MIG BANK now offers aggressive spreads on 70 currency pairs as well as Gold and Silver.
New currency pairs are regularly added in response to client demand.
Select the Spreads chart you want to view by clicking on the icons above.
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Glossary of terms
The following terms and explanations serve as an aid while viewing M I G's spreads charts
Spreads
The difference between the bid price and the ask price
Spreads listed are 'Targeted Spreads'. During volatile market conditions, nights with low liquidity, and around important news announcements, spreads may increase for some or all pairs.
Lot
A lot is a predefined amount of a currency. M I G's lot values are as follows:
1 lot of any currency pair is 100,000 of the base currency
Majors
The majors are currency pairs that include the USD and have the most volume. The major currencies include: USD, EUR, CHF, GBP, CAD, AUD and JPY. Most of the world's foreign exchange transactions are denominated in these currencies.
Crosses
Crosses are currency pairs that do not include USD, but still have relatively high volume.
Exotics
Exotics are Currency pairs that are thinly traded.
Limit & Stop Orders
Limit & Stop Orders are orders to buy or sell, above or below a specific price.
The Limit & Stop Order values in the Spread Chart show in pips the minimum distance from the market that a client can place a limit or stop order.
Maximum per Trade (Streamline)
The Maximum per Trade column in the chart shows the maximum amount per single online trade that a client can trade streamline.
Larger amounts require a request for quote (RFQ), and depending on market conditions, the spread may increase.
Rollovers
A rollover is a debit or credit paid or earned as a reflection of the varying costs & income applicable to currency pairs. When trading the USD/CHF for example, rollover costs & income will be determined based on the costs & income of the countries being represented by this pair. Depending on whether you are long or short and which country has higher costs & income, you may be charged or credited. Essentially, when a customer holds a position over night they are subject to the costs & income applicable to the currency pair they are trading.
Rollovers are calculated daily at 22:59 CET. Trades that have been opened before 22:59 CET and held open past this time will be subject to Rollovers. Rollovers are tripled on Wednesday at 22:59 EST.
Why are Rollover Rates Tripled on Wednesday?
When placing a trade in the spot FX market, the actual value date is two days forward. A deal done on Thursday is for value Monday. A deal done on Friday is for value Tuesday, and so on. On Wednesday the amount of Rollover is tripled in order to compensate for the following weekend (during which time Rollover is not charged because trading is stopped for the weekend). To calculate the Rollover, one must therefore know the Rollover/costs & income and the pip value in question. For some pairs the pip value is fixed, for others it fluctuates.
Rollovers are applied at 23:00 CET. If you do not want Rollovers applied to your positions you should close them before 23:00 CET.
The Rollover Shorts & Rollover long values in the Spread Charts show the Rollover /costs & income, used to calculate Rollovers.
Rollover values are subject to change based on prevailing costs & income.
Symbols
The symbols are ISO established abbreviations for currency pairs.
