Online trading company Rakuten Securities Hong Kong Ltd has resumed accepting new open positions in TRY/JPY on Rakuten FX again from 28th June, 2021 (Market Open).
The broker notes that:
- Gross buy and sell amount of entry order and open positions of TRY/JPY will be up to 3 million
- Initial margin for TRY/JPY will be changed from 5% to 10%
Let’s recall that, in July 2020, the company announced that the uncertain situation in Turkish Lira (TRY) has led to excessively low liquidity and extremely wide spread on its related currency pairs. Back then, Rakuten HK stopped accepting new open positions and only accepted close positions.
Speaking of trading conditions for clients of Rakuten HK, let’s note that, earlier in 2021, the broker confirmed that it had terminated the provision of the Trading Station II (TSII) platform.
Clients who have Rakuten FX accounts should have seen their account balance and open positions transferred to Rakuten FX. The pending orders were cancelled on TSII and did not transfer to Rakuten FX.
Clients who did not apply for a Rakuten FX account and had funds in an account for TSII will see their account balance and open positions transferred to the newly created Rakuten FX trading account with limited trading functionalities. Traders cannot open positions in their newly created Rakuten FX trading account until they provide the required documents according to relevant regulatory requirements to the broker. This should happen no later than 31 December 2021.