This is a reminder of the upcoming migration to Saxo Bank and SaxoPartnerConnect on 29 August as per the migration communication from 18 July. Please ensure that you have read the communication and kindly contact your relationship manager if anything is unclear.
Below is a recap as well as more information on the following topics:
- Access to SaxoPartnerConnect: During the migration weekend, you are not able to access the platform and your end-customers will not be able to access SaxoPortfolio. Read more below
- Full migration of cash and securities: Open single and block orders will be automatically cancelled. Read more below
- Important changes in the deficit procedure, option trading and margin: adjustment to article explaining margin utilization and sending of notification emails. Read more below
- Onboarding procedures during the transition period applicable from 16 August. Read more below
- Option to use Saxo Bank’s logo on your website. Read more below
As announced 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 SaxoPartnerConnect (SPC). 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 SaxoPartnerConnect from this date.
Key steps to take
- Access to SaxoPartnerConnect.
As part of the remediation process, we have issued SaxoPartnerConnect logins details to your employees during June and early July. Please log in and review your end-customers and their accounts in SaxoPartnerConnect. Note that securities and cash positions are still in the Binck systems. If you forgot your UserID or password to access SaxoPartnerConnect, take a look at the information in our help centre.
Due to migration activities SaxoPartnerConnect is unavailable from Friday 26 August at 17:00 until Monday 29 August at 06:00 CET.
- 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 SaxoPartnerConnect from this date.
Open single and block orders will be automatically cancelled on the weekend of the transition to the Saxo platforms. We will provide you with an overview of all cancelled orders, so that you can reset all open orders yourself on the Saxo platform once the transition has been completed. You can also find your open orders on DBA.
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
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 SaxoPartnerConnect. Implementation of another version will take one week.
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%.
As part of the migration, we have run a simulation of your current portfolio and we confirm that you are currently not at risk of going above 100% for your margin and loan utilization.
Read about the deficit procedure and differences compared to BinckBank as well as changes to options and margin trading in our help centre.
Information regarding margin lending
Initially, margin lending cannot be activated for new customers but it will be possible soon for customers in the Netherlands. Current customers in the Netherlands with margin lending can continue to use this.
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.
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.
Onboarding cases started after 16 August 2022 will be onboarded on Saxo’s side. You’ll be able to check status of those cases in SaxoPartnerConnect. Please expect longer onboarding times between 16-29 August 2022.
- Any open onboarding cases started on the Binck side before 16 August will be picked up and finalized on Saxo’s side.
- You should start using Saxo’s paper CAFs for private, corporate, joint and minor accounts from 16 August 2022
- Should you receive Binck paper CAFs from your clients after migration, we accept and process the forms until 16 September 2022.
Read more 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.
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.
As a partner of Saxo Bank, you can use our logo. View the guidelines and access logos to help you reference your relationship with Saxo in the right manner on our help centre.
If you have any questions about Saxo Bank’s services, SaxoPartnerConnect, SaxoPortfolio or other aspects relating to the migration, please visit our help centre or reach out to your primary contact.