Please refer to this page for all platform and service updates from City Index.
City Index Service Updates
Updated on: 12th June 2020
Discontinuation of Cryptocurrency trading – 19th June 2020
As a result of upcoming regulatory changes to margin rates for marginable payment token derivatives, determined by the Monetary Authority of Singapore (MAS), we will no longer be offering Cryptocurrencies on our trading platforms from 19th June 2020. Any open positions held on Cryptocurrency markets will be closed at the available market price at 5pm on 19th June 2020. Full details of the MAS proposals are available here.
Due to recent high volatility, there is a heightened risk of gapping at market open. Ensure your account is adequately funded to maintain your open positions.
Additionally, during this time some markets may become either ‘limit down’ or ‘limit up’, restricting your ability to trade them. For further information on the impacts of this see below.
A limit down price is the maximum sell-off permitted in a market on a single day of trading. Once this level has been reached, trading on the market may then be restricted to prevent significant volatility and potential panic selling. A limit down price is typically determined as a percentage decline in a given market, rather than a nominal decline in price.
A limit down period is imposed by an exchange (such as the NYSE) and not by brokers. It usually lasts 15 minutes but may be extended depending on the percentage decline before market open. Limit down does not impact FX trading.
Please note that a limit down only restricts selling on the affected market(s).
Margins and spreads
In response to the high volatility, please note that spreads and margin levels may be reviewed and adjusted. Check the Market Information Sheets on our platform for the latest information.
Our Pricing and Fees policy mentions that a small inactivity fee may be charged to clients who hold a balance in an account that has not had any activity for 36+ months (retail clients) or 12+ months (professional clients).
We can inform you that we will not be deducting any inactivity fees during the month of March 2020.