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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.

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Reader-submitted screencap

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

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Screencap from email

 

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.

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Goodwill gesture from Axitrader

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.

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Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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9 thoughts on “Rollover swap issue with China50”

  1. Daniel Ku Guet Liang says:

    Thank you Sir for highlighting this matter. I was just as shocked this morning too.

  2. Whay Mun Ashton Chang says:

    I was shocked too.

  3. Ying Ying Kelly Lee says:

    I’m affected too..

  4. editus says:

    By Ng Bak Lan
    I am affected too.

  5. Lim Sin Chiat Regina says:

    Oh, I didn’t realise. Yes, I am affected too.

  6. Chin Kim Hong says:

    I am affected too.

  7. Shawn Lim MJ says:

    Even though I am riding on the trend but because of the high rollover I have to close part of my position size

  8. Mervin Yu says:

    i am affected too.

  9. Ann Leng says:

    Already wrote to Ben and explanation sounded logical. Tho’ i still feel its not right, dont know how to pursue the matter, so would rather put my effort to make more money from next trade. Cheers!

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