Dear partner,
Following the ongoing due diligence process for all end-customers, we are pleased to announce that we are ready to migrate your book of business to Saxo Bank. Starting 31 October 2022, DBA will be replaced by SaxoConnect. Full migration of cash and securities will then be completed, and all your account information and positions will be ready and waiting for you. All trading and day-to-day business will be done exclusively from SaxoConnect or through a FIX connection from this date.
Learn all about SaxoConnect in our help centre and watch our platform tutorials and webinars.
Key steps to take
- Access to SaxoConnect.
As part of the remediation process, we have issued SaxoConnect login details to your employees during the summer. Please log in and review your end-customers and their accounts in SaxoConnect. Note that securities and cash positions are still in the Binck systems. If you forgot your UserID or password to access SaxoConnect, take a look at the information in our help centre.
- Access to SaxoPortfolio for your end-customers
In the week of 24 October 2022, your end-customers with email address and mobile phone number registered with us will receive a new eight-digit client and UserID from Saxo and guidance to reset their password to access SaxoPortfolio.
- Full migration of cash and securities
On 31 October 2022, the migration of cash and securities is completed, and all your account information and positions are ready and waiting for you. Any trading should be done exclusively from SaxoConnect or through a FIX connection from this date.
SaxoPortfolio - our portal for end-customers
Your end-customers can stay informed about their investment portfolio anytime, anywhere through SaxoPortfolio. SaxoPortfolio provides a clear overview of the performance of the customer’s portfolio, current holdings as well as access to key reports.
Access via browser from any device
SaxoPortfolio is available for end-customers via a new login page at www.saxoportfolio.com or via a co-branded URL.
Download app for optimal user experience
For an optimal user experience, end-customers can download the SaxoPortfolio app from the AppStore or Google Play.
Important changes in the deficit procedure, option trading and margin
After migration, margin and loan utilization is not allowed to be above 100%. This will result in a deficit procedure which might in some cases result in a stop-out procedure. Please stay far away from a margin and loan utilization of 100%. Read more about it in our help centre.
Ahead of migration, we will run a simulation on your current portfolio to address any risk of stop-out. More information will be provided.
Information regarding margin lending
Margin lending is only available for Dutch end-customers. To learn more about margin lending, visit our help center.
Important information for GIRO users
GIRO will be replaced by the Model Manager. If you have been using GIRO, there will be some differences. For instance, you will experience a change from buy and sell at the same time to follow Saxo’s standard which is sell before buy. The buy order will be placed after the execution of the sell order.
Please join our webinars to learn more about the Model Manager:
- Webinar on the 23 September (1100 to 1200 CET) regarding the Model Manager (for current GIRO users). You can attend the webinar using this link and the following password: saxo
- Webinar on the 26 September (1100 to 1200 CET), where you learn more about monitoring accounts and rebalancing, initiating Cash Withdrawal, triggering full liquidation and investing fresh cash deposited. You can attend the webinar using this link and the following password: saxo
Recordings will be available after the webinars.
Securities transfers and instrument freeze
For a smooth migration, we do not accept securities transfers four weeks prior to the migration date. So, it is important to plan securities transfers ahead, or after the migration.
Furthermore, it is not allowed to add instruments to the Binck platform four weeks prior to the migration date.
Non-tradeable instruments affecting some partners
While Saxo offers 60,000 instruments, there is a small number of instruments across stocks, bonds, mutual funds and ETF asset classes which are not tradable after migration. If your portfolio includes any affected instruments, you will be informed.
Communication package for your end-customers
We have prepared a draft email which we encourage you to share with your end-customers ahead of migration. The email covers information on their new user ID, how to reset their new password, SaxoPortfolio and how to access the platform as well as the updated legal documentation. Visit the help centre to view the email in Dutch and French.
Besides the above-mentioned email, we will send your end-customers an email with their new user ID and a link to the password reset flow. You can view this email in the help centre.
How to onboard customers to Saxo Bank's platforms
From the migration date, your private, single account customers will benefit from full STP and Saxo’s digital onboarding flow. Corporate, joint and minor accounts are onboarded to Saxo’s infrastructure using a paper-based client application form (CAF). All customer types are onboarded under the legal entity of BinckBank N.V., like you have been used to. Read more about this in our help centre.
Onboarding cases started after 17 October 2022 will be onboarded on Saxo’s side. You’ll be able to check the status of those cases in SaxoConnect. Please expect longer onboarding times between 17-31 October 2022. More information will follow.
Platform access and report generation: pre- and post-migration
Historical data will not be migrated. From migration date historical performance reports will only be available in DBA and the legacy Binck end-customer portal for a limited period until retirement of these platforms at the end of 2022. Read more here.
End-Of-Day files
As part of the migration, the EOD (End-Of-Day) files and setup will change. You will still receive EOD files for reconciliation of transactions and positions. However, the files differ from what you receive today. Read more about this in our help centre.
Corporate actions around migration
Around migration, corporate action bookings will be processed differently. In our help centre, you can read all about it.
Order execution policy – changes in the broker and custodian network
After migration, we will use the broker – and custodian network of Saxo Bank to have your orders executed in line with the best execution principles. In our Order Execution Policy, you will also find a full up-to-date list of brokers and custodians used for the different products. You can find the Order Execution Policy in our help centre.
Documentation
You can read the updated terms and conditions and other important documentation in the help centre.
Service and contact with Saxo Bank
After the migration to Saxo Bank, you will continue to receive the same level of highly personalized service you enjoy today. Our team of specialists remains dedicated to supporting independent asset managers from our offices in the Netherlands and Belgium. The coverage for trading and order/instrument management will migrate from Binck’s BrokerDesk to Saxo’s Global Sales Trading team. Read more about how to contact Saxo Bank in our help centre.
Questions
If you have any questions about Saxo Bank’s services, SaxoConnect, SaxoPortfolio or other aspects relating to the migration, please visit our help centre or reach out to your primary contact.
Best regards,
Saxo Bank
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