Dealing with EUR debit

[hilmy83]

This is for those that trade Eurex futures with USD based account with AMP.

So I took a hit on micro dax FDXS trade earlier this month, which resulted in -2260.14 eur debit.

I thought that the conversion is settled immediately from USD to cover it. But apparently AMP's policy is:

My balance shows:

But my statement is already reflecting the "conversion" (see NLV)

AMP keeps saying

It works both ways.....if the EUR falls, your total converted to USD will increase accordingly.....but yes these currencies will affect you until the debit balances are covered.....periodically we convert debit balances from your base currency....or you can do this in the client portal yourself.....there is a $30 fee to convert and a tiny spread.....or you can deposit EUR.

Here is a support article with an Explanation of the AMP currency conversion process and requirements:
https://faq.ampfutures.com/hc/en-us...cess-and-requirements-Multi-Currency-Accounts

After reading, if you have any questions, please do not hesitate to ask us.

Current eur/usd = 1.08660
So if I do my math right, 2260.14 x 1.08660 = 2455.86

12973.58-2455.86 = 10517.72 (which is about what is on the statement)

But as of yesterday (past the 3rd week already) my pnl lower -$3.85.

So the question is when do I know this "conversion" is completed? Like how much am I going to end up paying?
SHould i just do it myself or just let AMP do it automatically? I assume now it will be done next month since the FDXS trade took place this month?

 

[hilmy83]

Finally got the answer.

Basically AMPs covers any debit balance with USD the following month. In the meantime, these guys would basically show on the statement NLV in USD as if it's covered at the spot rate every single day!, since actual debit hasn't been converted yet. So Im technically getting charged every pnl since this debit will stay on until they do their once a month conversion.

 

[Overnight]

Finally got the answer.

Basically AMPs covers any debit balance with USD the following month. In the meantime, these guys would basically show on the statement NLV in USD as if it's covered at the spot rate every single day!, since actual debit hasn't been converted yet. So Im technically getting charged every pnl since this debit will stay on until they do their once a month conversion.

You are not "charged" anything.

 

[hilmy83]

You are not "charged" anything.

You should know how to read that statement. Realized PnL - Commission should equate whats shown at the NLV daily change. It's clear it's debited...

$105.50 - 5.64 = 99.86
NLV change shows 96.01, a difference of 3.85

I see this on the daily. It's like NLV is converted daily until AMP actually performs the conversion next month or i do it myself for $30 + spread.

But honestly, i'm done trading the dax..staying with just cme products

 

[AMP_Futures]

Here is a FAQ that explains - https://faq.ampfutures.com/hc/en-us...cess-and-requirements-Multi-Currency-Accounts

Yes, we use USD for margin calculations, so when there are non-USD currency balances the estimated converted rate to USD is performed on your nightly statement.