Dear partner,
We are working hard to make sure that your book of business will migrate to Saxo’s new platform for independent asset managers and financial advisors in the coming months. After the migration, DBA will be replaced by SaxoConnect. We will keep you informed of the date of the migration.
Get familiar with the new platform now and watch our video tutorials, webinars and read all about our platforms in our help centre. Make sure to check the help centre for updates regularly, since the information is continuously updated.
Benefits of moving to SaxoConnect
SaxoConnect improves upon DBA in numerous ways. Take advantage of powerful features and enjoy increased control over your trading – with less of a need to contact the trading desk for order handling. Learn all about the key features in our help centre.
SaxoPortfolio - our portal for end-customers
From migration date and onwards, your customers can stay informed about their investment portfolio through SaxoPortfolio. SaxoPortfolio replaces the Binck end-client portal and provides a clear overview of the performance of the customer’s portfolio, current holdings as well as access to key reports.
Read more about SaxoPortfolio here.
What happens to my end-customers' account
You - and your end-customers - remain contracted with BinckBank
Your - and your end-customers - accounts will automatically move to SaxoConnect. All accounts remain Dutch bank accounts contracted at BinckBank N.V or (if applicable) Belgian bank accounts, contracted at BinckBank Belgium. That means that funds held with BinckBank remain under the protection scheme of the Dutch Central Bank.
IBANs (International Bank Account Number) impacting transfers from your customers
If you already have an IBAN for your EUR account, this IBAN will be retained. As part of the migration, we will issue an IBAN for each of your currency accounts. Read more about it in our help centre.
End-of-day file (EOD) transfers
As mentioned during our webinar on 15 December 2021, your EOD (End-of-Day) files and setup will change as part of the migration. You will still receive two EOD files, one for transactions and one for your holdings. However, the files differ to what you receive today. You can receive the files via SFTP or email. View descriptions, sample files and guidance to set up your delivery in our help centre.
If you use a Portfolio Management System, we’ll reach out to your supplier for the implementation and fine tuning.
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 later in 2022. Read more here.
Digital onboarding for private customers
From the migration date, your private customers will benefit from full STP and Saxo’s digital onboarding flow. Corporate and joint accounts are onboarded to Saxo’s infrastructure (under the legal entity of BinckBank N.V.) using a paper-based client application form (CAF). More information will be available in the help centre shortly.
Communication package for your end-customers
We will prepare a draft email which we encourage you to share with your end-customers ahead of migration. This email informs customers about SaxoPortfolio and how they can access it. The information will be available in Dutch and French.
Stay informed and receive research and market updates
Would you or your customers like to receive research and market updates from Saxo? Install our RSS feeds in a few simple steps.
Changed interest rates
As you may know, EONIA/LIBOR has ceased to exist as of January 1, 2022. Prior to January 1, we used EONIA/LIBOR as the benchmark interest rates in conjunction with commercial product upgrades/downs to generate account interest and margin financing rates. From January 1, 2022, we only apply the markup/downs and do not take the reference rates into account when offering interest rates to our customers. For example, "EONIA + 4%" is now "4%". After the migration to Saxo's infrastructure, Saxo Bank's general costs will apply. More information will follow.
Receive tailored multi-asset liquidity via a FIX API
Gain market access through a stable, fast, flexible and fully documented electronic infrastructure. At Saxo, you get one cross-collateralized account to manage risk and netting across multiple instruments with real-time position keeping and account management. Our connectivity to major technology, bridge and platform providers ensures swift API implementation.
Read more and explore ways to connect to and integrate with our capital market infrastructure on our website or the developer portal.
Regulatory compliance - ongoing client due diligence
We aim to adhere to the highest standards of regulatory compliance. To fulfill the regulatory obligations, we are required to conduct ongoing due diligence (ODD) on our clients. To help with your firm’s and Saxo’s regulatory compliance, we will reach out with instructions on the regulatory reviews required for you and your customers. More information will follow.
Updated terms and conditions
The migration does not entail material changes of your terms and conditions. You can read the updated terms and conditions and other important documentation in the help centre. This information is continuously updated.
Client services – the same personal touch
After the migration to Saxo Bank, you will continue to receive the same level of highly personalized service you enjoy today with BinckBank. 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 (GST) team. You will get expert support and benefit from extended institutional grade trading support and execution coverage, 24/5.5. Read more about GST in our help centre.
If you have questions, please send an email to your primary contact or to iammigration@saxobank.com. We will answer your question as soon as possible.
Best regards,
BinckBank
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