Margin changes

[alpen]

I just received an email from IG stating that some margin rates / tier sizes would be changing on 11 June. However, it does not state what these changes will be, just that we (obviously) need to have enough in our accounts to cover the new margin rates when they take effect and that we'll know the new rates once they go live.

But if we don't know the new rates, how can we know we have enough margin in place beforehand?
 

[KoketsoIG]

1 hour ago, alpen said:

I just received an email from IG stating that some margin rates / tier sizes would be changing on 11 June. However, it does not state what these changes will be, just that we (obviously) need to have enough in our accounts to cover the new margin rates when they take effect and that we'll know the new rates once they go live.

But if we don't know the new rates, how can we know we have enough margin in place beforehand?
 

Dear @alpen,

The margin rates will be updated on the website and platforms when the changes come into effect.

Thanks,

KoketsoIG

[alpen]

5 minutes ago, KoketsoIG said:

Dear @alpen,

The margin rates will be updated on the website and platforms when the changes come into effect.

Thanks,

KoketsoIG

@KoketsoIG

I get that, as I wrote in my post - how about reading it again?

The point is that one can only ensure one has enough margin in place if the new rates are known before they take effect. IG must know what the new rates are going to be, so how about publishing them? I'm fairly sure this is what has happened in the past (rates are published publicly prior to their effective date).

[KoketsoIG]

1 hour ago, alpen said:

@KoketsoIG

I get that, as I wrote in my post - how about reading it again?

The point is that one can only ensure one has enough margin in place if the new rates are known before they take effect. IG must know what the new rates are going to be, so how about publishing them? I'm fairly sure this is what has happened in the past (rates are published publicly prior to their effective date).

Dear @alpen,

Apologies if this response is not satisfactory.

What we can do is get the specific market you would like to know the new margin for so that we can forward this query to the respective desk.

All the best,

KoketsoIG

[TheGuru12]

Are any margins going to be reduced? 

[alpen]

6 minutes ago, TheGuru12 said:

Are any margins going to be reduced? 

The email states "We’re pleased to let you know that the majority of our margins will decrease. However, some will increase."

So yes.

[KoketsoIG]

28 minutes ago, TheGuru12 said:

Are any margins going to be reduced? 

Yes, @TheGuru12, some margins will decrease.

Additionally, @alpen, trading services can tell you what your new margin will be and this will be on the specific markets you have positions in. You can send an email to helpdesk.uk@ig.com or contact us over the phone to get the new margin figures (these are to be updated regularly for the latest figures before the new margins go live).

Thanks,

KoketsoIG

[cate]

I came on here to ask the same question as @alpen. I'll write to the helpdesk to check which of my positions are going to be affected, but I assume this means we're going to have to contact them before opening any trades in  an asset we don't currently hold, between now and 11th June.

I mean I don't have a position in EUR/CAD at the moment but I might open one at some point in the next 10 days, not realising that the margin rate is about to change. Those of us who trade frequently and in quite a wide range of assets are going to find this a bit of a nightmare...

I'm a bit puzzled why the changes aren't been listed in advance the way they used to be. 

I can see  quite a bit of drama coming on 11th June!

Best wishes,

Cate

Edited May 28 by cate
typo! they instead of the

[alpen]

@cate Yup, it seems ridiculous - I can see no reason why they won't publish the changes ahead of time.

[neueneuen]

When I started reading this thread, I was going to respond that IG has already provided the new margin requirement in the announcement email.

Then I looked closer at the email, which says, I quote,

> We’ve just completed a general margin review on our non-equity markets to bring them in line with current market conditions. The affected asset classes are forex, indices, commodities, bonds/rates, exchange-traded funds (ETFs).

The links are to old (current) margin requirements! It does not make any sense within the context of the paragraph. This is kind of disingenuous as a separate issue.

 

So I second (third) the question in this thread: why traders are not given the new margin requirements?

Edited May 29 by neueneuen