Suddenly money was taken from my FX account balance! What is Correction FX Interest?

IG Securities' September 21 customer account statement (expected to be emailed around 13:00) suddenly contained a mysterious item,

As Correction FX Interest, -170 yen was unexpectedly deducted from the account balance.

…and it wasn’t just once, it happened six times in a row on the same day
170 yen × 6 times = -1020 yen suddenly became negative

This is the customer’s account statement (partial excerpt)

BRL/JPY (selling JPY to buy Brazilian real) total swap points for one day: 820 yen
In contrast, the mysterious 170 yen × 6 times for Correction FX Interest: -1020 yen
Does this mean the high-interest Brazilian real buying is daily negative?

I immediately called IG Securities to confirm.
After receiving explanations, I asserted「It's a problem to do something this important without any notice or consent, isn’t it?

Please contact the customer. This case should have been explained by email immediately.」

I told the customer support firmly.

As a result, I believe all clients buying Brazilian real were informed by email at IG Securities.
Of course, I also received it.

9/21 15:52 around
【Apology and Report】 About the correction of BRL/JPY swap points – IG Securities –

Thank you for using IG Securities.

We would like to report on the matter mentioned above.

Regarding the BRL/JPY swap points reflected on September 20, 2016 (Tuesday),

instead of the usual one day, an error caused two days’ worth to be reflected.

Therefore, shortly after 4:00 PM that day, we deducted one day's worth that had been reflected more than usual from the customer FX accounts.

For details, after logging into the trading platform,

please check via the top right corner “My Account” > “History” > “Collateral Movement Statement.”

We deeply apologize for the great inconvenience caused.

We will work on preventing recurrence and improving service,

and we ask for your continued patronage.

The BRL/JPY swap points on September 20 should have been for one day, but

two days were mistakenly recorded, so one day’s value was deducted.

I have also attached the history from a few days prior
(In a previous column I was introducing buying real, but I am actually trading properly)

…But you know, the math doesn’t quite add up

The two-day BRL/JPY swap that occurred on September 20 was 2,004 yen
The next day, the deduction for one extra day of swap was 170×6 = 1020 yen

“Why doesn’t the amount exactly halve?”

By the way, 2004 yen - 1020 yen = 984 yen
At that time, I held 12 lots, so 984 ÷ 12 = 82 yen
So this matches the recent 82 yen swap for 0.1 lot.

If 2 days were 2004 yen, then 2004 ÷ 12 = 167 yen (swap for 2 days).

Well, there is a margin of error, but with the days halved, the swap is less than half, which feels a bit like a loss.

Now… for those who were holding buy positions in reais/yen, before IG Securities sent this hurried email,

did you properly grasp the situation?

Foreign FX firms sometimes handle currencies not available from Japanese brokers,

offer peculiar trading tools, but reports of mistakes may not be provided,

and they can be unfriendly, so please check carefully.

Ideally, I’d like others to point out any mistakes before I notice them, so that when I see it there’s no issue and no need to report
…that would save me troubleI’d rather not be bothered, so please take care of it

Writer:Nemugon
Telling the truth! The former financial institution FX blog administrator [Nemugon]. 9 years of FX experience, also trading Nikkei 225, gold, crude oil, etc.
Blog:Telling the truth! ‘The Former Financial Institution FX Blog’

(Please edit this part for disclosure to purchasers)