Announcement about ESMA rules

30 July, 2018

We recently wrote to notify you about the forthcoming ESMA changes that will take place at the end of this month.

The latest ESMA changes dramatically affect margin requirements, increasing them by up to 20 times for some products. Accordingly, we would like to inform you that in any case you do not take any action further to our previous email notification, the new margin requirements impossed by ESMA will be applied to new positions opened on or after the 29th July and the liquidation level on your account will increase to 50%. Please note that your existing positions will not be affected.

We strongly recommend that you visit our dedicated page, which explains in detail the ESMA measures and also provides real-life examples, in order to understand the impact on your trading. Specifically, stop out levels on will change from 20% before 1st of August to 50%

Client’s options to maintain current leverage for new positions?

1- In order to avoid the upcoming leverage caps you can open an account with our new subsidiary, Orbex Limited in Saint Vincent and Grenadines. Your account will no longer fall under Cyprus jurisdiction, and accordingly not under CySEC regulations and therefore will not be subject to ESMA restrictions but it will still be maintained and held under a company you trust, this solution we are offering to our clients based on commitment to serve traders responsibly.

How to open a new account with Orbex Limited in Saint Vincent and the Grenadines?

Where possible you will be sent new trading account details and login details for the client portal without having to submit any further documentation.

Transferring your existing positions to the new Account

You have the option to transfer your existing positions from your account with Orbex Limited -Cyprus to your new account with Orbex Limited in St. Vincent and the Grenadines. We will close your positions at your open price and reopen them at the same price. Where applicable, swaps charges will be incurred. If you don’t want to move your positions, just don’t tick the box on the form.

2- In case the client wishes not to open a new account as per option 1 above, his existing account with the Company (Orbex Limited - Cyprus) will accordingly be subject to ESMA new measures on CFDs, the current open trades will be set to ‘close only due to the changes in the requirements of trades based on the new measures. and in order to make new trades, please use the new set of symbols ending with x and # (e.g. EURUSDx,GBPUSD# ) available on the trading platform,

The client should ensure that there is available margin in his account in order to execute any new trades based on the margin requirements for example:

Example of Margin Requirement before changes (FX Majors):

  • Account Base Currency: EUR
  • Retail Client Leverage 1:50 
  • Buy 1 lot EURUSD
  • Margin Requirement  (1*100,000)/50 = EUR 2,000

Example of Margin Requirement after changes (FX Majors):

  • Account Base Currency: EUR 
  • Retail Client Leverage 1:30
  • Buy 1 lot EURUSD
  • Margin Requirement (1*100,000)/30 = EUR 3,333.33

Existing account with Orbex Limited - Cyprus

The account you have with Orbex Limited – Cyprus will remain open and any existing positions on COB 31th July will be set to ‘close only’. These positions will not be subject to the margin requirement changes but the liquidation level on your account will increase to 50%. This account will also benefit from the other product intervention measures such as negative balance protection. The new sub-account to be created upon your request for the new trades will be subject to the product intervention measures.

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