DEALING FACTS Trading Hours FXDD's hours of operation are from 5:00 PM EST Sunday to 4:00 PM EST Friday. Quoted Currencies FXDD offers two-way prices in the following 20 currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF, EUR/JPY, EUR/GBP, GBP/JPY, EUR/CHF, USD/CAD, AUD/USD, CHF/JPY, GBP/CHF, EUR/AUD, EUR/CAD, AUD/CAD, AUD/JPY, AUD/NZD, NZD/USD, USD/MXN, and CAD/JPY. FX Pricing and Dealing Size As with all market makers, the spreads quoted by FXDD are dictated by market conditions. Standard spreads during normal markets are typically two to three pips wide on the major currency pairs. Deal increments are for notional lots of 100,000 of the base currency. For example, a purchase of one lot of EUR/USD at a price of 1.300 would be equivalent to a $130,000 USD notional position. The prices shown live are for amounts up to $3 million. The minimum deal size is one lot or 100,000 of the base currency. Leverage FXDD allows maximum leverage of 100:1 for a regular account and 200:1 for a mini account. For example, if you had a $10,000 account value, you could control a maximum position equal to 100 times $10,000 (or $1,000,000). Trading in a currency where the base currency is USD, you could take a position equal to ten, 100,000 lots. Working the numbers another way, if you purchase 1 lot of EUR/USD at 1.3000, you would control a position equal to $130,000 (100,000 euros x 1.300 exchange rate = $130,000). The cash margin required to hold that position would be equivalent to $130,000/100 or $1,300. Rollovers When a position is held past the close of business, the position is automatically rolled-over to the next available spot date by FXDD. The rollover needs to occur because all deals done with FXDD are for foreign exchange. Therefore, the old position must be closed and a new spot position established. Deals done on FXDD are not for delivery but for hedging and speculative purposes, so open positions at the end of the business day must be rolled over to the next spot date. For FXDD, the rollover will occur on all open positions at 5:00 p.m. EST. When a position is rolled over, all open positions are in effect closed and reestablished for value the next business day (in FX terms, the next available spot date). The interest rate differential of the base currency versus the counter currency will determine whether a net debit or credit is applied to the client's account. For example, if a client is long EUR/USD currency pair, it implies owning EUR and being short USD. If short-term interest rates are higher for the EUR versus comparable US interest rates, a holder of EUR would earn that higher rate and pay the lower US rate when rolling over a spot position. As a result, being long on a currency that has higher interest rates will result in a credit adjustment to a client's account. Conversely, being long on a currency with a lower interest rate will result in a debit adjustment to the client's account. FXDD will make a debit or credit adjustment for each open currency pair at the end of each business day. Positions that are open past 5:00 p.m. EST will result in an automatic adjustment to the client’s account and will appear in corresponding client reports. NOTE: Since open positions over a weekend need to be rolled from Friday to Monday (or 3 days), the debit or credit will be three times the normal amount. Also, if there is a holiday, the rollover amounts will also be affected. Finally, end of year or end of quarter periods can result in rollover debits or credits that can be higher or lower than normal -- spot interest rates can be particularly volatile resulting in a wider or narrower interest rate differential for the currency pair. To avoid rollover debits or credits, it is suggested to close out all open positions before the end of the FXDD business day. Click here to view the Rollover Rates