a) CFDs on securities and exchange-traded funds;
b) CFDs on indices;
c) CFDs on futures;
d) CFDs on currency pairs and precious metals;
e) CFDs on exchange-traded options.
6. With regard to trading of the above-mentioned CFDs, which is carried out on the OTC market, Ever Financial AD is the only venue for execution of the orders and acts as a principal for any transaction (not as an agent or broker).
7. Ever Financial AD acts as the single venue for execution the orders of its clients and as a counterparty to all transactions with clients, which is why:
a) it charges its clients only the fees and commissions specified in the Tariff of Fees and Commissions of Ever Financial AD (the Tariff);
b) it does not apply different fees depending on the venue of execution of the clients’ orders;
c) it receives no payments and incentives from third parties (which are themselves execution venues) for the execution of those orders;
d) it receives no remuneration, discount or non-monetary consideration for the transfer of a client orders to a specific trading venue, a venue for execution of orders respectively;
e) it does not charge receivables from two or more participants in a transaction in accordance with Article 24, Paragraph 9 of MiFID II, it does not receive non-monetary benefits as an intermediary and the value of all monetary benefits it receives as an intermediary is specified in the Tariff.
8. (amended with decision of the Board of directors from 09.10.2020, 18.02.2022 and from 15.02.2024) Information on the costs paid by clients for each financial instrument offered by Ever Financial AD is available in the Tariff and on the intermediary’s web site (www.ever.bg, www.fxmeridian.com).
9. (amended with decision of the Board of directors from 09.10.2020, 18.02.2022 and from 15.02.2024) The current version of the Tariff of Fees and Commissions of Ever Financial AD is available to clients in the offices of Ever Financial AD, as well as on its website (www.ever.bg , www.fxmeridian.com).
10. (amended with decision of the Board of directors from 09.10.2020, 18.02.2022 and from 15.02.2024) Ever Financial AD offers its clients the opportunity to trade in financial instruments (CFDs) through a trading account against a guarantee amount through the electronic trading platform www.fxmeridian.com.
11. Costs and charges paid by clients:
a) guarantee amounts;
b) taxes;
c) commissions;
d) interest rate swap;
e) dividend adjustment payments;
f) costs related to foreign exchange revaluation;
g) spreads;
h) rollover fees (fees for rolling over a position to the next trading day);
i) trading account maintenance fees;
j) payment charges.
Some of the above costs and charges fall within the scope of Annex II to Delegated Regulation 2017/565, but some remain outside.
a) spreads, which are one-time charges related to the provision of an investment service;
b) interest in trading against an guarantee amount, dividend adjustment payments, rollover fees to the next trading day and trading account maintenance fees, as well as current charges related to the provision of an investment service;
c) commissions (brokerage and transaction commissions) and payment charges, which are costs associated with transactions initiated in the course of providing an investment service.
a) for trading CFDs on securities and exchange-traded funds:
-> If the guarantee amount is other than 100% (without paying the full value of the respective CFD) – for all types of orders;
-> If the guarantee amount is equal to 100% (with payment of the full value of the respective CFD) – for all contingent orders (a “contingent order“ is a standalone order or a series of pending limited, stop orders to a confirmed initially limited, stop order);
b) for trading CFDs on indices:
-> If the guarantee amount is other than 100% – for all contingent orders and orders other than contingent orders when concerning CFDs on Italian indices;
-> If the guarantee amount is other than 100% – for all contingent orders;
c) for trading CFDs on futures – for all contingent orders;
d) for trading CFDs on currency pairs and precious metals – for all contingent orders;
e) for trading CFDs on other assets – for all contingent orders.
17. Ever Financial AD does not charge a commission (brokerage commission) for trading through the trading account against a guarantee amount through the electronic trading platform.
18. Ever Financial AD does not charge a commission related to transactions of withdrawal of amounts by bank transfer in national currency, regardless of the amount of the withdrawal. Ever Financial AD does not offer cash transactions and cash withdrawals at the office of the company.
19 (amended with decision of the Board of directors from 09.10.2020, 18.02.2022 and from 15.02.2024) Detailed information about the commissions is indicated in the Tariff and also on the web site of Ever Financial AD (www.ever.bg, www.fxmeridian.com).
When trading CFDs against a guarantee amount, the client practically borrows money from Ever Financial AD in order to open their position. If, at the end of the business day, the client continues to hold an open position, which is to be carried to the next day, Ever Financial AD will charge (add) or deduct (withhold) interest on the open position from the client’s trading account.
Rollover fee = Swap Number x Position x Number of days for which the position is rolled over
For example, if the client has a long position of 10,000 in EUR / USD and the swap number for a long position is -0.000094, then overnight swap is 10000 x -0.000094 = – EUR 0.94. The client will pay – EUR 0.94.
(amended with decision of the Board of directors from 09.10.2020, 18.02.2022 and from 15.02.2024) Swap numbers for the various financial instruments offered by Ever Financial AD are available and freely accessible on the intermediary’s website (www.ever.bg, www.fxmeridian.com). The value of these swap numbers is updated on a daily basis because the price of financial instruments changes daily.
In cases where the client holds (rolls over to the next day) a short position and the interest rate on the position is a positive number, the interest rate swap will be charged (added) to their trading account.
In cases where the client holds (rolls over to the next day) a short position and the interest rate on the position is a negative number, the interest rate swap will be deducted (withheld) from their trading account.
The above can be illustrated by the following examples:
Let’s assume that the client has an open short position in 5 CFDs on a given index, which is quoted in EUR and the swap number for the short position for that index is 0.25, then the interest rate swap for a night rollover is calculated as follows:
Rollover fee = Swap Number x number of indices x Number of days for which the position is rolled over
0.25 x 5 = EUR 1.25
The client will receive EUR 1.25 for a night rollover.
It should be considered that the value of these swap numbers is updated on a daily basis because the price of financial instruments changes daily.
a) CFDs on securities and exchange-traded funds;
b) CFDs on indices, futures and currency pairs;
c) CFD on other assets.
25. Ever Financial AD deducts/accrues interest rate swap when trading only through a trading account against a guarantee amount through the electronic trading platform.
When that date arrives, the shares begin to be traded without the right to receive a dividend and this fact affects their price.
The ex-dates for the shares are announced by the companies issued the shares and usually appear in the resolutions of the General Meetings of Shareholders.
The ex-dates for exchange-traded funds are announced by the management companies of those funds.
The ex-dates for indices are followed by the ex- dates for the shares included in the index.
The above can be illustrated by the following examples:
As of the ex-date 15 February 2018, an issuer company has declared a gross dividend in the amount of EUR 1.36 per share.
If the client holds a long position in CFDs on the shares of that company, then for each CFD on a share of the company they own as of 15 February 2018 they will receive the dividend adjustment payment of EUR 1.36.
As of the ex-date 15 February 2018, an issuer company has declared a gross dividend in the amount of EUR 1.36 per share.
If the client holds a short position in CFDs on the shares of that company, then for each CFD on a share of the company they own as of 15 February 2018, a dividend adjustment payment of EUR 1.36 will be deducted from their account.
However, if Ever Financial AD is required, under the law of the country of the issuing company or the management company, to withhold tax on the payment of the Dividend adjustment payment for CFDs on shares or CFDs on exchange traded funds (mainly US), the equitable dividend payment, with an open long position, will be credited / added to their trading account after the tax is deducted by the investment intermediary. When a short position is opened, as the dividend adjustment payment is deducted from the client’s account, no taxes are due or charged on the same.
The above can be illustrated by the following examples:
As of the ex-date 15 February 2018, a US issuer company has declared a gross dividend of 1 in the amount of USD 0,590 per share.
If the client holds a long position in CFDs on the shares of that company and if we assume that the dividend tax in the USA is 10%, then for each CFD on a share of the company they own on 15 February 2018, after deduction of the due tax, they will receive a dividend adjustment payment of USD 0.531 (USD 0.590 /dividend/ – 0.059 USD (tax)).
As of the ex-date 15 February 2018, a US issuer company has declared a gross dividend of 1 in the amount of USD 0,590 per share.
If the client holds a short position in CFDs on the shares of that company, then for each CFD on a share of that company they own on 15 February 2018, the dividend adjustment payment of USD 0,590 will be deducted.
Each index has its own methodology for calculating the weight of its components, which is why the distribution of dividends is calculated differently for each index.
If, in accordance with the laws of the country of the issuer company the shares of which participate in the calculation of an index, tax should be paid upon payment of dividends on those shares, then Ever Financial AD withholds tax on the payment of the dividend adjustment payment for CFDs on the index, which applies to that company. In these cases, the dividend adjustment payment, in an open long position, will be credited/debited to the client’s trading account after the relevant tax has been withheld by the investment intermediary. In the event of an open short position, as a dividend adjustment payment is deducted from the client’s account, no taxes are due or charged on the same.
Ever Financial AD withholds/accrues dividend adjustment payments on trading in CFDs on securities and exchange traded funds and CFDs on indices by:
a) trading account against a guarantee amount through the electronic trading platform, and
b) trading account against payment of the full value of the financial instrument through the electronic trading platform.
33. (amended with decision of the Board of directors from 09.10.2020, 18.02.2022 and from 15.02.2024) Further information on the dividend adjustment payments is available on the website of Ever Financial AD (www.ever.bg, www.fxmeridian.com).
The spread is the difference between the bid price and the ask price quoted for an instrument. In this sense, the spread is a figure that the smaller (i.e., a tighter spread), the lower the costs for clients will be.
For example:
When buying a CFD on EUR/USD currency pair at bid price of 1.10209 and at ask price 0f 1.10200, the client will pay a spread of 0.9 pips.
However, if the spread is wider – bid price of 1.10211 and the ask price of 1.10200, for example, the client will pay a spread of 1.1 pips.
It should be considered that the cost of a spread in pips is illustrative and in order to determine the full cost of a spread, the size of the position should also be taken into account. When the volumes traded by the client increase, it is possible that their spread costs may also increase, depending on the current liquidity of the particular instrument.
Depending on the selected instruments, Ever Financial AD offers its clients the opportunity to trade at:
a) fixed spread, which is a constant difference between the bid price and ask price, i.e. this is a spread that does not change depending on market conditions. Fixed spreads can be offered for a certain period of time or during trading hours.
b) target (variable) spread, which is a spread that varies from different market factors such as underlying liquidity or volatility. The target (variable) spread is the minimum spread that Ever Financial AD seeks to quote. However, in times of low liquidity and/or high volatility, it is likely that the investment intermediary may not be able to maintain the same levels of spreads that it usually quotes. Such market conditions are unpredictable and can occur at any time of the day, leading to widening of spreads over a certain period of time.
(amended with decision of the Board of directors from 09.10.2020, 18.02.2022 and from 15.02.2024) Information on the applicable spread for the different types of instruments and the different types of trading accounts is indicated in the Tariff, as well as on the website of Ever Financial AD (www.ever.bg, www.fxmeridian.com).
When trading CFDs against a guarantee amount, the client practically borrows money from Ever Financial AD in order to open their position. If at 12:00 a.m. the client continues to hold an open position, which is to be transferred for the next day, Ever Financial AD shall accrue (add) or deduct (withhold) from the client’s trading account a rollover fee.
Swap numbers can be both positive and negative.
When the swap number is positive, the rollover fee will be charged (added) to the client’s trading account.
When the swap number is negative, the rollover fee will be deducted (withheld) from the client’s trading account.
The rollover fee is calculated by multiplying the swap number of the open position at the end of the business day and the number of days for which the position is being rolled over. The result obtained is revalued at the market closing price of the currency of the client’s account.
In currency trading, the amounts a client will pay or receive for an open position depends on the currency pair being traded, as the trading in a currency pair means buying one currency of the pair against selling the other.
Rollover fee = Swap number x Position x Number of days for which the position is rolled over
For example, if the client has a long position of 10,000 in EUR / USD and the swap number for a long position is -0.000094, then overnight swap is 10000 x -0.000094 = – EUR 0.94. The client will pay – EUR 0.94.
The guarantee amount is calculated as a percentage of the value of the open position.
The above can be illustrated by the following example:
If a client wants to trade a CFD on a share the margin requirement (guarantee amount) for which is 5%, and the client wants to buy 100 of those CFDs at USD 110.21, it is not necessary to have the full amount of USD 110.21, but only the part which is required as a guarantee amount (5% of the value of the open position), i.e. the client should have only USD 551.05 in their trading account, which will be blocked as a guarantee amount to buy the desired CFD and open a position.
If a client who trades against payment of the full value of the financial instrument has a USD 1,000 in their trading account and wants to buy 100 share CFDs at USD 110.21, then the value of the transaction would be USD 11021, i.e. exceeding the amount of funds they have in their account and the transaction will not be executed.
However, if the same client has the opportunity to trade that CFD against a guarantee amount and the requirement is to provide a 5% guarantee amount (margin), then the amount required to be available in the client’s account to carry out the transaction would be only USD 551.05 (5% x 11 021 = 551.05), and they will be able to carry out their transaction.
Ever Financial AD will block the guarantee amount of 551.05 USD from the total amount available on the account – USD 1 000, and the client will be able to have free funds of USD 448.95 to open new positions in various financial instruments.
If the price of that CFD goes up from USD 1.50 to USD 111,71, the client will earn a profit of USD 150 and that profit will be added to the amount in their trading account, and they will have USD 1150 and the funds blocked as a guarantee will be USD 558.55 (100 x 111, 71 x 5%) and the free funds will be USD 591.45.
However, if the price of this CFD falls by USD 1.50 to USD 108.71, then the client will lose USD 150, and those funds will be deducted from their trading account, which would be USD 850. The funds blocked as a g amount would be USD 543.55 (100 x 108.71 x 5%) and free funds would be USD 306.45.
Ever Financial AD informs its clients that the investment intermediary has the right to change the required guarantee amount (the required margin) for certain financial instruments as well as for particular transactions and trading accounts.
The tax regime, respectively, taxes due by the client when trading in CFDs depends, on the one hand, on the tax legislation in Bulgaria, agreements in force between Bulgaria and each country in and outside the European Union to avoid double taxation, and on the other hand on the client’s nationality, and also in which country the client is considered a resident for tax purposes.
In the general case, but not exhaustively, taxable income is derived from transactions carried out on the OTC market, irrespective of the type of financial instrument, and from dividends given in favor of a resident or foreign natural person from a source in Bulgaria and a resident natural person from a source abroad, as the tax rate vary from country to country. Other tax costs may also arise for the client in connection with transactions in financial instruments or investment services and activities rendered.
In such cases, Ever Financial AD will deduct tax to the client and pay it to the US Internal Revenue Service (IRS) on behalf of the client.
In this regard, Ever Financial AD provides to the NRA the statutory information regarding taxpayers of other countries involved in the automatic exchange of financial information in the field of taxation. More information on the automatic exchange of financial information for tax purposes can be found on the NRA website: http://portal.nap.bg/page?id=673
Ever Financial AD is a US FATCA-approved financial institution and registered with the US Internal Revenue Service (IRS) with a Global Intermediary Identification Number (GIIN): WFV9RS.99999.SL100.
More information about FATCA can be found on the IRS website: https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca
-> at the market closing price for the respective currency at 12:00 a.m. (11:00 p.m. on Friday) Eastern European Time (EET) of the different currencies for: interest rates; rollover fees; dividend adjustment payments; trading account; maintenance fee and revaluation of open positions;
-> at current market price at the time of closing the position, for the realized trading result or at the time when trading commissions payable after transactions are executed;
(amended with decision of the Board of directors from 09.10.2020, 18.02.2022 and from 15.02.2024) Information on the currency conversion price (in real time) is available on the website of Ever Financial AD (www.fxmeridian.com).
Information on the actual price of the currency conversion at which Ever Financial AD has made the currency revaluation is available on the platforms for trading in financial instruments that the investment intermediary offers to its clients. The information may be found in real time on the electronic platform based on the Buy and Sell quotes for each currency pair.
Information on the actual price of the currency conversion at which Ever Financial AD has made the currency revaluation is available on the platforms for trading in financial instruments that the investment intermediary offers to its clients. The information may be found in real time on the electronic platform based on the Buy and Sell quotes for each currency pair.
Ever Financial AD does not provide any individual currency exchange services to its clients.