Phone-Trading Etiquette

MG Financial offers our clients the option of dealing with our Dealing Desk either over the Internet or in the more traditional manner of over the phone. Phone orders can be placed with our Dealing Desk 24 hours a day five days a week during trading hours, from Sunday at 5:00 PM EST to Friday at 3:00 PM EST.

Dealers and traders all over the world conduct business in much the same manner: briefly and factually, without the added complication of personal interaction. It is this rule of thumb that allows peoples of different languages to interact unhindered in a dealing atmosphere. Though two people may not understand one another personally, they can still deal, provided they both understand Dealing Etiquette and respect proper dealing form.

Please keep in mind that your Account's Phone Password is different than your Account's Online Password. You will not be able to trade over the phone using your Online Password, and similarly, you will not be able to trade over the Internet using your Phone Password.

Dealing Form

• Immediately state your Account Identification Number (visible in your Summary Report under ACID) and personal phone password. Your User ID Number is not valid identification for the Deal Desk.
• State your interest. Always be sure to include the number of units and the currency pair you are interested in.
  

  Example: "I would like a price on 5 units in USD/Yen."

• You will then receive from the Dealer a 2-way price quote consisting of a 4 pips spread under normal market conditions.
  

  Example: (Dollar/Yen, the first number being the bid side, the second the ask side) "120.10-14."

• State your trade.
  

  Example:
  "At 120.10, I sell 5 units of USD/Yen" or
  "At 120.14, I buy 5 units of USD/Yen".

• Remember: A price given is the dealing price at that time; haggling is not allowed nor are Traders allowed to remain on the phone until the price changes. If you do not wish to deal at the quoted levels, simply say “Nothing Done”, hang up and call again later.

It is important to remember that Dealing Desk phone lines are reserved for dealing/order purposes only, and that we at MG Financial must ask that proper Dealing Etiquette be observed at all times. All other inquiries, such as account disputes or general information, can be addressed through 212-835-0100.

Note: All phone calls are recorded to ensure the integrity of the transaction.