Futures

  2. Trading Conditions
  3. Futures

Comissions

These commissions are for each contract and for each trade (buy, sell or at expiry) through ELANA Global Trader and exclude exchange fees which are listed under the contract specifications. The specific price category classification is determined by ELANA Trading at the end of each month. If no agreement exists to the contrary, clients will be charged the highest price category in the table. Contact ELANA Trading to apply for another price category if applicable based on previous trading volumes.

Contract currency Trade volume (number of contracts/month)
  1 – 250 251 – 1000 1001 – 5000
AUD AUD 10.00 AUD 5.00 AUD 2.50
EUR EUR 6.00 EUR 3.00 EUR 1.50
GBP GBP 5.00 GBP 2.50 GBP 1.25
SGD SGD 15.00 SGD 7.50 SGD 3.75
USD USD 6.00 USD 3.00 USD 1.50
CHF CHF 8.00 CHF 4.00 CHF 2.00
JPY JPY 1000.00 JPY 800.00 JPY 750.00
HKD (Full-sized contracts) HKD 45 HKD 30 HKD 20
HKD (Mini contracts) HKD 30 HKD 25 HKD 20
CAD CAD 6.00 CAD 3.00 CAD 1.50
BRL (Full-sized contracts) BRL 10 BRL 7.5 BRL 7
BRL (Mini contracts) BRL 7.5 BRL 5 BRL 3.5
NZD NZD 15 NZD 7.5 NZD 4
  • The minimum ticket fee per Futures contract trade is USD 10, EUR 10, GBP 8, CHF 11, AUD 12.5, CAD 10, JPY 1200, SEK 100 or SGD 20.
  • The tax will be applied to all Italian Derivatives whose underlying assets are equity instruments issued by Italian companies. The Italian FTT for Derivatives applies irrespective of the location of the client or the jurisdiction of the transaction, so everyone trading Italian Derivatives will have to pay new Italian FTT for Buys and Sells. The commissions for trading futures are as follows: 6 EUR per contract + a one-time fee per trade of 0.5 EUR for trade of up to 7 contracts and of 5 EUR for trades of more than 7 contracts. The minimal commission is 13 EUR and according to the volume of the deal the following additional fees are charged: : 0,00375 EUR for trades with volume of 0 – 2,5 K. EUR; 0,0075 EUR for trades with volume of 2,5 K. – 5 K. EUR; 0,015 EUR for trades with volume of 5 K. – 10 K. EUR; 0,075 EUR for trades with volume of 10 K. – 50 K. EUR; 0,15 EUR for deals with volume of 50 K. – 100 K. EUR; 0,75 EUR for deals with volume of 100 K. – 500 K. EUR; 1,5 EUR for deals with volume of 500 K. – 1 mln. EUR; 3 EUR for deals with volume over 1 mln. EUR.

Margin

Futures contracts are traded on margin enabling clients to leverage a small margin deposit for a much greater market effect. There are two different margin requirements for trading futures. The Initial margin is the collateral per contract required to open a Futures position. After opening the Futures position you must maintain the required Maintenance margin in your account at all times. Usually the initial margin is larger than the maintenance margin.

Exchange Contract Symbol Expiry date First notice
Last update: 04 December 2024 11:32
CBOT (142)
CME (201)
COMEX (56)
HKEX (24)
NYMEX (98)

Stop and Stop Limit orders

Stop and Stop-Limit orders are subject to support by the exchange on which the contract is traded. The order types available are noted in the pop-up details for each contract.

Partial fills

Partial fills may occur on Limit orders as the remaining amount stays in the market as a Limit order and may be filled within the order duration. Market orders can be filled at numerous levels, the price paid will be the volume weighted average price of all the fills.

Expiry for Futures Contracts

Physical delivery of the underlying asset on expiry of a Futures Contract is not supported. Therefore, we advise you to take note of the expiry and first notice dates (FND) of any Futures Contracts in which you have positions and ensure they are closed before the appropriate day, as described below.

  • If the expiry day is prior to the first notice day (FND) the contract will be closed on the expiry day.
  • If the FND is the same or prior to the expiry day the contract will be closed the weekday prior to the FND.
  • If futures positions are not closed before the relevant date, ELANA Trading will close the position on your behalf at the first available opportunity at the prevailing market rate. Any resulting costs, gains or losses will be passed on to you.

Carrying Cost on Futures

When you hold overnight a futures contract position i.e. have an open position at market close of the corresponding Futures Exchange, your 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.

FIFO (First-In-First-Out)

When netting open FX positions Saxo uses FIFO (First-In-First-Out) rules, which means that the first position that you open is the first position to be closed. This is provided that the positions are on the same account and that none of the positions have related orders attached.
Example: You are trading EURUSD and have opened 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 trading day.

Currency conversion

When the underlying currency of an instrument traded on margin is different than the currency of the account the net result of the closed position will be converted to the currency of the account. When trading stocks, the currency rate will be calculated when the trade is executed. The rate will be the current spot rate +/- 0.5%.

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.