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negative rates being charged on margins

Posted: Fri Oct 05, 2012 9:58 am
by jas-105
I have just been told that I will be charged negative interest rates (LIBOR -1%) on margin posted at the exchange, regardless of net positive cash balance (ie cash excess after margin) ! This is as a result of the General Clearing Members looking for new revenue streams at a time of low volumes and interest rates.
Has anyone else been affected ? Have the clearing members gone mad ?

Posted: Fri Oct 05, 2012 11:48 am
by Imperium
When we pointed this out to our PB they then placed a floor at 0%. You can always point out to them how insane this is.

Alternatively, you can just sweep your excess funds out into a deposit account somewhere else.