Euro Pacific Bank

New standard margin rates as of 21 November 2018

Dear client,

On Wednesday 21 of November 2018 at 08:00 GMT we will be implementing new standard margin rates for FX and CFDs. These margin rates will remain in effect until further notice.

These margin rates will remain in effect until further notice, as we continue to monitor the geopolitical and market situation closely.

What will the margin rates be?
The following tables gives you an overview of the affected instruments on your account.

FX

FX Current minimum margin Minimum margin from 21 November
SEK 2.5% 3.0%
RUB 7% 7.5%

CFDs

Index Tracker CFDs Current minimum margin Minimum margin from 21 November
EU Stocks 50 3% 4%
Swiss 20 3% 4%
France 40 3% 4%
Netherlands 25 3% 4%
Germany 30 3% 4%

Commodity CFDs

Commodity CFDs CFDs Current minimum margin Minimum margin from 21 November
NY Cocoa 5% 8%
Cotton 4% 5%
Soybeans 4% 5%
Silver 8% 5%
Gasoline US 8% 5%
UK Gas Oil 8% 5%
Heating Oil 8% 5%

You can check the upcoming changes to margin rates and collateral requirements for your respective margin profile in the trading platform under ‘Account – Margin and Collateral’.

Margin Monitor Feature
Since Monday 22 October, the new ‘Margin Monitor’ feature is be available in GTS Web and GTS Pro, to complement the existing Margin and Collateral changes module. This provides an overview of the positions that are affected by margin changes, and shows the current and the simulated margin after all changes have been applied.

Access to the Margin Monitor
The Margin Monitor will be available through an icon on the Account Toolbar (on the Account Summary in GTS Pro). The Margin Monitor is also available in My Account.

How does this impact your trading?
If you have open positions in any of the affected markets, please ensure that you monitor your positions carefully and maintain sufficient funds in your account to meet the increased margin requirements during this period of turmoil.

We recommend you keep the following in mind, especially when trading during periods of potential market volatility:

  • Consider placing relevant resting orders in advance. Market liquidity may vary substantially, and trade/quote requests may be unavailable at times as existing resting orders and new market orders are filled as priority
  • Market orders are not guaranteed to be filled at any specific price – they will be filled “at best” according to available market price when processed
  • Stop Loss orders are converted to Market orders once triggered, so are not guaranteed to be filled at your stop order level – gaps in available liquidity can result in significant slippage on Stop orders
  • Using Stop Limit type orders (rather than Stop Market) can be very beneficial as they allow the client to specify the worst acceptable immediate fill rate after triggering, and they will rest in the order book if not able to be filled immediately
  • Buying options (i.e. puts to protect long positions and calls to protect short positions) could be a hedging vehicle suitable for market uncertainty since they offer protection at the fixed Strike price, rather than Stop orders where fills on gapped prices can occur
More information
If you have any questions, please contact [email protected]

Removal of Non-Professional Subscriptions to Nasdaq OMX Nordic Equities for both live and delayed data

EFFECTIVE: Jan 01st 2019

Please be advised that we are no longer going to be supporting Nasdaq OMX Nordic Equities Subscriptions due to changes in the Nasdaq OMX Nordic Equities exchange licensing policies associated with this subscription. Existing subscriptions will be terminated and the ability for clients to subscribe to this exchange as non-professionals will be removed. Professional subscriptions have been removed on Aug 1st 2018 as previously communicated here.

Subscriptions to be removed

Current view of the instruments

Instruments on OMX that show zero on the price are supposed to be still tradable.



Please contact [email protected] if you have further questions about these changes.

Removal of Professional Subscriptions to Nasdaq OMX Nordic Equities

EFFECTIVE: Aug 31st 2018

Please be advised that we are no longer going to be supporting Nasdaq OMX Nordic Equities Professional Subscriptions due to changes in the Nasdaq OMX Nordic Equities exchange licensing policies associated with this subscription. Existing subscriptions will be terminated and the ability for clients to subscribe to this exchange as professionals will be removed. Private subscribers can still apply for the real-time subscription as usual.

Subscriptions to be removed

Current view of the instruments

Instruments on OMX that show zero on the price are supposed to be still tradable.



Please contact [email protected] if you have further questions about these changes.

Withholding Tax Matrix for Equities and Bonds

LAST UPDATED: FEB 2017

The following table provides indicative rates for withholding amounts on equity and interest income associated with equity and bond purchases made at Euro Pacific Securities (Global Trading). Rates are subject to change. This table is informational purposes and is not guaranteed as to accuracy.

Country of IssuanceCodeEquity Tax %Interest Tax %
Antigua & BarbudaAG2525
ArgentinaAR10/35.15.05/35.
AustraliaAU3010
AustriaAT27.50/27.5
BahamasBS00
BahrainBH00
BelgiumBE2727
BermudaBM00
BotswanaBW7.515
BrazilBR0/1515/25
BulgariaBG510
CanadaCA2525
Cayman IslandsKY00
ChileCL3535
ChinaCN1010
ColombiaCO0/4033
CuracaoCW00
CyprusCY00
Czech RepublicCZ3535
DenmarkDK2722
EgyptEG1020
EstoniaEE00
Faroe IslandsFO350
FinlandFI200
FranceFR300
GabonGA2010
GeorgiaGE55
GermanyDE26.37526.375
GibraltarGI00
GreeceGR1015
GreenlandGL440
Guernsey, Channel IslandsGG00
Hong KongHK00
HungaryHU00
IcelandIS2010
IndiaIN010/20.
IndonesiaID2020
IrelandIE2020
Isle of ManIM00
IsraelIL25/3025
ItalyIT2612.5/26
JapanJP20.4215.315/20.42
Jersey, Channel IslandsJE00
KazakhstanKZ15/2015/20
KoreaKR2215.4/22
LebanonLB1010
LiberiaLR1515
LiechtensteinLI00
LithuniaLT1510
LuxembourgLU1510
MalaysiaMY0/10/2515
MaltaMT00
Marshall IslandsMH00
MauritiusMU00/15
MexicoMX1035
MonacoMC00
MoroccoMA1530
NamibiaNA2010
NetherlandsNL150
New ZealandNZ3015
NigeriaNG1010
NorwayNO250
PakistanPK12.5/2510/20.
PanamaPA10/20.12.5
Papua New GuineaPG0/10/1715
PeruPE6.830
PhilippinesPH3020/30
PolandPL1920
PortugalPT3535
Puerto RicoPR150/29
QatarQA07
RomaniaRO516
Russian FederationRU1515/20
SingaporeSG1715
SlovakiaSK3535
SloveniaSI1515
South AfricaZA1515
SpainES1919
SwedenSE300
SwitzerlandCH3535
TaiwanTW2020
ThailandTH1015
TurkeyTR1510/12/13/15/18
United Arab EmiratesAE00
United KingdomGB00
United Kingdom REITSGB20-
United States of AmericaUS3030
Virgin Islands, BritishVG00
ZambiaZM1515
ZimbabweZW10/15.5/15.

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.

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:

    Account Summary: shows a general overview of your opening and closing cash balances and total account values for the selected period.

  1. *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.
  2. 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)
  3. Trading Activity in Cash Products: P/L, commissions and related entries pertaining to closed positions in cash products (for example shares, ETFs and bonds)
  4. 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.

*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.

Where can I find my financial reports?

For auditing and tax purpose it is possible to find all of your relevant reports and summaries in one of the Saxo platforms:

Here you will be asked to login with Username and Password, which can be provided upon request. Send a message through the “Brokerage Account Advisory”header in the online banking portal.

Once logged in you can find the reports here:

Which reports do I need for End-of-Year reporting?

  • Account Statement – shows all transactions for the account.
  • Trades Executed – shows information on all trades made.
  • Financial Statement – Summary of trading activity, interest, commissions, dividends and details of any open positions.