Forex Trading Conditions

Order validity and date changes

All currency pairs will end trading on Friday at 23.00 CET and will resume trading on Sunday at 23.05.

In addition to regular orders with daily validity (up to 23:00, time of day change) multiday orders can also be placed good 'til cancelled.

Stop loss orders are valid until revoked.

Exchange Rates Please refer to the Table available on the Web Trading Platform under info --> Operational Information --> LMAX Exchange Rates.

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Margin

All margins are requested and maintained in Euro. They usually remain unchanged while the position is open.
Occasional changes in margins are reported with few days notice ahead of time.

A fixed margin of € 25 or € 30 is currently requested for contracts with a notional value of 1,000.
The margin requirements are withdrawn from the trading account and simply held as collateral by Directa, with value date "T+1", when the trade is opened. The same amount will be returned, with value date "T+1", when the trade is closed, without any Profit or Loss generated by the trade, that will be calculated separately.

? for each available derivative instrument.

Profit and Loss

Profit and Loss are generated by the change occurred between the opening and closing price of the trade.

The corresponding amounts are converted in Euro, initially at the "previsional" exchange rate and then at the "final" official rate.

Price Adjustment

Price Adjustment is necessary for overnight positions and it's determined by the official closing price published daily by the LMAX Exchange.
Price Adjustment is calculated and converted in Euro at the provisional exchange rate of the following day, before trading starts.

For overnight positions at the beginning of each trading day Directa will cancel the last Price Adjustment and it will contextually debit/credit the updated Price Adjustment.

When the position will be closed, Directa will cancel the last Price Adjustment and it will contextually debit/credit the total Profit & Loss, calculated as the difference between the trade opening and closing price. The net P&L (excluding commissions) will be used for Tax purposes where applicable.

Interest

On overnight positions, an interest will be debited/credited (interest swap) on the trading account, please refer to the table available on the web trading platform under INFO -->3b

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Market Data

Realtime Currency market data (book with 5 levels depth) are available for Directa customers completely free of charge.

Charts

Charts are based upon the average between best bid and best ask in the order book, and not upon the price of executed trades: therefore it may happen that on the chart it is shown a minimum higher than a buy price and a maximum lower than a sell price respectively.

Activation

In order to trade currency pairs on the LMAX Exchange, your account should be active on derivatives trading first, and than you will have to subscribe to a specific activation from the menu Info --> 5a. Additional Activations --> LMAX

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