Important Notes

Important Notes

 

Last updated on 15 March, 2018

Foreign Futures Phone Trading Commission Increment

 

Dear Valued Customer,
After careful consideration, Phillip Commodities (HK) Ltd. shall increase the Phone Trading Commission fee for foreign futures. A maximum increase of USD$5 per lot (EUR$5 or JPY$500 per lot depending on the settlement currency of the traded contract) on top of the existing commission will be implemented beginning on 1st April 2018.
Online trading commission will not affected by this change.
Should you have any enquiry, please feel free to contact us at 2277 6677.
Yours faithfully,
Phillip Commodities (HK) Ltd.(Futures Commission Table)

Phone Trading Commission Increment

 

Dear Valued Customer,
After careful consideration, Phillip Commodities (HK) Ltd. shall increase the Phone Trading Commission fee for foreign options. An increase of USD$5 per lot (or JPY$500 per lot depending on the settlement currency of the traded contract) on top of the existing commission will be implemented beginning on 1st September 2017. Online trading commission will not affected by this change. Should you have any enquiry, please feel free to contact us at 2277 6677.
Yours faithfully,
Phillip Commodities (HK) Ltd.

General Issues

Settlement & Funds Deposit/ Withdrawal

  1. Please note that Phillip Commodities (HK) Limited ("Phillip") does not accept deposit from third party. Client can deposit funds to the designated "Bank Accounts". A crossed personal cheque should be made payable to "Phillip Commodities (HK) Limited".
  2. If client account contains insufficient trading currency or deficit in any currency due to trading loss, this negative balance will be charged with interest.
  3. The contract margin levels abide by the requirement of the exchanges. Phillip reserves the right to adjust the initial margin and maintenance margin of the contract according to the market conditions and without further notification.
  4. If withdrawal instruction is given on a working day before 9:20am, we will be processed on the same day. Alternatively, we will be deposited the cheque to client’s bank account or client can pick up the cheque at our head office.

Others

  1. Every trading contract has a variety of trading months and the trading volume differs correspondingly. Therefore, client must make sure which month of the future contract is the most suitable.
  2. After client deposits the funds into his Phillip account, notification should give on a working day before 5:00pm and the funds will show up on the selected platform account on the next working day if the funds are recognized successfully. If client intends to trade on the same day, client needs to send the deposit slip (only accepted cash deposit) to Customer Service Department by fax (852) 2277 6008 or email to cs@phillip.com.hk and call client’s Account Executive or dealer to place order.
  3. For any updated personal information, client should inform us as soon as possible. For personal information such as residential address, contact number, email address or bank account information etc., client should submit the "Account Particulars Amendment Form" or written instruction with signature. For change of address or correspondence address, client may be required to provide the address proof dated within the last three months.
  4. For E-statement service, client should ensure the email account can receive email successfully.
  5. For reason of security and protecting client’s benefit, client should change the password of online trading system(s) periodically.
  6. If client does not receive statement from Phillip Commodities (HK) Limited, or you have any suggestion or enquiry, please contact our customer service hotline at (852) 2277 6555 or email at cs@phillip.com.hk.
  7. Please refer to here for our fees and charges.
  8. If client is interested in our investment products, please feel free to contact client’s Account Executive, call our Customer Service Department at (852) 2277 6555 or visit our website.

 

Last updated on 29 Jan, 2015

Settlement & Funds Deposit

Bank Lists*. Please visit Deposit:Bank Accounts
*Deposit slip must be fax to our Futures Department (852) 2277 6866 with phone confirmation or email to futures@phillip.com.hk.

Last updated on 25 Jan, 2015

 

Last updated on 23 Feb, 2015

CME Group Market Data Subscription

We would like to inform you that with effect from 1 April 2015, there will be a monthly subscription fee for non-professional and professional subscribers to access market data for exchanges under the Chicago Mercantile Exchange (CME) Group. These exchanges include the CME, Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX) and Commodity Exchange (COMEX).

In order to help you understand the changes with regards to the CME Group Market Data Subscription, you may visit the Chicago Mercantile Exchange (CME) Group website for more details. If you have any other query with regards, you may contact our Foreign Futures Department at (852) 2277 6667 or email futures@phillip.com.hk.

Settlement & Funds Deposit

  1. Bank Lists*. Please visit Deposit:Bank Accounts.
    *Deposit slip must be faxed to our Futures Department (852) 2277 6866 with phone confirmation or email to futures@phillip.com.hk.
  2. Client may deposit foreign currency acceptable in Phillip for trading. However, if client deposits Hong Kong dollar without conversion, client will bear interest due to negative balance or margin deficit of foreign currency.
  3. All Foreign Futures contracts traded through Phillip can only be settled by cash and no physical delivery is made. Client will be requested to close out or to rollover the position 1 day before First Notice Day and Last Trading Day. If client’s position is not squared by the above designated time, Phillip will assist to liquidate your position(s) around 00:00 a.m.(HK time) on the designated day. This is necessary in order to prevent any physical delivery of the contract which we do not facilitate. The liquidation by Phillip will be carried out with our best efforts. In the event that we are unable to carry out the liquidation successfully, we will not be held liable to our clients for any direct or indirect loss, cost or damages.
  4. Client who withdraws foreign currency available from Phillip (except USD by cheque) from Foreign Futures account to the local bank account or any currencies to foreign bank account must submit theOriginal Telegraphic Transfer Formto Phillip and client will be charged with a telegraphic transfer fee deducted from client’s account. The approximate fee of each withdrawal is HKD400. Whether any additional fee would be charged by the corresponding bank, client should enquire of the bank in advance.
  5. Phillip reserves the right, but is not obliged, to offset any negative balance or margin deficit with other currencies in the client's account.

 

Margin Call:

When the account equity falls below the maintenance margin level, Phillip will make best effort to issue margin call via phone, email or message (if applicable) etc., requesting client to restore the account equity to initial margin level within a specified time by one of the following action:

  1. deposit the margin amount; or
  2. transfer from other Phillip accounts; or
  3. close out position.

Otherwise, Phillip will force liquidate the account position.  Client shall remain liable for any deficit in the account.

Moreover, at volatile market conditions, Phillip reserves the right to call for margin deposit from time to time.  Client should always pay attention to account position and allow sufficient equity to cover potential margin shortfall. 


Force Liquidation Policy:

1.  Phillip will make best effort to call client margin, however, it may not be able to contact client  timely due to various reasons (including volatile market condition).
If client cannot restore the account equity to initial margin level within specified time, Phillip may request client to or force close position(s).

2.  If equity falls below the required margin level or has negative balance when market opens after weekend or holiday, Phillip will make best effort to call client margin or force close position(s) at market price.  Client shall remain liable for any deficit in the account.

3.  Phillip will notify client any force liquidated position(s) by telephone, email or message, and also have those transactions identified in statement.  If the force liquidation is not sufficient to cover negative balance in the account, client shall remain liable for any deficit in the account.

 

Others

  1. Settlement Method

    Before trading, client has to understand the contract settlement method (physical delivery or cash settlement). Some dates are important such as First Notice Date and Last Trading Date. This information can be found on the exchange website or our website.
  2. First Notice Date

    For contract of physical delivery, seller can any time after the First Notice Date exercise the right to deliver. In that case, client long buying the contract must close out or rollover the position 1 day before First Notice Date. On the other hand, client short selling the contract can hold till the Last Trading Date or designated day from Phillip.
  3. Last Trading Date

    Client holding corresponding position, no matter long buying or short selling, must close the position one day before the last trading date. Contract settled by cash can be held until settlement. Profit and loss will be calculated according to settlement price released by exchange.
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Foreign Futures
Tel : (852) 2277 6677 (24Hr)
Email : futures@phillip.com.hk

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