{"id":26361,"date":"2023-12-08T12:27:56","date_gmt":"2023-12-08T12:27:56","guid":{"rendered":"https:\/\/www.worldfirst.com\/uk\/?page_id=26361"},"modified":"2023-12-11T17:17:41","modified_gmt":"2023-12-11T17:17:41","slug":"margin-call-explained-business","status":"publish","type":"page","link":"https:\/\/www.worldfirst.com\/uk\/help-support\/margin-call-explained-business\/","title":{"rendered":"Margin Call Explained Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"26361\" class=\"elementor elementor-26361\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-260a004 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"260a004\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c7e102b\" data-id=\"c7e102b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7029992 elementor-widget__width-initial elementor-widget elementor-widget-breadcrumbs\" data-id=\"7029992\" data-element_type=\"widget\" data-widget_type=\"breadcrumbs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.worldfirst.com\/app3\/plugins\/elementor-pro\/assets\/css\/widget-theme-elements.min.css?ver=1756261513\"><p id=\"breadcrumbs\"><span><span><a href=\"https:\/\/www.worldfirst.com\/uk\/\">Home<\/a><\/span><\/span><\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ac2471b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ac2471b\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-91dc13f\" data-id=\"91dc13f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b1fb251 elementor-widget-mobile__width-initial elementor-widget elementor-widget-heading\" data-id=\"b1fb251\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Margin call explained<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-59a5dee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"59a5dee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e032908\" data-id=\"e032908\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-28fecd2 elementor-widget elementor-widget-heading\" data-id=\"28fecd2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Forward contracts \u2014 today\u2019s great rates, tomorrow<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e01c34 elementor-widget elementor-widget-text-editor\" data-id=\"6e01c34\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>If you want to secure a rate but aren\u2019t yet ready to make a transfer, you can\u00a0<a href=\"https:\/\/www.worldfirst.com\/uk\/forward-contracts\/\" target=\"_blank\" rel=\"noopener\">choose a forward contract<\/a> to fix a rate today for a specified date in the future. The great thing about a forward contract is that you know now exactly how much you\u2019ll get when you\u2019re ready to transfer. It helps you plan ahead, and protects you should rates move against you later.\u00a0<\/p><p>However, a forward contract could work against you if rates move in your favour after you have secured a rate. We strongly recommend that you\u00a0<a href=\"https:\/\/www.worldfirst.com\/uk\/help-support\/contact-us\/\" target=\"_blank\" rel=\"noopener\">chat through your options with one of our dedicated account managers<\/a>\u00a0before choosing what\u2019s best for you.<\/p><h3>Place a deposit to\u00a0<strong>reserve a great rate<\/strong><\/h3><p>If you decide that a forward contract is the best choice for you, we\u2019ll ask you to pay an initial deposit so that we can \u2018hold\u2019 this rate for you. The size of the margin call is a request for additional funds should your forward contract deposit decrease in value below a certain point. Place a deposit to reserve a great rate. The deposit will depend on the currency you want and when you want it and will be taken off the balance when you settle the contract.<\/p><p>We may ask you to top-up your initial deposit if the exchange rate moves significantly after you\u2019ve guaranteed your rate. This is called a margin call and this document will help you understand when it applies and why.<\/p><p><strong>A margin call is a request for additional funds should your forward contract deposit decrease in value below a certain point.<\/strong><\/p><h3>How does this work in practice?<\/h3><p>Let\u2019s say that you intend to transfer\u00a0<strong>\u00a3500,000<\/strong>\u00a0to Spain to pay a supplier for goods in three months\u2019 time. You\u2019ve been keeping an eye on the exchange rate and it has hit a level that you like \u2013 let\u2019s say\u00a0<strong>1.15<\/strong>. The thing is, you don\u2019t actually need to transfer the money yet. So you call us and \u2018book\u2019 that rate of 1.15 and, to secure it, we ask you for a\u00a0<strong>5% deposit of \u00a325,000<\/strong>.<\/p><div id=\"wfTable\" class=\"x-col e1961-e17 m1ih-q m1ih-r m1ih-s m1ih-t m1ih-x wf-table\"><div style=\"overflow-x: auto;\"><table><thead><tr class=\"row-1\"><th class=\"column-1\">Currency selling amount<\/th><th class=\"column-2\">Exchange rate on 1 Jan<\/th><th class=\"column-3\">Currency buying value<\/th><th class=\"column-4\">5% deposit needed on 1 Jan<\/th><th class=\"column-5\">Balance due on 1 April<\/th><\/tr><\/thead><tbody><tr class=\"row-2\"><td class=\"column-1\">\u00a3500,000<\/td><td class=\"column-2\">1.15<\/td><td class=\"column-3\">\u20ac575,000<\/td><td class=\"column-4\">\u00a325,000<\/td><td class=\"column-5\">\u00a325,000<\/td><\/tr><\/tbody><\/table><\/div><p>So far so good. Now, say in the time between the point at which you had secured your rate, and your trade reaches maturity, the exchange rate moves significantly against the rate you have secured.<\/p><p>This creates a negative exposure on your account, and to cover this exposure we will ask you to \u2018top up\u2019 the deposits held on your account, this is called a\u00a0<strong>\u2018margin call\u2019<\/strong><\/p><h2>\u00a0<\/h2><h2>Margin call: a deposit top-up<\/h2><p>Imagine that Euros move from 1.15 when you agreed your rate on 1st January to\u00a0<strong>1.20175<\/strong>\u00a0just one month later.<\/p><p>This means that\u00a0<strong>if<\/strong>\u00a0you were unable to complete your transfer we would have to sell the \u20ac575,000 back at a rate of 1.20175 and get\u00a0<strong>\u00a3478,468.90<\/strong>\u00a0in return \u2013 less than the \u00a3500,000 we bought them for.<\/p><p>The difference \u2013 in this case\u00a0<strong>\u00a321,531.10<\/strong>\u00a0\u2013 is a potential loss for us and a negative exposure on your account.<\/p><div style=\"overflow-x: auto;\"><table><thead><tr class=\"row-1\"><th class=\"column-1\">Currency selling amount by us<\/th><th class=\"column-2\">Exchange rate on 1 Feb<\/th><th class=\"column-3\">Currency buying value on 1 Feb<\/th><th class=\"column-4\">Initial currency value on 1 Jan<\/th><th class=\"column-5\">Potential loss to us on 1 Feb<\/th><\/tr><\/thead><tbody><tr class=\"row-2\"><td class=\"column-1\">\u20ac570,000<\/td><td class=\"column-2\">1.20175<\/td><td class=\"column-3\">\u00a3478,468.90<\/td><td class=\"column-4\">\u00a3500,000<\/td><td class=\"column-5\">-\u00a321,531.10<\/td><\/tr><\/tbody><\/table><\/div><p>To cover the exposure, we will use your initial deposit of \u00a325,000. However, doing so will reduce the amount of deposit that we are then holding to guarantee your rate.<\/p><p>For example, if we take the potential loss of \u00a321,531.10 from your initial deposit of \u00a325,000, the actual deposit we then hold to secure your rate of 1.15 reduces to just\u00a0<strong>\u00a33,468.90<\/strong>\u00a0\u2013 that\u2019s around 0.7% of the initial \u00a3500,000 transfer value.<\/p><p>If that happens we will \u2018margin call\u2019 you, meaning that we will ask you to top-up your deposit so that it covers 3% of your initial transfer value.<\/p><p>In this example, we\u2019d ask you to top-up your deposit by \u00a311,531.10 so that we then hold a \u00a336,531.10 deposit to guarantee a rate of 1.15 on your \u00a3500,000 transfer.<\/p><p><strong>You must make your margin call payment within one business day of our request. If you don\u2019t, you may lose your rate and be liable for any loss to WorldFirst.<\/strong><\/p><div style=\"overflow-x: auto;\"><table><thead><tr class=\"row-1\"><th class=\"column-1\">Potential loss to us on 1 Feb<\/th><th class=\"column-2\">Initial 5% deposit made on 1 Jan<\/th><th class=\"column-3\">Deposit once potential shortfall is covered<\/th><th class=\"column-4\">Revised 3% deposit as of 1 Feb<\/th><th class=\"column-5\">Deposit top-up (margin call) required on 1 Feb<\/th><\/tr><\/thead><tbody><tr class=\"row-2\"><td class=\"column-1\">-\u00a321,531.10<\/td><td class=\"column-2\">\u00a325,000<\/td><td class=\"column-3\">\u00a33,468.90<\/td><td class=\"column-4\">\u00a311,531.10<\/td><td class=\"column-5\">\u00a315,000<\/td><\/tr><\/tbody><\/table><\/div><h2>\u00a0<\/h2><h2>Life after a margin call: what are your options?<\/h2><p>After a margin call, you will have paid us \u00a336,531.10 in two payments: an initial deposit of \u00a325,000 and a margin call of \u00a311,531.10.<\/p><p>Rest assured that if you go ahead with your transfer as planned &#8211; and you have not booked any further contracts in the meantime &#8211; you are free to use both your initial deposit and your margin call to reduce the remaining balance you have to pay us to settle your trade.<\/p><p>As a rule, \u2018margin calls\u2019 are used to cover the exposures on the entire portfolio of your account as opposed to topping up the deposit on a specific trade. This means if you were to have multiple trades booked on your account, each with their own maturity date and exposure, you may not be able to use your \u2018margin call\u2019 to reduce the balance due on the first trade which matures. This is because we may still need to hold your \u2018margin call\u2019 on your account to offset the exposures of your other trades.<\/p><p>If the exchange rate continues to move against you after we have asked you for an initial deposit top-up, we may ask you for an extra deposit top-up (i.e. more than one \u2018margin call\u2019) just to cover the fluctuations in the market. Rest assured that this will not affect the overall amount you pay to settle your contract.<\/p><p><strong>We know it might seem complicated but the total amount you pay for your currency will not change \u2013 see the below example of using your initial deposit and margin call to reduce the balance due on your trade.<\/strong><\/p><p>In some cases, your margin call payment may be returned to you if the rate returns towards the rate you agreed initially, or your transfer is completed. Ask your Account Manager for more information on returning a margin call payment.<\/p><p>Please note we may ask for a higher percentage margin call or a greater deposit top-up if markets are volatile or if you are buying or selling a more volatile currencies, such as South African Rand.<\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Margin call explained Forward contracts \u2014 today\u2019s great rates, tomorrow If you want to secure a rate but aren\u2019t yet ready to make a transfer, you can\u00a0choose a forward contract to fix a rate today for a specified date in the future. The great thing about a forward contract is that you know now exactly [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":9034,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Margin calls explained | WorldFirst UK<\/title>\n<meta name=\"description\" content=\"A margin call is a request for additional funds should your forward contract deposit decrease in value below a certain point. 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