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) Margin (maintenance) Minimum trade size Spread
AUDUSDAustralian Dollar/US Dollar

Major 5,0% 2,5% AUD 1 000 0,00016
EURCHFEuro/Swiss Franc

Major 3,3% 1,7% EUR 1 000 0,00017
EURGBPEuro/British Pound

Major 4,0% 3,0% EUR 1 000 0,00017
EURJPYEuro/Japanese Yen

Major 3,3% 1,7% EUR 1 000 0,021
EURUSDEuro/US Dollar

Major 3,3% 1,7% EUR 1 000 0,00017
GBPUSDBritish Pound/US Dollar

Major 4,0% 3,0% GBP 1 000 0,00018
NZDUSDNew Zealand Dollar/US Dollar

Major 5,0% 2,5% NZD 1 000 0,00018
USDCADUS Dollar/Canadian Dollar

Major 3,3% 1,7% USD 1 000 0,00019
USDCHFUS Dollar/Swiss Franc

Major 3,3% 1,7% USD 1 000 0,00017
USDJPYUS Dollar/Japanese Yen

Major 3,3% 1,7% USD 1 000 0,019
XAGUSDSilver/US Dollar

Minor 12,0% 6,0% XAG 10 0,0128
XAUUSDGold/US Dollar

Major 7,0% 3,5% XAU 1 0,18
Currency Pair Sector Margin (initial) Margin (maintenance) Minimum trade size Spread
AUDCADAustralian Dollar/Canadian Dollar

Major 5,0% 2,5% AUD 1 000 0,00029
AUDCHFAustralian Dollar/Swiss Franc

Major 5,0% 2,5% AUD 1 000 0,00025
AUDCNHAustralian Dollar/Offshore Chinese Renminbi

Exotic 5,0% 2,5% AUD 1 000 0,00064
AUDCZKAustralian Dollar/Czech Koruna

Exotic 5,0% 2,5% AUD 1 000 0,0048
AUDDKKAustralian Dollar/Danish Krone

Major 5,0% 2,5% AUD 1 000 0,0007
AUDEURAustralian Dollar/Euro

Major 5,0% 2,5% AUD 1 000 0,00028
AUDGBPAustralian Dollar/British Pound

Major 5,0% 3,0% AUD 1 000 0,00027
AUDHKDAustralian Dollar/Hong Kong Dollar

Exotic 100,0% 50,0% AUD 1 000 0,0007
AUDHUFAustralian Dollar/Hungarian Forint

Exotic 5,0% 2,5% AUD 1 000 0,06
AUDJPYAustralian Dollar/Japanese Yen

Major 5,0% 2,5% AUD 1 000 0,027
AUDMXNAustralian Dollar/Mexican Peso

Exotic 10,0% 5,0% AUD 1 000 (RFQ) 0,0014
AUDNOKAustralian Dollar/Norwegian Krone

Major 5,0% 2,5% AUD 1 000 0,0011
AUDNZDAustralian Dollar/New Zealand Dollar

Major 5,0% 2,5% AUD 1 000 0,00060
AUDPLNAustralian Dollar/Polish Zloty

Exotic 5,0% 2,5% AUD 1 000 0,0007
AUDSEKAustralian Dollar/Swedish Krone

Major 5,0% 2,5% AUD 1 000 0,0011
AUDSGDAustralian Dollar/Singapore Dollar

Major 5,0% 2,5% AUD 1 000 0,00031
AUDTRYAustralian Dollar/Turkish Lira

Minor 25,0% 22,5% AUD 1 000 0,0015
AUDUSDAustralian Dollar/US Dollar

Major 5,0% 2,5% AUD 1 000 0,00016
AUDZARAustralian Dollar/South African Rand

Minor 15,0% 10,0% AUD 1 000 0,0016
CADCHFCanadian Dollar/Swiss franc

Major 3,3% 1,7% CAD 1 000 0,00026
CADCNHCanadian Dollar/Offshore Chinese Renminbi

Exotic 5,0% 2,5% CAD 1 000 (RFQ) 0,0007
CADEURCanadian Dollar/Euro

Major 3,3% 1,7% CAD 1 000 0,00028
CADHKDCanadian Dollar/Hong Kong Dollar

Exotic 100,0% 50,0% CAD 1 000 0,0007
CADJPYCanadian Dollar/Japanese Yen

Major 3,3% 1,7% CAD 1 000 0,029
CADMXNCanadian Dollar/Mexican Peso

Exotic 10,0% 5,0% CAD 1 000 0,0016
CADNOKCanadian Dollar/Norwegian Krone

Major 5,0% 2,5% CAD 1 000 0,0009
CADPLNCanadian Dollar/Polish Zloty

Exotic 5,0% 2,5% CAD 1 000 0,0008
CADSEKCanadian Dollar/Swedish Krone

Major 5,0% 2,5% CAD 1 000 0,0011
CADSGDCanadian Dollar/Singapore Dollar

Major 5,0% 2,5% CAD 1 000 0,00035
CADTRYCanadian Dollar/Turkish Lira

Minor 25,0% 22,5% CAD 1 000 0,00110
CADUSDCanadian Dollar/US Dollar

Major 3,3% 1,7% CAD 1 000 0,00026
CADZARCanadian Dollar/South African Rand

Exotic 15,0% 10,0% CAD 1 000 0,0011
CHFAUDSwiss Franc/Australian Dollar

Major 5,0% 2,5% CHF 1 000 0,00032
CHFCNHSwiss Franc/Offshore Chinese Renminbi

Exotic 5,0% 2,5% CHF 1 000 0,0007
CHFCZKSwiss Franc/Czech Koruna

Exotic 5,0% 2,5% CHF 1 000 0,006
CHFDKKSwiss Franc/Danish Krone

Major 5,0% 2,5% CHF 1 000 0,0007
CHFEURSwiss Franc/Euro

Major 3,3% 1,7% CHF 1 000 0,00027
CHFHKDSwiss Franc/Hong Kong Dollar

Exotic 100,0% 50,0% CHF 1 000 0,0010
CHFHUFSwiss Franc/Hungarian Forint

Exotic 5,0% 2,5% CHF 1 000 0,057
CHFJPYSwiss Franc/Japanese Yen

Major 3,3% 1,7% CHF 1 000 0,030
CHFMXNSwiss Franc/Mexican Peso

Exotic 10,0% 5,0% CHF 1 000 0,0016
CHFNOKSwiss Franc/Norwegian Krone

Major 5,0% 2,5% CHF 1 000 0,00100
CHFPLNSwiss Franc/Polish Zloty

Exotic 5,0% 2,5% CHF 1 000 0,0007
CHFSEKSwiss Franc/Swedish Krone

Major 5,0% 2,5% CHF 1 000 0,00102
CHFSGDSwiss Franc/Singapore Dollar

Major 5,0% 2,5% CHF 1 000 0,00033
CHFTRYSwiss Franc/Turkish Lira

Minor 25,0% 22,5% CHF 1 000 0,00137
CHFUSDSwiss Franc/US Dollar

Major 3,3% 1,7% CHF 1 000 0,00028
CHFZARSwiss Franc/South African Rand

Minor 15,0% 10,0% CHF 1 000 0,0020
CNHHKDOffshore Chinese Renminbi/Hong Kong Dollar

Exotic 100,0% 50,0% CNH 6 000 0,00036
CNHJPYOffshore Chinese Renminbi/Japanese Yen

Exotic 5,0% 2,5% CNH 6 000 0,0032
CZKPLNCzech Koruna/Polish Zloty

Exotic 5,0% 2,5% CZK 10 000 0,00005
DKKCZKDanish Krone/Czech Koruna

Exotic 5,0% 2,5% DKK 1 000 0,004
DKKHUFDanish Krone/Hungarian Forint

Exotic 5,0% 2,5% DKK 1 000 0,04
DKKJPYDanish Krone/Japanese Yen

Major 5,0% 2,5% DKK 1 000 0,004
DKKPLNDanish Krone/Polish Zloty

Exotic 5,0% 2,5% DKK 1 000 0,0004
DKKSGDDanish Krone/Singapore Dollar

Major 5,0% 2,5% DKK 1 000 (RFQ) 0,00023
DKKZARDanish Krone/South African Rand

Minor 15,0% 10,0% DKK 1 000 0,0006
EURAUDEuro/Australian Dollar

Major 5,0% 2,5% EUR 1 000 0,00033
EURCADEuro/Canadian Dollar

Major 3,3% 1,7% EUR 1 000 0,00062
EURCHFEuro/Swiss Franc

Major 3,3% 1,7% EUR 1 000 0,00017
EURCNHEuro/Offshore Chinese Renminbi

Exotic 5,0% 2,5% EUR 1 000 0,0008
EURCZKEuro/Czech Koruna

Exotic 5,0% 2,5% EUR 1 000 0,0053
EURDKKEuro/Danish Krone

Major 5,0% 2,5% EUR 1 000 0,00062
EURGBPEuro/British Pound

Major 4,0% 3,0% EUR 1 000 0,00017
EURHKDEuro/Hong Kong Dollar

Exotic 100,0% 50,0% EUR 1 000 0,00102
EURHUFEuro/Hungarian Forint

Exotic 5,0% 2,5% EUR 1 000 0,061
EURILSEuro/Israeli Shekel

Exotic 10,0% 5,0% EUR 1 000 0,0007
EURJPYEuro/Japanese Yen

Major 3,3% 1,7% EUR 1 000 0,021
EURMXNEuro/Mexican Pesos

Exotic 10,0% 5,0% EUR 1 000 0,00184
EURNOKEuro/Norwegian Krone

Major 5,0% 2,5% EUR 1 000 0,00093
EURNZDEuro/New Zealand Dollar

Major 5,0% 2,5% EUR 1 000 0,00039
EURPLNEuro/Polish Zloty

Exotic 5,0% 2,5% EUR 1 000 0,00084
EURRONEuro/Romanian Leu

Exotic 20,0% 10,0% EUR 1 000 0,00070
EURSEKEuro/Swedish Krone

Major 5,0% 2,5% EUR 1 000 0,00096
EURSGDEuro/Singapore Dollar

Major 5,0% 2,5% EUR 1 000 0,00032
EURTHBEuro/Thai Baht

Exotic 100,0% 50,0% EUR 1 000 0,014
EURTRYEuro/Turkish Lira

Minor 25,0% 22,5% EUR 1 000 0,00150
EURUSDEuro/US Dollar

Major 3,3% 1,7% EUR 1 000 0,00017
EURZAREuro/South African Rand

Minor 15,0% 10,0% EUR 1 000 0,0022
GBPAUDBritish Pound/Australian Dollar

Major 5,0% 3,0% GBP 1 000 0,00045
GBPCADBritish Pound/Canadian Dollar

Major 4,0% 3,0% GBP 1 000 0,00035
GBPCHFBritish Pound/Swiss Franc

Major 4,0% 3,0% GBP 1 000 0,00019
GBPCNHBritish Pound/Offshore Chinese Renminbi

Exotic 5,0% 3,0% GBP 1 000 0,0010
GBPCZKBritish Pound/Czech Koruna

Exotic 5,0% 3,0% GBP 1 000 0,0064
GBPDKKBritish Pound/Danish Krone

Major 5,0% 3,0% GBP 1 000 0,0008
GBPEURBritish Pound/Euro

Major 4,0% 3,0% GBP 1 000 0,00030
GBPHKDBritish Pound/Hong Kong Dollar

Exotic 100,0% 50,0% GBP 1 000 0,0011
GBPHUFBritish Pound/Hungarian Forint

Exotic 5,0% 3,0% GBP 1 000 0,08
GBPILSBritish Pound/Israeli Shekel

Exotic 10,0% 5,0% GBP 1 000 0,0010
GBPJPYBritish Pound/Japanese Yen

Major 4,0% 3,0% GBP 1 000 0,032
GBPMXNBritish Pound/Mexican Peso

Exotic 10,0% 5,0% GBP 1 000 0,0022
GBPNOKBritish Pound/Norwegian Krone

Major 5,0% 3,0% GBP 1 000 0,0012
GBPNZDBritish Pound/New Zealand Dollar

Major 5,0% 3,0% GBP 1 000 0,00070
GBPPLNBritish Pound/Polish Zloty

Exotic 5,0% 3,0% GBP 1 000 0,00077
GBPSEKBritish Pound/Swedish Krone

Major 5,0% 3,0% GBP 1 000 0,0013
GBPSGDBritish Pound/Singapore Dollar

Major 5,0% 3,0% GBP 1 000 0,00035
GBPTRYBritish Pound/Turkish Lira

Minor 25,0% 22,5% GBP 1 000 0,0017
GBPUSDBritish Pound/US Dollar

Major 4,0% 3,0% GBP 1 000 0,00018
GBPZARBritish Pound/South African Rand

Minor 15,0% 10,0% GBP 1 000 0,0028
HKDJPYHong Kong Dollar/Japanese Yen

Exotic 100,0% 50,0% HKD 50 000 0,0015
HUFJPYHungarian Forint/Japanese Yen

Exotic 5,0% 2,5% HUF 100 000 0,00032
JPYDKKJapanese Yen/Danish Krone

Major 5,0% 2,5% JPY 100 000 0,000027
JPYEURJapanese Yen/Euro

Major 3,3% 1,7% JPY 100 000 0,0000026
JPYHKDJapanese Yen/Hong Kong Dollar

Exotic 100,0% 50,0% JPY 100 000 0,000010
JPYNOKJapanese Yen/Norwegian Krone

Major 5,0% 2,5% JPY 10 000 0,000034
JPYUSDJapanese Yen/US Dollar

Major 3,3% 1,7% JPY 100 000 0,0000026
MXNJPYMexican Peso/Japanese Yen

Exotic 10,0% 5,0% MXN 10 000 0,0010
MXNUSDMexican Peso/US Dollar

Exotic 10,0% 5,0% MXN 10 000 0,000007
NOKCZKNorwegian Krone/Czech Koruna

Minor 5,0% 2,5% NOK 10 000 0,008
NOKDKKNorwegian Krone/Danish Krone

Major 5,0% 2,5% NOK 10 000 0,00030
NOKJPYNorwegian Krone/Japanese Yen

Major 5,0% 2,5% NOK 10 000 0,0031
NOKSEKNorwegian Krone/Swedish Krone

Major 5,0% 2,5% NOK 10 000 0,00036
NOKUSDNorwegian Krone/US Dollar

Major 5,0% 2,5% NOK 10 000 0,000010
NZDAUDNew Zealand Dollar/Australian Dollar

Major 5,0% 2,5% NZD 1 000 0,00031
NZDCADNew Zealand Dollar/Canadian Dollar

Major 5,0% 2,5% NZD 1 000 0,00029
NZDCHFNew Zealand Dollar/Swiss Franc

Major 5,0% 2,5% NZD 1 000 0,00025
NZDCNHNew Zealand Dollar/Offshore Chinese Renminbi

Exotic 5,0% 2,5% NZD 1 000 0,0007
NZDCZKNew Zealand Dollar/Czech Koruna

Exotic 5,0% 2,5% NZD 1 000 0,0048
NZDDKKNew Zealand Dollar/Danish Krone

Major 5,0% 2,5% NZD 1 000 0,0007
NZDEURNew Zealand Dollar/Euro

Major 5,0% 2,5% NZD 1 000 0,00027
NZDGBPNew Zealand Dollar/British Pound

Major 5,0% 3,0% NZD 1 000 0,00029
NZDHKDNew Zealand Dollar/Hong Kong Dollar

Exotic 100,0% 50,0% NZD 1 000 0,0007
NZDHUFNew Zealand Dollar/Hungarian Forint

Exotic 5,0% 2,5% NZD 1 000 0,06
NZDJPYNew Zealand Dollar/Japanese Yen

Major 5,0% 2,5% NZD 1 000 0,029
NZDMXNNew Zealand Dollar/Mexican Peso

Exotic 10,0% 5,0% NZD 1 000 0,0015
NZDNOKNew Zealand Dollar/Norwegian Krone

Major 5,0% 2,5% NZD 1 000 0,0011
NZDPLNNew Zealand Dollar/Polish Zloty

Exotic 5,0% 2,5% NZD 1 000 0,0007
NZDSEKNew Zealand Dollar/Swedish Krone

Major 5,0% 2,5% NZD 1 000 0,0009
NZDSGDNew Zealand Dollar/Singapore Dollar

Major 5,0% 2,5% NZD 1 000 0,00031
NZDTRYNew Zealand Dollar/Turkish Lira

Minor 25,0% 22,5% NZD 1 000 (RFQ) 0,0010
NZDUSDNew Zealand Dollar/US Dollar

Major 5,0% 2,5% NZD 1 000 0,00018
NZDZARNew Zealand Dollar/South African Rand

Minor 15,0% 10,0% NZD 1 000 0,0016
PLNDKKPolish Zloty/Danish Krone

Exotic 5,0% 2,5% PLN 50 000 0,0005
PLNHUFPolish Zloty/Hungarian Forint

Exotic 5,0% 2,5% PLN 50 000 0,035
PLNJPYPolish Zloty/Japanese Yen

Exotic 5,0% 2,5% PLN 50 000 0,006
PLNSEKPolish Zloty/Swedish Krone

Exotic 5,0% 2,5% PLN 50 000 0,0007
SEKDKKSwedish Krone/Danish Krone

Major 5,0% 2,5% SEK 50 000 0,00034
SEKJPYSwedish Krone/Japanese Yen

Major 5,0% 2,5% SEK 50 000 0,0037
SEKNOKSwedish Krone/Norwegian Krone

Major 5,0% 2,5% SEK 50 000 0,00035
SEKPLNSwedish Krone/Polish Zloty

Exotic 5,0% 2,5% SEK 50 000 0,00029
SGDCNHSingapore Dollar/Offshore Chinese Renminbi

Exotic 5,0% 2,5% SGD 1 000 0,0007
SGDHKDSingapore Dollar/Hong Kong Dollar

Exotic 100,0% 50,0% SGD 1 000 0,0007
SGDJPYSingapore Dollar/Japanese Yen

Major 5,0% 2,5% SGD 1 000 0,029
SGDSEKSingapore Dollar/Swedish Krone

Major 5,0% 2,5% SGD 1 000 0,0008
TRYDKKTurkish Lira/Danish Krone

Minor 25,0% 22,5% TRY 5 000 0,0007
TRYJPYTurkish Lira/Japanese Yen

Minor 25,0% 22,5% TRY 5 000 0,025
TRYZARTurkish Lira/South African Rand

Minor 25,0% 22,5% TRY 5 000 0,0007
USDAEDUS Dollar/UAE Dirham

Exotic 100,0% 50,0% USD 1 000 0,00049
USDAUDUS Dollar/Australian Dollar

Major 5,0% 2,5% USD 1 000 0,00032
USDCADUS Dollar/Canadian Dollar

Major 3,3% 1,7% USD 1 000 0,00019
USDCHFUS Dollar/Swiss Franc

Major 3,3% 1,7% USD 1 000 0,00017
USDCNHUS Dollar/Offshore Chinese Renminbi

Exotic 5,0% 2,5% USD 1 000 0,00065
USDCZKUS Dollar/Czech Koruna

Exotic 5,0% 2,5% USD 1 000 0,0052
USDDKKUS Dollar/Danish Krone

Major 5,0% 2,5% USD 1 000 0,00063
USDEURUS Dollar/Euro

Major 3,3% 1,7% USD 1 000 0,00026
USDHKDUS Dollar/Hong Kong dollar

Exotic 100,0% 50,0% USD 1 000 0,00079
USDHUFUS Dollar/Hungarian Forint

Exotic 5,0% 2,5% USD 1 000 0,059
USDILSUS Dollar/Israeli Shekel

Exotic 10,0% 5,0% USD 1 000 0,00078
USDJPYUS Dollar/Japanese Yen

Major 3,3% 1,7% USD 1 000 0,019
USDMXNUS Dollar/Mexican Pesos

Exotic 10,0% 5,0% USD 1 000 0,00165
USDNOKUS Dollar/Norwegian Krone

Major 5,0% 2,5% USD 1 000 0,00100
USDPLNUS Dollar/Polish Zloty

Exotic 5,0% 2,5% USD 1 000 0,00070
USDRONUS Dollar/Romanian Leu

Exotic 20,0% 10,0% USD 1 000 0,00064
USDSEKUS Dollar/Swedish Krone

Major 5,0% 2,5% USD 1 000 0,00103
USDSGDUS Dollar/Singapore Dollar

Major 5,0% 2,5% USD 1 000 0,00031
USDTHBUS Dollar/Thai Baht

Exotic 100,0% 50,0% USD 1 000 0,014
USDTRYUS Dollar/Turkish Lira

Minor 25,0% 22,5% USD 1 000 0,00200
USDZARUS Dollar/South African Rand

Minor 15,0% 10,0% USD 1 000 0,00215
XAGAUDSilver/Australian Dollar

Minor 12,0% 6,0% XAG 10 0,028
XAGCHFSilver/Swiss Franc

Minor 12,0% 6,0% XAG 10 0,0034
XAGCNHSilver/Offshore Chinese Renminbi

Exotic 12,0% 6,0% XAG 10 0,0092
XAGEURSilver/Euro

Minor 12,0% 6,0% XAG 10 0,0034
XAGHKDSilver/Hong Kong Dollar

Exotic 100,0% 50,0% XAG 10 (RFQ) 0,0415
XAGJPYSilver/Japanese Yen

Minor 12,0% 6,0% XAG 10 (RFQ) 0,50
XAGUSDSilver/US Dollar

Minor 12,0% 6,0% XAG 10 0,0128
XAUAUDGold/Australian Dollar

Minor 7,0% 3,5% XAU 1 0,29
XAUCHFGold/Swiss Franc

Minor 7,0% 3,5% XAU 1 0,17
XAUCNHGold/Offshore Chinese Renminbi

Exotic 7,0% 3,5% XAU 1 1,20
XAUEURGold/Euro

Minor 7,0% 3,5% XAU 1 0,26
XAUGBPGold/British Pound

Minor 7,0% 3,5% XAU 1 0,15
XAUHKDGold/Hong Kong Dollar

Exotic 100,0% 50,0% XAU 1 1,56
XAUJPYGold/Japanese Yen

Minor 7,0% 3,5% XAU 1 26
XAUNZDGold/New Zealand Dollar

Minor 7,0% 3,5% XAU 1 0,25
XAUSGDGold/Singapore Dollar

Minor 7,0% 3,5% XAU 1 0,33
XAUTHBGold/Thai Baht

Exotic 100,0% 50,0% XAU 1 22
XAUTRYGold/Turkish Lira

Minor 25,0% 22,5% XAU 1 3,87
XAUUSDGold/US Dollar

Major 7,0% 3,5% XAU 1 0,18
XAUXAGGold/Silver

Major 12,0% 6,0% XAU 1 0,08
XPTUSDPlatinum/US Dollar

Exotic 15,0% 10,0% XPT 1 0,27
XPTZARPlatinum/South African Rand

Exotic 15,0% 10,0% XPT 1 8
ZARJPYSouth African Rand/Japanese Yen

Minor 15,0% 10,0% ZAR 15 000 0,023
  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 08:00 to 16:00
Precious metals (XAU, XAG, XPD, XPT) 1 01:00 to 00:00
RUB 2 09:00 to 21:00
HRK 10:00 to 18:00
THB 00:00 to 16:30
  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).

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.