The crisis in Greece has significantly deteriorated over the weekend. This implies extreme volatility as markets open in early Asian trading.
Some brokers have taken measures and others have warned. They would like to avoid another SNBomb turbulence. . Here are the first reactions from 7 brokers:
- Alpari: Warned that trading conditions may change in EUR/USD and EUR/JPY. The announcement was already made on Thursday.
- FxPro: Issues a high volatility alert and states that “EUR pairs may be subject to increased margin requirements”. They also warn that they reserve the right to limit euro trading to the closing of existing positions, without an option to open new ones. Update: at this moment, it’s business as usual: “FxPro would like to inform you that all accounts are subject to normal trading conditions except our fixed spread accounts that shall be limited to ‘close’ only until spreads normalise”. However, things could always change.
- FXCM: Before the weekend, the broker stated that the margin requirements on euro pairs increased. This applies to the various branches of the global firm.
- IC Markets: Issued a warning, asking traders to check their exposure.
- Lite Forex: Tripled margin requirements on all euro pairs. The limit is set to expire on Monday morning, but I guess everything depends on the developments.
- Mayzus: All instruments set to “Close only” due to the Greek crisis.
- XTB UK: Informed clients of a potential mess in Greece and warned that spread levels and limits may be increased temporarily.
These 7 responses are the very initial ones. It’s safe to assume that many more responses will follow and flow. Some of the news on broker is courtesy of Finance Magnates, which specializes in industry news. Other sources are the brokers themselves. We have reached out for more responses.