Last week we took part in the annual ABLV bank partners conference where the bank representatives introduced us with the latest news and updates. We summed the ones that might be interesting for you.
ABLV bank offers outgoing payments in new currencies: UAE dirham (AED), New Zealand Dollar (NZD) and South African Rand (ZAR). Additional fee of USD 10 applies to incoming payments in USD where the amount of a payment is more than USD 100,000, save for payments from ABLV Luxemburg AG.
COO Roman Surnacov explained new rules related to FORWARD deals
- all FORWARD deals to be accounted for in one portfolio,
- all settlements to be made through a single multicurrency margin account,
- amargin represents a sum of the margin account balance and mark-to-market results in respect of all deals,
- margin requirements common for all currencies – margin to the total amount of all deals ratio:
– Initial Margin — 5%
– Maintenance Margin — 2%
– Stop Loss — 1%.
The bank representatives also explained certain issues related to financing secured by pledge of investment portfolio in GBP and CHF. Such financing may be used to increase investment portfolio or to receive funds for day-to-day activities, with no need to sell financial instruments. Financing procedure in new currencies is absolutely similar to the current procedure in USD, EUR and RUB.
Also, there were some interesting updates for those clients of school age. Now the minimum age to open a card account and get a payment card is 7 (instead of 13 as it was before). Savings for children are available in two forms: Investment Portfolio, where you can acquire shares in ABLV mutual funds and then transfer them to your child, or Savings Account for your child.