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 29 August 2022, DBA will be replaced by SaxoConnect. Full migration of cash and securities will then be completed, and all your account information, orders and positions will be ready and waiting for you. All trading and day-to-day business will be done exclusively from SaxoConnect 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 logins details to your employees during June and July. 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 22 August 2022, your end-customers with email address and mobile phone number registered with us will receive a new eight-digit client and user ID from Saxo and guidance to reset their password to access SaxoPortfolio.
- Full migration of cash and securities
On 29 August 2022, the migration of cash and securities is completed, and all your account information, orders and positions are ready and waiting for you. Any trading should be done exclusively from SaxoConnect from this date.
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. Read more here.
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.
Download app for optimal user experience
For an optimal user experience, end-customers can download the SaxoPortfolio app from the AppStore or Google Play.
Two versions of SaxoPortfolio – simple and advanced
We offer two versions of SaxoPortfolio – a simple and an advanced version. To provide the best experience possible for your end-customers, we have pre-selected your version based on your current end- customers reporting. Learn more about the two versions in our help centre. If you wish to use the other version than the one selected for you, please create a case in SaxoConnect. Implementation of another version will take one week.
Important changes in the deficit procedure, option trading and margin
At Saxo Bank there are some changes compared to BinckBank in the deficit procedure. Also, some things regarding options and margin will be different after the migration. Read more about it in our help centre.
Information regarding margin lending
Initially, margin lending cannot be activated for new customers. Current customers with margin lending can continue to use this.
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.
Securities transfers
For a smooth migration, we do not accept securities transfers two weeks prior to the migration date. So, it is important to plan securities transfers ahead, or after the migration.
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 after the migration
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.
Important information for GIRO users
If you have been using GIRO, 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.
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 personalised 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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