Table of Contents
- 1. General Information
- 2. Portfolio
- 3. Cash and SRD purchase orders
- 4. Cash and SRD sale orders
- 5. Short selling orders
- 6. Order fees
- 7. Exchange rate
- 8. Miscellaneous operations
- 9. End-of-month settlement for SRD
- 10. Transaction journal
- 11. Allocation of open positions
- 12. Portfolio performance
- 13. Fee setup
In the general menu, select the tab.
Axial Finance allows you to manage any number of portfolios, where each portfolio can contain instruments purchased on different exchanges, including all types of instruments: stocks, trackers, warrants, futures, commodities, currencies, etc.
Axial Finance allows you to choose the currency in which the accounting of portfolio operations is maintained. This currency is called the reference currency. The reference currency is the same for all portfolios.
The functions performed in this module are as follows:
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Creation or cancellation of a portfolio
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Purchase of an instrument at spot or via SRD
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Sale of an instrument (total or partial quantity) at spot
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Short selling of an instrument
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Calculation of brokerage fees, CRD fees, and exchange tax
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End-of-month settlement of SRD operations (settlement, rollover)
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Calculation of available coverage for SRD orders (leverage effect)
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Cash deposit or withdrawal
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Receipt of dividends and free shares
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Consultation and printing of the portfolio statement
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Automatic calculation of the net asset value (NAV) upon market price updates
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Calculation of potential capital gain
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Graphical presentation of portfolio performance
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Consultation and printing of the transaction journal
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Exporting the transaction journal to an Excel file
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Cancellation of a limit order or an operation
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Consultation and printing of monthly settlement statements
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Setting target prices, support, and resistance levels for each instrument in the portfolio
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Graphical presentation of portfolio composition by instrument, market, or industry sector
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Backup and restoration of portfolios and transaction journals
If the real-time feed is active, the portfolio can be automatically updated in real time with net asset values and potential capital gains.
A portfolio may contain orders executed with instruments purchased or sold on different currency exchanges. For example, with the Euro as the reference currency, the portfolio can contain instruments purchased in USD on the American market.
In the case of an order in a currency different from the reference currency, it will be necessary to provide the exchange rate for the operation. The net asset value of the portfolio is calculated in the reference currency using the last known exchange rate.
To define the reference currency, go to the general menu , choose the option and check the desired currency in the provided list.
This screen consists of four main parts:
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At the top left, the dropdown menu for selecting the portfolio on which operations will be performed.
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At the top right, the frame displays the global status of the selected portfolio.
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On the left, the display area for the portfolio content, with:
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the menu of operations that can be performed on the portfolio
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a table providing the list of open positions at spot and in SRD purchase (including quantity in book, price in the exchange's currency, and the net asset value in the reference currency)
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if applicable, a second table for open short selling positions; this table is only presented if such positions actually exist
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In the center, the display of all information for the position selected in the list of open positions. This area includes three tabs at its top to choose:
Detailed information for the selected position, with a simplified price graph over the last twelve months
A graphical representation of the instruments composing the portfolio according to several criteria
The performance graph of the portfolio since its creation
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next to the Important
Axial Finance prohibits the deletion of a portfolio if at least one position remains open.
Each portfolio can include instruments purchased on different exchanges, which are then recorded in their respective currencies: Euros, Dollars, Pounds Sterling, etc. On each display screen, the instrument's currency is specified.
The net asset value of the portfolio is always calculated in the reference currency using the last known exchange rate in the software. The exchange rate is automatically updated by the software at regular intervals.
For recording buy or sell orders in a currency different from the reference currency, Axial Finance asks for the corresponding exchange rate. This rate is stored in memory for subsequent orders.
From this menu, the following operations can be performed:
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to execute an order on the position selected in the portfolio.
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or to record a purchase order for an existing position of the same type
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or to sell part or all of the instruments in the position
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to add a short selling order
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to settle or roll over the position
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to repurchase or roll over the position
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to pay dividends into an open position (note: if dividends are to be paid for a closed position, see the corresponding procedure in the Transaction journal)
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to add free shares to the position
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to perform a cash deposit or withdrawal from the portfolio
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to record various fees in the portfolio (for example: account maintenance fees, etc.)
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to consult transactions made since the creation of the portfolio, and if necessary, cancel a transaction or modify previously recorded fees
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to consult the monthly settlement statement of SRD transactions
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Real-time net asset value to activate real-time updates for the portfolio
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to record personal notes
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to print open positions of the portfolio
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to choose the brokerage fee schedule applied to buy and sell orders of the open portfolio. The different fee schedules are defined in the general menu , option . A different schedule can be chosen for each portfolio.
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to access the Portfolio Management chapter of the user manual.
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Depending on the types of open positions, one or two lists are present in the table:
For each position, the table indicates:
Depending on whether the position is profitable or loss-making, the net asset value is displayed in green or red. By right-clicking on a position, the context menu opens, allowing you to record a new order for that position. |
The area displays for the selected portfolio:
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the number of open positions
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the net asset value (NAV) at the latest market prices
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available cash
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realized capital gain
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potential capital gain at the latest prices
The net asset value and the capital gain for instruments purchased on an exchange in a currency different from the reference currency are calculated using both the exchange rate at the time of the transaction and the current exchange rate known to the software.
Upon selecting a position in one of the two tables of the portfolio, Axial Finance displays the position details in the tab.
This screen consists of two parts:
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The upper part, , summarizes the position status:
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The flag of the exchange's currency
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The instrument code (ticker)
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The instrument name
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The market to which the instrument belongs in the software
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The current quantity in book
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The unit cost price at purchase in the exchange's currency (including various fees). If the quantity in book resulted from multiple orders, the displayed cost price is the average of those orders.
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The date the position was opened
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The transaction type, specifically for Paris-based SRD transactions, mentioning:
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SRD purchase to settle if an instrument was purchased via SRD and not yet settled, otherwise SRD purchase rolled over
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Short sale to liquidate if an instrument was short sold and not yet repurchased, otherwise Short sale rolled over
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The last known price of the instrument
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The date of this last price
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The realized capital gain
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The potential capital gain (not including upcoming fees)
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The lower part, , shows a simplified graph of the price evolution over the last twelve months. In this graph, you can add information regarding target prices, resistance and support levels, and stop levels. These details appear both in data fields above the graph and as horizontal lines on the graph itself.
Three target prices can be memorized based on your needs:
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Short-Term Target ()
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Medium-Term Target ()
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Long-Term Target ()
Additionally, two resistance levels and two support levels can be memorized.
Finally, a stop level determined by the user (generally the threshold below which the user is decided to sell).
These are identical to those displayed in the of the area (see paragraph Searching for an instrument) and are also used by Axial Finance to trigger alerts when operating in real time.
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When a position is open in the portfolio, the target and stop data fields are set to zero. These fields above the graph must be used to enter the initial level, which will then be automatically represented by the corresponding line on the graph.
To delete a line from the graph, set the data field to zero.
Once a line is present on the graph, two methods can be used to modify its level:
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either enter a new number in the corresponding data field
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or use the mouse cursor to select the line on the graph (the cursor changes to a hand) and drag it vertically to the desired height while holding the left mouse button. The data field above the graph updates as you move the cursor.
Axial Finance records cash purchases and SRD purchases by:
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verifying if the available cash is sufficient
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automatically calculating brokerage fees and exchange tax
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displaying the portfolio status before and after the purchase
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taking into account the real exchange rate for purchases in a currency different from the reference currency
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verifying if the coverage is sufficient for SRD purchases (leverage effect) based on the broker's specific rules entered by the user
To record a purchase order or simply simulate one:
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Select the instrument in the software's reference list and right-click to open the context menu.
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Choose the option or . The option is only activated if the selected instrument is indeed part of the SRD.
Important
In the case of a purchase order for an already open position, simply select that position in the portfolio, right-click on it, and choose the or option from the context menu, as appropriate.
The following entry window opens (example of a cash purchase order):
The procedure then follows these steps:
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Enter the order date
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Optionally, enter the order reference
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Enter the quantity of instruments purchased
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Enter the purchase price in the instrument's currency (see paragraph Exchange rate)
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Enter the fees according to their nature if performing a manual entry, or validate the automatic calculation of these fees (see paragraph Order fees)
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Click the button to first simulate the operation
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Then, to effectively record the order in the portfolio, click the button; otherwise, to remain with a simple simulation, click the button.
At any time, by clicking the button, the purchase order is interrupted without affecting the portfolio.
Note
By clicking the button, the program checks if the available cash is sufficient for the intended purchase. A message warns you if the cash is insufficient, though it does not prevent you from proceeding with the procedure.
The lower part of the purchase window shows the position status before and after the execution of the order.
If this instrument is already present in the portfolio, the column displays the date of the first purchase, the quantity in book, the average unit cost price at purchase, and the amount paid for the quantity in book.
By clicking the button, the software displays in the column the result of the order for the position, but without recording it in the portfolio.
The purchase will be effective upon clicking the button, which also closes the purchase window. By clicking the button, both columns revert to their initial state, and it is then possible to modify the quantity, price, or fees.
Generally, the CRD fees for an SRD order are known precisely at the time of settlement at the end of the month (settlement or rollover) or at the time of sale and will thus be entered at that time. However, it is also possible to enter them in the window above at the time of purchase.
In the case of an SRD order, the Coverage button appears in the purchase window, allowing you to request an estimation of the available coverage.
The coverage calculation depends on the broker, as each broker has their own calculation rules. Axial Finance provides the user with a tool to estimate this coverage based on the rules applied by the broker. Obviously, this calculation cannot in any way substitute for that of the broker but provides an approximation that is generally sufficient for estimating the leverage effect.
The rules applied by the broker are memorized as follows:
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For each SRD purchase order, the software checks the available coverage and displays an information message if it is not sufficient, though it does not prevent proceeding with the procedure.
Axial Finance has a specific procedure for cancelling a recorded order. See the detailed description in paragraph Cancellation of an order or a position.
Axial Finance records cash sales or SRD sales by:
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verifying if the quantity in book is sufficient
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automatically calculating brokerage fees and exchange tax
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displaying the portfolio status before and after the sale
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calculating the realized capital gain
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taking into account the real exchange rate for sales in a currency different from the reference currency
To record a cash sale or an SRD sale for an open position:
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Select this position in the portfolio, open the context menu by right-clicking on it, and then choose, as appropriate, the or option; alternatively, perform this same operation from the menu of the portfolio
The window below appears to record the order:
The procedure then follows these steps:
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Enter the order date
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Optionally, enter the order reference
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Enter the quantity sold
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Enter the sale price in the instrument's currency (see paragraph Exchange rate)
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Enter the fees according to their nature if performing a manual entry, or validate the automatic calculation of these fees (see paragraph Order fees)
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Click the button to first simulate the operation
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Then, to effectively record the order in the portfolio, click the button; otherwise, to remain with a simple simulation, click the button.
At any time, by clicking the button, the sale order is cancelled without affecting the portfolio.
The lower part of the sale window shows the portfolio status for this position. The column displays the date the position was opened, the , the average unit at purchase, and the for the quantity in book and any previous .
By clicking the button, the software displays in the column the result of the order for the position, but without recording it in the portfolio.
The sale will be effective upon clicking the button, which also closes the sale window. By clicking the button, both columns revert to their initial state, and it is then possible to modify the quantity, price, or fees.
Axial Finance has a specific procedure for cancelling an order that has been recorded. See the detailed description in paragraph Cancellation of an order or a position.
Axial Finance records short selling orders by:
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verifying if the instrument is indeed part of the SRD
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automatically calculating brokerage fees and exchange tax
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displaying the portfolio status before and after the short sale
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taking into account the real exchange rate for sales in a currency different from the reference currency
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verifying if the coverage is sufficient (leverage effect) based on the broker's specific rules entered by the user
To record a short selling order:
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Select the instrument in the software's reference list and right-click to open the context menu.
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Choose the option . This option is not activated if the selected instrument is listed in Paris and is not part of the SRD.
Important
In the case of a short selling order for an already open position, simply select it in the portfolio, right-click on it to open the context menu, and choose the option.
The window below opens, allowing you to record the short selling:
The procedure then follows these steps:
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Enter the order date
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Optionally, enter the order reference
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Enter the quantity sold
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Enter the sale price in the instrument's currency (see paragraph Exchange rate)
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Enter the fees according to their nature if performing a manual entry, or validate the automatic calculation of these fees (see paragraph )
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Click the button to first simulate the operation
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Then, to effectively record the order in the portfolio, click the button; otherwise, to remain with a simple simulation, click the button.
Generally, the CRD fees are known precisely at the time of settlement (repurchase or rollover). They can be entered at that time.
The recording of the short sale in the portfolio will be effective upon clicking the button, which also closes the sale window. A position is added to the second table, . If it is the first instrument short sold in the portfolio, this table (which was not present on screen because no positions were open) will appear below the main table.
By clicking the button, both columns revert to their initial state, and it is then possible to modify the quantity, price, or fees.
Brokerage fees can be automatically calculated by Axial Finance based on a user-defined configuration (see paragraph Fee setup), or entered manually on a case-by-case basis. The activation of the automatic calculation mode is noted in the order entry window.
For each buy order, Axial Finance can record fees according to the three following categories:
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Brokerage fees
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CRD fees (to be entered if necessary in the case of an SRD purchase, or during a settlement or rollover operation)
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Exchange tax: these fees are either automatically calculated according to the user-defined configuration (see procedure in paragraph Fee setup), or entered manually
Fees are accounted for in the reference currency.
The automatically calculated fee amount can be modified by the user in the corresponding field in the purchase window. You should not subsequently re-select the or fields, as the software will re-apply the result of the automatic calculation.
For orders in a currency different from the reference currency, Axial Finance displays an additional field in the order entry window for input. This field is pre-filled upon opening the window with the last recorded exchange rate in the software, which can be modified if necessary.
To deposit or withdraw cash from the selected portfolio:
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The new cash balance is updated in the area.
There are two procedures for receiving dividends or coupons, depending on whether the instrument in question is in an open position or a closed position.
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When the position is open, select it and choose the then options from the portfolio menu to open the window below:
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Enter the operation date.
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Enter the amount of dividends or coupons received in the reference currency.
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Click the button.
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When the position is closed, see the procedure in paragraph Transaction journal
The new cash balance is updated in the area.
Remark
If at the time of recording free shares the position is no longer open, it is necessary to first open a new one with a price of zero.
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In the case of global fees at the portfolio level that do not relate to a specific instrument (for example: account maintenance fees), these fees are recorded as follows:
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For an instrument purchased via SRD and not yet settled, the mention SRD purchase to settle is displayed in the top frame of the screen when it is selected in the portfolio.
To record the settlement at the end of the trading month, choose the then options from the portfolio menu to open the window below, or right-click directly on the position line in the portfolio table to choose this option.
This window includes the following elements:
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The frame with:
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the instrument name
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The last quoted market price
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The quantity in book and the position opening date
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The average cost price
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The amount to settle
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The frame to choose between the two settlement options: or , as well as the settlement order date.
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The frame, activated according to the previous selection.
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The frame, activated according to the previous selection.
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The button to record the settlement order:
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either total or partial settlement of the instruments
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or rollover of the quantity to the next settlement period
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The button to close the window or potentially interrupt the current order without affecting the portfolio.
Axial Finance displays in the field the quantity of instruments in book. This quantity can be modified if only a partial settlement is performed. However, upon confirmation, an information message will remind you that a balance remains to be settled.
Axial Finance calculates the total amount to be paid at settlement (purchase of instruments including fees) and indicates the potential capital gain based on the last known price.
Upon confirmation of the settlement:
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When the settlement covers all instruments, the portfolio order becomes equivalent to a cash purchase.
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When the settlement only covers a partial quantity of instruments, the portfolio will then contain two positions for this instrument: the first with the settled quantity (equivalent to a cash purchase) and the second as an SRD purchase to settle for the remaining balance.
As a principle, a rollover order applies to all instruments not yet sold or settled. If applicable, it is therefore necessary to proceed with one or the other of these operations before recording a rollover.
Axial Finance requires the entry of the compensation price, CRD fees, and rollover fees, then calculates:
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the price difference between the purchase price and the compensation price,
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the change in cash that will be recorded in the portfolio upon confirmation of the rollover. In accordance with SRD rules, the compensation price becomes the purchase price for the quantity of instruments rolled over.
For a position of type short selling that has not yet been repurchased or rolled over, the mention Short sale to liquidate is displayed in the top frame of the screen when it is selected.
To proceed with recording the settlement at the end of the trading month, choose the then options from the portfolio menu, or right-click directly on the position line in the table to choose this option.
This window includes the following elements:
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The frame with:
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the instrument name
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The last quoted market price
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The quantity in book and the position opening date
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The average cost price
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The amount to liquidate
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The frame to choose between the two settlement options: or , as well as the settlement order date.
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The frame, activated according to the previous selection.
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The frame, activated according to the previous selection.
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The button to record the liquidation order:
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either the repurchase of instruments for delivery, in total or partial quantities
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or the rollover to the next settlement period
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The button to close the window or potentially interrupt the order without consequences for the portfolio.
Entering the repurchase price results in the display below of the difference with the short sale price.
In the field, Axial Finance initially displays the total quantity of instruments sold short. This quantity can be modified if the repurchase is only partial. However, upon confirmation, a message will remind you that a balance remains to be settled.
Axial Finance calculates the repurchase amount (including fees) as well as the Profit/Loss realized.
Upon confirmation of the repurchase:
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If the repurchase covers all instruments, this instrument disappears from the table and the profit or loss is added to or deducted from the portfolio cash.
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If the repurchase only covers a partial quantity, the quantity in the table is reduced accordingly and the profit or loss is added to or deducted from the portfolio cash.
As a principle, a rollover order applies to all instruments not yet repurchased.
Axial Finance requires the entry of the compensation price, CRD fees, and rollover fees, then calculates:
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the price difference between the sale price and the compensation price,
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the change in cash that will be recorded in the portfolio upon confirmation of the rollover.
Axial Finance prepares a monthly statement for SRD orders (SRD purchases and short sales).
Choose the then options from the portfolio menu to open the window for SRD orders of a specific month.
The dropdown list at the top of the window allows you to select the month.
Orders relating to the same instrument are grouped together and conclude with the line , which indicates in the column:
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either to settle with the quantity of instruments remaining to be settled
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or settled when all settlement, repurchase, or rollover orders have been completed
To print the monthly statement, click the
button.
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1500 instruments are purchased via SRD on 03/02/2002 at 6.20 EUR.
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On 03/14/2002, 400 instruments are sold for a net amount of 2710.48 EUR. The transaction journal shows the realized capital gain (which is 230.48 EUR).
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At the end-of-month settlement in March, the settlement covers 600 instruments, and the balance of 500 instruments is rolled over to the next month:
Upon settlement of the 600 instruments, the corresponding payment is made for an amount of 3753.00 EUR (including fees), and the rollover of the 500 balance at a compensation price of 7.00 EUR, with 42.00 EUR in fees, results in a capital gain of 358.00 EUR as indicated in the transaction journal.
In the portfolio, there are now two open orders:
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the first for the 400 instruments considered as purchased at spot at 6.20 EUR on 03/27/2002,
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the second for the 500 rolled-over instruments, dated the first of the following month, and purchased via SRD at 7.00 EUR (compensation price).
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Axial Finance records and retains in memory all orders executed on the portfolios.
To open the transaction journal for a portfolio, choose the then options from the portfolio menu.
This window includes a menu to perform the operations described below, and also allows you to choose a specific period for displaying orders in chronological order.
At the bottom of the window, an area totals the amounts related to the displayed orders, the total sales, and the capital gains over the selected period.
For each order, the journal indicates:
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The order date
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The order reference
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the instrument name
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The ISIN code
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The order type from the following list: Cash purchase, SRD purchase, Cash sale, Partial cash sale, SRD purchase settled, SRD purchase rolled over, SRD purchase to roll over, Short selling, Short sale rollover, Short sale rolled over, Short sale repurchase, Deposit, Withdrawal, Dividends, Split, Free shares
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The quantity of instruments (except in the case of cash deposits or withdrawals and nominal division, for which the indicated quantity corresponds to the nominal division ratio)
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The order price (in the currency of the exchange where the order was executed)
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The currency of that exchange
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Brokerage fees (in the reference currency)
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CRD fees (in the reference currency)
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Rollover fees (in the reference currency)
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Exchange tax (in the reference currency)
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The order amount (in the reference currency)
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The realized capital gain or loss (if applicable)
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The percentage of gains or losses
The orders displayed in the journal can be filtered using the option from the window menu. The following filters are available:
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to limit to orders related to the same instrument
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to limit to orders belonging to a specific position
In the latter two cases, first select the instrument or the position.
The filtered orders can also be limited to a period of time. Display the start and end dates of the period at the top of the window. Upon opening the journal window, the start date is that of the oldest order in the portfolio.
At the bottom of the window, the totaled amounts are relative to the displayed orders. Thus, to find the sum of order fees over a year, simply display the corresponding period with the option.
Axial Finance provides the possibility to cancel an order or a position to correct a data entry error.
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The cancellation of an order that closed a position will reopen that position.
Important
The cancellation of orders within a position must be performed in descending chronological order of entry. Axial Finance verifies the chronology of the orders and the user is warned with an error message when the cancellation request is inconsistent with the sequence of orders entered for that position.
Fees or dividends from an executed order can be modified after the fact. Select the order, then open the modification window by choosing the then or options from the window menu.
The content of the displayed journal can be exported to an Excel file. In the window menu, choose the then option. Choose the destination directory and click the button.
The created Excel file is named Ledger followed by the current date.
The screen presents a graphical representation of the allocation of open positions and available cash for the selected portfolio in three different ways depending on the choice made in the dropdown list:
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by market segments
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by industry sectors
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by instrument
For each elementary sector in the representation, the corresponding percentage is indicated.
Axial Finance presents the portfolio performance graph on the performance tab, with the evolution curve of a market index chosen by the user.
Calculation principles:
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Performance is calculated from the date chosen by the user.
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Axial Finance determines the minimum capital required to invest so that available cash remains positive or zero. Cash deposits and withdrawals in the portfolio are not taken into account for the performance calculation.
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On each date, Axial Finance calculates the current profit, which is the sum of the realized capital gain and the potential capital gain. This current profit is compared to the minimum required capital to define the percentage of the absolute performance of the portfolio.
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The annual rate of return is calculated based on this overall percentage.
To obtain the performance graph for the selected portfolio, click the button at the top right of the screen.
Important
After each entry of a new order or modification in the transaction journal, you must click the button again to obtain the updated performance graph.
At the top left of the screen, a dropdown list allows you to choose a market index. The display of the index curve can be disabled by unchecking the box associated with this list.
The index curve is plotted (in red) in relative value compared to the date chosen for the start of the performance calculation.
Axial Finance allows you to define the brokerage fees to be applied when recording orders. Several brokerage fee schedules can be memorized in the software. To define or modify a fee schedule, go to the general menu and choose the option to open the dialog window below.
This window allows you to:
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select a schedule, create a new schedule, or delete an existing schedule
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define the number of tiers in the schedule
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specify whether the schedule is HT (excl. tax) or TTC (incl. tax)
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For each tier of the schedule, you must specify it by selecting the corresponding tab:
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From one tier to another, Axial Finance automatically ensures consistency between the thresholds. For example, by entering the upper threshold of tier 1, the lower threshold of tier 2 will be automatically set. As a principle, the upper threshold of the last tier is set to 999,999,999.
Important
The selection and activation of the fee schedule to be applied to orders in a portfolio is performed in the module, under the menu of the portfolio.
Depending on current tax legislation, Axial Finance allows you to define the stock exchange tax to be applied when recording orders.
To define or modify the calculation method for the exchange tax, go to the general menu and choose the option to open the dialog window below.
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