Sony Bank to Start Foreign Exchange Margin Transactions
May 9, 2008
Sony Bank Inc., a wholly owned subsidiary of Sony Financial Holdings, today announced its May 12 commencement of foreign exchange margin transactions. This new offering is in line with the bank's aim of meeting its customers' broad-ranging foreign currency investment needs.
Trades can be conducted in eight currencies: U.S. dollar, euro, pound sterling, Australian dollar, New Zealand dollar, Canadian dollar, Swiss Franc and Hong Kong dollar. Transactions will be available among 12 currency pairs involving the yen and the U.S. dollar. The bank will facilitate trading 24 hours a day, 365 days a year (except during system maintenance), enabling Internet banking via personal computer, as well as mobile banking. The bank will impose a one-way trading commission of ¥300 per transaction. Each transaction lot is 10,000 base currency units (except the Hong Kong dollar, for which a transaction lot is 100,000 units). Transactions can be conducted by Sony Bank customers aged 20 or above who live in Japan and have ordinary yen deposit accounts.
In September 2001, Sony Bank began offering its customers foreign currency deposits as one of its asset management tools. The bank's products, which have foreign exchange and interest rates that are linked to market rates, have earned extensive customer support. Sony Bank's current product introduction will facilitate trades that are more closely linked to market levels than ever before. Foreign exchange trading also provides opportunities to generate returns and profits whether the yen rises or falls. Forging a stronger link between margin money and deposits will allow smooth transfers between foreign currencies while remaining denominated in those currencies, thereby catering to diverse individual investing styles.
In its lead-up to starting this trading, Sony Bank has become a member of the Financial Futures Association of Japan. Sony Bank will conduct foreign exchange margin trading in a sound manner.
Major Features of Sony Bank Foreign Exchange Margin Transactions
- Foreign exchange margin trades are executed at near-market rates (fluctuating every 0.01 yen)
- Transactions can be executed in 12 currency pairs, 24 hours/day, 365 days/year (except during system maintenance)
Versus the yen:
U.S. dollar, euro, pound sterling, Australian dollar, New Zealand dollar, Canadian dollar, Swiss franc, Hong Kong dollar
Versus the U.S. dollar:
Euro, pound sterling, Australian dollar, New Zealand dollar - Margin money is deposited or withdrawn from Sony Bank yen and foreign currency deposit accounts in real time and free of commission
- Net settlements and delivery transactions (spot delivery settlements) can be used
- Wide range of order placement methods
Streaming orders, limit orders, stop-limit orders, if-done (IFD) orders, one-cancels-the-other (OCO) orders, if-done-one-cancels-the-other (IFDOCO) orders, bulk orders, market orders (only with mobile banking), and others
Note: This is an English-language summary of a Japanese announcement made by Sony Bank on May 9, 2008. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
