Once you request to transfer your securities out, the securities that you have chosen will be locked for processing immediately. You will see the "lock" on the position.
This means that it will not be possible to create new orders on the positions, nor will it be possible to elect on voluntary corporate actions. If you attempt to reduce/close a position or try to elect for a corporate action event, you will get the message 'Position is blocked and cannot be closed'.
Please ensure that all related orders are cancelled prior to the transfer request. If the securities you wish to transfer out are being used as collateral, after you request to transfer them out they will lose all collateral value, which may have an impact on your margin utilization.
When you submit a transfer of securities out of your Saxo account, the securities stay visible in your portfolio until the assets are transferred to the new broker, allowing you to monitor that position in the timeframe between the transfer request and the actual completion of the transfer.
What if I need to close or reduce the position now?
In order to do that the transfer request needs to be cancelled. To request cancellation of securities transfer, please get in touch with our Client Services department:
- Click here to contact us
- Select Write to us > Portfolio and position transfers > Position transfers
Kindly note that cancellation is not processed instantly.