Standard Spot Forex

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*PLEASE NOTE THAT EXOTIC PAIRS ARE PRONE TO WIDER SPREADS OUTSIDE OF NORMAL MARKET CONDITIONS.

† As low as pricing is based on minimum pricing data from the previous 4 weeks. Spreads may fluctuate during times of market volatility.

Margins

Margin requirements may change or additional collateral required depending on position size.

Rollover on Net-based Accounts

All positions held at 3:00 PM ET will be rolled to the next value date.

• If you are holding the currency pair with the higher rate of interest, you will generally receive financing as follows: your positions will be closed at the current rate and reopened at a new opening rate. This rate will be determined by the price the position was closed at plus a maximum of .5 ticks, if you have a short position, and minus a maximum of .5 ticks, if you have a long position.
• If you are holding the currency pair with the lower rate of interest, you will generally pay financing as follows: your positions will be closed at the current rate and reinstated at the current institutional swap rate plus a minimum of .5 ticks, if you have a long position, and minus a minimum of .5 ticks, if you have a short position.

Position-based Accounts

We do not close and open the positions to account for these swap rates. Instead, we simply apply the equivalent financial consideration to the position if it were rolled over.

• If the first currency has a higher interest rate, then you are generally credited for holding a long position and debited interest for holding a short position.
• If the first currency has a lower interest rate, then you are generally debited for holding a long position and credited interest for holding a short position.

Below is the formula to show how the financing amounts are calculated.

For a short position:
F = S * V * P

For a long position:
F = S * V * P * -1

• F = Finance charge/credit
• S = Swap Rate
• V = Number of lots
• P = Pip value in account base currency

Based upon standard lot size of 100,000

Examples:

Retail USD based account short 150,000 EUR/USD on January 14, 2011:
-9.45 USD = -.63 (swap rate) * 1.5 (lots) * 10 USD (pip value)

Retail GBP based account long 100,000 USD/JPY on January 14, 2011:
0.23 GBP = -.03 (swap rate) * 1 (lots) * 7.59 GBP (pip value) * -1

***The makeup of the USD/BKT at GFT offers clients the ability to trade streaming rates against a weighted average basket of major currencies EUR (57.6%), JPY (13.6%), GBP (11.9%), CAD (9.1%), SEK (4.2%) and CHF (3.6%). Financing Charges are traded by instrument and change daily; they may not reflect a direct weighted average calculation of the underlying currencies daily Financing Charges.