On the platform you are able to trade in various financial instruments, among these financial contracts such as FX Spot, FX Options, CFDs, Futures etc. When you trade in such contracts, you are not buying an actual asset (as e.g. with stock trading) but you are entering into a contract. As you are not buying the actual asset but entering into a contract, you have the possibility of entering a contract of a higher nominal value than you are holding on the account. This is what is known as leveraging, gearing or margin trading – the benefit is that profits on successful, leveraged trades can be greater than what would be achieved on non-leveraged trades.

Below is an exmaple, where the client has 10.000 EUR on the account and buys 2 DAX CFDs. In this example the current market price (“Close”) is 10,732.50, and since the client has bought 2 CFDs the “Exposure” is 21,465 EUR, while the account value is 10,040.00.In other words, the market exposure is greater than the account value, so this is an example of “leveraged trading”.

To be able to take leveraged positions, you need to have sufficient “margin” (also known as “collateral”) on your account in order to guarantee any losses you may incur. Each margin traded instrument will have a margin requirement, which is a percentage of the “Exposure”. In the above example, if the margin requirement on the DAX CFD were 2% the client would be required to have EUR 21,465 x 0,02% = 429.30 EUR on the account as margin.

The trading conditions for all available instruments can be found in the “Account” tab under “Trading Conditions”.

If you have long and short positions they will net out at the end of the trading day – but only if the long and short positions are on the same account and none of them have any related orders as related orders prevent the netting of positions.

Looking at the 3 positions in more detail, you will notice:

• EURUSD positions (long and short 1,000,000) are placed on 2 different accounts – so even though the client is square, the 2 positions will not net out.
• USDJPY positions (long and short 500,000) are placed on the same account – but the long position has related orders. This means that the positions will not net out at the end of the day.
• The Apple positions (long and short 100 Apple shares) are on the same account, and none of the positions have any related orders – so they will net out at the end of the day.

In the 3 examples above the long and short positions are for the same amount. It should be noted that the netting also applies if the long and short positions are for different amounts – if you have a long EURUSD position for 1 mln. and a short for 750 000 on the same account with no related orders, they will net to a single long position of 250 000 at the end of the trading day.
First-In-First-Out (FIFO)
When netting the open positions, ELANA uses FIFO rules, which means the first position you open is the first position to be closed.
Example:
You are trading EURUSD opening the following positions:

1. Buy 1M EURUSD
2. Buy 1M EURUSD
3. Sell 1M EURUSD
4. Sell 2M EURUSD

Sell 1M EURUSD
The first long position 1) will net out with the first short position 3), the second long position 2) will net out with half of the second short position 4), leaving only one short position of 1M EURUSD at the end of the day.

A trailing stop order can be used to protect a position (to limit the maximum loss) just like a normal stop order. Unlike a normal stop order, the trailing stop will follow the position, as it becomes increasingly profitable.
When placing a trailing stop you need to set 2 parameters: “distance to market” and “trailing step”:
Distance to market: how far from the market price should the stop be placed?
Trailing Step: by how much should the market move before the stop order re-adjusts?

In this example, the client has bought Amerisourcebergen Corp. shares (ABC:xnys) @ 73, and placed a trailing stop with the following parametres:

• Distance to market- 7 USD
• Trailing Step- 4USD

On the chart you can see that the trailing stop has adjusted 11 times for a period of 1 year.

When the shares were bought @ 73, the stop loss was set initially @ 66, because “the distance to market” was 73 – 66 = 7. As the shares moved up, also the stop started moving up – but it did so only in “steps” – and this is because the “trailing step” was set @ 4.
Here is how you would place a related trailing stop to an existing position:

1. Launch “Open Positions”
2. Click “Add stop order”
3. Select “Trailing stop”
4. Set the distance to market
5. Set the trailing step

Notice: you may prefer to not set a “take profit”

You will notice that you can click on the black “connector” between the “Price” and “Distance to Market” – this will allow you to change between 2 ways of setting up the trailing stop:

• Input the price at which the trailing stop order must start – the system will then calculate what the distance to market should be.
• Input the distance to market that the stop order should start with – the system will then calculate what the initial level of the stop order should be.

The system will take into account the current market price to calculate these values correctly.

On the platform you are able to trade in various financial instruments, among these financial contracts such as FX Spot, FX Options, CFDs, Futures etc. When you trade in such contracts, you are not buying an actual asset (as e.g. with stock trading) but you are entering into a contract. As you are not buying the actual asset but entering into a contract, you have the possibility of entering a contract of a higher nominal value than you are holding on the account. This is what is known as leveraging, gearing or margin trading – the benefit is that profits on successful, leveraged trades can be greater than what would be achieved on non-leveraged trades.

It should be carefully noted that also the opposite is true: leverage can also increase the size of losses, and you can lose more than you have deposited on your account.

Below is an example, where the client has 10.000 EUR on the account and buys 2 DAX CFDs. In this example the current market price (“Close”) is 10,732.50, and since the client has bought 2 CFDs the “Exposure” is 21,465 EUR, while the account value is 10,040.00.In other words, the market exposure is greater than the account value, so this is an example of “leveraged trading”.

To be able to take leveraged positions, you need to have sufficient “margin” (also known as “collateral”) on your account in order to guarantee any losses you may incur. Each margin traded instrument will have a margin requirement, which is a percentage of the “Exposure”. In the above example, if the margin requirement on the DAX CFD were 2% the client would be required to have EUR 21,465 x 0,02% = 429.30 EUR on the account as margin.

If you have long and short positions they will net out at the end of the trading day – but only if the long and short positions are on the same account and none of them have any related orders as related orders prevent the netting of positions.

Looking at the 3 positions in more detail, you will notice:

• EURUSD positions (long and short 1,000,000) are placed on 2 different accounts – so even though the client is square, the 2 positions will not net out.
• USDJPY positions (long and short 500,000) are placed on the same account – but the long position has related orders. This means that the positions will not net out at the end of the day.
• The Apple positions (long and short 100 Apple shares) are on the same account, and none of the positions have any related orders – so they will net out at the end of the day.

In the 3 examples above the long and short positions are for the same amount. It should be noted that the netting also applies if the long and short positions are for different amounts – if you have a long EURUSD position for 1 mln. and a short for 750 000 on the same account with no related orders, they will net to a single long position of 250 000 at the end of the trading day.

First-In-First-Out (FIFO)
When netting the open positions, ELANA uses FIFO rules, which means the first position you open is the first position to be closed.

Example:
You are trading EURUSD opening the following positions:

1)​	​Buy 1M EURUSD
2) ​	Buy 1M EURUSD​
3)​	Sell 1M EURUSD​
4)​	Sell 2M EURUSD​
Total​	Sell 1M EURUSD​

The first long position 1) will net out with the first short position 3), the second long position 2) will net out with half of the second short position 4), leaving only one short position of 1M EURUSD at the end of the day.

A trailing stop order can be used to protect a position (to limit the maximum loss) just like a normal stop order. Unlike a normal stop order, the trailing stop will follow the position, as it becomes increasingly profitable.

When placing a trailing stop you need to set 2 parameters: “distance to market” and “trailing step”:
Distance to market: how far from the market price should the stop be placed?

Trailing Step: by how much should the market move before the stop order re-adjusts?

In this example, the client has bought Amerisourcebergen Corp. shares (ABC:xnys) @ 73, and placed a trailing stop with the following parameters:

• Distance to market- 7 USD
• Trailing Step- 4USD

On the chart you can see that the trailing stop has adjusted 11 times for a period of 1 year.
When the shares were bought @ 73, the stop loss was set initially @ 66, because “the distance to market” was 73 – 66 = 7. As the shares moved up, also the stop started moving up – but it did so only in “steps” – and this is because the “trailing step” was set @ 4.

Here’s how you would place a related trailing stop to an existing position:

1. Launch “Open Positions”
2. Click “Add stop order”
3. Select “Trailing stop”
4. Set the distance to market
5. Set the trailing step

Notice: you may prefer to not set a “take profit”
You will notice that you can click on the black “connector” between the “Price” and “Distance to Market” – this will allow you to change between 2 ways of setting up the trailing stop:

• Input the price at which the trailing stop order must start – the system will then calculate what the distance to market should be.
• Input the distance to market that the stop order should start with – the system will then calculate what the initial level of the stop order should be.

The system will take into account the current market price to calculate these values correctly.

O.C.O orders (One Cancels Other) that are not related to a position can be used to place a stop loss and take profit order on a net position, where one is cancelled if the other is executed (also known as “bracket orders”). This is useful for example when you have traded in and out in an instrument during the day, and want to protect your net position overnight.

In the below example, the client has been trading in and out of CHFJPY intraday, and now has a long exposure of 700,000 CHF, and wants to add a protective stop and a take profit order on the net exposure. This cannot be done with related orders, as they can only be placed on the individual position.

1. Right click on the net position
2. Select Forex Orders
3. Tick the “O.C.O.”-tick box
4. Change to “Sell” (since the position is “long” the orders must be “sell”)
5. Input the desired take profit level
6. Input the desired stop loss level

Now you can place the pair of orders. In Open Orders, you can now:

1. Check that the amount is the same and the orders are in the opposite direction as the position.
2. Verify that the 2 orders have a relation between them.
3. Observe that they are not related to a position. It is important – if you use the “stand alone” O.C.O orders in this way, they will not be cancelled if you close the position manually – so it is your responsibility to cancel these orders manually, in case you close the position manually.

In ELANA Global Trader we display a yellow warning triangle if you are about to place a trade in an instrument in a different currency than the currency of the account and you have an account available in the same currency as the instrument you are trading:

1. A EURUSD option is selected while a EUR account is selected BUT: a USD account is also available. FX Option premiums are expressed in the secondary currency, in this case USD, so it makes sense to trade this instrument on a USD account, if one is available. It is recommended to manually select the USD account and then to make the trade.
2. A DAX CFD, which is denominated in EUR is selected on a USD account and a EUR account is available – so the platform suggests considering trading the CFD on the EUR account.

The default trade size can be altered in the trade ticket using the “Edit amounts” function in the “Amount” field.

This procedure has to be repeated for every instrument.

Stop if Bid orders are typically used to limit losses on short positions. Stop if Offered orders are typically used to limit losses on long positions. This is to prevent orders from being triggered just because of a temporary large spread (maybe for a split of a second).
ELANA Trading therefore encourages you to only use Stop if Bid for Buy orders and Stop if Offered for Sell orders. To help you select the right Stop order type, the ‘FX Order’ Ticket on the platforms automatically defaults to Stop if Bid for Buy and Stop if Offered for Sell orders unless you actively change it before placing the order.

• Stop if Bid orders to buy are when triggered most often filled at the order level plus the client spread, which means no slippage. During volatile markets with price gaps, orders may be slipped to the current market offer price.
• Stop if Offered orders to sell are when triggered most often filled at the stop order level minus the client spread, which means no slippage. During volatile markets with price gaps, orders may be slipped to the current market bid price.
• Stop if Bid orders to sell are when triggered filled at the client Bid price at the time.
• Stop if Offered orders to buy are when triggered filled at the client Offer price at the time.

Open orders can be cancelled in the event of a stop out at 150%. Related orders can be cancelled if the related position is closed as a result of another order.

ELANA Global Trader offers aggressive 1-click trading where no confirmations are required when placing trades and orders.

By default, all trades and orders placed through the ELNA Global Trader platform require 2 clicks as a safety mechanism to avoid placing mis-trades.

To enable 1-click trading in ELANA Global Trader:
Click on the number “1” or “2” icon on top right hand corner on the platform.
A window popup for Platform Trading Setup, will allow you to select either 1-click trading or 2-click trading.

To confirm your selection, click on “Accept” and the new settings will be reflected.

ELANA Global Trader allows you to set up your own order distances for the products you trade setting up default entry and related order distances and types. In the platform you can select the default order settings per product, so for example, the default order distances for all Forex crosses, CFDs, CFD Indices, Stock, Futures, etc.

For each product you can set: Entry order default distance to market as a %/pips for FX or %/ticks for other instruments

ELANA Global Trader allows you to quickly and efficiently place and manage trades directly in the chart, where you can drag them to the match price levels on your chart. How to place an order?

1. On the Charts panel, click on “Trade” button and Select the account that you want to trade in.
2. Click the Buy or Sell button. The chart will decide if you want to place a limit or stop entry order depending on whether you buy/sell entry is above/below the current market Price.
3. Drag the chart trader to the price level you want, you can also fine-tune the price level using the Price field inside the chart trader.
4. Click OK to check details of order and finally click Confirm to place the trade.

All available Futures Spreads are listed on an exchange and can be found in the trading platform in the “Trading” tab – “Instrument Explorer” – “Instrument” – “Futures” – “Futures Spreads”.

Once you have selected the futures spread you wish to trade, you can place an order using the trade ticket in the “Trading” tab.

The platform supports Limit and Market orders on Futures Spreads, Stop orders are not supported. The “Legs” section of the trade ticket allows you to view the direction of the trade in each contract within the spread.

In order to facilitate the process of price discovery for FX Option traders, the Forex Options Board, should be used. When a trader has an idea he wants to implement, the Forex Options Board enables him to compare the pricing of various tenors/strikes at a glance. If you don’t find the strike and/or expiry you want to trade on the Options Board, it might still be available via the trade ticket where you have the flexibility to adjust expiry and the strike.

What are the “Greeks”?

• Delta:Shows the equivalent FX Spot exposure of a given position. This is the sensitivity of a position’s value with respect to the spot rate.
• Gamma:This is the second derivative of the position value with respect to spot, i.e. it shows how much the delta changes when spot changes (i.e. how much will the delta change when spot moves up by one percentage point.
• Vega:Sensitivity of a position with respect to the implied volatility used to price FX Options. This shows how much money is made (positive number) or lost (negative number) when volatility goes up by one percentage point.
• Theta:Also known as time decay. This shows by how much the position will increase or decrease in value from one day to the next.

Before a trade you can view the greeks of an FX Option in the trade ticket. Right click in the trade ticket –> settings –> Show Greeks as factor to change between displaying Greeks as “Amounts” and “Factors”

Level 2: Gives you access to the same real-time market data as when subscribing to Level 1, but also includes real-time market depth – 5 best bid/ask in the market (stocks and DMA only). You can subscribe to a level 2 exchange data feed via the trading platform in the “Manage Subscriptions” section of the “Account” tab. The subscription is renewed automatically every month.

When you buy a forex option you do not have any margin requirements. In addition, one part from the premium of the long option can be used as collateral for margin trading. The rest of the amount is displayed at “Account Summary”- “Not available as margin collateral”.

Yes, but only for accounts with a value of min. 100,000 USD (or equivalent).

• A pre-market order is designed to trade in the pre-market session on the US markets only. The order will participate in the pre-market, and any residuals will be rolled into the continuous session as regular limit orders at the same limit price.
• Please note that US Pre-market Limits are currently only available on CFDs, not for Stocks.
• The only difference to a normal limit order is that this order allows participation in the pre-market session.

Note: Be aware that liquidity typically is low in the pre-market session – so when orders are placed aggressively they might get filled closer to the limit price than anticipated.

It is necessary to be familiar with the expiry date. It is recommended not to exercise the option, if you do not have the necessary amount to keep the stock position. In case the option expires “in-the-money” the following will happen: After the end of the exchange session the cash balance will be debited with the sum necessary to buy the stock. The stocks will be bought at strike price. The shares have to be sold in order for your account to not have a negative balance. It is possible the sale to be carried through by a broker at the first available price after the exchange opens. Commissions will be paid for option trades, for buying and selling the stocks and for exercising the option. If you want to avoid this you will have to sell the option before it expires.

It is necessary to be familiar with the expiry date. It is recommended not to exercise the option, because you are unable to short stocks. In case the option expires “in-the-money” the following will happen: After the end of the exchange session there will be an exercise of the option and you will “short” the shares at strike price. The next day, immediately after the market opens, the short position will be closed. Commissions will be paid for option trades, for buying and selling the stocks and for exercising the option. If you want to avoid this you will have to sell the option before it expires.

ELANA offers pre-market trading as part of Algorithmic (ALGO) orders strategies:
A pre-market order is designed to trade in the pre-market session on the US markets only. The order will participate in the pre-market, and any residuals will be rolled into the continuous session as regular limit orders at the same limit price.
Pre-market orders are available via the ELANA Global Trader platforms as US pre-market limit orders and must be enabled via the Algorithmic (ALGO) order set up.
Please note that US pre-market limits are currently available on Single Stock CFDs and Stocks.
The only difference to a normal limit order is that this order allows participation in the pre-market session. The order will participate in the pre-market from 14:00 Sofia time, and any residual will be rolled into the continuous session as regular limit order at the same limit price.
Note: Be aware that liquidity typically is low in the pre-market session – so when orders are placed aggressively they might get filled closer to the limit price than anticipated.
To place an pre-market limit order, open a trade ticket > choose order type “Algo” > choose strategy “Pre-market limit” > adjust the relevant parameters and place the order.

Exchanges have order books. There might be more orders queuing up to execute at a certain price. If there are not enough bids/offers in the books to meet all the orders, your order might not be filled.
Example:
You have a limit order to buy at $90.00.
• Question: You observe a trade at $90 – does it mean your order should have been filled?
• Answer: No – this is not guaranteed.
Your order might not have been first in queue at the bid side. In other words, the liquidity at that moment might not have been sufficient to fill all buy orders queuing up at $90.00.

You may experience cases where a Contract Option is not enabled for short-selling. In such cases you will receive the following error message: “You are not allowed to increase your exposure in an adjusted option ticker. Please choose the updated option ticker.”

This issue is connected to the risk rating of the Contract Option. If the risk rating of a Contract Option is 6, then it is not possible to short-sell it under any circumstances. You will always be able to find the the risk rating of an instrument in the Trading Conditions under Instrument.

The risk rating is determined by ELANA with risk rating 6 being the lowest rating possible. A significant part of the risk depends on the market capitalization, liquidity, volatility, country of incorporation, industry and M&A Activity of the underlying instrument.

To find the exercise style of an option you need to open the Trade Ticket of the specific option and expand it by clicking Show Details.

This article applies if the real-time netting is off, which is the default setting.
You can close your position in two ways:
1. By using the CLOSE button.
2. By opening a trade in the opposite direction (please make sure you cancel related orders on your first position, if any).
Position is closed by using the CLOSE button:
A long position on Germany 30 is closed by using the CLOSE button. Position became inactive (greyed out), and all related order cancelled automatically. The CLOSE button disappears from the Germany 30 position line. Position will be netted out and removed from position list on the next day.

Position is closed by opening a trade in the opposite direction:
A long UK 100 position is closed by opening a short position. In such case both positions are visible in the position list and can be managed separately.
It is important to cancel the open Limit order @ 6,261.53 to allow positions netting by the end of the day.

When trading an instrument denominated in a different currency than the account currency, an FX conversion will occur automatically.
If the instrument currency appreciates against your account currency you will profit. Conversely, if the instrument currency depreciates against your account currency you will incur a loss.
You can find the applied opening rate and an indicate closing rate in the Position Details.
To calculate the Conversion P/L, shown in the position details, you need to do the following:
1. Calculate the difference between the Open and Close conversion rate
2. Multiply the current market value of the position (in the instrument currency) by the difference between the two conversion rates.
Conversion P/L = (RateOpen – RateClose) * value of position.

Our platform allows you to search over 30.000 instruments by simply insert the name of the stock, FX cross or financial instrument that you are looking for. The platform will suggest you the most popular searches first as the image below:

To view the open positions details such as opening date, value date, position ID, conversion, P/L you can either follow the steps below or simply right-click on the position line and select Position Details. Please note, that position ID is not shown with real-time netting enabled, as it only shows a net position.
• ELANA Global Trader: under Trading, go to Positions, click the (i) icon at the end of the position line.
• ELANA Global TraderPRO: under Trading go to Positions, right-click on the position line and select Position details.

Closed positions details are available in Trades report under Historical Reports section the next day after position get closed.

It is possible to cancel a pending order by going to the Orders page. Find your order and click a Cancel button on the far right side, then confirm a cancellation in a new opened pop-up window.
• ELANA Global Trader – The Orders page can be found by going to Trading > Orders
• ELANA Global TraderPRO – The Orders page can be found by going to ADD MODULE > Trading > Orders

You can see if an exchange is open by looking at the instrument overview, the watchlist or the trade ticket. Next to the exchange’s name, there will be a round circle:
• Red means the exchange is closed.
• Green means it’s open.

The simplest way to close a position partially is to open a new position in an opposite direction on required quantity. This methodology applies for all products. In the example below, a client is holding a long position, 10 CFDs of Germany 30 and wishes to reduce to 5.

He opens a trade ticket and sells 5 CFDs of Germany 30 at market (it is also possible to choose a different order type).

Now the client has only 5 CFDs of Germany 30 in his portfolio.

As you can see in screenshot above, both 10 CFDs long and 5 CFD short are showing in Positions module, with net long position of 5 CFDs.
Opposite positions will be net out end of the day, unless they have Related order or opened from different accounts.

Single stocks can be shorted as CFDs; cash stocks, however, cannot be shorted. Clients can place bearish bets on stocks by shorting CFDs.
A Contract for Difference (CFD) is a financial contract between a client and a CFD provider where the difference between the opening and closing prices of a position is cash settled upon closing of the position.
Please note that CFDs are a margin product. To find the trading conditions and margin requirements click the trading conditions on the trade ticket or instrument overview.

Typically, stock options and contract options are settled physically, while index options are settled by cash. However, we encourage you to always check the trading conditions for the settlement type for the respective option.
What is cash and physical settlement?
Cash settlement is when a contract is settled by way of cash. A physical settlement is when the underlying contract has physical delivery. For example, if you have a long position in an AAPL stock call option. Generally, if the option is In-The-Money, ELANA will at expiry automatically purchase the AAPL stocks at strike price.
For more information about option exercise, please refer the trading conditions.
How to check the settlement type?
Simply click the small [i] button on the trade ticket:

There is a minimum commission for carrying out a transaction on small trade sizes for some instruments. Please refer to trading conditions of single instrument for details.
In the example below, for GOOG:xnas the minimum commission is USD 8. So regardless of the number of shares – 1 or 100, you will still pay a minimum commission, unless you trade more than 400 shares (USD 8 / 0.02).

A CFD (Contract for Difference) is a derivative of a financial product and is used for trading. The CFD price behaves exactly like the underlying asset price.
There is no actual ownership of the underlying asset of reference. A CFD is therefore a derivative product where ELANA is a counterparty to the trade. Since the product is not exchange traded, it is said to be traded over-the-counter (OTC).
CFDs are traded on margin and can be sold short, making it possible to profit in falling markets or to hedge your Stock positions.

Margin utilisation is a percentage of available funds reserved for maintaining margin positions.
Margin utilisation = ((Maintenance margin reserved) / (Account Value – Not available as margin collateral)) * 100
Using below example:
10.16 % ≈ ((- 6,000.00) / (83,672.06 – 24,592.88)) * 100

Limit orders are used to take profit or to enter the market at a certain price level. For further information, please refer to the trading conditions for a specific instrument.
You can place a limit order by selecting Limit in the Type field of the trade ticket.

A stop limit order rests in the same way as a stop order. However, once triggered, rather than execute at the next available price it converts to a limit order at a pre-agreed limit price. From that point on, the order is treated as a limit order. This type of order gives the client some protection from a bad fill in a gapping or illiquid market. Trailing stop limit orders are not available.
Please note that not all exchanges and instruments support stop limit orders.
Here is an example of a stop limit order for Facebook CFD long position, opened at 142.550.
Last traded price 147.480 / 147.500.
Stop Loss level – 140.00
Stop Limit level – 135.00

If order gets triggered at 140.00, it would be executed within 140.00 – 135.00 range (stop limit level) but not worse than 135.00. In other words, if market gaps below 135.00, the order would not be executed.
The risk in latest scenario is the following:
If market drops even more below 135.00 level and do not recover, client can lose more, in comparison to having normal stop loss order, where client at least get a fill and close his loosing position.

Cash Available is the funds available for withdrawal or for buying cash products (stocks, funds, options). It is calculated from the following components:

Cash available is shown in Account modules and in Trade Tickets. It is calculated for Accounts, not for Account Groups or All Accounts.

What about my total cash?
Settled plus unsettled cash are shown in Account Details, labelled as ‘Cash’.

Examples
1. Portfolio with cash products (stocks, bonds, mutual funds)

Cash available is calculate as:
• Cash balance: $100,000
• Transactions not booked: -$10,000
• Cost to close is excluded as it’s fully offset by Value of stocks, ETFs, bonds, funds
• Cash available = $100,000 – $10,000 = $90,000
2. Portfolio with margin products

Cash available is calculated as:
• Cash balance: $100,000
• Transactions not booked: -$100
• P/L of margin positions of $10,000 offsets Initial margin reserved
• Cost to close: -$100
• Initial margin reserved participates with -$17,000 (-$27,000 + $10,000 P/L of margin positions)
• Cash available = $100,000 – $100 – $100 – $17,000 = $82,800

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.
1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on your account to meet the initial margin requirement for the entire margin portfolio.
2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on your account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.
How will initial and maintenance margin appear in the platform?
You can see the initial and maintenance margin available to open a new position(s), and the initial and maintenance margin reserved to maintain an existing open position(s), in various places within the platform. The Trade Ticket module displays the following information:
• Initial margin available: margin available to open new positions
• Initial margin impact: initial margin requirement to open the new position
• Maintenance margin impact: maintenance margin requirement to maintain the open position

The Account Summary module displays the following information:
• Initial margin reserved: aggregate initial margin requirement for all open positions in the account
• Initial margin available: margin available to open new positions
• Maintenance margin reserved: aggregate maintenance margin requirement for all open positions in the account
• Maintenance margin available: margin available for maintaining open positions, before close-out occurs at 100% maintenance margin utilisation

How will initial margin prevent trading up to 100% margin utilisation?
When you place a new order, existing open positions and orders are included in the calculation of the initial margin requirement.
Initial margin requirement = New order initial margin + Sum (initial margin orders) + Sum (initial margin portfolio)
Trading example:
You deposit USD 10,000 in your account. You decide to buy 100,000 USDJPY several times. You hold no other open position(s).

Any further attempt to buy will be rejected since the initial margin available has been utilised.

How is maintenance margin utilisation calculated?
Maintenance margin utilisation is the percentage of margin collateral utilised for trading leveraged products. It is calculated as follows:
Maintenance margin utilisation = (100 x Maintenance margin reserved) / (Account value + Other collateral – Not available as margin collateral)
What is the 100% margin close-out level?
Automatic margin close-out will occur at 100% (maintenance) margin utilisation.
For example:
You deposit EUR 10,000 in your account. You decide to buy 100,000 EURUSD. You hold no other open position(s).
Initial margin requirement = 100,000 x 1.50% = EUR 1,500
Maintenance margin requirement = 100,000 x 1.00% = EUR 1,000
Margin utilisation (at the time of the trade) = 10.0% (EUR 1,000/EUR 10,000)

Later due to market movements there is an unrealised loss on your account of EUR 9,000.
Margin utilisation = 100.0% (EUR 1,000/ (EUR 10,000 – EUR 9,000))
As a result, your margin is fully utilised and therefore you have no capacity to enter into further transactions (except to close out your open position(s)). You will be in breach of margin requirements and, to comply with the margin close-out rule, we shall seek to immediately terminate, cancel and close-out all or part of any outstanding position(s), as well as cancel any open orders.

Netting
Netting is the process of consolidation of positions that occurs when two positions in the same instrument and on same account are in opposite direction and thus fully or partially reduces the total market exposure in the instrument. It is the process in which a buy position and sell position are matched to remove both or yield a remainder, if one is bigger than the other.
This netting will take place unless one or both of the existing positions have Related Orders pending on them. It should be noted that a Related Order can be partially filled which would result in the original relation being broken and cause the existing position to be wholly or partially closed out. Any Related Order to the original position will thereby be cancelled and will work independently for the remaining amount to be filled, but the client can then place new Related Orders to the remaining exposure once netting is completed at the end of the trading day.
Since an account may have many positions in the same instrument opened at various times, the client may choose to close them explicitly or implicitly.
Time of netting
For clients, two netting modes are available. In both cases, final settlement still occurs at end of day, but it can be practical to only see active open positions.
• End of day (Default) – With End of day netting (EOD), positions remain open and visible until the nightly end of day (EOD) settlement processing.
• Real – time netting (Intraday) – The main difference with Intraday netting is that positions are netted immediately on execution. They disappear from the Positions lists, details are available as new entries in the Closed Positions list.
Enable / Disable Real Time Netting
Enable real-time netting on from Settings in any of the platforms. This is an opt-in feature (will not be enabled by default) which can be disabled by the client – thus returning to the standard EOD netting – at any time.

The Lot Size represents the standardized number of a financial instrument as set out by the exchange.
When trading stocks, the lot size refers to the number of shares you buy in one transaction.
When trading Options/Futures, the Lot Size (contract size) refers to the total number of contracts contained in one derivative security. The Lot Size is determined by the stock exchange.

The Tick size is the minimum price movement of a trading instrument.
The price movements of different trading instruments vary with their tick sizes representing the minimum amount they can move up or down on the exchange.

You can use a stop-loss order to limit your losses on both long and short positions.
If the order is used on a long position, a market order to sell is triggered at a pre-defined price – and the order will be filled at the best available price in the market. Please note that execution is not guaranteed.
To set a stop-loss order, simply right-click on the position you want to place the order on. Select ‘Take Profit / Stop Loss’ from the menu, which will open a new window. In the ‘Stop Loss’ field, enter the price level for your stop (below the current price for long positions and above the current price for short positions).

When a company is delisted from an exchange, shares of that company are no longer traded on that particular exchange. This can happen by choice, when the company decide to go private for example, or involuntarily, if the company doesn’t meet the exchange filing requirements or the per-share value drops below the exchange minimum, for instance.
If you hold a delisted stock, that will be indicated in the position list, where the stock name will contain the word Delisted.
It may not be necessary for you to take any action, but there are many possible scenarios, so if you have any doubts, you should contact us. ELANA will then determine the impact on the position and provide you with an update.

A trailing stop order can limit your losses in a position, just as a normal stop order. However, unlike a normal stop order, the trailing stop level will follow the position if it becomes increasingly profitable. You would therefore place the trailing stop below the market price on long positions, and above the market price for short positions.
How to use a trailing stop
A trailing stop enables you to protect a position, without the risk of taking profits too early. If the position moves smoothly in one direction, your stop will follow it, until there is a pull-back big enough for the position to reach the stop price.
The trailing stop order only moves in one direction:
• For Trailing Stop to Sell, placed on a Long position – only moves up
• For Trailing Stop to Buy, placed on a Short position – only moves down
When placing a trailing stop you need to set two parameters:
• Distance to market: How far from the market price should the stop be placed (in percent, price, ticks or USD)?
• Trailing step: How much should the market move before the stop order re-adjusts?
To apply a trailing stop, simply right-click on your position, then select ‘Add’ under ‘Stop’ in your ‘Positions’ view. Click ‘Stop Loss > Trailing Stop’, then choose where it’s set in relation to the market price.

• Question: Why was my trailing stop executed almost immediately?
• Answer: It is likely you are not subscribing to live prices for that particular instrument. Trailing stops require live data for the calculation of “distance to market” in order for your stops to readjust whenever your steps are triggered. You can subscribe to live data under Account > Other > Subscriptions.

Dividends on CFD positions are booked into your account on the Ex-date with value on Pay-Date. If you are eligible to receive dividends when holding a position in a CFD, ELANA will allocate cash to your account.
Please note that if you are holding a short position in the CFD, the amount will be deducted from your account.
You can find details of these movements in the CFD Cash Adjustments report under Historic Reports.

From the Trade Ticket:
1. Select the relevant instrument
2. Click on the (i) icon
3. Select Instrument
4. Refer to Min. trade amount line
Example:

You can find stock, stock CFD, option and future trading times in the Trading Conditions > Instrument section via the trading platform.
To open Trading Conditions – right-click on the position line in the watch list, chart or your open positions or click an (i) icon in a trade ticket or a product overview.
Please be aware, that trading times are shown in the exchange’s local time.

Margin and collateral requirements vary from instrument to instrument and can be changed at any time to reflect market conditions. These changes can be found:
In ELANA Global Trader: Account > Other > Upcoming Margin and Collateral Changes.
In ELANA Global TraderPRO: ADD MODULE > Other > Upcoming Margin and Collateral Changes.

• A rollover feature is now available for listed options from the context menu in the position list making it easy to roll and option position to a future expiry.

• Option Rollover opens the Option Strategies ticket with a calendar spread to close the current position and open the next available expiry (default) which can also be changed to another future expiry

As a general rule, ELANA does not offer clients access to the IPO order book.

In ELANA Global Trader and ELANA Global TraderPRO, we display a yellow warning if you are about to place a trade in an instrument denominated in a currency, different from the currency of the account AND you have an account available in the same currency as the instrument you are trading. The warning is informative only and will not prevent you from placing a trade.
In the below image the selected instrument is Apple Inc., but the selected account is in a different currency than USD.
If client decides to buy the Apple stock from this account, system converts a necessary amount of currency to USD and purchase a stock. Please, be aware, that a currency conversion fee applies in such case.

The trading platforms will not allow you to take trades that will bring your margin utilization above 100%.
In the Trade Ticket you will have a margin preview available, which gives you an indication of how much Initial margin available do you have.
If Initial margin impact is higher than Initial margin available, your trade will be rejected.
Please, be aware, that initial margin is shown without taking in the account existing open orders. Existing open orders are only calculated in during a new order placement.
As you can see in the example below, Initial margin impact is USD 8.501,14 and it is significantly higher than Initial margin available of USD 2.633,40. As a result, the trade is rejected.
Please, reduce the size of your position and try again.

FX Spot: Stop to buy is triggered by the Bid price. Stop to sell is triggered by the Ask price.
Index CFDs, Futures CFDs: Stop to buy is triggered by the Ask price. Stop to sell is triggered by the Bid price.
Stock CFDs, Stocks, ETFs, Futures: Stops is triggered by the Last Traded price.