Euro Pacific Bank

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.

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.

How can I be warned if I am about to trade in a subaccount in a different currency than the instrument I am trading?

In GTS and GTS Pro, we display a yellow warning triangle if you are about to place a trade in an instrument in a different currency than the currency of the account AND you have an account available in the same currency as the instrument you are trading – in the below image the selected instrument is Apple, which is trading in USD – but the selected account is in EUR:

In the above example Apple is selected, a physical share. The warnings are displayed also for other instruments, as in the below image where you can see 2 examples:

  1. A EURUSD option is selected while a EUR account is selected BUT: a USD account is also available. FX Option premiums are expressed in the secondary currency, in this case USD, so it makes sense to trade this instrument on a USD account, if one is available.
  2. A DAX CFD, which is denominated in EUR is selected on a USD account AND a EUR account is available – so the platform suggests considering trading the CFD on the EUR account:

Additional collateral haircut on Stock positions in certain situations

Dear Client,

Effective today, Global Trading will introduce an additional collateral haircut on stocks. The additional haircut will be applied only in the situation where, in addition to the stock, a long single stock CFD position is held. In this scenario, the additional collateral haircut on the stock value will be equivalent to the margin requirement of the CFD position. So, in practice, this means the “Not available as margin collateral” will increase by the margin requirement of the single stock CFD.

The haircut is introduced specifically to target concentration risk where clients have a very high exposure to the same underlying stock, without impacting clients that use the stock collateral to trade derivatives with different underliers.

Example:

Today for a rating 1 stock Global Trading’s default margin requirement is 10% and collateral haircut is 25% (75% collateral value).

Stock price is 100, client has 100 shares with a total value of 100 x 100 = 10,000 and a collateral value of 75% x 10,000 = 7,500.

Using this collateral, and assuming no unrealized p/l and no cash, if the client opens 150 CFD exposure his margin requirement would be 150 x 100 x 10% = 1,500 and his margin utilization would be 1,500 / 7,500 = 20%. When the new haircut is introduced then the collateral value will be reduced by 1,500 to 6,000 and the margin utilization would be 1,500 / 6,000 = 25%.

If we assume instead of opening 150 CFDs, the client rather opens 375 CFDs the margin requirement would be 375 x 100 x 10% = 3,750. In the old model with the old haircut, the MU would be 3750/7500 = 50%. With the new, reduced hair cut model, the collateral of the stock would be reduced to by 3,750 to 3,750 and hence the new MU would be 3750 / 3750 = 100%

At 750 CFDs the margin requirement would be 750 x 100 x 10% = 7,500 with the current model and hence would be 7500 / 7500 = 100%. With the new model including CFD margin requirement haircut, this size couldn´t be opened anymore, since (as we saw in example 2) the maximum is 375 CFDs due to the haircut in the amount of the CFD Margin Requirement reducing the stock collateral value of that same stock!

Please let me reiterate that this additional haircut is only applied to collateral value of the very same stock, where clients also open single stock CFDs in. If the client does NOT have the same stock + single stock CFD positions, no additional haircut is applied

Please note – this is a general email. If your account was set to be affected by this change, you would have been individually notified.

If you have any additional questions, please email us at [email protected]