Leveraged foreign exchange Trading Particulars
||During New York Summer Time: Monday 07:00 – Saturday 03:00 (HK Time)
During New York Winter Time: Monday 07:00 – Saturday 04:00 (HK Time)
||During New York Summer Time: Daily at 03:00 - 05:00 (HK Time)During New York Winter Time: Daily at 04:00 - 06:00 (HK Time)
||Order placed through the Online Leveraged Foreign Exchange Trading System or call your Account Executive during trading hour
||Client can choose 2 different types of order, which have different validity period to suit one's investment need. (Actual validity period varies in accordance with FX market holiday)
||Day order is valid from the time it is accepted to 0300 Hong Kong time (in NY summer time) or 0400 Hong Kong time (in NY winter time). Unless specified at time of placing, all orders will be treated as day order.
|GTF (Good Till Friday order)
||GTF order is valid from the time it is accepted to New York market closes on Friday. To place GTF order, client must specify the order is GTF at time of placing.
Various order types
||Order with a specified price which will only be filled at that price or better.
||Order type whereby an open position is automatically liquidated at market price if the currency hits a specific price level. Often used to minimize exposure to losses if the market moves against an investor's position.
|One cancel other order - OCO
||A designation for two orders whereby one part of the two orders is executed the other is automatically cancelled.
||If…Then order is that the second order(s) will be sent out after the first order is executed.
Currency Contract Settlement
|Closed currency contract is settled on the next second trading day after the contract closing day (T+2).
||The profit and lost of each foreign currency contract will be firstly calculated in USD on settlement day, and then converted to HKD at the rate announced by Taifook and settled in the account.
Initial margin requirement is 5% of the currency contract value or such other level as Taifook may specify from time to time. Client is required to have sufficient initial margin prior to opening position in currency contract, whereas maintenance margin for an outstanding position in currency contract must be at 3% or above the contract value or such other level as Taifook may specify from time to time. For margin deficiency, client is required to top up to the initial margin level regardless notification is received or not. In the case when a client's maintenance margin falls to or below 1.5% of the contract value, Taifook, will at its discretion, force liquidate any or all client's outstanding contract(s) without giving any prior notice to client or obtaining client's consent. Client shall be responsible for any deficiency if the proceeds of liquidation is insufficient to cover all outstanding balances owing by the client to the Taifook. Taifook reserve it rights to amend the Margin Requirement from time to time.
Settlement Currency & trade confirmation
Hong Kong dollars will be used as settlement currency. Transaction with profit and loss details will be printed on Account Statement for client's record.
||Daily account statement will be delivered to client on the next business day after the account has trading activities, fund deposit, withdrawal, credit and debit interest and outstanding position
||Summary of account activities of the month will also be delivered at month beginning.
The risk of loss in leveraged foreign exchange trading can be substantial. You agree that you may sustain losses in excess of your initial Margin. Placing contingent orders, such as stop order or limit order, by you will not necessarily limit losses to the intended amounts. Market conditions may make it impossible to execute such orders. You agree that you may be called upon at short notice to deposit additional Margin. If the required funds are not provided within the prescribed time, your position may be liquidated without further notice. You will remain liable for any resulting deficit in your account. You should therefore carefully consider whether such trading is suitable in light of your own financial position and investment objectives.