Rollover swap issue with China50
Rollover swap deducted too high
We encountered this issue with Axitrader China50 and the matter has been taken up already. Axi is corresponding with us. We are waiting for a satisfactory answer and will come back shortly.
Anyone who is affected is encouraged to leave their name below so we can get back to you. In the meantime, everyone affected should write to Axitrader so that if the problem is addressed (we are pushing for refund of difference), you can be informed as well. Please contact Ben Clay at Ben.Clay@axitrader.com. Write to him, be nice.
Rollover 208 points
At the moment feedback from Axi is that rollover swap is equivalent to 208 points. We are looking for ways to verify this. However even based on 208 points, we suspect there is over deduction. That is because China50 is a 10USD contract. So based on the above screencap, 208 points rollover x 1 standard x 10 USD x USDSGD exchange (estimated 1.428) today, the swap would only be equal SGD2970.24. SGD3890.04 would be over $838.8 too much. Axi has promised to look into it. Anyone else with access to SGX data or information from other broker, please feel free to share.
Update 01 February 2016
Axitrader expects to provide a response by tomorrow. At the moment, this problem is something that affects new products.
Update 02 February 2016
Update 2.29 pm
Please look out for an email like this. Personally I am personally affected but have not received yet so it might take some time. For those affected, if you HAVE NOT informed them, better write in to remind them now.
Note: I consider this case closed (except those of you who need to take personal action). No more updates will be posted on this topic.
Update 09 February – Swap credited on 08 Feb
Please note that $1199.44 SGD was credited for 1 standard lot of China50 contract. For those affected, please check.