Glossary

Assets Under Management (”AUM”): The total value of the account including cash, assets and unrealized PL.  This is the same as “Account Value” in the platform, or “Total Equity” in EOD Files (Account Status file)

Client Profitability:  % of clients with positive/negative PL.  This is shown for ‘All products’ and for ‘CFDs + FX Spot’ for guidance with ESMA.

Clients with AUM: Number of clients with AUM

Contributors & Detractors: Contributors are clients who generate more earnings in the last 3 months (90 days) than they did in the previous 3 months.  Detractors are clients who generate less earnings in the last 3 months than they did in the previous 3 months

Earnings:  sum of Partner Commission + income from CFD Finance. This does not include non-income related partner costs (e.g. Service Billing, etc.)

Earnings – First 3 Months: Earnings from clients limited to the period of the first 90 days calendar since their first trade date.

Fundings Net (“Fundings”): The sum of client deposits and withdrawals, either in cash and/or stock/bond transfers in/out during the period

• Fundings In is the sum of client deposits
• Fundings Out is the sum of client withdrawals

“MTD” (Month-to-date)  & “YTD” (Year-to-date):  These abbreviations may be used where one of the measures above are reported for a preset period.  The table may also include a benchmark against the same period last year (“LY”), corresponding to the same number of days from the start date, and an ‘Index’ (“LY IX”), meaning Last Year Index, which shows the performance against that period as a percentage. For instance, a “LY IX” of 60 would mean this year’s result is 60% of the same period last year (e.g. this year’s (January to October) Earnings are 60,000 compared to 100,000 for the same period last year)

New Trading Clients:  Number of clients who first traded in the period

Profit / Loss (“P/L”): The profit or loss is realized when a position is closed, plus any unrealized P/L while the position is open (with current mark-to-market valuation).

Trade Volume:  Sum of the absolute value of client trades.  E.g. A client trading 10 CFDs in the Dax Index (“GER30.I”) buying at 11,529 and selling at 11,579 would have total Trade Volume of 231,080

Trades:  Number of client trades.  A client buying and selling the same instrument, e.g. the Dax Index (“GER30.I”), would result in 2 trades. Similarly, a client buying the Dax and buying the Dow (“US30.I) would also result in 2 trades.  Certain trades like Corporate Actions, Trade Corrections and Security Transfers are excluded.

Client Personas (from Funnel View);

• Delegator = has ONLY trades/positions in Saxo’s asset management solutions.
• Specialist Trader =  >450 trades in 90 days AND >50% of trades in margin products
• Explorative Trader = >50% of trades in margin products and < 450 trades in 90 days
• Active Investor = EITHER > 15 trades in 90 days, OR has traded margin products OR was active in margin lending/stock lending
• Buy & Hold Investor = All other clients

Trader Profile: Each client is continually profiled depending on the products they trade and the number of trades they do over a 90-day period. This is ‘stamped’ and updated after each month, therefore clients can move between profiles.

Traders are clients who trade more than 50% in margin products (CFDs, FX, ETOs and Futures)

• Active Traders are clients who place more than 50 trades
• Traders are clients who place less than 50 trades
• Passive Traders are clients who have not traded but have open margin positions

Investors are clients who trade more than 50% non-margin products (Stocks, Bonds)

• Active Investors are clients who place more than 50 trades
• Investors are clients who place less than 50 trades
• Passive Investors are clients who have not traded but have open non-margin positions

Non-Trading means clients who have no trading activity or open positions

Trading Clients (“TCs”):  Number of clients who traded in the period