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Last night's funding costs


cate

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Hi guys!

 

My overnight FX interest costs were surprisingly high. For example my USDJPY positions cost (for 6 days) about ten times what they cost last Wednesday night (which was for 4 days). Similar large increases in AUDJPY and CADJPY. Is it just me, or have other people noticed the same thing? I'm not aware of any notification from IG that might explain it.

 

Hope everyone is enjoying the holiday season!

 

Cate

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Hi all - hopefully the last post on this topic! 

 

All FX /Spot Commodities Tom Next rates have returned to their previous levels apart from EUR/RUB, USD/CAD, USD/RUB and USD/TRY that trade T+1 so they will have their high funding today and then return to normal on their next roll.

 

RUB pairs roll from 29th of Dec to the 9th of Jan (11 days) due to significant holidays in Russia. Russian Christmas is on 7th Jan, with New Years day, weekends, and every day in between taken as holidays.

 

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uhjt008 wrote:

Why am I being charged FX interest on Gold? Gold was not Forex last time I looked.

Hi - Gold actually is traded in much the same way as FX with liquidity provided from the banks and denominated in USD, and therefore the interest rate received will be the same as for a currency. This is a global standard issued by banks.

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Hi  - We have a set exposure which we allow clients to trade OTC with us, however if there is a break above or below this level then we will replicate the net grouped trades in the underlying market by buying / selling the underlying asset. Furthermore you are trading on leverage, and with a margin requirement of 0.7%, you are effectively borrowing 99.3% of the funds required to place the trade. This is where the IG charge comes from. 

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