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.

After migration, partners with end-customers using GIRO will use the Model Manager in SaxoConnect.  

Watch recordings of webinar #6 and #7 for a walk-through of Model Manager.  

View a series of Model Manager platform tutorials.

Your models have been migrated on 12 October– please review and make any desired changes before 31 Oct

We have now migrated your models which will be used for rebalancing your clients’ portfolios from November 2022.

During October please review your models carefully as well as the clients you have linked to the existing models. 

• Check if all your models are available in SaxoConnect
• Check whether the target instrument allocations are correct for each of your models
• Review the min/max allocations set for each instrument within each of your models
• Confirm whether your models are connected to the correct clients
• Familiarize yourself with the instruments allowed to be included in model allocations

Please make sure you have made any desired changes before the November rebalancing. Read this article with instructions for Model Manager.

Below is an overview of key features and the differences you will experience post-migration. Please note that changes to some of the features took place on 30 January 2023 and they are listed in red. 

#	Feature	Status in Saxo/Binck	Post migration to SaxoConnect	Change to feature from 30 January 2023
1	Managing Model Portfolio composition	Models are created/amended by Saxo/Binck based on Model composition details shared by IAM partners.	Models will be created/amended by IAM users in SaxoConnect
2	Linking clients to model	IAM partners send a request to Saxo/Binck.	Models will be linked to clients by IAM users in SaxoConnect
3	Switching Model on client	IAM partners send a request to Saxo/Binck.	IAM users can do model switch themselves in SaxoConnect. The impacted client(s) will be rebalanced on the scheduled date specified on the new Model.
4	Scheduled Monthly Rebalancing	All portfolios are rebalanced on 1st business day of each month manually by Saxo/Binck.	Order proposals will be calculated by the rebalancing engine on 1st day of each month (at 2200 GMT*) through an automated process. Orders will then be generated and automatically routed to market for execution on the next business day.	Order proposals will be calculated by the rebalancing engine on 1st day of each month (at 0900 GMT*) through an automated process. Orders will then be generated and automatically routed to market for execution on the same day. If the first day of the month is a non-business day then orders will be routed to market on the next business day.
5	Rebalancing calculation	Order size is calculated to align client to ideal allocation % as defined on instruments in linked model.	Order size is calculated to bring all positions (held by client) inside the allocation band (Min./Max. allocation %) as close to the target allocation % while minimizing the number of trades.
6	Investing new cash deposited	New cash deposited by end-clients is invested manually by Saxo/Binck on request from IAM partners either once a week (every Tuesday for most partners) or twice a week (every Tuesday and Friday for other partners). Partners can request either full rebalancing or 'investing cash as per model weight'.	New cash deposited by end-clients will be invested automatically by rebalancing engine either once a week (every Tuesday for most partners) or twice a week (every Tuesday and Friday for other partners). On Monday (2200 GMT*) rebalancing engine will pick all accounts that are breaching on cash allocation (either min. or max. cash allocation specified in linked model). Order size will then be calculated and routed to market on next business day. Rebalancing engine will only perform full rebalancing on clients that breach on cash weight.	New cash deposited by end-clients will be invested automatically by rebalancing engine either once a week (every Tuesday for most partners) or twice a week (every Tuesday and Friday for other partners). On Tuesday (at 0830 GMT*) rebalancing engine will pick all accounts that are breaching on cash allocation (either min. or max. cash allocation specified in linked model). Order size will then be calculated and routed to market on the same day. Rebalancing engine will only perform full rebalancing on clients that breach on cash weight. If Tuesday is a non-business day then, orders will be routed to market on the next business day.
7	Cash Withdrawal request	Cash withdrawal request by end-clients is processed manually by Saxo/Binck on request from IAM partners either once a week (every Tuesday for most partners) or twice a week (every Tuesday and Friday for other partners).	Cash withdrawal from Giro client (account) can be triggered anytime by IAM partners from SaxoConnect. If end-client doesn't hold sufficient cash, then this request will be picked up on the same night (2200 GMT*) by rebalancing engine and orders to partially liquidate positions will be routed the next business day. Once positions settle, cash will be transferred to end-clients external bank account.	Cash withdrawal from Giro client (account) can be triggered anytime by IAM partners from SaxoConnect. If end-client doesn't hold sufficient cash, then this request will be picked up on the next day (at 0830 GMT*) by rebalancing engine and orders to partially liquidate positions will be calculated and routed to market the same day. In case if its a non-business day then orders will be sent to markets for execution on the next business day. Once positions settle, cash will be transferred to end-clients external bank account.
8	Maximum withdrawal limit	IAM partners have a cap on maximum amount (as % of account value) that can be withdrawn from a Giro client (account).	Maximum amount that can be withdrawn from a Giro client (account) has been capped at 90 % of account value. If client has requested to withdraw more than 90% of the account value, then full account will be liquidated.
9	Full liquidation request	Full liquidation of Giro client (account) is processed manually by Saxo/Binck on request from IAM partners either once a week (every Tuesday for most partners) or twice a week (every Tuesday and Friday for some partners).	Full liquidation of Giro account can be triggered anytime by IAM partners from SaxoConnect. This request will be picked up on the same night (2200 GMT*) by rebalancing engine and orders will be routed the next business day. Once cash settles, it can be moved out by partner user from SaxoConnect.	Full liquidation of Giro client can be triggered anytime by IAM partners from SaxoConnect. This request will be picked up on the next day (0830 GMT*) by rebalancing engine and orders will be routed the same day. In case if its a non-business day then orders will be sent to markets for execution on the next business day. Once cash settles, it can be moved out by partner user from SaxoConnect.
10	Number of Models that can be created	IAM partners have a cap on number of Models that can create	No limit has been placed, but we will keep the current contract in place with related terms and conditions unless agreed to something else.
11	Number of instruments that can be added to a model	IAM partners have a cap on number of instruments they can add to a Model	No limit has been placed, but we will keep the current contract in place with related terms and conditions unless agreed to something else
12	Minimum Cash % to be held in model	Its defined for some of the partners.	No minimum is configured as default, but this can be set based on request from the individual partner.
13	Instruments available to construct model	A select list of ETFs and Mutual Funds are available.	Full list of instruments (ETFs and Mutual Funds) that are allowed in model composition will be shared. Furthermore, the search inside the Model section only allows for adding approved Mutual Funds and ETFs.
14	Rebalancing Order Routing	All Buy/Sell orders (outcome of rebalancing) are routed to market at the same time	Sell orders are routed first and if partner doesn't have buying power, 'Buy' orders are held back till the time 'Sell' orders get executed.
			* subject to change