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Interest, Swaps & Commissions

Interest, Swaps & Commissions

Understand more about leveraged trading on your margin account

Due to the global nature of leverage trading products, your Phillip Futures trading account is a multi-currency account. Each currency has its own account balance.

If you are trading a product that requires a particular denominated currency (e.g margin, commission or unrealised losses), interest charges will be levied if you do not have sufficient balance in that currency. These interest rates are subject to change. 

The latest interest rates can be accessed via POEMS: Log in to POEMS → FUTURES or FOREX/GOLD → ACCOUNTS → Financial Summary → Debit/Credit Interest Rate 

Please contact our Marketing Desk at (65) 6538 0500 or email futures@phillip.com.sg for details on debit interest rates for respective currencies.

No. Phillip Futures will not do any currency conversion to cover the deficit without your express consent or instructions. An exception is when your account is in danger of going into over-loss due to exchange rate fluctuations. Phillip Futures reserves the right to do an auto-conversion of the deficit amount to maintain a positive account balance.

For the latest currency conversion rates, you may call the Forex Desk at (65) 6536 7200 for quotes. If the quoted rate is favourable, you can instruct the dealer to proceed immediately with the currency conversion.

Alternatively, you may choose to do the online conversion via POEMS (log in to POEMS)> Forex/Gold > FX Invest.

You can earn interest for excess funds of selected currencies. Please note the interest rates are subject to change. 

You can check the interest rates via POEMS or through this link:
Log in to POEMS → FUTURES or FOREX/GOLD → ACCOUNTS → Financial Summary → Debit/Credit Interest Rate 

or you can contact the Marketing Desk at (65) 6538 0500 or email futures@phillip.com.sg for details on credit interest rates for respective currencies.

Please refer to your daily and monthly statements, which will indicate the swap points gained or paid.

  If you are holding a LONG position If you are holding a SHORT position
- Buying price is lowered, hence you are gaining swap interest. Selling price is lowered, hence you are paying swap interest.
+ Buying price is raised, hence you are paying swap interest. Selling price is raised, hence you are gaining swap interest.

Case Example 

You have an existing long position of EUR/USD at 1.3400 and the swap is at -0.0001.This means that your buying price is lowered from 1.3400 to 1.3399 and you are gaining swap interest of 0.0001 point. 

You have an existing short position of EUR/USD at 1.3400 and the swap is at -0.0001. This means that your selling price is lowered from 1.3400 to 1.3399 and you are paying swap interest of 0.0001 point. 

If you would like to find out the swap interest for a particular Forex pair, you may contact our Forex desk at (65) 6536 7200 or email our Marketing desk at futures@phillip.com.sg.