ESMA Regulatory Changes for MT4 Platforms
- What has changed regarding my account(s)?
- If you didn’t have any open positions at 10pm BST on 27th July: You will be able to log on to your existing account as usual, with the same username and password. Your account will have been updated to implement the new ESMA regulations, including new adjusted margin levels and negative balance protection.
- If you did have open positions at 10pm BST on 27th July: In order for us to enable new positions to be opened on separate margin settings (as dictated by ESMA) whilst maintaining any existing positions on previous margin settings, we have created a 'New' account for you, alongside your 'Existing' account. You have been emailed your new username and password for the new account, which you'll need to use to access the MT4 platform.
- Your existing account will have any existing positions you held (opened prior to 29th July) within it, and has been set to 'close only', meaning you can only close these positions and not open any new ones using this account. You can access this account using your existing username and password.
- Your new account will be used for placing any new trades in the future. You can log on to this account using the new username and password that have been emailed to you.
- Will I need a separate username and password to access each account?
- Yes. We've emailed you a new username and password for your new account. You can access your existing account using your existing username and password.
- Will my existing account settings be available on my New account?
- The account you will use for your future trading with us is completely new, and any settings you had saved on your old account will need to be re-established on your new account.
- Will there be anything missing from my New account?
- Your new account will not have any positions under it, until you open a new position. This is because any existing open positions reside under your existing account. Your new account will also have a zero cash balance, as any funds you had previously remain on your existing account.
- How do I access my New account?
- To access your new account, you'll need to log in using the username and password we've sent to you. You will also be able to switch between your existing and new accounts in My Account to transfer funds.
- How do I access my Existing account?
- To access your existing account, you'll need to log in using your existing username and password.
- Which account should I use from now on?
- You'll need to use your new account to open any new positions from 29th July onwards. To manage existing positions (opened prior to 29th July), you will need to use your existing account.
- Will my Existing account be closed after a certain amount of time?
- Your existing account will remain open as long as you have existing positions open. If you wish to close your existing account, please contact us.
Orders and Positions
The following FAQs apply to clients who held open positions at 10pm BST on 27th July, and thus have both 'New' and 'Existing' accounts (with the exception of Q2, which applies to all new positions opened from 29th July).
- How do I open new positions?
- To open a new position, ensure you have logged in to your New account. You can then open a new position as you would do normally from within the trading platform.
- What are the margin requirements for new positions?
- You can view revised margin rates for Retail and Professional Traders from 29th July onwards on our ESMA page.
- Why is my margin requirement not decreasing after I place stop loss orders?
- Due to ESMA regulations, we can no longer offer the option to reduce margin requirements for any reason. This includes the option of “orders aware margins” that City Index had included on some mar kets, which reduced margins according to attached orders.
- Can I open new positions on my Existing account, with the previous margin requirements?
- You will only be able to open new positions using your New account, which will be subject to the revised retail margin rates outlined above. Professional Traders are exempt from these revised margin rates.
- Are my existing positions subject to the new margin requirements?
- No. Your existing positions will remain on the original margin settings that were in place when they were opened prior to 29th July.
- Where are my existing positions?
- Any existing open positions you held will appear under your Existing account. You'll need to log in to your Existing account to view and manage them.
- Can I keep my existing positions open?
- Yes. Existing positions will remain open (providing you maintain sufficient funds to cover margin requirements), until you decide to close them.
- What will happen to stops and other risk management features on my open positions?
- There will be no change to these features on open positions, however the account itself will become 'close only'.
- I have an open position on a future contract. Can I roll over to the next contract?
- Any quarterly future contracts can be rolled over to the next period. Any future contracts with other time periods, such as annual futures, will not have roll overs enabled. Please contact client management if you have a position you wish to rollover.
- Where can I see my trading history?
- To view your trading history, you'll need to switch to log in to your Existing account.
Funding, Withdrawals and Transfers
The following FAQs apply to clients who held open positions at 10pm BST on 27th July, and thus have both 'New' and 'Existing' accounts.
- Why can't I see my funds on my New account?
- Any funds you had on your account prior to 29th July remain on your existing account. To view them, you'll need to log in to your existing account. You can transfer funds to your new account using the 'Transfer' feature within My Account.
- Will I have to provide all my payment card details again on my accounts?
- No. Any payment cards details you've previously registered will appear on both your accounts, enabling you to fund without having to re-enter your funding information.
- Where can I see my funding history?
- Your funding history is available to view on your New account. You can view your funding history by navigating to 'Funding Activity' section within MyAccount.
- Do I have to fund each account separately?
- Yes - each of your accounts will need to be funded separately. You'll need to ensure you've logged in to the account you wish to fund, and then follow the usual steps within My Account to add funds. You can also transfer funds from your existing account your new account, using the 'Transfer' feature in My Account.
- Can I withdraw funds from my Existing account?
- Any additional funds you add to your New or Existing accounts after 29th July, will be available to withdraw, either by bank card (to the same card the initial payment was made from) or via bank transfer. Any existing funds that are in your Existing account after 29th July can be withdrawn via bank transfer from the Existing account, or transferred to the New account and withdrawn from there.
- Any excess funds on your Existing account will be available to withdraw via bank transfer only, to allow us to comply with anti-money laundering regulations.
- What are 'excess funds'?
- Excess funds refer to monies on your account which exceed the funding history on that account (total deposits minus total withdrawals). This can include profits from trades, payments made over the phone or transfers from other accounts. In certain cases, we may need to request additional information when withdrawing excess funds, to comply with anti-money laundering regulations.
- Can I transfer funds between accounts?
- Yes - you can transfer funds from your Existing account to your New account. You cannot transfer in the opposite direction, however.
- How do I transfer funds between accounts?
- To transfer funds from your Existing account to your New account:
- 1. Navigate to the funding section in My Account and select ‘Transfer’.
- 2. Select the account you wish to transfer funds from using the ‘Transfer From Account’ drop-down menu. The amount available to transfer from this account will be displayed to the right of this menu.
- 3. Select the account you wish to transfer funds to using the ‘Transfer To Account’ dropdown menu. You will only be able to transfer from your Secondary account to your Primary account.
- 4. Enter the amount you wish to transfer and select ‘Submit’.