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
15 July 2020 13:49
AUDUSD Major 5.0 % 2.5 % AUD 1,000 0.00030
EURCHF Major 3.3 % 1.7 % EUR 1,000 0.00030
EURGBP Major 4.0 % 3.0 % EUR 1,000 0.00030
EURJPY Major 3.3 % 1.7 % EUR 1,000 0.035
EURUSD Major 3.3 % 1.7 % EUR 1,000 0.00020
GBPUSD Major 4.0 % 3.0 % GBP 1,000 0.00030
NZDUSD Major 5.0 % 2.5 % NZD 1,000 0.00040
USDCAD Major 3.3 % 1.7 % USD 1,000 0.00040
USDCHF Major 3.3 % 1.7 % USD 1,000 0.00030
USDJPY Major 3.3 % 1.7 % USD 1,000 0.020
XAGUSD Minor 12.0 % 6.0 % XAG 10 0.0400
XAUUSD Major 7.0 % 3.5 % XAU 1 0.50
Currency Pair Sector Margin (initial) 1 Margin (maintenance) 1 Minimum trade size 2 Spread 3
15 July 2020 13:49
AUDCAD Major 5.0 % 2.5 % AUD 1,000 0.00090
AUDCHF Major 5.0 % 2.5 % AUD 1,000 0.00090
AUDCNH Exotic 5.0 % 2.5 % AUD 1,000 0.00350
AUDCZK Exotic 5.0 % 2.5 % AUD 1,000 0.0200
AUDDKK Major 5.0 % 2.5 % AUD 1,000 0.0035
AUDEUR Major 5.0 % 2.5 % AUD 1,000 0.00035
AUDGBP Major 5.0 % 3.0 % AUD 1,000 0.00028
AUDHKD Exotic 100.0 % 50.0 % AUD 1,000 0.0029
AUDHUF Exotic 5.0 % 2.5 % AUD 1,000 0.25
AUDJPY Major 5.0 % 2.5 % AUD 1,000 0.050
AUDMXN Exotic 10.0 % 5.0 % AUD 1,000 (RFQ) 0.0080
AUDNOK Major 5.0 % 2.5 % AUD 1,000 0.0050
AUDNZD Major 5.0 % 2.5 % AUD 1,000 0.00090
AUDPLN Exotic 5.0 % 2.5 % AUD 1,000 0.0025
AUDSEK Major 5.0 % 2.5 % AUD 1,000 0.0040
AUDSGD Major 5.0 % 2.5 % AUD 1,000 0.00080
AUDTRY Minor 15.0 % 10.0 % AUD 1,000 (RFQ) 0.0016
AUDUSD Major 5.0 % 2.5 % AUD 1,000 0.00030
AUDZAR Minor 15.0 % 10.0 % AUD 1,000 0.0080
CADCHF Major 3.3 % 1.7 % CAD 1,000 0.00070
CADCNH Exotic 5.0 % 2.5 % CAD 1,000 (RFQ) 0.0026
CADEUR Major 3.3 % 1.7 % CAD 1,000 0.00045
CADHKD Exotic 100.0 % 50.0 % CAD 1,000 0.0014
CADJPY Major 3.3 % 1.7 % CAD 1,000 0.050
CADMXN Exotic 10.0 % 5.0 % CAD 1,000 0.0065
CADNOK Major 5.0 % 2.5 % CAD 1,000 0.0070
CADPLN Exotic 5.0 % 2.5 % CAD 1,000 0.0027
CADSEK Major 5.0 % 2.5 % CAD 1,000 0.0070
CADSGD Major 5.0 % 2.5 % CAD 1,000 0.00100
CADTRY Minor 15.0 % 10.0 % CAD 1,000 (RFQ) 0.00160
CADUSD Major 3.3 % 1.7 % CAD 1,000 0.00034
CHFAUD Major 5.0 % 2.5 % CHF 1,000 0.00127
CHFCNH Exotic 5.0 % 2.5 % CHF 1,000 (RFQ) 0.0036
CHFCZK Exotic 5.0 % 2.5 % CHF 1,000 0.020
CHFDKK Major 5.0 % 2.5 % CHF 1,000 0.0017
CHFHKD Exotic 100.0 % 50.0 % CHF 1,000 (RFQ) 0.0028
CHFHUF Exotic 5.0 % 2.5 % CHF 1,000 0.220
CHFJPY Major 3.3 % 1.7 % CHF 1,000 0.040
CHFMXN Exotic 10.0 % 5.0 % CHF 1,000 0.0070
CHFNOK Major 5.0 % 2.5 % CHF 1,000 0.00300
CHFPLN Exotic 5.0 % 2.5 % CHF 1,000 0.0025
CHFSEK Major 5.0 % 2.5 % CHF 1,000 0.00300
CHFSGD Major 5.0 % 2.5 % CHF 1,000 0.00070
CHFTRY Minor 15.0 % 10.0 % CHF 1,000 0.00100
CHFUSD Major 3.3 % 1.7 % CHF 1,000 0.00035
CHFZAR Minor 15.0 % 10.0 % CHF 1,000 0.0085
CNHHKD Exotic 100.0 % 50.0 % CNH 30,000 (RFQ) 0.00050
CNHJPY Exotic 5.0 % 2.5 % CNH 30,000 0.0060
CZKPLN Exotic 5.0 % 2.5 % CZK 10,000 (RFQ) 0.00040
DKKCZK Exotic 5.0 % 2.5 % DKK 1,000 0.007
DKKHUF Exotic 5.0 % 2.5 % DKK 1,000 0.05
DKKJPY Major 5.0 % 2.5 % DKK 1,000 0.009
DKKPLN Exotic 5.0 % 2.5 % DKK 1,000 (RFQ) 0.0007
DKKSGD Major 5.0 % 2.5 % DKK 1,000 (RFQ) 0.00070
DKKZAR Minor 15.0 % 10.0 % DKK 1,000 0.0013
EURAUD Major 5.0 % 2.5 % EUR 1,000 0.00070
EURCAD Major 3.3 % 1.7 % EUR 1,000 0.00090
EURCHF Major 3.3 % 1.7 % EUR 1,000 0.00030
EURCNH Exotic 5.0 % 2.5 % EUR 1,000 0.0032
EURCZK Exotic 5.0 % 2.5 % EUR 1,000 0.0250
EURDKK Major 5.0 % 2.5 % EUR 1,000 0.00050
EURGBP Major 4.0 % 3.0 % EUR 1,000 0.00030
EURHKD Exotic 100.0 % 50.0 % EUR 1,000 0.00250
EURHUF Exotic 5.0 % 2.5 % EUR 1,000 0.270
EURILS Exotic 10.0 % 5.0 % EUR 1,000 0.0080
EURJPY Major 3.3 % 1.7 % EUR 1,000 0.035
EURMXN Exotic 10.0 % 5.0 % EUR 1,000 0.00600
EURNOK Major 5.0 % 2.5 % EUR 1,000 0.00400
EURNZD Major 5.0 % 2.5 % EUR 1,000 0.00080
EURPLN Exotic 5.0 % 2.5 % EUR 1,000 0.00250
EURRON Exotic 10.0 % 5.0 % EUR 1,000 0.0050
EURRUB Exotic 15.0 % 10.0 % EUR 1,000 0.0360
EURSEK Major 5.0 % 2.5 % EUR 1,000 0.00400
EURSGD Major 5.0 % 2.5 % EUR 1,000 0.00070
EURTHB Exotic 100.0 % 50.0 % EUR 1,000 (RFQ) 0.050
EURTRY Minor 15.0 % 10.0 % EUR 1,000 0.00100
EURUSD Major 3.3 % 1.7 % EUR 1,000 0.00020
EURZAR Minor 15.0 % 10.0 % EUR 1,000 0.0095
GBPAUD Major 5.0 % 3.0 % GBP 1,000 0.00090
GBPCAD Major 4.0 % 3.0 % GBP 1,000 0.00080
GBPCHF Major 4.0 % 3.0 % GBP 1,000 0.00070
GBPCNH Exotic 5.0 % 3.0 % GBP 1,000 0.0042
GBPCZK Exotic 5.0 % 3.0 % GBP 1,000 0.0450
GBPDKK Major 5.0 % 3.0 % GBP 1,000 0.0055
GBPEUR Major 4.0 % 3.0 % GBP 1,000 0.00037
GBPHKD Exotic 100.0 % 50.0 % GBP 1,000 0.0000
GBPHUF Exotic 5.0 % 3.0 % GBP 1,000 0.40
GBPILS Exotic 10.0 % 5.0 % GBP 1,000 0.0080
GBPJPY Major 4.0 % 3.0 % GBP 1,000 0.070
GBPMXN Exotic 10.0 % 5.0 % GBP 1,000 (RFQ) 0.0125
GBPNOK Major 5.0 % 3.0 % GBP 1,000 0.0070
GBPNZD Major 5.0 % 3.0 % GBP 1,000 0.00120
GBPPLN Exotic 5.0 % 3.0 % GBP 1,000 0.00300
GBPSEK Major 5.0 % 3.0 % GBP 1,000 0.0070
GBPSGD Major 5.0 % 3.0 % GBP 1,000 0.00080
GBPTRY Minor 15.0 % 10.0 % GBP 1,000 0.0013
GBPUSD Major 4.0 % 3.0 % GBP 1,000 0.00030
GBPZAR Minor 15.0 % 10.0 % GBP 1,000 0.0170
HKDJPY Exotic 100.0 % 50.0 % HKD 50,000 0.0040
HUFJPY Exotic 5.0 % 2.5 % HUF 1,000,000 0.00200
JPYDKK Major 5.0 % 2.5 % JPY 100,000 0.000026
JPYEUR Major 3.3 % 1.7 % JPY 100,000 0.0000018
JPYHKD Exotic 100.0 % 50.0 % JPY 100,000 0.000020
JPYNOK Major 5.0 % 2.5 % JPY 10,000 0.000031
JPYUSD Major 3.3 % 1.7 % JPY 100,000 0.0000017
MXNJPY Exotic 10.0 % 5.0 % MXN 10,000 0.0027
NOKDKK Major 5.0 % 2.5 % NOK 10,000 0.00070
NOKJPY Major 5.0 % 2.5 % NOK 10,000 0.0090
NOKSEK Major 5.0 % 2.5 % NOK 10,000 0.00080
NOKUSD Major 5.0 % 2.5 % NOK 10,000 0.000100
NZDAUD Major 5.0 % 2.5 % NZD 1,000 0.00074
NZDCAD Major 5.0 % 2.5 % NZD 1,000 0.00080
NZDCHF Major 5.0 % 2.5 % NZD 1,000 0.00070
NZDCNH Exotic 5.0 % 2.5 % NZD 1,000 0.0035
NZDCZK Exotic 5.0 % 2.5 % NZD 1,000 0.0400
NZDDKK Major 5.0 % 2.5 % NZD 1,000 0.0025
NZDEUR Major 5.0 % 2.5 % NZD 1,000 0.00032
NZDGBP Major 5.0 % 3.0 % NZD 1,000 0.00030
NZDHKD Exotic 100.0 % 50.0 % NZD 1,000 0.0028
NZDHUF Exotic 5.0 % 2.5 % NZD 1,000 0.40
NZDJPY Major 5.0 % 2.5 % NZD 1,000 0.060
NZDMXN Exotic 10.0 % 5.0 % NZD 1,000 0.0080
NZDNOK Major 5.0 % 2.5 % NZD 1,000 0.0050
NZDPLN Exotic 5.0 % 2.5 % NZD 1,000 0.0040
NZDSEK Major 5.0 % 2.5 % NZD 1,000 0.0050
NZDSGD Major 5.0 % 2.5 % NZD 1,000 0.00100
NZDTRY Minor 15.0 % 10.0 % NZD 1,000 (RFQ) 0.0011
NZDUSD Major 5.0 % 2.5 % NZD 1,000 0.00040
NZDZAR Minor 15.0 % 10.0 % NZD 1,000 0.0075
PLNDKK Exotic 5.0 % 2.5 % PLN 50,000 (RFQ) 0.0023
PLNHUF Exotic 5.0 % 2.5 % PLN 50,000 (RFQ) 0.150
PLNJPY Exotic 5.0 % 2.5 % PLN 50,000 0.025
PLNSEK Exotic 5.0 % 2.5 % PLN 50,000 0.0029
SEKDKK Major 5.0 % 2.5 % SEK 50,000 0.00050
SEKJPY Major 5.0 % 2.5 % SEK 50,000 0.0090
SEKNOK Major 5.0 % 2.5 % SEK 50,000 0.00070
SEKPLN Exotic 5.0 % 2.5 % SEK 50,000 (RFQ) 0.00060
SGDCNH Exotic 5.0 % 2.5 % SGD 1,000 0.0030
SGDHKD Exotic 100.0 % 50.0 % SGD 1,000 (RFQ) 0.0030
SGDJPY Major 5.0 % 2.5 % SGD 1,000 0.050
TRYDKK Minor 15.0 % 10.0 % TRY 5,000 (RFQ) 0.0023
TRYJPY Minor 15.0 % 10.0 % TRY 5,000 0.060
TRYZAR Minor 15.0 % 10.0 % TRY 5,000 0.0060
USDAED Exotic 100.0 % 50.0 % USD 1,000 0.00070
USDAUD Major 5.0 % 2.5 % USD 1,000 0.00038
USDCAD Major 3.3 % 1.7 % USD 1,000 0.00040
USDCHF Major 3.3 % 1.7 % USD 1,000 0.00030
USDCNH Exotic 5.0 % 2.5 % USD 1,000 0.00150
USDCZK Exotic 5.0 % 2.5 % USD 1,000 0.0250
USDDKK Major 5.0 % 2.5 % USD 1,000 0.00250
USDHKD Exotic 100.0 % 50.0 % USD 1,000 0.00050
USDHUF Exotic 5.0 % 2.5 % USD 1,000 0.280
USDILS Exotic 10.0 % 5.0 % USD 1,000 0.00300
USDJPY Major 3.3 % 1.7 % USD 1,000 0.020
USDMXN Exotic 10.0 % 5.0 % USD 1,000 0.00550
USDNOK Major 5.0 % 2.5 % USD 1,000 0.00400
USDPLN Exotic 5.0 % 2.5 % USD 1,000 0.00300
USDRON Exotic 10.0 % 5.0 % USD 1,000 0.00650
USDRUB Exotic 15.0 % 10.0 % USD 1,000 0.0225
USDSAR Minor 100.0 % 50.0 % USD 1,000 0.0005
USDSEK Major 5.0 % 2.5 % USD 1,000 0.00400
USDSGD Major 5.0 % 2.5 % USD 1,000 0.00060
USDTHB Exotic 100.0 % 50.0 % USD 1,000 0.025
USDTRY Minor 15.0 % 10.0 % USD 1,000 0.00070
USDZAR Minor 15.0 % 10.0 % USD 1,000 0.00550
XAGAUD Minor 12.0 % 6.0 % XAG 10 0.060
XAGCNH Exotic 12.0 % 6.0 % XAG 10 0.0000
XAGEUR Minor 12.0 % 6.0 % XAG 10 0.0400
XAGHKD Exotic 100.0 % 50.0 % XAG 10 (RFQ) 0.3500
XAGJPY Minor 12.0 % 6.0 % XAG 10 (RFQ) 6.50
XAGUSD Minor 12.0 % 6.0 % XAG 10 0.0400
XAUAUD Minor 7.0 % 3.5 % XAU 1 1.00
XAUCHF Minor 7.0 % 3.5 % XAU 1 0.80
XAUCNH Exotic 7.0 % 3.5 % XAU 1 4.90
XAUEUR Minor 7.0 % 3.5 % XAU 1 0.65
XAUGBP Minor 7.0 % 3.5 % XAU 1 0.00
XAUHKD Exotic 100.0 % 50.0 % XAU 1 (RFQ) 8.00
XAUJPY Minor 7.0 % 3.5 % XAU 1 100
XAUNZD Minor 7.0 % 3.5 % XAU 1 0.00
XAURUB Exotic 15.0 % 10.0 % XAU 1 50.00
XAUSGD Minor 7.0 % 3.5 % XAU 1 (RFQ) 0.29
XAUTHB Exotic 100.0 % 50.0 % XAU 1 (RFQ) 70
XAUTRY Minor 15.0 % 10.0 % XAU 1 (RFQ) 2.30
XAUUSD Major 7.0 % 3.5 % XAU 1 0.50
XAUXAG Major 12.0 % 6.0 % XAU 1 0.10
XPTUSD Exotic 15.0 % 10.0 % XPT 1 3.50
XPTZAR Exotic 15.0 % 10.0 % XPT 1 40
ZARJPY Minor 15.0 % 10.0 % ZAR 50,000 0.005
ZARMXN Minor 15.0 % 10.0 % ZAR 50,000 0.0010
  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.