In traditional inter-bank foreign exchange
trading transactions are settled on pre-arranged settlement
dates. In other words if a trader sells 1million EUR against
USD spot on Wednesday, that means he must deliver the value
of 1million Euros on Friday in order to receive the USD
equivalent sum based on the exchange rate agreed upon. (settlement
dates in the spot market are valued on a 2 working day basis).
ACM does not expect its customers to
be constantly wiring large sums of money in order to meet
value date agreements. As a service to our customers, ACM
rolls-over all open positions to the next value date at
exactly 12:00 GMT or 01:00 CET. We charge a minimal
fee for this service: 1.00 USD per lot of the base currency.
A lot equates to
100'000 for standard accounts and 20'000 for mini accounts
of the base currency.
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