Stocks

  2. Trading Conditions
  3. Stocks

Exchanges and commissions for equity trading

A Custody fee of 0.1% on a yearly basis is applied. The fee is calculated based on the nominal value of the client’s assets at the last working day at the corresponding month. Equities cannot be “shorted”.

Exchange Session Market Orders Commision Min.commission
15 January 2025 02:58
Europe
netherlandsAMS 10:00 – 18:30 0.1% EUR 6
belgiumBRU 10:00 – 18:30 0.1% EUR 6
denmarkCSE 6 10:00 – 18:00 0.1% DKK 60
germanyFSE 10:00 – 18:30 0.1% EUR 6
finlandHSE 6 10:00 – 18:30 0.1% EUR 12
portugalLISB 10:00 – 18:30 0.1% EUR 6
ukLSE_INTL 1 11:00 – 17:40 0.1% USD 20
ukLSE_SETS 1 10:00 – 18:30 0.1% GBP 8
italyMIL 2 10:00 – 18:25 0.1% EUR 12
norwayOSE 10:00 – 18:20 0.1% NOK 65
francePAR 3 10:00 – 18:30 0.1% EUR 6
spainSIBE 10:00 – 18:20 0.1% EUR 6
swedenSSE 6 09:00 – 17:30 0.1% SEK 65
swedenSSE_FN-SE 6 09:00 – 17:30 0.1% SEK 65
switzerlandSWX 10:00 – 18:30 0.1% CHF 18
austriaVIE 10:02 – 18:30 0.1% EUR 6
switzerlandVX 10:00 – 18:30 0.1% CHF 18
germanyXETR_ETF 10:00 – 18:30 0.1% EUR 6
North America
usaAMEX 4 16:30 – 23:00 USD 0.02 per Share USD 6
usaNASDAQ 4 16:30 – 23:00 USD 0.02 per Share USD 6
usaNSC 16:30 – 23:00 USD 0.02 per Share USD 6
usaNYSE 4 16:30 – 23:00 USD 0.02 per Share USD 6
usaNYSE_ARCA 4 16:30 – 23:00 USD 0.02 per Share USD 6
usaOOTC 16:30 – 23:00 Below USD 50,000USD 25 –
Above USD 50,0000.15% –
Аsia/Oceania
hongkongHKEX 5 03:30 – 10:00 0.15% HKD 150
други
BATS_BZX USD 0.02 per Share USD 15
CSE_INV 0.1% DKK 60
EGB 0.1% EUR 8
EGD 0.1% EUR 12
EGO 0.1% NOK 65
EGP 0.1% EUR 8
ISE 0.1% EUR 12
LSE_ETF 0.1% GBP 8
LSE_SEAQ 0.35% GBP 50
OOTC_NI Below USD 50,000USD 25 –
Above USD 50,0000.15% –
SWX_BND_ETF 0.1% CHF 18
SWX_ETF 0.1% CHF 18
  1. For UK stocks a Panel for Takeovers and Mergers (PTM) Levy and Stamp Duty may be applicable. Stamp Duty is applied on all buy transactions at a rate of 0.5% of the transaction value. A PTM Levy of GBP 1 is applied to buy and sell transactions where the Gross Value of the trade exceeds GBP 10,000. Please note that for Irish registered stocks, Stamp Duty is 1% of the transaction value for purchases only. Stocks have an ITP (Irish Takeover Panel) levy charge of 1.25 Euros for stock purchases and sales, where the trade value exceeds 12,500 Euros.
  2. The Italian Financial Transaction Tax (FTT) of 0.10% will be levied on all purchases of Italian shares and Equity linked securities (i.e. depositary receipts) in listed companies that have a registered office in Italy. The tax affects only the companies with market capitalization exceeding 500 mln. EUR.
  3. For French large cap Stocks a Financial Transaction Tax (FTT) of 0.30% apply to all buy trades. The full list of the 109 affected Stocks can be found in the official application decree.
  4. ELANA Trading passes on to clients the SEC fee of $27.8 per million on US exchange CFD DMA and stock SELL transactions where client orders are entered directly into the underlying market. This fee applies only to US exchanges. For more information please read press release published by U. S. Securities and Exchange Commission (SEC).
  5. For Hong Kong stocks, Stamp Duty and other charges apply: 0.13% .
  6. NASDAQ OMX Copenhagen, NASDAQ OMX Stockholm и NASDAQ OMX Helsinki are available for trading only after a subscription to live market data.
  7. The Spanish Financial Transaction Tax (FTT) of 0.20% is applied to all purchases of Spanish shares and equity-linked securities (i.e. depositary receipts) in listed companies with a capitalisation above EUR 1bn. The full list of stocks can be found on the website of the Spanish Tax Authority
  8. To the Algo pre-market orders executed on all North American exchanges to the commission presented in the table above there is an additional commission of 0.005 USD per share.

Use of stocks as collateral for margin trading

ELANA Trading allows a percentage of the investment in certain Stocks to be used as collateral for margin trading activities. Up to 75% of the value of a position in a Stock or ETF with Rating 1 can be used as collateral (instead of cash) to trade margin products such as Forex, CFDs, Futures and Options. Please note that ELANA Trading reserves the right to decrease or remove the use of Stock or ETF investment as collateral for large position sizes, or stock portfolios considered to be of very high risk. The collateral value of a stock position depends on the rating of the individual stocks or ETFs – please see conversion table below.

Exchange Symbol Description Collateral Value
15 January 2025 02:58
Europe
netherlandsAMS (199)
belgiumBRU (105)
denmarkCSE (114)
germanyFSE (345)
finlandHSE (110)
portugalLISB (30)
ukLSE_INTL (28)
ukLSE_SETS (621)
italyMIL (613)
norwayOSE (165)
francePAR (481)
spainSIBE (103)
swedenSSE (271)
swedenSSE_FN-SE (3)
switzerlandSWX (217)
austriaVIE (37)
switzerlandVX (28)
germanyXETR_ETF (1476)
North America
usaAMEX (219)
usaNASDAQ (2256)
usaNSC (1042)
usaNYSE (1951)
usaNYSE_ARCA (354)
usaOOTC (1927)
Аsia/Oceania
hongkongHKEX (2164)
други
BATS_BZX (121)
CSE_INV (1)
EGB (1)
EGD (2)
EGO (1)
EGP (14)
ISE (14)
LSE_ETF (497)
LSE_SEAQ (2)
MIL_AIM (2)
OOTC_NI (1254)
SWX_BND_ETF (4)
SWX_ETF (274)

To avoid concentration risk where clients have a very high exposure to the same underlying stock there will be additional collateral haircut on stocks. The additional haircut is applied only in the situation where in addition to the stock a long single stock CFD position is held. The additional collateral haircut on the stock value will be equivalent to the margin requirement of the CFD position. So in practice, this means the “Not available as margin collateral” will increase by the margin requirement of the single stock CFD.

Example:
Let’ look at a stock with collateral value 75% and CFD margin requirement 10%.
Stock price is 100, client has 100 shares with a total value of 100 x 100 = 10 000 and a collateral value of 75% x 10 000 = 7 500.
Using this collateral, and assuming no unrealized p/l and no cash, if the client opens 150 CFD his margin requirement would be 150 x 100 x 10% = 1 500 and his margin utilization would be 1 500 / 7 500 = 20%. If the stock and the CFD are on one and the same company a haircut is applied and the collateral value will be reduced by 1 500 to 6 000 and the margin utilization would be 1 500 / 6 000 = 25%.
If we assume instead of opening 150 CFDs, the client rather opens 375 CFDs the margin requirement would be 375 x 100 x 10% = 3 750 and his margin utilization would be 3750/7500 = 50%. If the stock and the CFD are on one and the same company a haircut is applied and the collateral value will be reduced by 3 750 to 3 750 and hence the new margin utilization would be 3750 / 3750 = 100%

Split orders

In case an order regarding a security is split, and filled partially over a period of more than one day, the total trading costs may increase. The reason for such increase is that the minimum fee may be charged more than one time based on the number of days necessary for the total execution of the order.

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 within a certain percentage limit “in the money”. The Percentage Limit varies between 1% and 4% depending on the exchange and the type of instrument. 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.

Algo orders

Algorithmic orders are available for all stocks. 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 outside of the most liquid names. The following Algo orders are supported on the platform: Dark, iceberg, Implementation Shortfall, Limit on Close (LOC), Market on Close (MOC), PEG, Pre-Market Limit, TWAP, VWAP, With Volume

Trasferring Stocks

ELANA Trading offers the option to transfer stocks to and from your trading account. Please, contact us for more information.

Corporate Actions

Bonus Issue

Additional Stocks are allocated on the Ex-date.

Cash Dividends

Cash dividends are booked on the Pay date based on the holdings as one day prior to the Ex-date. The dividends payments are booked at pay date. Dividend payments from Stock positions will be automatically credited to the clients account with any applicable withholding taxes deducted.

Dividend Options

The default payment form is cash. However, clients can elect to receive Stocks. The cash entitlements are booked at pay date based on Ex-Date holdings. The Stock entitlement will be allocated once the reinvestment rate is confirmed for value Pay Date.

Dividend reinvestment Plan (DRIP)

The default payment form is cash. However, clients can elect to receive Stocks. The cash entitlements are booked at pay date based on Ex-Date holdings. The Stock entitlement will be allocated once the reinvestment rate is confirmed for value Pay Date. For dividend reinvestments clients will be able to manually insert standing instructions at the individual security level. If client chooses to receive dividends in the form of stock, the stocks may take up to 10 days after the pay date to be received.

Tender Offers

Clients holding Stocks in their portfolio will have the possibility to tender prior to the deadline.

Exchange offer

For exchange offers, clients holding a position in their portfolio will have the possibility to elect prior to the deadline. Bear in mind that all stocks choosen to be exchanged will be debited on the deadline on a “dummy”security. The name of the security will begin with “LOCK”. This operation is to prevent selling of the stocks before the Pay date.

Fractional Compensation

A fractional stock is less than one full stock, and can arise as a result of a Corporate Action entitlement calculation. For the following Corporate Actions, ELANA Trading pays cash compensation for fractions whenever fraction compensation is applicable:

  • Stock splits
  • Reverse stock splits
  • Optional dividends on stock positions
  • Mergers
Mergers & Mergers with Elections

For mandatory mergers there are different outcomes: cash distributed on Pay-Date, stocks distributed on Ex-Date or a mix of Cash & Stocks distributed on Ex-date . For mergers with elections, clients have the possibility to elect prior to the deadline.

Stock Splits / Reverse Stock Splits

New Stock positions are allocated on the Ex-date.

Right Issues

Clients holding Stock positions will receive rights and can choose to sell the rights or subscribe to new Stocks. If ELANA Trading has not received a response from clients by the reply deadline date, ELANA Trading will if possible, sell the rights on behalf of our clients before they expire.If the rights are non-tradable, they will lapse and become worthless. The proceeds from the sale will be distributed to our clients, less standard commission for the account. The reason ELANA Trading carries out this action is to prevent rights from being worthless when they expire.

Australian Listed Events

For certain event types including but not limited to Non Renounceable Rights Distributions, Subscription Offers, Entitlement Offers, Rapid Offers, Retail Offers, Australian Listed Companies have the right to reduce entitlements to zero in certain circumstances and not to apply the abovementioned corporate actions.

Stock Dividends

Additional Stocks are allocated on the Ex-date for value on the Pay Date. If client chooses to receive dividends in the form of stock, the stocks may take up to 10 days after the pay date to be received.

Taxes and Fees 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 ELANA Trading will debit the client’s account accordingly.

Warrant exercise

Clients holding warrants will have the possibility to exercise their warrant prior to the deadline. Warrants not sold or exercised will lapse worthless.

New Positions in non-online traded Instruments

Sometimes a Corporate Action involves an instrument that is not tradable online. Under those circumstances, positions in new instruments that are not tradable online, assigned as a result of a Corporate Action, are booked to the clients account. The instrument will be added to the client account for reporting purposes.

Shareholders meeting

Client will not be entitled to vote at the Shareholders’ annual general meeting.

Capital gain distribution

Cash payment is allocated on Ex-date for value Pay date.

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.

Spin-OFF

Clients will receive a distribution of securities issued by another company, these securities may be in an existing company or newly created. Additional stocks are allocated on Ex-date.

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.