EU referendum pushing up margins

PhillipCapital UK says it plans to increase its margin requirements to help protect clients ahead of the UK’s European Union referendum on June 23. It says this will take place in two stages, with the first increase occurring on June 12 and the second on June 19, encompassing all instruments.

GBP currency pairs and GBP denominated instrument will see margins raised to 10 percent, with margins on remaining instruments raised to 5 percent, it adds. This change is planned to be temporary and depending on market conditions following the vote, PhillipCapital UK will look to return the margin requirements to their current levels.