We would like to inform our clients in advance of the upcoming Turkish Constitutional Referendum, which will take place on 16th April 2017, and which will likely lead to extreme market volatility, thin market liquidity, abnormal spreads and price gaps in Turkish Lira (‘TRY’) pairs.
To protect the Company and our clients from the anticipated market turbulence, XM intends to temporarily increase margin requirements to 5% (leverage 20:1) for USDTRY and EURTRY on Friday 14th of April at 13:00 server time (GMT 3.
The temporary measure will apply on both new and existing positions.
The margin requirements for TRY pairs will revert to normal in accordance with the leverage of the accounts shortly after the opening of the market and the announcement of the results.
If you intend to keep open positions around the referendum date on TRY pairs, we encourage you to review your trading positions and ensure that your account is sufficiently funded to avoid any disturbances in your trading activity.