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General Guidelines and Trading
Regulations
(For Internet Trading System) |
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TRADING HOURS |
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a. |
The Trading hours for the system
begins at Sunday, 2000hrs and ends at
Friday 1500hrs (System Time) (NY Time).
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b. |
There will be no trading from Friday,
1501hrs to Sunday, 2000hrs.
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c. |
Clients will be informed in advance
of changes in operating hours due to
holidays and special system maintenance
requirements.
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d. |
System time will be automatically
adjusted to daylight saving for autumn
and winter season.
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MARGIN REQUIREMENTS |
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Foreign
Currency |
Quotation |
Contract
Size |
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Euros |
EUR
/ USD |
100,000
EUR |
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Swiss Francs |
USD
/ CHF |
100,000
USD |
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British Pounds |
GBP
/ USD |
100,000
GBP |
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Japanese Yen |
USD
/ YEN |
100,000
USD |
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Australian
Dollar |
AUD
/ USD |
100,000
AUD |
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Euro / Japanese
Yen |
EUR
/ JPY |
100,000
EUR |
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Euro / British
Pounds |
EUR
/ GBP |
100,000
EUR |
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Euro / Swiss
Francs |
EUR
/ CHF |
100,000
EUR |
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British Pounds
/ Japanese Yen |
GBP
/ JPY |
100,000
GBP |
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a.
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Necessary Margin is the initial
USD margin amount that is required
to be in an account to cover all
of a Client's open trading positions.
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b. |
The Necessary Margin for all
the currencies in the trading
system is USD 1,000.00
per lot for Day trade and USD
2,000.00 per lot for Overnight
trade.
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c. |
Margin requirements are subject
to change, and shall apply to
all new and existing positions.
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| Day Trade |
2000hrs to 1500hrs System
Time |
| Night Trade |
1500hrs to 2000hrs System
Time |
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INTEREST FEES |
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Interest fees or premiums are calculated
automatically at 1500hrs (System Time)
once a day when a trade position is
left opened through the start of night
trade hours. It varies differently for
different currencies and the rates can
be found in the trading system under
the Currency Reference Rate window.
Once a position is left opened after
1500hrs (System Time), interest fees
will be automatically calculated.
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For example, if a position is opened
at 1700hrs (System Time) and is closed
at 2300hrs (System Time), no interest/
storage will be charged. Another example,
if a position was left opened at 2100hrs
(System Time) and is closed at 0800hrs
(System), Interest/ storage will be
charged.
There will be a 3 day interest/ storage
charge for positions left open after
1500hrs Friday.
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CALL MARGIN |
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a. |
Call margin 1 (MC 1) is incurred
once the equity falls below 70% of the
used margin when night trade starts
(1500hrs System Time). Clients are required
to deposit margin to the level of overnight
used margin. The account's ability to
establish new positions will automatically
be disabled and all open positions must
be liquidated unless sufficient margin
has been deposited into the account
within the stipulated time. Limit orders
placed for open positions will not be
executed.
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b. |
Even if the market turns in favor
of the account after an account goes
into a Call Margin status, the demanded
amount for Call Margin must still be
deposited into the account.
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c. |
A stop loss/limit order must be placed
to avoid the equity from falling below
30% of the used margin at all times.
If no stop orders were placed, the system
will auto-lock (hedged) the open positions
once equity falls below 30% of the used
margin (Margin Call 2). Clients are
required to deposit margin to the level
of used margin based on the margin requirement
when the account is on call margin.
Limit orders placed will not be executed
unless sufficient margin is deposited.
If no sufficient margin is deposited
before the stipulated time, all auto-lock
(hedged) will be closed by the system
automatically.
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d. |
The Client will be solely liable
for any additional margin that was required
to be deposited into his/hers/its account
with Performance Forex, Inc. PFI reserve
the rights to close all the open position(s)
of the account automatically if the
additional margin is not received by
the stipulated time. Call Margin applies
to both Day and Night Trade.
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SHORT MARGIN |
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Short Margin (SM) occurs when the
necessary/ used margin is more than
the balance of the account. Clients
should be aware of their available trading
margin for Day and Night Trade at all
times and should refrain from over-trading
on their account. Upon Short Margin
occurs on the account, clients should
immediately close one or more open positions
to reduce the necessary/ used margin.
If no sufficient action is performed,
system will automatically close all
open positions at the end of the trading
day (1500hrs System Time). If Short
Margin had occurred after 1500hrs (System
Time), system will automatically close
all open positions at 2000hrs (System
Time).
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HEDGING |
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Hedging Margin per pair (1 open buy
and 1 open sell of the same currency)
requires 50% of the necessary margin.
| Day Hedge Trade |
1000 (per pair) |
| Night Hedge Trade |
2000 (per pair) |
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LIMIT/STOP ORDER |
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a. |
Placing of limit or stop orders can
be done anytime and must be at least
30 points away from the market
price. An order will be considered good
even through market holidays and non-operating
hours unless it was cancelled.
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b. |
An order that was placed initially
to liquidate an open position that was
closed manually before it hits the placed
price will not be filled. All Limit
or Stop orders that were not filled
or cancelled are only good for up to
30 days.
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ORDER EXECUTION |
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a. |
The normal bid/ask spread quoted
may vary in times of exceptional or
volatile market conditions.
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b. |
Orders are accepted through the Internet.
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c. |
Trading by telephoning the dealing
desk of Performance Forex Inc are only
accepted in the event an Internet order
is not practical or possible due to
a technical fault, communication breakdown
etc. (Telephone number of dealing desk
may be given).
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You are to note that :
i. If the system failure is on the client's
end, the dealer will execute the trades
as per verbal instructions of the client
on liquidation; hedging and placement
of stop and limit orders.
ii. If the failure is on the mainframe
of our system, liquidation and stop
loss orders will be taken manually and
adjustments will be made once the system
is back on.
iii. Dealing code is given together
with Login ID and Passwords when the
account is opened. The Dealers at the
Dealing Desk reserve the rights to refuse
execution of client's order on their
behalf should the dealing code when
prompt by the Dealer is not given.
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d. |
All trading orders placed/done through
the Dealing Desk are recorded by telephoning
devices. All conversations concerning
price quotes requests, order execution
and confirmations, are recorded to ensure
fairness and accuracy for all parties
involved in the delivery and execution
of a trading order, and at Performance
Foreign Inc' discretion it may be kept
for up to 2 weeks.
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e. |
Orders that are placed through the
Dealing Desk will be deemed fair, undisputed
and accurate unless the Client disputes
within 48 hrs of the trade being executed.
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f. |
An order placed or executed through
the Internet will be prompted by the
system if it was confirmed or unsuccessful.
If confirmed, its terms are final and
the obligation of the Client is established.
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g. |
It's at the sole discretion of Performance
Forex Inc to make any adjustments or
corrections in terms of dispute involving
the execution and placing of orders,
either by trading from the Internet
or by telephoning the Dealing Desk.
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h. |
Trading on an electronic trading
system may engage risks associated with
communication failures, delayed quotes,
error quotes, including the failure
of hardware and software. The result
of any system failure may be that the
order is not executed according to your
instructions or is not executed at all.
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i. |
Should quoting errors result in a
mistype, such as but not limited to
a wrong big figure quote, Performance
Forex, Inc will not be liable for the
errors resulting in the account balances
and Performance Forex, Inc reserves
the right to make necessary changes
and/or adjustments on the accounts involved.
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COMMISSIONS & OTHER CHARGES |
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a. |
The Client shall pay commissions
and other charges to the Company or
its brokers, agents and representatives
in connection with transactions conducted
on behalf of and services rendered to
the Client for the Account at such rate
as the Company may from time to time
have notified the Client or otherwise
prescribed by the Company as being the
rate or rates applicable to the Account.
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b. |
Commissions are charged upon open
trade.
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c. |
Before beginning to trade, Client
should obtain a clear explanation on
commissions, storage fees, interest
rate/ premiums and other charges for
which he or she will be liable.
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NON RESTRICTION |
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These Trading Rules and Regulations
are promulgated to govern the trading
relationship between the Client and
the Company, but shall not in any manner
limit or restrict any or all rights,
which the company may have under any
contracts or agreement between the Client
and the Company. PFI reserves the right
to alter, amend or modify these Trading
Rules and Regulations without notice
to the client. |
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for more information. 
