Warning from Oanda to its traders, What is going on this weekend?

Discussion in 'Forex Brokers' started by mcgene4xpro, Jun 14, 2012.

    CHR: May be nothing but probably better to consider the warning!!!

    Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations.

    Please note that during this halt in trading, you can still access your account details but no trading activity will be accepted. For this reason, OANDA strongly recommends that all traders consider minimizing currency exposures prior to the trading halt.

    If you do intend to maintain open positions during this period, be aware that OANDA will hold exchange rates steady during the trading halt. However, when trading resumes, rates will immediately adjust to the current market rate and it is possible that the updated rate could result in a margin closeout if the price has moved significantly against your positions.

    Therefore, it is your responsibility to ensure you have adequate funds in your account to prevent a margin closeout

    OANDA apologizes for any inconvenience this may cause.

    For more information, please contact a Customer Service representative.

    Best regards,

    The OANDA team
  2. "to protect traders from excessive rate fluctuations"

    Well .. this is me laughing my ass off.

    Good luck flattening it out Oanda..
  3. To protect traders = to protect ourselves.
  4. taq


    nice move by oanda.
  5. sheda


    At least there being upfront about it instead of an oldskool mass platform freeze or some bizzare antics.
  6. cornix


    Greek elections. Many brokers raised currency futures margins as well.

    But have no idea why trade on Sunday anyway. :)
  7. Sunday 6pm EST is Monday morning in Tokyo I believe. The freeze time comes in because Oanda is a big broker, and one the few who allow positions to be taken during the weekend (BIIIIIG spread penalty paid, tho)
  8. Oanda is a solid company and the only company anyone should be with if they are trading spot.
  9. Daal


    I'm sure they will have no problem liquidating the account if you have a margin call though
  10. eurojack


    I don't get it. You can't trade over the weekend anyhow, so what's the big deal?
    #10     Jun 14, 2012