This is a reminder of your upcoming migration to Saxo Bank and SaxoPartnerConnect on 31 October as per the migration communication from 21 September. Please ensure that you have read the communication and kindly contact your relationship manager if anything is unclear.
Below is a recap of key dates, specific instructions and invitations to three webinars to help you prepare well on your side.
Join our webinars
Webinar#8 - Margin trading and trading with GST on 10 October 11:00-12:00 CET
Join this webinar for a review of important changes in the deficit procedure, option trading and margin. We will also take you through trading with Global Sales Trading (previously Binck BrokerDesk) and STP trading vs CARE orders, algo orders, multi-currency and offline trading. You can attend the webinar using this link and the following password: saxo
Webinar #9 – Walk-through of key migration topics and uplift of SaxoPartnerConnect UX and navigation on 12 October 11:00-12:00
We’ll take you through the content of this reminder email as well as show you the uplift of SaxoPartnerConnect UX and navigation. We will review key platform features including the dashboard, corporate actions, case management, client screener and related action, single client view and reporting. You can attend the webinar using this link and the following password: saxo.
Webinar #10 – How do I onboard customers to Saxo Bank’s platforms after migration on 25 October 11:00-12:00.
The webinar covers digital onboarding for private customers, onboarding of corporate, joint and minor accounts via paper-based forms, the onboarding dashboard in SaxoPartnerConnect and
the automated email flow sent to new clients as part of onboarding. You can attend the webinar using this link and the following password: saxo.
Key dates and specific instructions
- Securities transfers and instrument freeze as of 3 October: As previously communicated, we no longer accept securities transfers, nor will we add instruments to the Binck platform
- Non-transferable instruments should be sold before migration. While you can trade 60,000+ instruments on Saxo Bank’s systems, there are a few instruments that will not be catered for. Impacted partners have been informed by their relationship manager to sell the instruments.
- No access to SaxoPartnerConnect during the migration weekend. Due to migration activities, you are not able to access SaxoPartnerConnect from Friday 28 October at 16:00 until Monday 31 October at 06:00 CET. Your end-customers will not be able to access SaxoPortfolio either. Your authorized employees should log in to SaxoPartnerConnect before 28 October to ensure their login credentials work. Find more information on access to SaxoPartnerConnect in the previous communication.
- Your end-customers will receive an email from Saxo Bank in w/c 24 October to reset their password and access SaxoPortfolio. As previously communicated, we will send your end-customers an email with their new user ID and a link to the password reset flow. Please ensure that you have used the end-customer communication package to prepare your customers for the migration. Read more in the help centre.
- Onboarding procedures during the transition period. Please expect longer onboarding times between 17-31 October 2022.
- 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 SaxoPartnerConnect.
- Any open onboarding cases started on the Binck side before 17 October will be picked up and finalized on Saxo’s side.
- Should you receive Binck paper CAFs from your clients after migration, we accept and process the forms until 18 November 2022. Read more in our help centre.
- Important information for GIRO users. GIRO will be replaced by the Model Manager. To learn more about the Model Manager, watch the webinars recordings from 23 and 26 September and the new video tutorials on our help centre
- Mapping file for pending end-customer IDs. In the coming days, we will provide you with end-customer mapping files with legacy Binck IDs and new Saxo IDs. You will also receive a mapping file of any pending end-customers as part of the client and account migration weekend and data reconciliation.
- Potential impact of new deficit procedures on your portfolio. 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.
- Open single and block orders will be automatically cancelled on the weekend of migration. You will need to reset those yourself on the Saxo platform. We suggest you try to limit the number of open orders up to the migration weekend. If there are still open orders on Friday 28 October at market closure, we will inform you. You can also find any open orders on DBA.
- Cancellation and transfer of periodic withdrawals. As part of the migration, we will cancel periodic withdrawals in Binck’s systems and transfer to SaxoPartnerConnect during the migration weekend.
- Fee bookings. Service and ‘all- in-fees' until 29 October will be booked on the Binck side. We will start calculating the service and ‘all-in-fees' in Saxo from 1 November.
Read the migration communication from 21 September
Please ensure you have read the previous migration communication from 21 September covering key steps to take, SaxoPortfolio for end-customers, margin lending, platform access and report generation, end-of-day files, corporate actions and order execution policy.
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 in 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.