Forex


Key Information Documents

Key information document (FX Spot)
Key information document (FX FORWARD)


Spreads and Margin

The clients of ELANA Trading can trade without any commissions the following currency crosses in the platform ELANA Global Trader:

Currency Pair Sector Margin (initial) 1 Margin (maintenance) 1 Minimum trade size 2 Spread 3
24 September 2020 15:13
AUDUSD Major 5.0 % 2.5 % AUD 1,000 0.00016
EURCHF Major 3.3 % 1.7 % EUR 1,000 0.00018
EURGBP Major 4.0 % 3.0 % EUR 1,000 0.00017
EURJPY Major 3.3 % 1.7 % EUR 1,000 0.019
EURUSD Major 3.3 % 1.7 % EUR 1,000 0.00016
GBPUSD Major 4.0 % 3.0 % GBP 1,000 0.00017
NZDUSD Major 5.0 % 2.5 % NZD 1,000 0.00018
USDCAD Major 3.3 % 1.7 % USD 1,000 0.00019
USDCHF Major 3.3 % 1.7 % USD 1,000 0.00017
USDJPY Major 3.3 % 1.7 % USD 1,000 0.017
XAGUSD Minor 12.0 % 6.0 % XAG 10 0.0130
XAUUSD Major 7.0 % 3.5 % XAU 1 0.19
Currency Pair Sector Margin (initial) 1 Margin (maintenance) 1 Minimum trade size 2 Spread 3
24 September 2020 15:13
AUDCAD Major 5.0 % 2.5 % AUD 1,000 0.00029
AUDCHF Major 5.0 % 2.5 % AUD 1,000 0.00026
AUDCNH Exotic 5.0 % 2.5 % AUD 1,000 0.00065
AUDCZK Exotic 5.0 % 2.5 % AUD 1,000 0.0049
AUDDKK Major 5.0 % 2.5 % AUD 1,000 0.0007
AUDEUR Major 5.0 % 2.5 % AUD 1,000 0.00028
AUDGBP Major 5.0 % 3.0 % AUD 1,000 0.00027
AUDHKD Exotic 100.0 % 50.0 % AUD 1,000 0.0007
AUDHUF Exotic 5.0 % 2.5 % AUD 1,000 0.06
AUDJPY Major 5.0 % 2.5 % AUD 1,000 0.026
AUDMXN Exotic 10.0 % 5.0 % AUD 1,000 (RFQ) 0.0016
AUDNOK Major 5.0 % 2.5 % AUD 1,000 0.0011
AUDNZD Major 5.0 % 2.5 % AUD 1,000 0.00060
AUDPLN Exotic 5.0 % 2.5 % AUD 1,000 0.0007
AUDSEK Major 5.0 % 2.5 % AUD 1,000 0.0011
AUDSGD Major 5.0 % 2.5 % AUD 1,000 0.00031
AUDTRY Minor 15.0 % 10.0 % AUD 1,000 (RFQ) 0.0007
AUDUSD Major 5.0 % 2.5 % AUD 1,000 0.00016
AUDZAR Minor 15.0 % 10.0 % AUD 1,000 0.0017
CADCHF Major 3.3 % 1.7 % CAD 1,000 0.00026
CADCNH Exotic 5.0 % 2.5 % CAD 1,000 (RFQ) 0.0007
CADEUR Major 3.3 % 1.7 % CAD 1,000 0.00028
CADHKD Exotic 100.0 % 50.0 % CAD 1,000 0.0007
CADJPY Major 3.3 % 1.7 % CAD 1,000 0.029
CADMXN Exotic 10.0 % 5.0 % CAD 1,000 0.0017
CADNOK Major 5.0 % 2.5 % CAD 1,000 0.0009
CADPLN Exotic 5.0 % 2.5 % CAD 1,000 0.0008
CADSEK Major 5.0 % 2.5 % CAD 1,000 0.0011
CADSGD Major 5.0 % 2.5 % CAD 1,000 0.00036
CADTRY Minor 15.0 % 10.0 % CAD 1,000 (RFQ) 0.00069
CADUSD Major 3.3 % 1.7 % CAD 1,000 0.00026
CHFAUD Major 5.0 % 2.5 % CHF 1,000 0.00032
CHFCNH Exotic 5.0 % 2.5 % CHF 1,000 (RFQ) 0.0007
CHFCZK Exotic 5.0 % 2.5 % CHF 1,000 0.006
CHFDKK Major 5.0 % 2.5 % CHF 1,000 0.0007
CHFHKD Exotic 100.0 % 50.0 % CHF 1,000 (RFQ) 0.0010
CHFHUF Exotic 5.0 % 2.5 % CHF 1,000 0.053
CHFJPY Major 3.3 % 1.7 % CHF 1,000 0.028
CHFMXN Exotic 10.0 % 5.0 % CHF 1,000 0.0017
CHFNOK Major 5.0 % 2.5 % CHF 1,000 0.00095
CHFPLN Exotic 5.0 % 2.5 % CHF 1,000 0.0007
CHFSEK Major 5.0 % 2.5 % CHF 1,000 0.00093
CHFSGD Major 5.0 % 2.5 % CHF 1,000 0.00033
CHFTRY Minor 15.0 % 10.0 % CHF 1,000 0.00076
CHFUSD Major 3.3 % 1.7 % CHF 1,000 0.00028
CHFZAR Minor 15.0 % 10.0 % CHF 1,000 0.0020
CNHHKD Exotic 100.0 % 50.0 % CNH 6,000 (RFQ) 0.00036
CNHJPY Exotic 5.0 % 2.5 % CNH 6,000 0.0030
CZKPLN Exotic 5.0 % 2.5 % CZK 10,000 (RFQ) 0.00005
DKKCZK Exotic 5.0 % 2.5 % DKK 1,000 0.004
DKKHUF Exotic 5.0 % 2.5 % DKK 1,000 0.04
DKKJPY Major 5.0 % 2.5 % DKK 1,000 0.004
DKKPLN Exotic 5.0 % 2.5 % DKK 1,000 (RFQ) 0.0004
DKKSGD Major 5.0 % 2.5 % DKK 1,000 (RFQ) 0.00024
DKKZAR Minor 15.0 % 10.0 % DKK 1,000 0.0006
EURAUD Major 5.0 % 2.5 % EUR 1,000 0.00033
EURCAD Major 3.3 % 1.7 % EUR 1,000 0.00062
EURCHF Major 3.3 % 1.7 % EUR 1,000 0.00018
EURCNH Exotic 5.0 % 2.5 % EUR 1,000 0.0009
EURCZK Exotic 5.0 % 2.5 % EUR 1,000 0.0054
EURDKK Major 5.0 % 2.5 % EUR 1,000 0.00062
EURGBP Major 4.0 % 3.0 % EUR 1,000 0.00017
EURHKD Exotic 100.0 % 50.0 % EUR 1,000 0.00106
EURHUF Exotic 5.0 % 2.5 % EUR 1,000 0.059
EURILS Exotic 10.0 % 5.0 % EUR 1,000 0.0007
EURJPY Major 3.3 % 1.7 % EUR 1,000 0.019
EURMXN Exotic 10.0 % 5.0 % EUR 1,000 0.00211
EURNOK Major 5.0 % 2.5 % EUR 1,000 0.00094
EURNZD Major 5.0 % 2.5 % EUR 1,000 0.00039
EURPLN Exotic 5.0 % 2.5 % EUR 1,000 0.00083
EURRON Exotic 10.0 % 5.0 % EUR 1,000 0.0007
EURRUB Exotic 15.0 % 10.0 % EUR 1,000 0.0106
EURSEK Major 5.0 % 2.5 % EUR 1,000 0.00093
EURSGD Major 5.0 % 2.5 % EUR 1,000 0.00033
EURTHB Exotic 100.0 % 50.0 % EUR 1,000 (RFQ) 0.014
EURTRY Minor 15.0 % 10.0 % EUR 1,000 0.00094
EURUSD Major 3.3 % 1.7 % EUR 1,000 0.00016
EURZAR Minor 15.0 % 10.0 % EUR 1,000 0.0022
GBPAUD Major 5.0 % 3.0 % GBP 1,000 0.00046
GBPCAD Major 4.0 % 3.0 % GBP 1,000 0.00035
GBPCHF Major 4.0 % 3.0 % GBP 1,000 0.00020
GBPCNH Exotic 5.0 % 3.0 % GBP 1,000 0.0010
GBPCZK Exotic 5.0 % 3.0 % GBP 1,000 0.0065
GBPDKK Major 5.0 % 3.0 % GBP 1,000 0.0008
GBPEUR Major 4.0 % 3.0 % GBP 1,000 0.00030
GBPHKD Exotic 100.0 % 50.0 % GBP 1,000 0.0012
GBPHUF Exotic 5.0 % 3.0 % GBP 1,000 0.08
GBPILS Exotic 10.0 % 5.0 % GBP 1,000 0.0010
GBPJPY Major 4.0 % 3.0 % GBP 1,000 0.030
GBPMXN Exotic 10.0 % 5.0 % GBP 1,000 (RFQ) 0.0025
GBPNOK Major 5.0 % 3.0 % GBP 1,000 0.0012
GBPNZD Major 5.0 % 3.0 % GBP 1,000 0.00070
GBPPLN Exotic 5.0 % 3.0 % GBP 1,000 0.00075
GBPSEK Major 5.0 % 3.0 % GBP 1,000 0.0012
GBPSGD Major 5.0 % 3.0 % GBP 1,000 0.00036
GBPTRY Minor 15.0 % 10.0 % GBP 1,000 0.0010
GBPUSD Major 4.0 % 3.0 % GBP 1,000 0.00017
GBPZAR Minor 15.0 % 10.0 % GBP 1,000 0.0029
HKDJPY Exotic 100.0 % 50.0 % HKD 50,000 0.0013
HUFJPY Exotic 5.0 % 2.5 % HUF 1,000,000 0.00032
JPYDKK Major 5.0 % 2.5 % JPY 100,000 0.000027
JPYEUR Major 3.3 % 1.7 % JPY 100,000 0.0000026
JPYHKD Exotic 100.0 % 50.0 % JPY 100,000 0.000011
JPYNOK Major 5.0 % 2.5 % JPY 10,000 0.000035
JPYUSD Major 3.3 % 1.7 % JPY 100,000 0.0000027
MXNJPY Exotic 10.0 % 5.0 % MXN 10,000 0.0009
NOKDKK Major 5.0 % 2.5 % NOK 10,000 0.00030
NOKJPY Major 5.0 % 2.5 % NOK 10,000 0.0030
NOKSEK Major 5.0 % 2.5 % NOK 10,000 0.00035
NOKUSD Major 5.0 % 2.5 % NOK 10,000 0.000010
NZDAUD Major 5.0 % 2.5 % NZD 1,000 0.00031
NZDCAD Major 5.0 % 2.5 % NZD 1,000 0.00029
NZDCHF Major 5.0 % 2.5 % NZD 1,000 0.00026
NZDCNH Exotic 5.0 % 2.5 % NZD 1,000 0.0007
NZDCZK Exotic 5.0 % 2.5 % NZD 1,000 0.0048
NZDDKK Major 5.0 % 2.5 % NZD 1,000 0.0007
NZDEUR Major 5.0 % 2.5 % NZD 1,000 0.00027
NZDGBP Major 5.0 % 3.0 % NZD 1,000 0.00029
NZDHKD Exotic 100.0 % 50.0 % NZD 1,000 0.0007
NZDHUF Exotic 5.0 % 2.5 % NZD 1,000 0.06
NZDJPY Major 5.0 % 2.5 % NZD 1,000 0.028
NZDMXN Exotic 10.0 % 5.0 % NZD 1,000 0.0016
NZDNOK Major 5.0 % 2.5 % NZD 1,000 0.0010
NZDPLN Exotic 5.0 % 2.5 % NZD 1,000 0.0007
NZDSEK Major 5.0 % 2.5 % NZD 1,000 0.0008
NZDSGD Major 5.0 % 2.5 % NZD 1,000 0.00031
NZDTRY Minor 15.0 % 10.0 % NZD 1,000 (RFQ) 0.0007
NZDUSD Major 5.0 % 2.5 % NZD 1,000 0.00018
NZDZAR Minor 15.0 % 10.0 % NZD 1,000 0.0016
PLNDKK Exotic 5.0 % 2.5 % PLN 50,000 (RFQ) 0.0005
PLNHUF Exotic 5.0 % 2.5 % PLN 50,000 (RFQ) 0.035
PLNJPY Exotic 5.0 % 2.5 % PLN 50,000 0.006
PLNSEK Exotic 5.0 % 2.5 % PLN 50,000 0.0007
SEKDKK Major 5.0 % 2.5 % SEK 50,000 0.00034
SEKJPY Major 5.0 % 2.5 % SEK 50,000 0.0037
SEKNOK Major 5.0 % 2.5 % SEK 50,000 0.00036
SEKPLN Exotic 5.0 % 2.5 % SEK 50,000 (RFQ) 0.00029
SGDCNH Exotic 5.0 % 2.5 % SGD 1,000 0.0007
SGDHKD Exotic 100.0 % 50.0 % SGD 1,000 (RFQ) 0.0007
SGDJPY Major 5.0 % 2.5 % SGD 1,000 0.028
TRYDKK Minor 15.0 % 10.0 % TRY 5,000 (RFQ) 0.0007
TRYJPY Minor 15.0 % 10.0 % TRY 5,000 0.025
TRYZAR Minor 15.0 % 10.0 % TRY 5,000 0.0008
USDAED Exotic 100.0 % 50.0 % USD 1,000 0.00049
USDAUD Major 5.0 % 2.5 % USD 1,000 0.00031
USDCAD Major 3.3 % 1.7 % USD 1,000 0.00019
USDCHF Major 3.3 % 1.7 % USD 1,000 0.00017
USDCNH Exotic 5.0 % 2.5 % USD 1,000 0.00065
USDCZK Exotic 5.0 % 2.5 % USD 1,000 0.0052
USDDKK Major 5.0 % 2.5 % USD 1,000 0.00060
USDHKD Exotic 100.0 % 50.0 % USD 1,000 0.00079
USDHUF Exotic 5.0 % 2.5 % USD 1,000 0.056
USDILS Exotic 10.0 % 5.0 % USD 1,000 0.00077
USDJPY Major 3.3 % 1.7 % USD 1,000 0.017
USDMXN Exotic 10.0 % 5.0 % USD 1,000 0.00189
USDNOK Major 5.0 % 2.5 % USD 1,000 0.00095
USDPLN Exotic 5.0 % 2.5 % USD 1,000 0.00069
USDRON Exotic 10.0 % 5.0 % USD 1,000 0.00061
USDRUB Exotic 15.0 % 10.0 % USD 1,000 0.0059
USDSAR Minor 100.0 % 50.0 % USD 1,000 0.0007
USDSEK Major 5.0 % 2.5 % USD 1,000 0.00094
USDSGD Major 5.0 % 2.5 % USD 1,000 0.00031
USDTHB Exotic 100.0 % 50.0 % USD 1,000 0.014
USDTRY Minor 15.0 % 10.0 % USD 1,000 0.00078
USDZAR Minor 15.0 % 10.0 % USD 1,000 0.00204
XAGAUD Minor 12.0 % 6.0 % XAG 10 0.028
XAGCNH Exotic 12.0 % 6.0 % XAG 10 0.0101
XAGEUR Minor 12.0 % 6.0 % XAG 10 0.0034
XAGHKD Exotic 100.0 % 50.0 % XAG 10 (RFQ) 0.0426
XAGJPY Minor 12.0 % 6.0 % XAG 10 (RFQ) 0.49
XAGUSD Minor 12.0 % 6.0 % XAG 10 0.0130
XAUAUD Minor 7.0 % 3.5 % XAU 1 0.26
XAUCHF Minor 7.0 % 3.5 % XAU 1 0.16
XAUCNH Exotic 7.0 % 3.5 % XAU 1 1.08
XAUEUR Minor 7.0 % 3.5 % XAU 1 0.25
XAUGBP Minor 7.0 % 3.5 % XAU 1 0.14
XAUHKD Exotic 100.0 % 50.0 % XAU 1 (RFQ) 1.17
XAUJPY Minor 7.0 % 3.5 % XAU 1 21
XAUNZD Minor 7.0 % 3.5 % XAU 1 0.22
XAURUB Exotic 15.0 % 10.0 % XAU 1 13.35
XAUSGD Minor 7.0 % 3.5 % XAU 1 (RFQ) 0.32
XAUTHB Exotic 100.0 % 50.0 % XAU 1 (RFQ) 22
XAUTRY Minor 15.0 % 10.0 % XAU 1 (RFQ) 1.15
XAUUSD Major 7.0 % 3.5 % XAU 1 0.19
XAUXAG Major 12.0 % 6.0 % XAU 1 0.08
XPTUSD Exotic 15.0 % 10.0 % XPT 1 0.27
XPTZAR Exotic 15.0 % 10.0 % XPT 1 8
ZARJPY Minor 15.0 % 10.0 % ZAR 15,000 0.023
ZARMXN Minor 15.0 % 10.0 % ZAR 50,000 0.0008
  1. ELANA Trading reserves the unilateral right to change the margin requirements.
  2. The target spreads displayed on the table are the lowest ELANA Trading could offer under normal market conditions. When important ecnonomic data is being announced, as well as during periods of low liquidity or high market volatility it is possible the spread to widen. In order to ensure the correct quote, it is posslibe the quoting to be carried out by a dealer through the platform rather than automatically.

Margin

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.

FOREX Trading Hours

ELANA Trading is open for Forex Trading from 20:00 on Sunday until 24:00 on Friday EET time. Some currency crosses, however, have special trading hours as seen in the table below.

Currency cross Trading Hours
RON 09:15 to 18:00
ILS 08:00 to 18:00
SAR, AED 09:00 to 17:00
Precious metals (XAU, XAG, XPD, XPT) 1 01:00 to 00:00
RUB 2 10:00 to 19:00
HRK 10:00 to 18:00
  1. Special dates and times for FX Metals apply on U.S. national holidays to reflect the trading hours of the underlying market.
  2. In instances where no liquidity can be sourced in the market, these trading hours may be further reduced on a day-to-day basis.

Tom/Next Rollover

All open FX positions held overnight are subject to a debit or credit interest rate revaluation to reflect the position being rolled over to a new Value Date. The operation known as the Tom/Next Rollover is applied to spot positions held at 00:00 Eastern European Time on any given trading day.
The ‘rollover’ is made up of two components, namely the tom/next swap points and financing of unrealised profits or losses. The accumulated combined rollover credit or debit is added/deducted from the previous opening price of the position.
The Swap Points used are based on a Tom/Next swap feed from a Tier-1 bank with a mark-up corresponding to +/- 0.55% of daily market overnight interest rates, plus the interest component. Any unrealised profits or losses are calculated as the difference between the original traded rate (possibly adjusted for previous Tom/Next rollovers) and the end of day rate of the traded currency cross at 00:00 Eastern European Time.
The accumulated swap points and interest component are added or deducted to the previous opening price of the position.
To provide full transparency, you can see the Swap Points for every position in the platform from menu Account-> Accounting-> Forex Rollovers
For some currency crosses the time of the rollover as well as the time when the end of day rate of the traded currency cross is defined could be different from the one stated above.

FX Forward Outright

An order to trade a Forex instrument at a fixed price on a fixed date. The price of the forward outright is the spot rate adjusted for the interest rate differential between the two currencies until maturity. FX Forward Outright orders are often used to hedge exposure risks when dealing in foreign markets for periods between two days and twelve months.

Spreads and margin

The rate of the FOREX forward is almost always higher or lower than the corresponding current spot rate of the currency cross. This price difference reflects the difference between the interest rate levels of the respective currencies for the given time period.
FOREX forwards are traded as over-the-counter (OTC) instruments and the quotes do not have a fixed spread, but the further the value date is, the wider the spread becomes. The margin requirement is analogous to the ones for spot currency trade.

FIFO

When netting open FX positions, Saxo Bank uses FIFO rules, which means the first position you open is the first position to be closed.

Netting

Closed Forward Outright position are netted out when the value date of the position equals the current spot value date i.e. the position is changing from a forward to a spot. When the value date on an open Forward Outright position equals the current spot value date, it will be subject to tom/next rollovers and will be treated as a normal spot position from that point onwards.

Precious metals

The spot trade with gold, silver, platinum and palladium is carried out on the principles of FOREX trade, with metals being quoted against currencies. Precious metal spot trade takes place 24 hours a day, the execution is immediate and automatic all the time. Exception is made for periods with low liquidity when the trade is taking place after the client has asked for a quote. The conditions for spot trading with gold, silver, platinum and palladium are the same as the conditions for trading currency pairs (FOREX).

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.