Margin-rate-changes-for-Turkish-Lira-feb-2017
On Thursday, 2 February 2017 at 13:00 GMT, Saxo will increase the margin requirements for TRY currency crosses to 8%. We will also introduce a maximum exposure of USD 5,000,000.
For customers on tiered margin, requirements for trading TRY will be raised to:
| Tier | Margin Rate % | Lower Bound (USD) |
1 | 8 | 0 |
2 | 8 | 1000000 |
3 | 15 | 3000000 |
4 | 15 | 5000000 |
5 | 20 | 10000000 |
6 | 100 | 25000000 |
7 | 100 | 50000000 |
Saxo is taking this action due to the continuous devaluation of the TRY over the last two years and the continuation of elevated volatility in TRY pairs which have continued into 2017.
To prevent any unwanted closure of margin positions due to adverse market movements and/or insufficient account collateral, Saxo account managers will reach out to IB end-customers with open positions in this currency.