a full list of relevant amounts affecting your accounts in the period
- PL – The total P/L (realised +unrealised) per instrument per day
- Cash movements –amounts that were booked on your account per day
Aggregated amount is available under Account > Historic reports > Aggregated amounts in the platforms.
Please note that this is for convenience in converting trade amounts from the quote currency. The trade amount will always be placed in the base currency (EUR for EURJPY in this example).
Chart improvements
Trendline annotations
Improved trendline annotations are now available in the charts in all platforms.
A number of changes have recently been made to the trendline annotation, available from the Annotations menu in the chart.
Trendline segment (Trendline)
The Trendline annotation has changed name to Trendline Segment which still draws a line between the two points on the chart.
Trendline ray (Infinite trendline)
Infinite trendline has changed name to Trendline Ray and still extends in one direction (forwards).
Trendline extended (new)
A new trend line named Trendline Extended is now available which extends to both the left and right.
Trendlines can be edited in the configuration settings for the trendline configuration settings 
where you can edit:
- Line colour weight and type
- Start and end points
- Line extensions
- Add parallel trend lines
Chart improvements from May 2018
See also: New chart features from June 2018
Trade Ticket margin impact changes
From late July 2018, we will be changing the methodology used to calculate margin impact values shown in Trade Tickets in all platforms:
- Currently, the margin impact of a trade is based on the change in Margin available
- From July 2018, the margin impact of a trade will be based on the change in Reserved for margin positions = Reserved for margin positions after trade – Reserved for margin positions before the trade
This change separates the margin impact from impact of costs and option premiums.
Operational Changes
Subscription Changes
Australian Securities Exchange subscription fee change
From 1 August 2018, Australian Securities Exchange Level 2 subscriptions will be raised from AUD 82 to 88 for professional clients.
Removal of Dow Jones and S&P stock indices subscription after June 30th 2018
EFFECTIVE: Jul 01st 2018
Please be advised that we are no longer going to be supporting Dow Jones and S&P stock indices subscription due to substantial increases in pricing associated with offering this subscription.
IMPORTANT: These are just the non-tradable stock indices, not exchanges. All US equities and derivatives and the DJIA and S&P Index derivatives, such as options on these indices currently offered in the platform will still be tradable.
Subscription to be removed
Current view of the instruments
Please contact trading support ([email protected]) if you have any further questions about these changes.
June 2018 New Products & Platform Updates
Product Updates
Quick trade
Quick trading from the chart
Two new buttons have been added to the chart toolbar giving access to:
-
Instruments where quick trading is available, quick trading as either a market or limit order with price tolerance
- Placing orders on the chart
The 
button gives access to quick trade the instrument as a market order or limit order with price tolerance.
Click the amount to the left of the buy/sell quick trade buttons to select the trade amount. Click the Tolerance to the right of the buy/sell buttons to edit price maximum tolerance you are willing to accept.
To close the edit amount and tolerance clicking the fields again
Placing orders
Placing orders in the chart is now available using the order button 
Position summary
A position summary is now also available in the chart that shows your current net position on an account, the current P/L on the account and the number of open orders.
To enable/disable position summary
The position summary can be enabled/disabled using the Show Position Summary checkbox in the chart settings.
New Chart Types
Fibonacci fan
A new indicator, Fibonacci fan, is now available from the Annotations menu.
Fibonacci fans can be both rising or falling trend lines based on Fibonacci retracement levels. Fibonacci fan lines and can be used to estimate support and/or resistance levels in the financial markets.
The default Fibonacci ratios are the same as used in the other Fibonacci annotations available in the charts.
Weighted Close (WTC) indicator
Two new Indicators are now available from the Indicator menu. Weighted Close (WTC) and Kaufman’s Adaptive Moving Average (KAMA).
The Weighted Close indicator is now available from the indicators menu and is another way of looking at the price data of exchange-traded instruments. The weighted close price is an average of the price for the chart period, placing a greater emphasis on the closing price rather than the high and low. The Weighted Close indicator is calculated by multiplying the close by two, adding the high and the low to this product, and the result dividing by four. As there is only one price for Weighted Close it is shown as a line.
As you can see from the Apple chart below, the ‘normal’ close and the weighted close differ most of the time.
Kaufman’s Adaptive Moving Average (KAMA)
Kaufman’s Adaptive Moving Average (KAMA) was developed by Perry Kaufman and is a moving average, trend-following indicator that can be used to identify price turning points. It is designed to take market noise and volatility into account so that if volatility is high, the KAMA will be farther away from the current price confirming the trend and when a trend may be coming an end, the KAMA value will be closer to the market price.
The KAMA indicator differs from other moving averages such as Exponential Moving Averages which uses a weight variable, by using a constant called the ‘efficiency ratio’ to measure the strength of a trend.
Product Enhancements
Improved auto-logout time for mobile GTS-web
By popular request, the automatic logout time for mobile GTS-Web has been extended from 10 to 30 minutes.
Minimum browser requirements for GTS-Web
Operational Changes
Subscription Changes
Hang Seng Indices subscription fee change
From 1 July 2018, Hang Seng Indices Level 1 subscriptions will be raised from HKD 45 to 54 for both private and professional clients.
Beneficial Ownership and Controlling Interest
Why am I being asked to attest to information regarding beneficial ownership?
To help the government fight financial crime, federal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who ultimately own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
Who must attest to this information?
The Certifying Person – the person opening a new account or otherwise fulfilling the bank’s request to provide this Beneficial Ownership related information – on behalf of a legal entity with any of the following U.S. financial institutions:
- a bank or credit union;
- a broker or dealer in securities;
- a mutual fund;
- a futures commission merchant; or
- an introducing broker in commodities.
A legal entity includes a corporation, limited liability company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.
What information do I have to provide?
The Beneficial Ownership Regulation requires that as of May 11, 2018 that all-natural persons with beneficial ownership or controlling interest in an entity provide their name, address, date of birth and Social Security number (or passport number or other similar information, in the case of non-U.S. persons) for the following individuals:
- Beneficial Ownership Prong
- Each individual who owns, directly or indirectly, any percentage of a company that wishes to open an account at Euro Pacific Bank will be identified.
- Controlling Interest Prong
- An individual with significant responsibility for managing the legal entity customer (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer) The number of individuals that satisfy this definition of “beneficial owner” may vary, depending on the factual circumstances, up to ten individuals (but as few as zero) may need to be identified. Regardless of the number of individuals identified, you must provide the identifying information.
If you would like to read more about this regulation you may access it here: https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-10567.pdf
How do I read the Financial Statement?
The Financial Statement gives an overview of your activity on an account in the selected period.
It consists of 5 main parts:
- *Client Activity: charges made to your account as a result of your trading activity, both for open and closed positions. This may include interest charges on negative account balances, share dividends and related withholding taxes. The section may also display cancellations of such entries.
- Activity in Margin Products: P/L, commissions and related entries pertaining to closed positions in margin products (for example: forex, CFDs, futures, FX Options, contract options)
- Trading Activity in Cash Products: P/L, commissions and related entries pertaining to closed positions in cash products (for example shares, ETFs and bonds)
- Open Positions: shows positions in any instrument type open at the end of the selected period. For cash instruments, the value of the position is the market value. For margin instruments it is the unrealized P/L at the end of the selected period. ISIN codes are included where applicable.
Account Summary: shows a general overview of your opening and closing cash balances and total account values for the selected period.
*Regarding the Client Activity-section, the following definitions are often helpful:
- CFD Cash Adjustment: relevant for single stock CFDs and index tracking CFDs – when a stock pays out a dividend the share price falls also the price of the CFD will fall. To reflect that this fall is not a market move, when you are long of a CFD, you will receive a cash adjustment on the ex dividend date in the same amount as the dividend on the share, typically net of an “Adjustment Fee” designed to mirror the withholding tax. When you are short in a CFD, you will benefit from the fall of the CFD’s price, and again to reflect that this is not a market move, you will pay a “CFD Cash Adjustment” designed to reflect the full dividend. CFD Index Trackers will also be adjusted in the same way when the underlying shares pay out dividends.
- Return Adjustment: When a CFD Cash Adjustment is paid on a long CFD position (Also for index tracking CFDs) a Return Adjustment is subtracted, The Return Adjustment is designed to mirror the cash-flow from the default withholding tax rate in the relevant market for the underlying dividend payment.
- CFD Finance: CFD finance amount paid or received for some CFD types, for example most Index Tracker CFDs at Saxo are margined products, and you finance the traded value through an overnight credit/debit charge. If you open and close a CFD position within the same trading day, you are not subject to overnight financing. You can see the relevant financing rates in your trading conditions under “CFD Financing Conditions”.
- Borrowing Costs: amount paid or received on short single stock CFD positions. This is in addition to CFD Finance. If many market participants are interested in shorting a particular CFD, there will be an additional cost for shorting it because the cost of borrowing the share increases.
- Service Billing Amounts: Cost related to price feed / live data costs / news-feeds that you have subscribed to.
- Commission: Trading Commissions you have paid.
- Corporate Actions – Fee: Fee associated with a booking of corporate action
- Corporate Actions – Interest: Amount type for booking cash distribution for REITs
- Corporate Actions – Fractions: Fraction compensation received from a corporate action, for example in a dividend option or stock split.
How can I track historic changes in my account balance?
You can track historic changes in the trading account cash balance using the “Account Statement” in the trading platform under the “Account” tab.
It is possible to select a custom time period to display and print the cash balance history.
How can I generate an account statement?
You can access the “Account Statement” via the trading platform in the “Account” tab.
When viewing the Account Statement, you can select the relevant time frame and click “Print”.
Pre-Market and Post-Market trading
UPDATED: September 14th 2018
Pre-Market
1. CFDs – pre-market trading clients can do online on the GTS Pro platform only.
2. Stocks, ETFs, Futures and Options pre-market trading are no longer supported.
Post-Market
Post-market orders are not supported at all.