Online forex broker FxPro UK, the UK branch of the FxPro Group, said on Friday it will increase margin requirement on Russian ruble (RUB) currency pairs to 10%, starting 25 January, 2016.
The change is needed due to the increased volatility across all RUB pairs in the past few weeks, the broker said in a notice.
The new margin requirements will be valid for new positions and opened ones will not be affected.
Earlier this week, FxPro also increased the margin requirements for South African Rand (ZAR) pairs, also due to increased volatility of the currency pairs.
Although earlier today the RUB showed recovery after collapsing in the previous days to record-low levels of slightly over 80 RUB per USD, the Russian currency has been extremely volatile and experts predict uncertainty would continue. The RUB movements are affected by a complex set of factors, including existing and possible sanctions imposed on Russia by western countries and the dropping prices of oil, which is Russia’s largest export good.
FxPro UK, together with FxPro Financial Services constitute the FxPro Group. FxPro UK is regulated by the UK’s Financial Conduct Authority (FCA) and FxPro Financial Services holds a license issued by the Cyprus Securities and Exchange Commission (CySEC).
The broker offers complete services for all segments of the retail forex market, as well as trading with futures, indices, metals, shares, and contracts for difference (CFDs). It serves both retail and institutional customers in more than 150 countries.