A Futures and Leveraged FX trading account allows you to access the Futures, Options and Forex markets. This account cannot be used to trade securities (Share Trading).

An initial deposit is required, depending on the type of contract you will be trading.

Futures

Leveraged FX

Upon approval of your application and the receipt of your initial deposit by OCBC Securities Pte Ltd, you will receive a confirmation letter with your trading account number.

Futures and Forex Contracts are traded on different electronic trading platforms. If you would like to have electronic trading for both Futures and Forex contracts, you will be issued 2 sub-accounts to facilitate your trading. 

Each sub-account will be allocated the funds according to your preference. You need to notify the dealers if you wish to transfer the funds between the sub-accounts by 4pm on each business day.

You are advised to contact our dealers immediately if you notice any system irregularities and problems.  Please refer to the system's User Guide below for more details.

For Futures platform User Guide, click here

For iOCBCfx User Guide, click here

**Kindly refer to the Trading Rules, Limitations & Risks of Internet Trading (Futures & FX) and Safeguarding Your Internet Trading (Futures & FX) Access before you commence trading.

All Futures and Forex contracts require initial margin which represents a good faith deposit from customer for the open positions to ensure performance of contract obligations. Generally, we adhere to Exchange prescribed minimum margin requirement which is usually about 5% to 10% of the contract value.  The margins may be subject to change without prior notice, depending on market volatility.

There will be a margin call (MC) when the amount in your account falls below the maintenance margin requirements. Maintenance margin level as prescribed by Exchange is usually about 80% of initial margin level.

You may make use of either of the following methods or combination of both to fulfill margin call:

a) Bring in new funds by MC + 1 to top up to initial margin levels in order to maintain your position(s). If you bring in a cheque instead of cash, margin calls are considered satisfied only when the cheque has cleared and OCBC Securities has received your funds.

 

b) Liquidate some or all the position(s) to satisfy the margin call. Margin calls are considered satisfied upon end of day settlement (ie next trading day).

Please note that you are not allowed to initiate new positions until you have satisfied your margin call.

If margin calls are not satisfied as required by OCBC Securities, we reserve the right to liquidate some or all of your open positions. Even if no margin calls are made, we reserve the right to liquidate your open positions if the *Equity (as defined below) in your account falls below 30% of the initial margin requirements of all your open positions.

*Equity = Value of all initial margin + Unrealised profit of all open positions – Unrealised loss of all open positions (Unrealised profit or unrealised loss of all open positions shall be determined by OSPL’s sole discretion but by reference to  the then prevailing bid, offer or last transacted price of the contract.)

You may choose to deposit or withdraw funds by cash, cheque or Telegraphic Transfer (TT). It is good practice that you inform our dealers or marketing personnel of any fund transfer to your trading account so that we can monitor the receipt of your funds.

For Fund withdrawal, you would need to furnish your written request with your signature and fax to (65)6534 0009 by 12 noon for same day withdrawal.  You may obtain the prescribed withdrawal form from our Customer Service department.  If you wish to make arrangement for email request for fund withdrawal, please obtain the “Email Fund withdrawal instruction” Form from our customer service officers and indicate your designated email address and bank details in the form.

We accept collateral in the form of Bankers Guarantee and selected Singapore Shares (subject to approval by the company) for initial and maintenance margin purpose only.  It cannot be used to cover cash deficit.  Accordingly, customer has to bring in cash to cover the cash deficit.  If the cash deficit is not satisfied, OCBC Securities reserves the right to exercise our rights under the collateral at any point in time to fulfill the cash deficit (even if the total equity is positive when supported by the value of the collateral).

(a) Deficit Balances

We do not auto-convert your deficit currency in your trading account.  To do a conversion with your other available funds in the trading account, you would need to call our dealers by Singapore time, 5pm to obtain a quote of the conversion rate and if rate is acceptable to you, you may then request OCBC Securities  to proceed with the conversion. 

Nevertheless, we reserve the right, without prior notification to you,  to convert any of the funds to the relevant currency for the purpose of offsetting any deficit equity balance in your account.

(b) Capital / Exchange control currencies

You need to consider the Capital control on the currencies as imposed by certain countries (eg. Malaysia, Thailand, Korea, Indonesia etc) before you trade in these markets.  OCBC Securities reserves the right to convert any of your funds in USD (or any other currencies) to the relevant currency and vice versa for the purpose of off-setting the relevant currency deficit equity balance, any realised losses and for meeting the margin requirements.

There is no administrative charge when you deposit fund to your trading account in cash or  cheques. Telegraphic Transfer (TT) of fund is subject to charges by the correspondence bank.

TT (Inward Remittance) :
US$10.00 per transaction as levied by correspondence bank

TT (Withdrawal of Funds) :
minimum of US$40.00 per transaction or whichever is higher as levied by the correspondence banks

OCBC Securities generally does not facilitate third party remittance. Should any third party remittance be undertaken, you have to provide the original instruction letter to us.  Please note that a minimum charge of US$120.00 would be imposed.
 
Cost of delivery per contract = US$120.00 plus any other Exchange/bank charges.

Where there is 2FA token issued for your electronic trading platform, please take note of the following replacement charges:

a) There will be no charges imposed for the 1st & 2nd replacement of token
b) Clients will be charged US$80 per token for the 3rd Replacement onwards

Previous month interests are credited / debited into your trading account within the first 3 business day of the following month.

Interest on Surplus funds:
Interest will be paid to you for fund in excess of margin requirements provided they are more than US$10,000 on USD deposits, S$50,000 on SGD deposits or US$20,000 equivalent on other currencies.

Interest Rate:  Prevailing call deposit interest rate less 2.0% for such currency or any other currency which OCBC Securities may agree and deem fit.

Interest charge on deficit funds / currencies:
Debit balances in Client’s accounts shall carry interest at 2.0% above prime lending rate.
The interest charge also applies to any funding of Initial Margin against your collateral.

Other interest component under Futures Transactions:
Notwithstanding a positive equity balance in your account, there will be an interest charge on any shortfall in the relevant currency of the open contract’s initial margin.

a) You can choose to receive your statements by standard mail or electronic mail. You should promptly inform us of any changes in your mailing address or email address.
 
b) Daily statements via the requested mode will be sent for your verification that all transactions are correct. As a trader, you should have a proper record of your trades and should you detect any error or discrepancy, you have to immediately inform OCBC Securities on the matter within 7 days from the date of the statement.

Please contact the following departments if you require further assistance in your trading account.