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保证金交易和重要交易日期
关键定义
第一个通知日是指获准发出实物交割期货商品的意向通知的第一个日期。该日期因商品和交易所而异。如果您持有多头期货头寸，您将需要在第一次通知日期之前清算或展期多头头寸。
现金结算合同没有第一通知日。
最后交易日是指特定期货可以进行交易的最后一天 合同为 决定 由交易所。 最后交易日结束时仍未平仓的期货合约将进行结算 通过标的资产的实物交割或根据最终结算价格进行现金结算。对于可交割期货，所有头寸都必须在最后交易日之前清算或展期，以避免实物交割。
期货/外汇市场的保证金是您必须存入交易头寸的金额。该金额通常是标的资产价值的一小部分，它有助于确保双方履行其义务。买家和卖家都必须支付保证金。
保证金交易会产生杠杆效应，让您可以使用少量资金进行更大价值的投资。因此，小的价格变化可能会导致更大的利润或损失。
维持保证金是您的账户在开仓后必须维持的最低金额。当您持仓隔夜时，当您的净值低于维持保证金时，就会发生追加保证金通知。
请参阅下面的常见问题解答“什么是追加保证金通知？“ 了解更多。
如果您是现有客户，您可以从 账户管理界面 在交易信息下。
或者，您可以致电或 WhatsApp 客户服务台 (65) 6538 0500 或发送电子邮件 nova@phillip.com.sg 查询保证金要求。
通常，等式是（净值/初始保证金）x 100 = % 中的剩余净值。
这显示了您拥有的净值占您帐户中所需初始保证金的百分比。
追加保证金
A margin call takes place when your account Equity drops below the Maintenance Margin required to support your overnight open positions. This situation indicates that your account no longer meets the necessary margin requirements to maintain these positions. Phillip Nova monitors margin requirements and determines whether a margin call is necessary at the end of each business day. If your Equity is insufficient at this time, you will be notified of the margin call and required to take action to restore your account to compliance.
The margin call amount is calculated as the difference between your Equity and the Initial Margin Required. This figure represents the shortfall that must be addressed to satisfy margin requirements for your account.
Equity is comprised of several components:
- 现金
- Non-Cash Collateral (The amount and type of collateral accepted may vary depending on your account type)
- Net Securities Collateral
- Profit and Loss (P&L) based on the mark-to-market (MTM) value of open positions
It is important to note that the value of collaterals included in your Equity will differ according to the specific type of account you hold.
Typically, margin calls must be addressed within two business days. This means that customers are required to resolve the margin call by topping up their account or reducing positions to meet the margin requirements by the specified cut-off time on the second day.
Failure to fulfill the margin call within this period may result in restricted trading access and the potential liquidation of positions to cover the shortfall.
To minimize the risk of margin call liquidation and maintain the health of your trading account, it is important to take proactive steps:
- Monitor Your Equity and Margin Requirements: Regularly review your equity balance and the margin requirements for your open positions. Staying informed about your financial standing and obligations helps you respond quickly to changes in account status.
- Maintain Adequate Funds: Always keep enough funds in your account to avoid dropping below margin requirements.
- Be Prepared to Deposit Additional Funds: In the event that a margin call arises, be ready to promptly deposit additional funds into your account. Quick action can help you meet margin requirements and avoid the forced liquidation of your positions.
When you receive a margin call, it is essential to act quickly and decisively to restore your account to compliance.
There are two primary methods for fulfilling a margin call:
- Deposit the Full Margin Call Amount: Follow deposit instructions shown 立即开户。.
- Reduce Your Open Positions
Taking timely action to address a margin call is important for maintaining the health of your trading account and avoiding potential restrictions or forced liquidation.
After making the deposit, promptly notify Phillip Nova by sending an email to nova_mo@phillip.com.sg with proof of your funds transfer. This step is crucial for confirming that your account has been topped up and for maintaining uninterrupted trading activities.
It is essential to promptly top up your account whenever your equity falls below the required margin level. Taking immediate action helps you avoid further complications and ensures that your trading positions remain unaffected.
If you do not restore your equity above the margin requirement, a forced liquidation of your positions will be initiated. This will occur according to the cut-off time specified in the margin call notification you receive. Therefore, always refer to the notification for the exact timing and act accordingly to prevent forced liquidation.
Forced liquidation actions are carried out on a best-effort basis and are subject to our discretion. During this process, your access to the trading platform may be restricted to prevent any further transactions. Additionally, any active orders linked to your account are likely to be canceled to minimise risk.
It is important to emphasise that customers should always maintain adequate margin levels in their accounts. Relying on forced liquidation to satisfy margin call obligations is not recommended. Maintaining sufficient margin at all times is the best way to avoid the adverse consequences of forced liquidation.
To fully satisfy a margin call, you must deposit funds that cover the highest margin call amount recorded on your account. Depositing a partial amount will not resolve the margin call. Similarly, liquidating positions without restoring your equity above the Initial Margin will not clear the margin call status.
Even after you have liquidated your open positions, your Equity may not exceed the Initial Margin requirement by the end of the business day. As a result, the margin call may remain in effect if the liquidation does not sufficiently restore your equity above the required level.
Always ensure that your deposited funds or risk-reducing actions are adequate to bring your Equity above the Initial Margin to fully resolve the margin call at the end of the business day.
Margin calls are determined based on your account status at the end of the business day. This means that even if you liquidate your open positions during the trading day, it does not necessarily resolve your margin call by the day’s close. The margin call may still remain in effect if your account equity is insufficient at the end of the business day.
To fully resolve a margin call, you need to deposit funds that cover the highest margin call amount recorded on your account. Only by topping up your account with the full required amount can you ensure the margin call is satisfied and avoid further account restrictions or forced liquidation.
Only activities that reduce your risk exposure are allowed. In some cases, your trading access may be limited further, and you may only be able to conduct transactions for the purpose of liquidating positions.
Margin call amount is based on the highest shortfall between Day 1 and Day 2.
If Equity is still below Initial Margin at cut-off time, forced liquidation will occur.
No. Controlled currencies (e.g., MYR, WON, IDR, INR, TWD, PHP, VND) cannot be used for contracts not denominated in them.
Even if there is a public holiday and the open position of your contract is closed for trading, it is essential that you still fulfill the Margin Call by topping up your account. If other contracts on the same exchange remain open for trading, your obligation to meet the Margin Call persists. Ensure that you deposit the required funds to bring your Equity above the Initial Margin, as failure to do so may result in forced liquidation or additional account restrictions.
Positions will be liquidated if in deficit. Phillip Nova does not distinguish contracts on LTD.
Liquidation may occur within the last hour before cessation if still in deficit.
If you have opted in to Shares Margin Trading, your securities may be liquidated. Please note that your fully paid-up securities may also be forced liquidated if an overloss arises in your account. This measure is being taken to cover any outstanding deficits.
While selling securities is permitted, it is always advisable to top up your account with funds. Depositing funds provides an immediate and effective way to resolve margin calls and reduces the likelihood of forced liquidation or additional account restrictions.
Bank Guarantees (BGs) are accepted only as collateral to support the Initial Margin requirement for Futures and Options on Futures.
低保证金政策
An account is deemed to be in Low Equity status when its Equity falls below 50% of the Initial Margin (IM) required for the open positions held.
When this threshold is reached, Phillip Nova reserves the right—but not the obligation—to initiate forced liquidation on a best-effort basis, without prior notice, in accordance with the Customer Trading Agreement. While Phillip Nova will generally attempt to notify customers of their low-equity status, such notification is not guaranteed.
In such circumstances, Phillip Nova may, at its sole and absolute discretion, liquidate any or all open positions, in any sequence or manner it deems appropriate.
Phillip Nova further reserves the right to review or amend the Low Equity and Stop-Loss thresholds from time to time, having regard to prevailing market conditions and the risk profile of each account.
When your account equity falls into Low Equity status, Phillip Nova may, but is not obliged to, issue a notification. Such alerts are sent strictly on a best-effort basis and should not be relied upon as your sole means of monitoring risk.
Forced liquidation of open positions may occur at any time, with or without prior notice, and Phillip Nova retains sole and absolute discretion to determine which positions to liquidate and in what sequence.
You are responsible for continuously monitoring your account and ensuring your equity remains above the required margin level. Proactive management is essential to avoid forced liquidation or other risk-control actions.
The forced-liquidation threshold is generally set at 20% of the Initial Margin (IM) required for your open positions.
When your account equity falls below 50% of the IM, it enters Low Equity status, where Phillip Nova may—but is not obliged to—issue a warning or initiate liquidation on a best-effort basis.
If your equity continues to decline to 20 % of the IM or lower, Phillip Nova may, at its sole and absolute discretion and without prior notice, forcibly liquidate part or all of your positions to protect its interests and cover potential losses.
Phillip Nova reserves the right to amend the Low Equity and Stop-Loss thresholds at any time without notice, based on prevailing market conditions and the risk profile of each account. Customers should monitor their equity closely and maintain sufficient funds to avoid forced liquidation.
Top-up your account or reduce positions so that equity meets or exceeds Initial Margin. Deposits must be cleared and booked to avoid liquidation.
Follow deposit instructions and send remittance proof to nova_mo@phillip.com.sg.
If you have opted in for Shares Margin Trading, your securities will be liquidated.
Please note that your fully paid-up securities may also be forced liquidated if an overloss arises in your account. This measure is being taken to cover any outstanding deficits.
Phillip Nova reserves the right to liquidate positions and restore margin without any restriction to the trading session.
If your account enters a low equity state, you have the option to sell your securities to meet margin requirements.
However, if the proceeds from the sale of your securities are not sufficient to cover the margin deficiency, your account will continue to be classified as having low equity. In such cases, additional actions, such as further reducing positions or depositing additional funds, may be necessary to resolve the situation.
周末风险政策
Introduced in March 2020, this policy safeguards accounts for drastic market gaps during weekend or exchange holiday openings. Customers must maintain at least 80% of Initial Margin (IM) in equity to carry positions over weekends or holidays.
This does not apply to trading on MT5.
Either top up your equity or reduce your positions to lower the Initial Margin requirement.
Use the formula: (Equity / Initial Margin) × 100 = Remaining Equity in %. This shows your equity as a percentage of the required Initial Margin.
Every Friday and on the eves of exchange holidays for the relevant contracts.
Follow deposit instructions and send remittance proof (screenshots) to nova_mo@phillip.com.sg. Follow up with a call to the Risk Management Team at 6597 3238 if no acknowledgement is received.
Accounts that fall below the required 80% equity to Initial margin threshold are subject to forced liquidation.
Forced liquidation is carried out on a best-effort basis. The outcome may depend on prevailing market conditions and available liquidity at the time of liquidation.
You are responsible for monitoring your accounts and maintaining sufficient margin at all times to avoid forced liquidation.
第一通知日/最后交易日
如果您没有在 FND/LTD 前一个工作日清算您的未平仓头寸，您可能会面临实物交割的风险。
实物交割期货必须在 FND（第一个通知日）和/或 LTD（最后交易日）前一天清算。但是，有些合同需要提前清算[i]。这是为了避免合约即将到期时流动性不足的风险。
合约必须被清算的那一天被称为清算日。在清算日，到期头寸必须不迟于新加坡时间晚上 11 点或收盘前 30 分钟（以较早者为准）清算或展期。
如果您需要任何关于清算未平仓头寸以避免实物交割的进一步说明，请致电 (65) 6535 1155/ (65) 6536 7633 联系期货交易台。
[i] 包括但不限于NYMEX WTI原油期货（CL）和APEX、BURSA、DCE、HKEX、INE、JPX和ZCE等交易所。
对于多头头寸，我们鼓励您至少在 FND 前两天清算您的实物交割合约头寸，对于空头头寸，我们建议您至少在 LTD 前两天清算您的实物交割合约头寸。这是为了减轻流动性不足的风险。 Phillip Nova 将协助在 FND/LTD 前一天清算所有未平仓的未平仓头寸。
但请注意，清算日可能因产品性质、交易所要求或假期而有所不同。请联系期货交易台 (65) 6535 1155 或商品交易台 (65) 6576 9810 以查看您所交易合约的实际清算日，或查看合约到期时发送给您的通知电子邮件即将到期。
强烈建议您监控您的头寸，以便了解您投资组合中相应未来合约的 FND/LTD。
您将被提醒通过电子邮件清算受影响的头寸。
未能在规定时间内平仓或展期仓位将导致 Phillip Nova Pte Ltd 强行平仓。这是必要的，以防止我们不促成任何实物交割合约。
Phillip Nova 的清算将在“尽力而为”的基础上进行。如果我们无法成功平仓，我们将不对客户因您的头寸交付而产生的任何直接或间接损失、费用或损害承担任何责任。
避免实物交割
绝大多数实物可交割期货合约是由对冲者或投机者交易的，他们对获取或交割标的资产没有兴趣。大多数交易者只是通过购买抵消合约来平仓，以避免实物交割的风险。
避免流动性变薄
在交易的最后一天，实物结算的合约通常会遇到流动性不足的情况。这是因为不打算将期货合约转换为实物商品的交易者已经退出市场，要么将其头寸展期至下一个交割月份，要么只是平仓以避免实物交割。自然，持有较大头寸的交易者的此类行为会对价格变动产生更显着的影响，因此随着期货合约即将到期，市场会受到更剧烈的波动。
请联系我们的客户服务团队 总部 或在营业时间内访问投资者中心，了解有关第一个通知和最后交易日的更多信息。
您也可以拨打 (65) 6538 0500 或发送电子邮件联系客户服务团队 nova@phillip.com.sg.
强制清算
When an account is subject to forced liquidation, several approaches may be utilised. These include hedging positions or referencing prices from similar products if necessary. Throughout this process, access to the trading system may be disabled to prevent further activity, and all active orders associated with the account may be cancelled.
It is important to understand that slippage can occur during the liquidation process, potentially resulting in deficits within your account. Such risks are inherent to leveraged and securities margin trading. If your account experiences a deficit or overloss due to our forced liquidation, you are responsible for settling the shortfall.
Please note that your fully paid-up securities may also be forced liquidated if an overloss arises in your account. This measure is being taken to cover any outstanding deficits.
All actions related to forced liquidation are conducted on a best-effort basis and at our discretion. In periods of unforeseen market events and volatile conditions, the liquidation process may be delayed or hampered. For this reason, customers are strongly advised to maintain sufficient margin at all times and not to rely on forced liquidation as a primary risk management measure.
Phillip Nova reserves the right to amend the forced liquidation threshold in accordance with market conditions and the risk profile of each account.
仍有疑问？
如有任何疑问，欢迎致电 (65) 6538 0500 或者
发送电子邮件至 nova@phillip.com.sg
