On 1 December 2008, Saxo Bank will be changing global CFD margin requirements and increasing ‘Double Leverage’ on CFDs to EUR50K from EUR25K.
For a list of the changes to our global CFD margins on December 1. For more information on ‘Double Leverage’ please refer to CFD Trading Conditions on our website.
This revision of margins is the result of an extensive review of the CFD margin calculation methodology that has resulted in a more flexible, yet robust, model. While most margin requirements have been eased, some have increased and clients are asked to check their existing positions against the new margin requirements to ensure margin calls are not triggered.
SKK Conversion To Euro
On 1st January 2009, Slovakia will adopt the Euro as its currency. This means the Slovakia Koruna (SKK) will no longer exist as a tradable currency. The conversion rate is already set at 30.1260 Slovakia Koruna to the Euro.
In the run up to the conversion date, liquidity in SKK will dry up and volatility will decrease significantly. Therefore, Saxo Bank will cease trading of all SKK crosses offered on its platforms at 1300 GMT on Monday 15 December 2008 – these crosses are CHFSKK, EURSKK, GBPSKK and USDSKK. Clients are requested to close out their positions before this date – any open positions remaining after 1300 GMT on Monday 15 December 2008 will be closed out by Saxo Bank at the prevailing market rate (subject to client specific spreads).
If you have any questions, please contact your account manager.
On 1 December 2008, Saxo Bank will be changing global CFD margin requirements and increasing ‘Double Leverage’ on CFDs to EUR50K from EUR25K.
For a list of the changes to our global CFD margins on December 1. For more information on ‘Double Leverage’ please refer to CFD Trading Conditions on our website.
This revision of margins is the result of an extensive review of the CFD margin calculation methodology that has resulted in a more flexible, yet robust, model. While most margin requirements have been eased, some have increased and clients are asked to check their existing positions against the new margin requirements to ensure margin calls are not triggered.
SKK Conversion To Euro
On 1st January 2009, Slovakia will adopt the Euro as its currency. This means the Slovakia Koruna (SKK) will no longer exist as a tradable currency. The conversion rate is already set at 30.1260 Slovakia Koruna to the Euro.
In the run up to the conversion date, liquidity in SKK will dry up and volatility will decrease significantly. Therefore, Saxo Bank will cease trading of all SKK crosses offered on its platforms at 1300 GMT on Monday 15 December 2008 – these crosses are CHFSKK, EURSKK, GBPSKK and USDSKK. Clients are requested to close out their positions before this date – any open positions remaining after 1300 GMT on Monday 15 December 2008 will be closed out by Saxo Bank at the prevailing market rate (subject to client specific spreads).
If you have any questions, please contact your account manager.
Best regards,
Saxo Bank
Global_Margin_Changes_Final.pdf