FXForeign Exchange

Introductions to products

Introductions to products

Trading guide

Currency pairs

16 currency pairs (US Dollar, Japanese Yen, Euro, British Pound, Australian Dollar, New Zealand Dollar, Swiss Franc, Canadian Dollar)

Trading unit

All currency pairs: 100,000 unit

Required margin

(As of Jun 22th 2018)

Currency pair Required margin
EUR/USD 510,439YEN
USD/JPY 439,920YEN
GBP/USD 582,498YEN
USD/CHF 439,920YEN
USD/CAD 439,920YEN
AUD/USD 324,441YEN
NZD/USD 302,005YEN
EUR/JPY 510,560YEN
GBP/JPY 582,320YEN
CHF/JPY 443,440YEN
CAD/JPY 330,360YEN
AUD/JPY 324,560YEN
EUR/GBP 510,560YEN
EUR/CHF 510,560YEN
GBP/CHF 582,320YEN
NZD/JPY 301,920YEN

Daily margin requirement is set by multiplying 4% to the notional principal calculated from the previous day’s closing price of the interbank foreign exchange markets.
But we may change the margin requirement when we judge the change is necessary.

Swap points

2018/06/21 data
通貨ペア (Currency pair) 日数 (Days) 買い (Buy) 売り (Sell)
ユーロ/米ドル (EUR/USD) 1 -912 770
米ドル/日本円 (USD/JPY) 1 552 -675
英ポンド/米ドル (GBP/USD) 1 -669 507
米ドル/スイスフラン (USD/CHF) 1 768 -890
米ドル/カナダドル (USD/CAD) 1 212 -334
豪ドル/米ドル (AUD/USD) 1 141 -232
NZドル/米ドル (NZD/USD) 1 97 -181
ユーロ/日本円 (EUR/JPY) 1 -202 60
英ポンド/日本円 (GBP/JPY) 1 139 -300
スイスフラン/日本円 (CHF/JPY) 1 -278 155
カナダドル/日本円 (CAD/JPY) 1 210 -302
豪ドル/日本円 (AUD/JPY) 1 593 -683
ユーロ/英ポンド (EUR/GBP) 1 -395 253
ユーロ/スイスフラン (EUR/CHF) 1 47 -189
英ポンド/スイスフラン (GBP/CHF) 1 423 -584
NZドル/日本円 (NZD/JPY) 1 518 -602

Spread

Currency pair Spread
USD/JPY 7pips
EUR/JPY 8pips
GBP/JPY 11pips
AUD/JPY 9pips
NZD/JPY 10pips
CAD/JPY 11pips
CHF/JPY 9pips
EUR/USD 7pips
GBP/USD 10pips
AUD/USD 8pips
NZD/USD 9pips
USD/CAD 9pips
USD/CHF 9pips
EUR/CHF 11pips
GBP/CHF 11pips
EUR/GBP 9pips

The spread between our bid (your sell rate) and ask (your buy rate) may widen in case of unpredictable events such as changes in politics, economies and financial conditions, restrictions by governments and restrictions on foreign exchange markets, telecommunication failures,wars and terrorism. Under these circumstances, you may not be able to execute intended transactions.

Commission fee

We adopt volume discount system where the fee is significantly discounted depending on the size of the new orders.

Transaction volume per trade One way commission fee per 100,000 currency unit
100,000 currency unit 0.06 yen (6,000 yen)
200,000 currency unit 0.05 yen (5,000 yen)
300,000 currency unit 0.04 yen (4,000 yen)
500,000 currency unit 0.03 yen (3,000 yen)
1 million currency unit 0.025 yen (2,500 yen)

※In the case of day trade, the fee is not charged for the settlement trade.
※Commission fee is charged at the same time as the conclusion of the trade.

Trading time

From 8AM Monday to 6:45AM Saturday (5:45AM Saturday during summer time in US)

※In principle, days other than Saturday, Sunday and January 1st are trading days.

System suspension time. Trades are stopped from 7AM to 7:05AM due to system maintenance.
(Trades are stopped from 6AM to 6:05AM during US summer time)

Types of orders

Market Order Trades are executed immediately at current rate
Limit Order Trades are executed at favorable rates for the customers (Buy: at xx or below, Sell: at xx or above)
Stop Loss Order Trades are executed at unfavorable rates for the customers (Buy: at xx or above, Sell: at xx or below)
IF-DONE Order Simultaneous orders for a new order and a settlement order (if a new order is done then a settlement order becomes effective)
OCO Order Simultaneous orders for a leave order and a loss cut order (if one order is done, the other one is cancelled)
IFD-OCO Order Settlement order as the result of IF-DONE order is sent as a OCO order (if IF-DONE order is done, two types of settlement orders become effective)

Settlement limit

None. (Roll over system)

Trading form

OTC transaction

Rate indication

Two way indication

Alert notice (reminder mail)

Reminder mail is sent from City Credit Capital (Labuan) Ltd when the effective margin falls below 125% or 75%.

In times of abrupt price movements, automatic settlements can take place without waiting for transmission of reminder mail.

It is the responsibility of the customer if you cannot receive our mail because of failing to notify us of the change in mail address or the domain of your mail address in mobile phones.

The rates used for profit and loss calculation in reminder mails are bid price for long positions and ask price for short positions.

Loss cut rule

(Loss cut rule A) All or a part of the position will be automatically settled when the effective margin falls below 50% of the required margin to avoid further losses until the effective margin recovers to above 50% of the required margin.

(Loss cut rule B) All or a part of the position will be automatically settled when the effective margin falls below 4% of the notional principal calculated according to the law until the effective margin recovers to above 4% of the notional principal.

Loss cut rule A does not guarantee 50% of the required margin.

In times of abrupt price movements, automatic settlements (loss cut) can take place without waiting for transmission of reminder mail.

It is the responsibility of the customer if you cannot receive our mail because of failing to notify us of the change in mail address or the domain of your mail address in mobile phones.

The rates used for profit and loss calculation in automatic settlements (loss cut) are bid price for long positions and ask price for short positions.

When loss cut rule A is applied, the final loss can exceed margin due to abrupt price changes etc.

Transaction fees are required too for automatic settlements (loss cut).

Trust safe keeping

We manage customer cash in Sumitomo Mitsui Bank as trust assets to make sure customers can trade with sense of security.

Regarding taxes

Profits arising from OTC FX transactions (both capital gains and swaps) need to be filed with the tax authorities as miscellaneous income from January 1 2012.

Tax rates are 15% for income tax, 2.1% x income tax as the special reconstruction tax and 5% for regional tax.
Profit and loss from FX can be aggregated with other futures profit and loss. And if the net is a loss, it can be rolled for three years under certain conditions.
FX profits gained by corporate entities will be included as income under the corporate tax calculation.
We submit payment records of the customers to the tax authorities with address, name and amount when OTC FX transactions are settled.
Please ask professionals such as tax accountants for details.

Special reconstruction tax will be taxed additionally for 25 years from 2013 to 2038 at the rate of 2.1% (0.315% of the profit).

Account maintenance fee

Free of charge

Time required for opening an account

About three days after returning the application form.

Payment of margin

We process payments and receipts of the margins between the customers and the company through FX margin account.
When the margin is exceeding the required amount, we will return the excess amount within four banking business day after the request from the customers.
(Requests received after 1PM Tokyo time will be processed the following day)

Remittance fee for domestic transfer will be paid by the company. Remittance fee for international transfer and transfer of foreign currencies will be paid by the customers.

Account for transfer is limited to a bank account registered under the name of the customer.

Cautionary points regarding margin payments Payment may differ from the requested amount due to changes in market prices etc.

As for payments larger than 500,000 yen, we will call your registered phone number for identity verification purposes before proceeding with the payment process.
Thank you for your acceptance.

 

Type I and Type II Financial Instruments Business (Director-General of the Kanto Finance Bureau (FIEA) Article 236),Commodity Futures Trading Dealers (OTC commodity derivative trading)
Member Associations:Japan Securities Dealers Association,Financial Futures Association of the Japan,Type Ⅱ Financial Instruments Firms Association,Japan Commodity Futures Association,Japan Investor Protection Fund
Japan Cryptocurrency Business Association Associate member Membership number 2024

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Requests for materials are accepted through telephone.