Trading Order Types

The dealing platform provides sophisticated order entry and tracking. Orders may be entered at any rate - inside or outside the existing spread - using the following orders types:

• Market Order
  An order based on a current market price.
• Limit orders
  An order with restrictions on the maximum price to be paid or the minimum price to be received.
• Stop Loss orders
  Order type whereby an open position is automatically liquidated at a specific price. Often used to minimize exposure to losses if the market moves against an investor's position.

In normal markets any sell stops will be filled on a dealer's bid, and buy stops are filled on a dealer's offer. If the market "gaps" sharply up or down the stops will be filled at the best available price. 


Internet Trading

Executing a deal via the Internet is a simple two-step process. Simply enter the number of currency you want to buy or sell and then click on the bid (sell) or offer (buy) for the currency pair you wish to trade - your deal is automatically executed. The dealing software automatically calculates the initial margin requirement based upon the notional amount of the deal, and if sufficient funds are available in your account, will accept the transaction. Deals are confirmed online, normally within one–six seconds, and the system instantaneously updates both your open position and calculates your current floating P&L.


Overnight Rollover

A rollover is the simultaneous closing of an open position for today's value date, (normally at the end of the trading day) and the opening of the same position for the next day's value date at a price reflecting the interest rate differential between the two currencies.

On Wednesday, all positions which are rolled overnight to Thursday would have the value date of the following Monday. To account for the two days of interest for the weekend when banks are not open and actual delivery cannot be made, BMFN will credit or charge three times interest for positions rolled over on Wednesday as per industry standard.


Phone Trading

1. Call the trading desk to speak with a dealer.
2. State your name, account number, user ID and password.
3. Ask for a price in the desired currency pair, indicating the amount you wish to trade.
4. After you execute your deal, the dealer will confirm your deal details back to you.
5. If it is correct, confirm with the dealer and hang up. You have now finished your phone deal. You should also check that you phone deal is inputted correctly into your account on the on-line trading platform