Can't trade USLV (with Saxobank)
I have an account with Saxobank to invest. I have tried a few times to buy USLV (from Credit Suisse), but I always get the error message "Exposure cannot be increased due to instrument configuration".
I have no idea what this means, does it mean that I have to change a configuration for this type of product, or did Saxobank configure this product? I have no other open trades, and I want to buy an amount of USLV that is less than the money in my account, so my exposure should not be too big. I traded USLV several times in the past without any problems.
I contacted their support, but after a week I still didn't get an answer!
Posted Jun 3, 2018, 8:20 PM UTC
10
I have the same problem, if anyone can help. Thx
Some time later I got an answer: "The requested instrument is an ETN for which Key Information document (KID) is missing and instrument is restricted to trade for retail client. In order to trade this instrument kindly change the profile to professional."
So it has to do with the new Mifid regulations, which requires issuers of ETFs, ETNs and other products to provide documents about each product (in several languages I believe). Some don't want to do this, because they e.g. don't have the resources to create these documents.
Saxobank could have explained this better, the error message is very cryptic.
But I found out you can just as well trade XAGUSD or XAGEUR, with the same leverage or even higher. Made some good money doing that in the last weeks!