Execution Rules

ACM is dedicated to performance and transparency. We offer the most competitive trading platform and conditions available. This section is dedicated to explaining the intricacies of the Forex market and our policies on trading execution. We suggest to all our clients to read this section attentively so as to be conscious of the following conditions and trade within a fully transparent environment - ACM regards execution and transparency as paramount.

Trading during open hours:

Open and un-interrupted Forex trading hours are from 23:00 CET Sunday to 23:00 CET Friday. During these times the platform is fully tradable and the dealing desk (+41 58 226 22 02) is open. Furthermore there is a 24 hour customer support desk on hand to help you with any platform related issues.

Normal market conditions:

• In normal market conditions (Liquid, low volatility) - spot orders will be executed at the price the client clicks on (WYCIWYG)- no slippage.

• Close at market best orders will execute the client's trade at the best market price possible. This can be in the client's favor or against.

• Spreads quoted are as low as 0.5 pip. ACM taps into 70% of global Foreign Exchange liquidity through its numerous Liquidity providers, which are among the largest financial institutions in the world.

• Stop and Limit orders will be executed once the market has reached the client's designated price which can also be called the "trigger" (Ask on a Buy and Bid on a Sell). Stop and Limit orders will be executed at the best market price - this can be in the client's favor or against.

Volatile Markets:

• In volatile market conditions (during market moving news events or particularly active markets) spot orders will be executed at market price if prices haven't moved in the accepted latency times. The client will not be filled at a different price than what was clicked, in normal market conditions (trade rejection).

• Stop and Limit orders will be executed once the market has reached the client's designated price which can also be called the "trigger" (Ask on a Buy and Bid on a Sell). Stop and Limit orders will be executed at the best market price - this can be in the client's favor or against.

• Spreads during volatile markets are susceptible to enlargement as financial institutions hedge against the elevated risk and exposure in these instances. ACM strives to keep these enlargements as low and ephemeral as possible, hence our partnerships with multiple liquidity providers to allow our systems to select the best bid and ask prices amongst our provider banks.

Illiquid or thin markets:

• Illiquid markets can occur when market activity is low or during important economic and political announcements. This is due to a lack of buyers and sellers on the global currency markets and, this is common just after Sunday opening and NY close on Fridays. Spread enlargement and liquidity freeze usually subsides after Tokyo open at 01:00 - 02:00 CET. In these irregular circumstances spreads may be slightly wider.

• These market conditions also arise in exceptional cases - such as a global economic slowdown or interbank credit squeeze to name a few. Spreads during these markets can be enlarged (as a result of the liquidity providers covering their risk).

Guaranteed fills:

Guaranteed fills on market orders up to 5 million. Any order over 5 million is not subject to guaranteed fills.

Trade mechanics and large ticket sizes:

ACM has constantly been at the forefront of execution – providing a professional approach to pricing is at the core of our business developments. At the root of any financial market are the individual traders buying and selling a particular security, supply and demand is and will always be the fundamental reason for price moves. When an order is larger than open interest on the market that will allow for it to be transacted; the price moves until the supply meets the demand for a trade.

This same logic applies for transactions at ACM. Spreads tend to widen out from the moment that a transaction size starts to heavily solicit the liquidity available in the market at the time of the trade. This practice follows market convention and allows for trades of larger size to be priced according to the available liquidity supplied by our liquidity providers. The great advantage of this institutionalized execution is that trading on larger bands becomes seamless and intervention free but has no adverse effects on clients trading smaller bands under 5 million.

Holiday/Weekend execution:

The foreign exchange markets close on the weekends as liquidity drops to untradeable levels. The weekend starts at 23:00 CET on Friday and ends at 23:00 CET on Sunday. During these times all ACM trading platforms are not tradable and can only be accessed on a "view-only" basis. Furthermore, the dealing desk and customer support services are suspended.

• During the weekend, no spot market orders can be placed into the market and prices will be frozen on the platform (as no prices are quoted).

• No alterations to existing positions or pending orders are possible during the weekend pause.

• Pending Limit or Stop orders (limit, stop, trailing stop, OCO, IF-DONE, IF-DONE OCO included) will be executed at "Market Best" on the Sunday open - hence the stop or limit order becomes a "spot at market best" order at the opening price.

• Be aware that there can be market gaps from the Friday close to the Sunday opening. A price gap such as this can result in an open position being liquated at the first available price on the market open for the corresponding position size.

• Absolutely no margin change over the weekend.

ACM urges its clients to take all of this information into account when trading the Foreign Exchange market. Proper use of the powerful tools ACM offers and a careful consideration for the risks encountered when trading the global currency markets is of paramount importance. ACM maintains that it offers the most competitive trading conditions and a platform that is constantly updated and revamped with execution reliability and performance in mind.