Swaps

Often referred to as Rollover Interest, swaps are charged when holding onto a position overnight due to the difference in interest rates between the base currency and the quote currency.

SGCM deals forex trading on a “spot” basis. All trades are settled in two business days from inception as per market convention. Swaps are automatically calculated and settled at Hong Kong Time 4:00 am (Greenwich Mean Time GMT 20:00 Summer), Hong Kong Time 5:00 am (Greenwich Mean Time GMT 21:00 Winter) market close.on a daily basis and SGCM does not arrange for physical delivery. Any open positions held from Wednesday to Thursday on a trade date basis will be charged three times the value.

The extra payment is to cover the interest that would normally have been charged on Saturday and Sunday when the market is closed.

Note: Interest is not required to be paid on the borrowed amount, but if the investor decides to hold his position overnight, interest will be charged as the rolled over rates on the total positions held.

Platform Time

The time shown on SGCM MT4 trading system is set to Greenwich Mean Time (GMT) +3 hours (Summer), which is 5 hours behind Hong Kong time (GMT +8). Therefore, bear in mind that to add 5 hours to match with Hong Kong Time. Greenwich Mean Time (GMT) +2 hours (Winter) which is 6 hours behind Hong Kong time (GMT +8). Therefore, bear in mind that to add 6 hours to match with Hong Kong Time. Make sure you have the correct time.