Interest charges occur whenever there is a deficit in any currency by origin (segregated or secured). Sometimes debit interest can be charged even if rolled up margin excess is positive and there is no margin call, but a particular currency margin excess is negative.
As a firm, Phillip Capital Inc. will need to charge you debit interest as we are holding currency risk. For other currency exposure we have to pay interest to other banks and financial institutions as well.
Interest charges occur in the following situations:
When you have an overnight margin deficiency in any currency.
When you are trading in a contract that settles in a non-US currency.
To avoid being charged interest, please ensure that you have sufficient funds in any of the currencies by origin. You can transfer money from one of your accounts to another without a charge by emailing treasury