Spread rates, margins & leverage

Standard account spread rates Majors Streaming currency pairs Spread as low as* AUDUSD 0.0003 EURUSD 0.00028 GBPUSD 0.00028 USDCAD 0.0004 USDCHF 0.00028 USDJPY 0.028 Euro Crosses Streaming currency pairs Spread as low as* EURAUD 0.0008 EURCAD 0.0007 EURCHF 0.0003 EURDKK 0.0005 EURGBP 0.0002 EURJPY 0.03 EURNOK 0.0030 EURPLN** 0.0040 EURSEK 0.0030 EURTRY** 0.0030 Other Rates Streaming currency pairs Spread as low as* AUDCAD 0.0008 AUDCHF 0.0009 AUDJPY 0.06 AUDNZD 0.0013 CADCHF 0.0007 CADJPY 0.05 CHFDKK 0.0017 CHFJPY 0.0005 CHFNOK 0.0025 CHFSEK 0.0025 DKKSEK 0.0007 GBPAUD 0.0010 GBPCAD 0.0009 GBPCHF 0.0007 GBPDKK 0.0050 GBPJPY 0.08 GBPNOK 0.0060 GBPNZD 0.0025 GBPSEK 0.0050 NOKSEK 0.0008 NZDJPY 0.06 NZDUSD 0.0004 USDDKK 0.0009 USDHKD 0.0007 USDMXN*** 0.0050 USDNOK 0.0035 USDPLN** 0.0040 USDSEK 0.0040 USDSGD 0.0006 USDTRY** 0.0020 USDZAR 0.0100

Institutional account spread rates Majors Streaming currency pairs Spread as low as* AUDUSD 0.0003 EURUSD 0.00018 GBPUSD 0.00028 USDCAD 0.0004 USDCHF 0.00028 USDJPY 0.018 Euro Crosses Streaming currency pairs Spread as low as* EURAUD 0.0005 EURCAD 0.0007 EURCHF 0.0003 EURDKK 0.0003 EURGBP 0.00005 EURJPY 0.03 EURNOK 0.0025 EURPLN** 0.0035 EURSEK 0.0025 EURTRY** 0.0020 Other Rates Streaming currency pairs Spread as low as* AUDCAD 0.0006 AUDCHF 0.0008 AUDJPY 0.04 AUDNZD 0.0011 CADCHF 0.0006 CADJPY 0.04 CHFDKK 0.0009 CHFJPY 0.0004 CHFNOK 0.0025 CHFSEK 0.0020 DKKSEK 0.0006 GBPAUD 0.0009 GBPCAD 0.0009 GBPCHF 0.0006 GBPDKK 0.0030 GBPJPY 0.07 GBPNOK 0.0050 GBPNZD 0.0020 GBPSEK 0.0040 NOKSEK 0.0007 NZDJPY 0.06 NZDUSD 0.0004 USDDKK 0.0009 USDHKD 0.0006 USDMXN*** 0.0040 USDNOK 0.0030 USDPLN** 0.0040 USDSEK 0.0030 USDSGD 0.0005 USDTRY** 0.0020 USDZAR 0.0070

*These are standard rates that are quoted during normal and liquid market conditions, spreads can be subject to enlargement due to the following occurances: Central bank rate decisions (ECB, FED, BOE; BOJ etc). Monetary policy decisions (FOMC meetings etc). Unexpected events leading to volatile market conditions. Volatile market conditions. Illiquid market conditions (public holidays etc.) Important value of open positions. Large transaction sizes. In order to reflect on the real market dynamics ACM broadcasts factual spreads receivable from our liquidity providers. Our systems are conceived to choose and transmit the best prices available to us from our partner banks. However, high market volatility caused by lasting macroeconomic effects may cause our counterparties to quote larger-then-normal spreads on non-RFQ systems, causing ACM to adapt to this environment in real time.

**These pairs can be traded live from 9h00 - 21h00 CET. Outside this time; limit/stop orders and margin requirements are being monitored. We accept no responsibilities for price slippage between the close and open prices on the next days trading. ***USDMXN can be traded live from 14h30 - 21h00 CET.

Margin rates

Minimum margin rates for ACM institutional accounts go as follows (Our margins do not widen overnight and during the weekend):

Account size (Deposit)		Total Dollarized Value of open Positions	Liquidation Margin
Up to 4'000'000 USD	and / or	Up to 25'000'000 USD	1.0%
From 4'000'001 USD to 6’250'000 USD	and / or	From 25'000'001 USD to 31’250'000 USD	2.0%
From 6’250'001 USD to 9'000'000 USD	and / or	From 31’250'001 USD to 37’500'000 USD	2.5%
From 9'000'001 USD to 12'250'000 USD	and / or	From 37'500'001 USD to 43'750'000 USD	3.0%
From 12'250'001 USD to 16'000'000 USD	and / or	From 43'750'001 USD to 50’000'000 USD	3.5%
From 16'000'001 USD to 20'000'000 USD	and / or	From 50'000'001 USD to 55’000'000 USD	4.0%
From 20'000'001 USD to 25'000'000 USD	and / or	From 55'000'001 USD to 62’500'000 USD	4.5%
25'000'001 USD and above	and / or	62'500'001 USD and above	as of 5%

All customers are fully responsible for monitoring the activity on their accounts. In the case that open positions result in excessive margin exposure and attain the allowable limit, liquidation will occur automatically and all open positions will be closed.

Margin capacity

Margin indicates the level of leverage on which a customer may execute transactions and serves as a credit limit that he may not exceed. On a 1% margin, an account containing USD 50'000 theoretically has the capacity to execute transactions up to USD 5'000'000. In practice, customers should aim for a lower margin utilisation. ACM offers 1% initial margin. As a service, ACM dealers will attempt to contact customers accustomed to dealing by telephone with the dealing desk whose open positions are close to full margin capacity. All customers are however fully responsible for monitoring the activity on their accounts. ACM is obliged to liquidate all open positions automatically when the corresponding margin threshold is breached, at the next best available market price for the corresponding execution size. Please refer to ACM spreads and conditions.

The margin capacity ACM offers reflects our willingness to provide the traders with the level of risk they wish to adopt, we do not however recommend trading close to 1% margin capacity as this engages a large amount of risk. Ultimately the choice is left to the trader to make transactions that meet his/her appetite for risk.