Due to the upcoming referendum in Britain on Thursday, 23rd of June and the resulting increased volatility and liquidity concerns leading up to during and shortly after the vote, HiWayFX is taking several preventative steps to protect the best interests of its clients and the Company and to ensure a continuous safe trading environment for all parties.
In light of the above, please be informed that on Friday the 17th of June 10 pm GMT 3, the margin requirements for all GBP pairs will be increased by 10 times and for the all remaining currency pairs, the margin requirement will be increased by 5 times. This means that if your current account leverage is 1:500, then your new leverage for GBP pairs will be 1:50, and for the remaining currency pairs will be 1:100 respectively. In addition, margin requirement for all metals will be increased by 2 times. The margin changes will be applied to existing and new orders and to all accounts regardless of their current leverage.
Furthermore, as of the market opening on the 20th of June the stop out level on Standard, Myfxbook, and Zulu accounts will be raised to 50%.
As a result of the above mentioned adjustments, we kindly request that you evaluate your current positions and calculate whether further funding will be necessary to maintain your open positions before the new margin changes take place on Friday, 17th of June.
In the period prior to, during and after the Brexit vote, HiWayFX will be closely monitoring the market volatility to assess and decide whether additional preventive measures must be implemented for certain/all instruments such as further increasing margin requirements, enabling the ‘close-only’ mode as well as restricted availability of trading.
HiWayFX advises clients to avoid holding big open positions through the referendum or to deposit more funds to maintain adequate margin in their account.
A return to normal levels and operation depends on market conditions following the British referendum.