INTEREST CHARGES ON OPEN MARGIN FX POSITIONS Sample Clauses

INTEREST CHARGES ON OPEN MARGIN FX POSITIONS a) Where an Order for a Margin FX contract is held overnight, the Order is subject to a Swap Charge or Swap Credit determined by Moonance in accordance with this clause: i. if the Client is the Long Party and the Bought Swap Rate is higher than the Sell Swap Rate, Moonance must pay you interest on the Open Position of any Orders at the rate that is the Bought Swap Rate minus the Sell Swap Rate; ii. if the Client is the Long Party and the Bought Swap Rate is less than the Sell Swap Rate, the Client must pay Moonance interest on the Open Position of any Orders at the rate that is the Bought Swap Rate minus the Sell Swap Rate; iii. if the Client is the Short Party and the Sell Swap Rate is higher than the Bought Swap Rate, Moonance must pay the Client interest on the Open Position of any Orders at the rate that is the Bought Swap Rate minus the Sell Swap Rate; and iv. if the Client is the Short Party and the Sell Swap Rate is lower than the Bought Swap Rate, the Client must pay Moonance interest on the Open Position of any Orders at the rate that is the Bought Swap Rate minus the Sell Swap Rate. b) Where an Order for a Margin FX contract is held at the Close of Trade on a Wednesday, the Swap Charge or Swap Credit is adjusted to reflect interest rate changes in the Currency Pair until the following Monday. c) Where an Order for a Margin FX contract is held overnight, the Client agrees to pay Moonance a transaction fee of up to 10% of the value of the Swap Charge or Swap Credit. d) Swap Charges or Swap Credits and Moonance’ transaction fee are calculated and applied to your account at the beginning of the next Trading Day e) No Swap Charge, Swap Credit or transaction fee is payable where an Order for a Margin FX contract is opened and closed on the same Trading Day.
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INTEREST CHARGES ON OPEN MARGIN FX POSITIONS. Where an Order for a Margin FX contract is held overnight, the Order is subject to a Swap Charge or Swap Credit determined by Elite Strategies Corporation Pty Limited in accordance with this clause: (i) if the Client is the Long Party and the Bought Swap Rate is higher than the Sell Swap Rate, Elite Strategies Corporation Pty Limited must pay you interest on the Open Position of any Orders at the rate that is the Bought Swap Rate minus the Sell Swap Rate;
Sample 1

Related to INTEREST CHARGES ON OPEN MARGIN FX POSITIONS

  • Interest Charges We calculate a Daily Balance for your Account. We maintain separate balances for your Purchases, Cash Advances and special promotional balances (each, a “Balance Type”) and calculate a Daily Balance for each. To determine the Daily Balance for a Balance Type, each day we take the beginning balance for the Balance Type, add any new charges included in that Balance Type, and subtract any payments and credits applied to that Balance Type. We then multiply the resulting balance by the applicable Daily Periodic Rate. The resulting daily Interest Charge is included in the beginning balance of that Balance Type for the next day. Purchases and Cash Advances are included in the Daily Balance as of the later of the transaction date or the first day of the billing period in which the Purchase or Cash Advance is posted to the Account. Cash Advance Fees are included in the Daily Balance of Cash Advances, and all other fees are included in the Daily Balance of Purchases, when posted to the Account. We figure the Interest Charge on your Account for each Balance Type by multiplying your Daily Balance of each Balance Type by the applicable Daily Periodic rate for each day in the billing cycle. At the end of the billing period, we will add up the daily Interest Charges on all Balance Types for each day in the billing period to get the total Interest Charge for the billing period. Interest Charges begin to accrue on Purchases as of the day the Purchase is included in the Daily Balance. However, if you paid the New Balance that was shown on your previous billing statement by the Payment Due Date on that statement, then (1) we will not impose Interest Charges on Purchases during your current billing period if you pay the New Balance shown on your current billing statement by the Payment Due Date on that statement, and (2) we will credit any payment (to the extent the payment is applied toward Purchases) as of the first day in your current billing period if you make a payment by the Payment Due Date that is less than the current billing period’s New Balance. If a New Balance was shown on your previous billing statement and you did not pay the New Balance by the Payment Due Date on that statement, then we will not impose Interest Charges on any Purchases during the current billing period if you pay the New Balance shown on your current billing statement by the Payment Due Date on that statement. There is no time period in which you may repay a Cash Advance and avoid imposition of Interest Charges. We may be required to apply your payments to certain balances first. This may impact Interest Charges on Purchases. If you do not pay your New Balance in full each month, then, depending on the balance to which we apply your payment, your new Purchases may be subject to interest. .•MINIMUM CHARGE FOR BILLING PERIOD — For any billing period in which an Interest Charge is imposed on your Account, there is a minimum interest charge of $1.00.

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