White Label Clients White Label Clients
Monthly Notification, Saxo Bank
26 March 2018

MiFID updates and changes

​Entity typeSaxo has enforced ‘Entity type’ on each counterpart and no longer allows a change to entity type once set in the systems.Prior to this change, so...

​Entity type

Saxo has enforced ‘Entity type’ on each counterpart and no longer allows a change to entity type once set in the systems.

Prior to this change, some counterparts might have been setup incorrectly and Saxo has therefore decided to allow a one-time change to the effected counterparts for the white labels who have counterparts with an incorrect setup.

For this change, Saxo will only update counterparts from/to direct/organization, i.e. ‘unknown’ is still setup directly by the white label via Saxo Tools.

The change will be handled via an IT script and some manual handholding and it will not save the changes in the regular logs or reports.

If you have counterparts with incorrect entity type, you need to send a list of the counterparts to Saxo Bank with the below details included, no later than 1 May 2018;

  • Send to email: wlbusiness@markets.saxo
  • Update client date in a excel spreadsheet with the following values included;
    o Counterpart ID
    o Country
    o New entity type (individual or organisation)