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Dear Client,

Friday night, 15/07/2016 a part of the Turkish military attempted to overthrow the Turkish Government. The Turkish President Erdogan denounced the army coup attempt the next morning (16/07/2016). Nevertheless, this event caused lots of uncertainty in the country and will also affect the Turkish (TRY) markets upon market opening on Sunday evening 17/07/2016 at 10pm UK time.

GKFX is monitoring the situation very closely and will at all times endeavour to maintain pricing in TRY pairs, however given the current situation, pricing may be erratic with significantly wider spreads than normal. Margin rates will be adjusted higher and will remain in force as long as we consider necessary. Swap fees will be affected as well, which will influence any open positions held open overnight. If necessary, GKFX will set all TRY pairs to ‘close only’, which will allow you to manage your current open positions but it will prevent you of opening new positions on those particular FX pairs.

Please have a look in the product overview table of your Account Type, where all new requirements of the affected products are displayed. All other products will remain with the normal requirements as outlined in our Market Information Sheets (MIS) on our homepage.http://www.gkfx.co.uk/mis

Please have a look at your trading account and make sure that you will have sufficient funds available to support the minimum margin requirements of your open positions. You are able to fund your trading account with your debit or credit card in our online portal MyGKFX at any time*.

GKFX will continue analysing the market and will advise you of any further changes, including the timing of removal of what we hope are short-term restrictions once we judge it is prudent to do so.

Please note that these changes are made in accordance with our Terms of Business and are ultimately being put in place to protect our clients.

If you have any questions then please speak to your account manager or email support@gkfx.com.

Your GKFX Team

*Please note that GKFX accepts no liability if a client is unable to deposit funds due to technical issues and clients should always make sure they have excess funds in their account to allow for any adverse move in financial markets.

Product changes:

Account type: Spread Betting

Product New Margin requirement
USDTRY 2%
EURTRY 2%
GBPTRY 2%
CHFTRY 2%

Account type: Spread Betting Fixed

Product New Margin requirement
USDTRYSB 2%
EURTRYSB 2%
GBPTRYSB 2%
CHFTRYSB 2%
AUDTRYSB 2%
TRYJPYSB 2%

 

RISK WARNING

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors and you can lose more than your initial deposit. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.See our full Risk Warning and Terms of Business for further details.

Our products are traded on margin and carry a high degree of risk. Losses can exceed your initial deposit.