OANDA Japan to change margin requirements for TRY pairs
The Japanese subsidiary of online trading major OANDA has informed its clients of changes to the trading conditions for Turkish lira (TRY) pairs.
In light of the recent market situation, OANDA will raise the margin rate for TRY pairs, effective January 31, 2022. The change will apply to individual and corporate accounts.
The broker will hike the margin rate for EUR/TRY, TRY/JPY, and USD/TRY from 10% to 25%.
The company warns that it may have to further adjust its margin requirements in the future. Traders are advised to check the level of funding of their accounts, so that they do not experience a margin call.
In addition, the maximum trade size for positions in the above-mentioned TRY pairs is now 500,000 currency units.
Other Forex brokers have also acted in response to the TRY price swings. Social trading focused broker and asset management company Darwinex has disabled TRY trading until further notice. The broker has taken the decision to disable the opening of new trades on USDTRY, EURTRY and GBPTRY until further notice (only allowing the closure of trades opened beforehand).
In November, online broker FxPro informed its clients about changes to trading conditions regarding the Turkish Lira. Trading in Turkish Lira pairs (USD/TRY and EUR/TRY) is temporarily set to close-only, meaning that clients of FxPro are unable to open new positions for the time being.