EUR Trading Risk Update

July 1, 2015

EUR markets have been shaky this week, but we have yet to experience the kind of turbulence that many expect, given the gravity of the Greek situation. The EUR opened some 160 pips lower on Monday, but quickly retraced to fill that gap and even rose beyond its Friday close.

It would appear that markets are having a hard time pricing-in such unprecedented events. Greece’s missed loan repayment of 1.6 billion to the IMF yesterday. Along with the scheduled referendum on Sunday, ATM runs, capital controls and a banking system on the very brink, lead us to believe that Monday’s gap may have just been the prelude to a much more volatile period for the euro.

As a protection against the uncertainty of these events, we would like to advise you that we may take action to limit the risk of trading EUR pairs as the situation develops. This could include limiting EUR trading to close only, or reducing available leverage to 1:50 before market close this coming Friday. This will increase the required margin for trading EUR pairs to 2%, which will also apply pre-existing positions. We therefore kindly request that you review your positions and ensure that you have sufficient margin to maintain them, factoring-in the possibility of an increase in margin requirements.

We will keep you advised before any changes are made.

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