Margin Utilization (5) is the percentage of margin collateral that you are utilizing for margin products trading. If the margin utilization exceeds 150% your margin positions will be stopped out.

How is the margin level calculated?

In case you are trading instruments using only margin:
Used for margin requirements/Account value

If you are trading instruments on a margin basis but simultaneously own stocks part of which serve as a margin collateral:
Margin Utilization is calculated as = (100 * Used for margin) / (Account value + Other collateral – Not available as margin collateral).

In this example the client has EUR 13.861,63 – EUR 888,42 = EUR 12.973,21 as available margin in total. Of these EUR 12.973,21 currently 3.049,51 is used for margin requirements. 3.049,51/12.973,21 = 24% margin utilization.

The Account Summary in ELANA Global Trader contains information about the account value, net positions, the unrealized value of the account and the available margin and the margin required for the open positions on the account. Included in the summary is a list of all open positions on the account.

The Account Summary consists of three sections:

• Cash and Position Summary
• Margin Summary
• Open Position list

The account summary is furthermore available in a historic version, where you can retrieve end-of-day snapshots of previous account summaries.

Cash and Position Summary

1. Non-margin positions: The current market value of any securities on the account (e.g. equities, bonds etc.)bought without using margin. The market value is calculated using the last traded price.
2. Unrealized margin profit/loss: The unrealised profit/loss on the customer’s positions in margin based products.
3. Cost to close: The cost of closing the customer’s positions, e.g. commissions and trading fees.
4. Unrealised value of positions: The sum of Non-margin positions (value of collateral), Unrealised margin profit/loss (unrealised value of all open positions) and Cost to close (commissions and fees).
5. Cash Balance: The current value of the cash funds in the customer’s account.
6. Transactions not booked: Trades, commissions etc. that have not yet been booked. For example trades executed today, will be booked the next business day.
7. Account value: The current value of the account, combining Cash balance, Unrealized value of positions and Transactions not booked. This is the value of the account if all positions are closed at the time of reviewing the report.

Margin Summary:

1. Account value: The current value of the account, combining Cash balance, Unrealized value of positions and Transactions not booked. This is the value of the account if all positions are closed at the time of reviewing the report.
2. Other Collateral: Instruments NOT tradable online. For example bonds and other positions transferred from another bank.
3. Not available as Margin collateral: A percentage of the customer’s current investments in cash instruments (stocks, bonds) may be available as margin collateral. This line states the amount that is not available as margin collateral. Example: if you have bought a share which offers a 75% collateral value, then the 25% of that share’s current market value that is not available as margin collateral will be deducted here.
4. Used for margin requirements: The amount currently used to cover the customer’s positions, combining Cash balance and the value of un-booked Forex Spot and Forward positions as well as the implied value of un-booked Forex Option positions.
5. Available for Margin trading: The funds available for margin trading derived from subtracting Used for margin requirements from Account Value.
6. Net exposure: The Net Exposure is the sum of the nominal value of the customer’s current positions converted into the base currency of the customer’s account. For Forex, this is the total value of all the customer’s forex positions converted to the base currency of the customer’s account.
7. Exposure coverage: The percentage of the exposure covered by funds available for margin. It is formed as a persantage ratio from Account Value and Net Exposure.
8. Margin utilization: The percentage of the available margin which the customer is utilizing.

Open Positions Window in Account Summary
Instrument: A tradable symbol having a monetary value. This can be a Forex cross, or a stock ticker (for CFDs and stocks), etc.
Value date: The date when the settlement of funds for this transaction will effectively be available in the account. The balance of the account is recalculated when the transaction is posted, but the funds will not be available until after this value date.

• For Forex, the value date is usually 2 working days from when the trade is executed (T+2). There are however some exceptions to this, for example USDTRY, USDRUB and USDCAD, which all have a value date of T+1
• For CFDs, settlement usually occurs on the same day
• For Stocks, the value date depends on the rules of the exchange and is typically 2 or 3 banking days from when the trade is executed.

Account: shows which account the position is booked on. Notice when “All” accounts are selected, net positions are shown across accounts.
Strike Price: Only appears when option positions are held by the client. The price at which the option holder may purchase (in the case of a call) or sell (in the case of a put) the underlying asset. For touch options; it’s the specific level in the market that determines if the option should trigger or not (if the price has been touched or not).
L/S: Whether the position is Long or Short.
Amount: The number of units of the instrument that were traded.
Open: The price the instrument was traded at. For Buy trades, this was the Ask price of the instrument when it was traded. For Sell trades, this was the Bid price. Holding a Forex position overnight will result in a new Open Price, adjusted by the Forex Rollover Swap points.
Close: The current market price of the instrument.

• For Forex Spot the market price of the instrument is taken as the Bid/Ask price.
• For Forex Forwards the market price of the instrument is taken as the Bid/Ask price.
• For Forex Options the market price of the instrument is taken as the Bid/Ask price.
• For Futures the market price of the instrument is taken as the Last Traded.
• For Stocks the market price of the instrument is taken as the Last Traded.
• For CFDs the market price of the instrument is taken as the Bid/Ask price.
• For ETF CFDs the market price of the instrument is taken as Last Traded of the underlying asset.
• For Index CFDs the market price of the instrument is taken as the current value of the index.
• ​For Commodity CFDs the market price of the instrument is taken as Last Traded price of the underlying future.

P/L: The current profit or loss on the trade in the currency the instrument was traded in, taking opening costs and estimated closing cost into account.
Market Value: Shows the current market value of cash instruments (stocks, bonds, ETFs etc.) and option premiums. Does not show the exposure of CFDs and FX spot/forward outright positions – this can be seen in the “Open Positions” module.
Profit/loss in currency: The profit or loss converted into the account currency of the customer’s account. (Current value (incl. costs) x Close conversion rate) + (Open value (incl. costs) x Open conversion rate)
%Price: The profit or loss on the position since it was opened

To keep track of the transactions that have taken place on your account, you may refer to:

• Activity Log in (ELANA Global Trader web and desktop version)
• Trade Blotter (ELANA Global Trader web version)
• The Trades Executed report (ELANA Global Trader web and desktop version)
• The Trades Booked in (ELANA Global Trader web and desktop version)
• Account Statement in (ELANA Global Trader web and desktop version)

Activity Log:
The activity log records activity on an account and the log entries can be viewed and searched – this makes it useful for connecting e.g. order executions to creation of trades. A set of predefined search criteria; period and type of activity, is available for straightforward search in the log. You find the Activity Log under the Account tab.

Trade Blotter:
In the Trade Blotter you can view up to 14 days of trade executions. New executions will appear in real time. The view can be easily exported to Excel.

Trades Executed-report:
The Trades Executed report provides an overview of opened and closed positions on your account. It includes any commissions paid, conversion rate (if any), trade result and additional costs (if any).

Trades Booked-report:
Provides an overview of trades booked. The overview gives an itemised list of all trading activity that has made a change to the account.

Account Statement:
In the Account Statement you can see profit and losses from trading activities booked to the account and also Fund transfers to the accounts, Fund withdrawals from the account, Commissions, Dividends and Interest.

You can access the “Account Statement” via the trading platform in the “Account” tab. When viewing the Account Statement, you can select the relevant time frame and click “Print”.

The Financial Statement gives an overview of your activity on an account in the selected period.

It consists of 5 main parts:

Account Summary: shows a general overview of your opening and closing cash balances and total account values for the selected period.

Client Activity: charges made to your account as a result of your trading activity, both for open and closed positions. This may include interest charges on negative account balances, share dividends and related withholding taxes. The section may also display cancellations of such entries.

Activity in Margin Products: displays P/L, commissions and related entries pertaining to closed positions in margin products (for example: forex, CFDs, futures, FX Options, contract options).

Trading Activity in Cash Products: displays P/L, commissions and related entries pertaining to closed positions in cash products (for example shares, ETFs and bonds).

Open Positions: shows positions in any instrument type open at the end of the selected period. For cash instruments, the value of the position is the market value. For margin instruments it is the unrealized P/L at the end of the selected period.

You can track historic changes in the trading account cash balance using the “Account Statement” in the trading platform under the “Account” tab. It is possible to select a custom time period to display and print the cash balance history.

The Account Details page shows key information about your account, such as:
Cash and positions
• Cash Balance: The current value of the cash funds in you account.
• Transactions not booked: Trades, commissions etc. that have not yet been booked. For example trades executed today, will be booked the next business day.
Cash: The sum of Cash Balance and Transactions not booked.
• Value of stocks, ETFs, bonds, funds: Current value of stocks, ETFs, bonds, funds.
• Value of options: Current value of listed options, CFD options and FX options.
• P/L of margin positions: The unrealised profit/loss on your positions in margin based products.
• Cost to close: The cost of closing your positions, e.g. commissions and trading fees.
Value of positions: The sum of Value of stocks, ETFs, bonds, funds, Value of options, P/L of margin positions and Cost to close (commissions and fees).
Margin:
The European Securities and Markets Authority (ESMA) new regulatory requirements have introduced the concept of Initial Margin and Maintenance Margin for FX and CFDs.
Initial Margin and Maintenance Margin details can be viewed under Margin section, please see more below.
• Not available as Margin collateral: A percentage of your current investments in cash instruments (stocks, bonds, ETFs, funds) may be available as margin collateral. This line states the amount that is not available as margin collateral. Example: if you have bought a share which offers a 75% collateral value, then the 25% of that share’s current market value that is not available as margin collateral will be deducted here.
• Initial margin reserved: Aggregate initial margin requirement for all open positions.
• Initial margin available: Funds available for opening new margin positions.
• Maintenance margin reserved: Aggregate maintenance margin requirement for all open positions.
• Maintenance margin available: Funds available for maintaining current margin positions.
• Margin utilization: The percentage of the available funds reserved for maintaining margin positions.
• Use of cash positions for margin trading: Saxo Bank allows a percentage of the investment in certain Stocks, ETFs and Bonds to be used as collateral for margin trading activities.
Cash available: The cash available for withdrawal or for buying cash products (stocks, bonds, funds, options). This is how ‘Cash available’ is calculated: What is ‘Cash available’?
Exposure:
• Net exposure: Net Exposure is the sum of open position exposures in Forex, Forex Options, CFDs, Futures and SRDs, converted to the currency of the account.
• Exposure coverage: The percentage of the exposure covered by Account Value minus Not available as margin collateral.

To navigate to Closed Positions in Elana Global Trader (mobile): Account > P/L Analysis > Closed Positions.
The Closed Positions summary gives a breakdown of all positions on the Account, that were closed during the reporting period. Closing a position refers to removing a position completely from an Account by selling it off. The profit/loss shown under Closed Positions, is calculated using the FIFO valuation method.
The Closed Positions summary can be read as follows:

• Instrument – the name of the security that was traded
• Close date – the date when the trade was executed
• Amount – the quantity or number of units traded
• Open – the price that was paid to open the position. Opening a position refers to adding a new position to the Account
• Close – the price at which the position was closed, and closing a position refers to executing a trade that removes a position completely from the Account
• Open Booked Amount – the transaction value of the opening position trade. The total amount (including costs) paid to add the position to the Account
• Close Booked Amount – the transaction value of the closing position trade. The total amount received in cash (when all the security trade-related costs have been paid), to remove the position from the Account
• P/L – the difference between the transaction value to open a position and the transaction value to close a position. It is calculated as [Closing Booked Amount – Open Booked Amount]

To navigate to the P/L Summary: Accounts > P/L Analysis > P/L

The P/L summary shows the Instrument P/L for all open positions; for each trading day. That is to say, the difference between the Position Value at the start of the trading day and the Position Value at the end of the trading day, for open positions. The values are shown on instrument levels (as Instrument P/L) and group levels (Cumulative P/L) e.g. for a given asset type or sector, as the sum of all Instrument P/L for a specific asset group.
Instrument P/L is calculated based on Mark-to-market principles. Note that this might not be the principle used by your local tax authorities, therefore, the figures presented should only serve as an indication of profit/loss in the period. Always reference the profit/loss calculation against the underlying trades found in the Trades Report.

You can vote in voluntary corporate action events via the trading platform.
Go to menu > Corporate action > Events
All details including the affected account, security, reply deadline, eligible votes and other key information will be displayed in this section.

Monthly Total P/L is the sum of Total P/L for a given calendar month, from the first trading day in the month to the last trading day in that month. The Total P/L for each day in the given month is calculated, and the sum gives the Monthly Total P/L.

The Monthly Total P/L table shows the Monthly Total P/L for all years from the year of Account inception.

The Trade Executed Report gives an overview of all trades that have occurred within a given reporting period. The report can be read as follows:

• Instrument – the name of the security that was traded
• Trade time – the date when the trade was executed
• B/S – specifies whether it is a ‘Buy’ or ‘Sell’ trade that was executed
• Open/Close – an ‘Open’ trade was made to add a new position to the Account, whereas the ‘Close’ trade removes a position completely from the Account
• Amount – the quantity or number of units traded
• Price – the trade price
• Traded Value – is calculated as the Amount x Price
• Booked Amount – for sell transactions, this is the Traded Value, minus the security trade-related costs and for buy transactions, it is the Traded Value plus the security trade-related costs

The Portfolio View shows the current real-time Account Value. It includes security price movements, security transfers, other bookings, and foreign exchange currency movements on securities denominated in another currency other than Account Currency.

Using the figures in the screenshot above, the Account Value is the sum of Cash and Value of Positions.

The Cash is adjusted by transactions not booked, and the Value of Positions is adjusted by the P/L of margin positions and the cost to close:

Below is an example of an Account Value summary.

The Account Value is calculated by adjusting the beginning-of-period Account Value to determine the current Account Value. Adjustments affecting the Account Value include e.g. Realized P/L, Cash Transfers etc. The Account Value summary displays the previous day’s end-of-day Account Value and not the current Account Value.
The Account Value shown on ELANA Global Trader can be viewed for a specified period e.g. Year-to-date, last Month, last Year or customized dates. The value of the Account is calculated as:

Thus using the figures in the Account Value summary above, the Account Value is shown as:

Dividend payments from stock positions will be credited to your account with any applicable standard withholding taxes deducted. These depend on the country where the stock is domiciled.
Withholding taxes or capital gains are left upon the individual clients to take care of and report in their respective country of residence.
ELANA provides Relief at Source for companies incorporated in United States.

Dividends paid in cash are credited to your account on pay date, however should you elect to receive extra shares, instead of cash, there may be a delay in the shares being credited to your Open Positions.
This is because ELANA must wait to receive the extra shares from our Custodian/Registrar before they can be credited to your account. The delay will depend upon the country in which the company is incorporated.
As an example, for extra shares issued by a UK listed company, a delay of approximately 20 days is standard before ELANA receives the shares.