For trading times and more details, please refer to the Product Guide. Please be sure to check PCM's holiday hours schedule which is updated prior to any holidays that may interrupt normal trading hours.

note that PCM strives to provide traders with tight, competitive spreads; however, there may be instances when market conditions cause spreads to widen beyond the spreads displayed here. Additionally, spreads may not be applicable to Japanese-yen-denominated accounts or client accounts of referring brokers. Certain currency pairs may not be available for all account types. For additional information about widened spreads, click here.

PCM's margin rates are displayed in the dealing rates window on the trade station and detail the client's capital obligation to buy or sell 1 contract of a single index. PCM has standardized minimum/incremental trade sizes for each instrument. To calculate the margin required to place the minimum trade size, simply multiply the minimum trade size by the margin required (per contract) which is displayed in the dealing rates window.

Oil has a monthly expiration (please see the tables below). Clients that hold an open position on the CM Expiration will be closed at our bid/offer at:

The only consequence of this is the client will realise any floating P/L at the time it is closed.

* PCM is compensated by a mark-up, which is automatically added to the spreads it receives from its liquidity providers, PCM may also receive compensation for order flow from its liquidity providers. PCM does not charge commissions on standard accounts, however, commission charges may apply for certain classes of non-standard accounts such as Active Trader.

Foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

** Re-quotes occur when a trader makes an order at a specific price, but the order is rejected by a trading desk, and the trader is given a new price to accept or reject. Re-quotes can slow down your trading. PCM cannot re-quote forex orders because those orders operate on straight through processing. PCM also maintains a no re-quote policy for indices, metals, and oil, although those orders do not operate on straight through processing. Orders are executed at the best price available within the trader's parameters, subject to market liquidity at the time.