CFD


Key Information Documents

Key Information Documents (CFD on Indices)
Key Information Documents (CFD on Futures)
Key Information Documents (CFD on ETP’s)


Single Stock CFDs

Elana Trading provides trading with single stock CFDs with the following commissions:

Exchange Session Market Orders Commision Min. commission Borrowing Rate Margin
Last update: 24 September 2020 15:16
Europe
netherlandsAMS 10:00 – 18:30 0.1% EUR 4 3pp/-2.5pp
belgiumBRU 10:00 – 18:30 0.1% EUR 4 3pp/-2.5pp
denmarkCSE 4 10:00 – 18:00 0.1% DKK 65 3pp/-2.5pp
germanyFSE 10:00 – 18:30 0.1% EUR 4 3pp/-2.5pp
finlandHSE 4 10:00 – 18:30 0.1% EUR 4 3pp/-2.5pp
portugalLISB 10:00 – 18:30 0.1% EUR 4
ukLSE_INTL 11:00 – 17:40 0.1% USD 12 3pp/-2.5pp
ukLSE_SETS 10:00 – 18:30 0.1% GBP 8 3pp/-2.5pp
italyMIL 2 10:00 – 18:25 0.18% EUR 11 3pp/-2.5pp
norwayOSE 10:00 – 18:20 0.1% NOK 65 3pp/-2.5pp
francePAR 10:00 – 18:30 0.1% EUR 4 3pp/-2.5pp
czechPRA 10:00 – 17:20 0.25% CZK 500 3pp/-2.5pp
spainSIBE 10:00 – 18:20 0.1% EUR 4 3pp/-2.5pp
swedenSSE 4 09:00 – 17:30 0.1% SEK 65 3pp/-2.5pp
switzerlandSWX 10:00 – 18:30 0.1% CHF 18 3pp/-2.5pp
austriaVIE 10:02 – 18:30 0.1% EUR 4 3pp/-2.5pp
switzerlandVX 10:00 – 18:30 0.1% CHF 18 3pp/-2.5pp
polandWSE 10:00 – 17:50 0.25% PLN 65 3pp/-2.5pp
germanyXETR_ETF 10:00 – 18:30 0.1% EUR 4
North America
usaAMEX 3 16:30 – 23:00 USD 0.02 per CFD USD 4 3pp/-2.5pp
usaNASDAQ 16:30 – 23:00 USD 0.02 per CFD USD 4 3pp/-2.5pp
usaNSC 16:30 – 23:00 USD 0.02 per CFD USD 4 3pp/-2.5pp
usaNYSE 16:30 – 23:00 USD 0.02 per CFD USD 4 3pp/-2.5pp
usaNYSE_ARCA 16:30 – 23:00 USD 0.02 per CFD USD 4
canadaTSE 16:30 – 23:00 CAD 0.03 per CFD CAD 20 3pp/-2.5pp
Аsia/Oceania
australiaASX 01:00 – 07:00 0.1% AUD 8 3pp/-2.5pp
hongkongHKEX 03:30 – 10:00 0.25% HKD 90 3pp/-2.5pp
други
LSE_ETF 0.1% GBP 8
ISE
SWX_ETF 0.1% CHF 18
BATS_BZX USD 0.02 per CFD USD 4
  1. When trading Single Stock CFDs with Elana Trading a fixed commission in percent is charged on the notional value of the trade with a minimum for small trade sizes.
  2. The tax will be applied to all Italian Derivatives whose underlying assets are equity instruments issued by Italian companies. The tax is 0.02% of the volume of the deal and is imposed both when selling and buying. This tax is included in the commissions in the table above. An additional tax is payed as follows: 5 EUR for deals of volume of 10 K – 50 K EUR; 10 EUR for deals of volume of 50 K – 100 K EUR; 50 EUR for deals of volume of 100 K – 500 K EUR; 100 EUR for deals of volume of 500 K – 1 M EUR; 200 EUR for deals of volume of over 1 M EUR;
  3. Due to a limited order book on the American Stock Exchange (AMEX) ELANA Trading does not support Market orders on this exchange. Clients should use Limit orders instead.
  4. NASDAQ OMX Copenhagen, NASDAQ OMX Stockholm и NASDAQ OMX Helsinki are available for trading only after a subscription to live price data
Margin requirenments on Single Stock CFDs

The margin requirenments on Single Stock CFDs are available in the table above.

To create a buffer between your trading capacity and the margin close-out level, which ESMA has standardised, ELANA Tradings we applies two different margin requirements:

  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 account to meet the initial margin requirement.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of margin collateral that must be held on account to maintain an open position(s). Maintenance margin is used to calculate the margin utilisation.

Different instruments have different initial and maintenance margin, but mathematically spoken, it won´t be possible to open new positions somewhere in between a MU of 50% (if clients has CFD/FX positions only).
To step ahead further questions, we’ll illustrate with an extreme example (CFD/FX) where initial margin (IM) is twice as high as maintenance margin (MM).
Let´s assume you have 10,000 cash and open a EURUSD position that requires full IM of 10,000 EUR. Once the position is open, the MM will be 5000, as for CFDs/FX the IM is twice as much as MM.
If you now lose 1000 EUR, your cash is 9000 EUR, the MM still somewhere around 5000 (slightly below, but let´s not go into that detail) so the MU would be 55.55% (5000/9000*100).
If you wanted to open a NEW position, the margin check would NOT allow it already, because when a NEW position is opened, the margin pre-check will always calculate with the IM of the existing positions (as otherwise ESMA requirements wouldn´t make any sense) so when the pre-Margin check is happening for the new position opening, the EXISTING position is taken into account with a IM margin requirement of 10000. Since the client only has 9000 cash, the new position can´t be opened anymore already as “pre-margin check requirement of existing position = 10000 vs existing cash 9000” – no new exposure is allowed.
Margin Utilization (MU) levels depend on the relation IM vs MM and hence can vary between 50% to 90% depends what the client is trading.

CFD Financing

As Single Stock CFDs at ELANA Trading are a margined product, you finance the traded value through an overnight credit/debit charge. When you hold a Single Stock CFD position overnight i.e. have an open CFD position at close of market on the Stock Exchange, your CFD position will consequently be subject to the following credit or debit:

  • When you hold a long CFD position, you are subject to a debit calculated on the basis of the relevant Inter-Bank Offer Rate for the currency in which the underlying share is traded (e.g. LIBOR) plus a mark-up of 3%.
  • When you hold a short CFD position, you receive a credit calculated on the basis of the relevant Inter-Bank Bid Rate for the currency in which the underlying share is traded (e.g. LIBID) minus a mark-down of 2.5%. Should the relevant Inter-Bank Bid Rate – 2.5% result in a debit as opposed to a credit, then you will pay the finance charge.

If you open and close a CFD position within the same trading day, you are not subject to overnight financing. The borrowing rate will be fixed when the position is opened and you will be charged on a monthly basis. Please be aware, that for certain corporate action events, the borrowing rate on the short position may be reset to the current rate in the market, upon the execution of the corporate action.
The specific borrowing rate for a Stock can be seen as the ‘Borrowing Rate’ under ‘Account’ > ‘Trading Conditions’ > ‘CFD Stock/Index Instrument List’ in the trading platforms.

Short Selling CFDs

When short selling a CFD, you will be subject to the rules for the Stock market at which the underlying stock is traded. For example, when short selling CFDs, you may experience forced closure of a position if your CFDs get recalled. This may happen if the underlying Stock becomes hard to borrow due to corporate events such as take overs, dividends, rights offerings (and other merger and acquisition activities) or increased hedge fund selling of the Stock.

Market Orders

Certain exchanges do not support market orders. If a client places a market order in these markets, we will automatically convert the order to an aggressive limit order. Please note that it is a client’s responsibility to check if the order is filled in the market after order entry. If you experience or suspect any errors with your order, you should contact us immediately.

Algoritmic orders

Algorithmic orders are available for both Cash Stocks and Single Stock CFDs. Essentially, Algorithmic orders provide clients with the opportunity to trade through various strategies with larger ticket sizes that may otherwise impact the market price. They can also break down an order in smaller bites to avoid showing the full size of their order. This may be of particular interest for clients trading Stocks and Single Stock CFDs outside of the most liquid names. At the moment ELANA Trading places the ‘Algos’ for the client per request. You can see the position in the trading platforms and are able to cancel it. Initially the following ‘Algo’ order types are offered:Reload, Implementation Shortfall, With Volume, VWAP, Smart Dark, Iceberg.

Borrowing costs on Short CFDs

A borrowing cost will be applied to your short Cash Stock CFD positions held overnight. This borrowing cost is dependent on the liquidity of the Stocks and may be zero for high liquidity Stocks. The specific borrowing rate for a Stock can be seen as the ‘Borrowing Rate’ under ‘Account’ > ‘Trading Conditions’ > ‘CFD Stock/Index Instrument List’ in the trading platforms. The borrowing rate will be fixed when the position is opened and will be charged on a monthly basis.

CFD Index Trackers

ELANA Global Trader offers 29 stock index CFDs on the indices of the biggest exchanges in the world. They offer opening both long and short positions and are traded without commissions and with small spreads, as follows:

Exchange index Symbol Spread Margin
initial
Margin
maintenance
Session Borrowing Rate
Last update: 24 September 2020 15:16
Indices
Australia 200 AUS200.I 1.5 5.0 % 2.5 % 00:51 – 22:00 3pp/-2.5pp
Belgium 20 BELG20.I 13 10.0 % 5.0 % 10:10 – 18:25 3pp/-2.5pp
Denmark 20 DEN20.I 2.5 10.0 % 5.0 % 10:10 – 17:55 3pp/-2.5pp
Denmark 20 Cap DEN20CAP.I 2.5 10.0 % 5.0 % 10:10 – 17:55 3pp/-2.5pp
EU Stocks 50 EU50.I 2 5.0 % 2.5 % 02:16 – 23:00 3pp/-2.5pp
France 40 FRA40.I 2 10.0 % 5.0 % 09:01 – 23:00 3pp/-2.5pp
Germany 30 GER30.I 1.5 5.0 % 2.5 % 02:16 – 23:00 3pp/-2.5pp
Germany Mid-Cap 50 GER50MID.I 15 10.0 % 5.0 % 10:10 – 18:25 3pp/-2.5pp
Germany Tech 30 GERTECH30.I 4.5 10.0 % 5.0 % 10:10 – 18:25 3pp/-2.5pp
Hong Kong Index HK50.I 12 10.0 % 5.0 % 03:16 – 19:00 3pp/-2.5pp
Japan 225 JP225.I 12 5.0 % 2.5 % 01:30 – 22:45 3pp/-2.5pp
Netherlands 25 NETH25.I 0.25 10.0 % 5.0 % 09:01 – 23:00 3pp/-2.5pp
Norway 25 NOR25.I 1 10.0 % 5.0 % 10:10 – 17:20 3pp/-2.5pp
Portugal 20 PORT20.I 25 13.0 % 9.0 % 10:10 – 18:25 3pp/-2.5pp
Spain 35 SPAIN35.I 8 10.0 % 5.0 % 09:01 – 21:00 3pp/-2.5pp
Sweden 30 SWE30.I 0.65 10.0 % 5.0 % 10:01 – 18:25 3pp/-2.5pp
Switzerland 20 SWISS20.I 3 10.0 % 5.0 % 09:01 – 23:00 3pp/-2.5pp
US 30 Wall Street US30.I 4 5.0 % 2.5 % 01:01 – 23:00 3pp/-2.5pp
US SPX500 US500.I 1 5.0 % 2.5 % 01:01 – 23:00 3pp/-2.5pp
US Tech. 100 NAS USNAS100.I 1.2 5.0 % 2.5 % 01:01 – 23:00 3pp/-2.5pp
  • Italian derivatives are subject to Italian Financial Transaction Tax (Stamp duty) which is applied for both buys and sells. Also, an additional charge of 2 bps. (0.02%) of the trade amount is applied, to cover ELANA Trading`s increased cost of execution and hedging due to IFTT. This tax is included in the commissions in the table above. An additional tax is payed as follows: 5 EUR for deals of volume of 10 K – 50 K EUR; 10 EUR for deals of volume of 50 K – 100 K EUR; 50 EUR for deals of volume of 100 K – 500 K EUR; 100 EUR for deals of volume of 500 K – 1 M EUR; 200 EUR for deals of volume of over 1 M EUR;
  • Australia 200 has a break between 08:25 and 09:10
  • Hong Kong Index has a mid-session break between 07:00 and 08:00 and an evening break between 11:10 and 12:00
  • Japan 225 has a break between 09:10 and 10:30
Financing

As Index Tracker CFDs at ELANA Trading are a margined products, you finance the traded value through an overnight credit/debit charge. If you open and close a CFD position within the same trading day, you are not subject to overnight financing. When you hold an Index Tracker CFD position overnight, your CFD position will consequently be subject to the following credit or debit:

  • When you hold a long CFD position, you are subject to a debit calculated on the basis of the relevant Inter-Bank Offer Rate for the currency in which the underlying share is traded (e.g. LIBOR) plus a mark-up of 3%.
  • When you hold a short CFD position, you receive a credit calculated on the basis of the relevant Inter-Bank Bid Rate for the currency in which the underlying share is traded (e.g. LIBID) minus a mark-down of 2.5%. Should the relevant Inter-Bank Bid Rate – 2.5% result in a debit as opposed to a credit, then you will pay the finance charge.

If you open and close a CFD position within the same trading day, you are not subject to overnight financing. The borrowing rate will be fixed when the position is opened and you will be charged on a monthly basis. Please be aware, that for certain corporate action events, the borrowing rate on the short position may be reset to the current rate in the market, upon the execution of the corporate action.
The specific borrowing rate for a Stock can be seen as the ‘Borrowing Rate’ under ‘Account’ > ‘Trading Conditions’ > ‘CFD Stock/Index Instrument List’ in the trading platforms.

Commodity, Bonds and Other CFDs

When trading Commodity CFDs with Elana Trading a commission is not charged.

Instrument Symbol Format prices Minimum spread Minimum volume Session Margin
initial
Margin
maintenance
Last update: 24 September 2020 15:16
Energy
Crude Oil OILUS USD 0.05 25 барела 01:00 – 00:00 15.0 % 10.0 %
Brent Oil OILUK USD 0.05 25 барела 03:00 – 00:30 10.0 % 5.0 %
Heating oil HEATINGOIL USD 0.35 500 галона 01:00 – 00:00 10.0 % 5.0 %
Gas GASOLINEUS USD 0.25 500 галона 01:00 – 00:00 10.0 % 5.0 %
Gasoil GASOILUK USD 1.25 1 тон 03:00 – 00:30 10.0 % 5.0 %
Natural gas NATGASUS USD 0.017 200 mmBtu 01:00 – 00:00 10.0 % 9.0 %
CO2 emissions EMISSIONS EUR 0.07 25 тона 09:00 – 19:00 10.0 % 9.0 %
Metals
Gold GOLD USD 0.6 1 унция 01:00 – 00:00 5.0 % 2.5 %
Silver SILVER USD 3.5 25 унции 01:00 – 00:00 10.0 % 5.0 %
Platinum PLATINUM USD 1.7 1 унция 01:00 – 00:00 10.0 % 5.0 %
Palladium PALLADIUM USD 1.75 1 унция 01:00 – 00:00 10.0 % 5.0 %
Copper COPPERUS USD 0.55 500 GBP 01:00 – 00:00 10.0 % 5.0 %
Argicultural
Corn CORN USD 1.25 200 бушела 03:00 – 21:15 10.0 % 5.0 %
Wheat WHEAT USD 2.25 200 бушела 03:00 – 21:15 10.0 % 5.0 %
Soy SOYBEANS USD 1.75 200 бушела 03:00 – 21:15 10.0 % 5.0 %
Sugar SUGARNY USD 0.05 5000 GBP 10:45 – 20:15 10.0 % 5.0 %
Coffee COFFEENY USD 0.45 1000 GBP 11:30 – 20:45 10.0 % 5.0 %
Cacao COCOANY USD 9 1 тон 12:00 – 20:45 10.0 % 5.0 %
Cattle LIVECATTLE USD 0.175 2000 GBP 17:05 – 21:00 10.0 % 5.0 %
Currencies
EUR/USD EURUSD USD 0.0002 5000 EUR 01:01 – 00:00 3.3 % 1.7 %
EUR/JPY EURJPY JPY 0.03 5000 EUR 01:01 – 00:00 3.3 % 1.7 %
EUR/CHF EURCHF CHF 0.0003 5000 EUR 01:01 – 00:00 3.3 % 1.7 %
EUR/GBP EURGBP GBP 0.0003 5000 EUR 01:01 – 00:00 3.3 % 1.7 %
GBP/USD GBPUSD USD 0.0003 5000 GBP 01:01 – 00:00 3.3 % 1.7 %
AUD/USD AUDUSD USD 0.0003 5000 AUD 01:01 – 00:00 5.0 % 2.5 %
USIndex USDINDEX USD 0.01 100 пункта 03:00 – 00:00 20.0 % 10.0 %
Bonds
Italian Gov. 10-year 10YBTP EUR 0.05 50 пункта 09:01 – 19:55 20.0 % 10.0 %
French Gov. 10-year 10YOAT EUR 0.05 50 пункта 09:01 – 19:55 20.0 % 10.0 %
German Gov. 10-year BUND EUR 0.03 50 пункта 02:16 – 23:00 20.0 % 10.0 %
German Gov. 5-year BOBL EUR 0.03 50 пункта 02:16 – 23:00 20.0 % 10.0 %
German Gov. 2-year SCHATZ EUR 0.015 50 пункта 02:16 – 23:00 20.0 % 10.0 %
Carrying Cost on Expiring CFDs

When you hold an Expiring CFD position overnight i.e. have an open CFD position at market close of the corresponding Exchange, your CFD position will consequently be subject to a carrying cost. The carrying cost will be calculated on the basis of the daily margin requirement.
Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + Markup) / (365 or 360 days)
The fee will be calculated on a daily base and charged end-of-month.

Expiry of the contact

Like Futures, ELANA Trading`s Commodity, Bond and Other CFDs expire and will be cash settled on the expiry date of the underlying future. Front month (current contract) and back month (following contract) will be offered to enable clients to manually roll positions from one contract to the next. The specific expiry date and time for individual CFDs can be found in the trading platforms on either the Trade or Order tickets plus the Instrument Information pages.

You should pay attention to when the Last Trade Day will take place as it differs contract to contract and month to month. Trading will cease at the specified time listed in the Contracts Specifications table for each contract. Any positions still open at the close of trading on the Expiry Date will be automatically closed at the closing price set by ELANA Trading and cash settled.

Partial Fills

Partial fills may occur on Limit orders and the remaining amount stays in the market as a Limit order and may be filled within the order duration.

Corporate Actions

Bonus Issues

New CFDs are allocated on the Ex-date. Clients with short positions will be debited and clients with long positions credited.

Cash Dividends

Cash adjustments are booked on the Ex-date reflecting the market price movement on the Ex-date, but the actual value of the payment will be settled on the Pay Date. For long CFD positions, a Return Adjustment is subtracted from the Cash Adjustment. The Return Adjustment is designed to mirror the cash-flow from the default withholding tax rate in the relevant market for the underlying dividend payment. When selling short a stock CFD, you will have to pay the net dividend distributed for the particular share.

Dividends on index trackers

When any underlying stock that is part of an Index CFD goes ex-dividend, the Index CFD will be price adjusted to reflect this dividend. The weighted proportion of the applicable dividend within the Index CFD will be credited to the client’s account for long positions and debited for short. Please note that the DAX30 is a Total Return Index, meaning the index is automatically adjusted for dividends.

Optional Dividends

CFDs will receive the cash payment. The cash adjustments on CFD positions are booked on the Ex-date reflecting the market price movement on the Ex-date, but the actual value of the payment will be settled on the Pay Date.

Dividend reinvestment plans (DRIP)

CFDs will receive the cash payment. The cash adjustments on CFD positions are booked on the Ex-date reflecting the market price movement on the Ex-date, but the actual value of the payment will be settled on the Pay date.

Tender Offer

Clients holding CFD positions will not be given a choice to tender.

Mergers & Mergers with Election

For mandatory mergers, clients holding CFD positions are paid cash, new CFDs or both on the Ex-date according to the terms of the corporate action. Clients will not have the possibility to vote on mergers with elections. The default term will be elected on behalf of the client. Clients account with short positions will be debited and credited for long position. Mergers are paid according to the below, depending in the outcome of the event.

  • Cash (distributed on Pay-Date)
  • Stocks (distributed on Ex-Date)
  • Mix of Cash & Stocks (distributed on Ex-date)
Stock Splits / Reverse Stock Splits

New CFDs positions are allocated on the Ex-date. Clients with short positions will be debited and clients with long positions credited.

Right Issues

Clients with single stock CFD positions can not choose whether to exercise their rights. The process is automatic and depends on whether the rights are tradeable or not:

  • Tradeable Rights: Аre granted and booked in accordance with the ratio on the Effective Date (Ex-date) and automatically orders for sale of the rights are placed when the relevant market opens for trading. Following the order executions proceeds from the sold Rights are booked to the client’s account. In case the client wishes to participate in the Rights Issue, this is possible by buying the actual Stock Rights.
  • Non-Tradeable Rights: New CFD positions in the original instrument are granted and booked according to the ratio and the price of the underlying rights issue on the Effective Date (Ex-date), with the value date as payment date.
Stock Dividends

CFDs are allocated on the Ex-date for value on Pay Date. Clients with short positions will be debited and clients with long positions credited.

Taxes and commissions on corporate actions

Taxes and fees may also occur on other corporate action other than cash dividends such as fee on a stock dividend or tax on a merger. When such taxes and fees occur Saxo Bank will debit the client’s account accordingly.

Positions in instruments that are not online tradable

It can happen that a Corporate Action involves an instrument that is not tradable online with ELANA Trading. In that case CFD positions in new instruments that are not tradable online are, if possible, liquidated. The proceeds are paid in full to clients.

Special Corporate Action Events

Special and infrequent Corporate Actions that do not come under the descriptions above may occur. ELANA Trading will handle such Corporate Actions in the best interest of the client to the extent that time and operational procedures will allow.

Currency conversion

Currency conversions of trading costs as well as profits and losses from trading activities are executed at the mid FX Spot rate when you close the position, plus/minus 0.5 %. For FX Options the rate is plus/minus 0.1 %.
The Currency Conversion fee does not apply to margin collateral. Only settlement of actual payments to or from the trading account are included, for example, buying/selling cash Stocks, paying/receiving options premium etc.
The rate used for currency conversion of amounts booked to your account is shown in the trading platforms under the “Trades Executed” report.

Inactivity fee

There is an “Inactivity” fee of 10 EUR or 10 USD, which is charged in the absence of an open position or a transaction in the platform for a period longer than 6 months. The fee is charged every month after the expiration of 6 months of inactivity. The fee is not charged in the absence of a client’s cash balance.

Margin Call

You must maintain the required margin collateral on ELANA Global Trader at all times. If at any time while a margin position is open, and the margin required to maintain that position exceeds the funds available for margin trading on the account, you are in breach of your contract. What happens if the required level of margin is violated?

  • At 75% margin utilization – client will receive a message on the ELANA Global Trader platform informing him about the level of margin used.
  • At 90% margin utilization – client will receive a message on the ELANA Global Trader platform informing him about the level of margin used and a warning that all margin positions will be closed if losses increase.
  • At 100% margin utilization – ELANA Trading will, at its sole discretion and without consent from or prior notice to the client, force liquidate any of the client’s margin positions. Cash positions will not be closed.