AxiTrader turns its back on the ruble, prepares to suspend it indefinitely as of December 23

As first reported by LeapRate this morning, AxiTrader is among one of the plethora of FX companies which has taken the prudent step of suspending trading in the Russian ruble.

Subsequent to the suspension of trading in ruble pairs, AxiTrader has now issued a letter to its client base, stating that it is preparing to cease to offer ruble trading indefinitely.

The company’s address to its client base states that due to the political and economic uncertainties regarding Russia, underlying market conditions are such that AxiTrader has made the decision to suspend trading in the Russian Rouble until further notice.

The Effective Date for ceasing to offer the USD/RUB & EUR/RUB will be Close of Business 5:00 PM MSK (Moscow time) December 23, 2014 (3:00 PM platform time [GMT+2]).

As far as considerations for customers are concerned, AxiTrader has stated that effective immediately, traders will not be able to open new positions on the USD/RUB or EUR/RUB currency pairs. The company confirmed that if an positions are currently open, they will only be able to be closed.

Any positions remaining open on USD/RUB or EUR/RUB as at the effective date will be closed by AxiTrader on 24 December, 2014. The closing price to be applied by AxiTrader on any open transactions will be determined by AxiTrader at the time giving due regard to the prevailing bid or offer rate in the underlying market.

Margin Requirements on open positions remain under review but for the moment are unchanged. Customers should be mindful that these may change without notice.

Please see the chart below for a summary from AxiTrader.


Read Also: