What are your general business terms?

The general business terms (GBTs) are the terms and conditions that you agree to when you open an account with us.

The Saxo Bank A/S general business terms are available here https://www.home.saxo/legal/general-business-terms/saxo-general-business-terms.

Netting definition addition

The following addition was made to the netting definition:

“Applicable Netting Method” means the Netting Method applied by Saxo Bank in each instance based on either (i) selection by the Client (where selection is possible) or (ii) the default selection by Saxo Bank. Further details on the Applicable Netting Method are available on the Saxo Bank website;

The definition of “Instrument”

The definition of “Instrument” has been changed to:
“Instrument" means any financial instrument or other instrument, (whole or fractional), whether traded OTC or traded on a Regulated Market or other market, including, but not limited to, shares, bonds and other debt instruments (including debt instruments issued by governments and public authorities as well as structured products such as turbos and other leveraged securities), mutual and other investment funds, currencies, commodities, interest rates, indices, spots and derivatives (including options, futures, CFD´s, forwards, warrants or other Contracts, including Custody Securities);

The definition of the Investment Companies Act

The definition of the Investment Companies Act has been added:
“Investment Companies Act” means the Danish Act on Investment Companies as well as Investment Services and Activities. 

Definition of Secured obligation

The definition of Secured obligation has been changed to:
“Secured Obligations" means each of the following items (i) through (iv) (inclusive), whether arising under these Terms, a Contract, a Margin Position, or otherwise: (i) any and all obligations of the Client towards Saxo Bank or any member of the Saxo Bank Group, including any right to require cash payment or delivery of Instruments, (ii) any debit balance on any Account, (iii) any and all other present and future obligations and liabilities (whether actual or contingent or in any other capacity whatsoever) of the Client towards Saxo Bank and/or the Saxo Bank Group, and (iv) all losses, taxes, expenses, costs and liabilities whatsoever (present, future, contingent or otherwise and including reasonable legal fees) which may be suffered or incurred by Saxo Bank and/or the Saxo Bank Group due to the relationship with the Client and/or in connection with the protection, preservation or enforcement by Saxo Bank of its respective rights;

The definition of "Subordinated Eligible Liabilities"

The definition of "Subordinated Eligible Liabilities" has been added:
"Subordinated Eligible Liabilities" means such subordinated eligible liabilities as referred to in Section 12 of the Investor Protection Order;

The definition of Trade Repository

The definition of Trade Repository has been changed to:
“Trade Repository" means a trade repository, registered in accordance with Article 55 of EMIR or recognized in accordance with Article 77 of EMIR, and chosen by Saxo Bank in its sole discretion;

Commissions, Charges & Margin Schedule

The section title changed from:

Commissions, Charges & Margin Schedule.

To:

General Charges and Fees

FIFO 

FIFO Principle was deleted and replaced by Applicable Netting Method and the Applicable Netting Mode.

Changes in section 3.2(7) 

3.2(7) has been changed to:
subject to Clause 3.7, where Saxo Bank executes an order on behalf of a Retail Client or offers Subordinated Eligible Liabilities, Saxo Bank will request relevant and required information from the Retail Client in order to assess whether the product or Service offered by Saxo Bank or requested by the Retail Client is appropriate for that Retail Client;

Changes in section 3.7(4) 

3.7(4) has been changed to:
Saxo Bank complies with its obligations under Section 94(1), no. 4 and 6 of the Investment Companies Act and executive orders issued pursuant to Section 94(2) of the Investment Companies Act.

Changes in section 4.5

From:

Notwithstanding any other provision of these Terms, in providing its Services, Saxo Bank is entitled to take any action considered necessary and reasonable to ensure compliance with the Market
Rules, decisions by, and agreements with Regulated Markets, other markets, Liquidity Providers or
public authorities and/or applicable law.

To:

Notwithstanding any other provision of these Terms, in providing its Services, Saxo Bank is entitled to disable access to the Trading Platform and/or disable ways of accessing the Trading Platform from certain jurisdictions, or take any action considered necessary and reasonable to ensure compliance with the Market Rules, decisions by and agreements with Regulated Markets, other markets, Liquidity Providers or public authorities and/or applicable law.

Section 4.6 has been added

Changes in Section 6.2

Section 6.2 has been changed to: The Client's instructions and orders are binding on the Client when received by Saxo Bank. If the Client wishes to withdraw an instruction or order to Saxo Bank that has not yet been executed, the Client may contact Saxo Bank and request that the order be canceled, but Saxo Bank is under no obligation to accept the cancellation of such instruction or order. A request for cancellation of an order can be made via the Trading Platform or by calling Saxo Bank, except that requests concerning cancellation of orders, made when the Margin Requirement is not fulfilled, can only be handled by Saxo Bank. An instruction or order is not canceled until the Client has received written confirmation of the cancellation from Saxo Bank.

Introduction of  a new section 6.7 regarding potential gain

Introduction of a new section 6.11 regarding protection from fraud

Changes in section 7.1

The following amendments were done in section 7.1:

From:
From the Trading Platform, the Client can print reports on trading activities, Account balances, Account Statements, and Account Summaries.

To:

From the Trading Platform, the Client can download and print reports on trading activities, Account balances, Account Statements, and Account Summaries anytime.

Introduction of a new Section 9.4 regarding the suspension of an account due to misuse of the password.

Introduction of a new section 10.7

The Client shall be responsible for ensuring that any funds to be transferred out of the Client Account to the receiving bank shall have been settled and/or value dated (where applicable) in the Client Account (i.e. proceeds from trades must have settled) to avoid having a negative Account balance. Client shall be responsible for any interest payable to Saxo Bank due to negative Account balances if it transfers funds that have yet to be booked in the Client Account out of the Client Account.

Changes in section 10.9

New 10.9 has been changed to: The Client understands and accepts that the Client is liable for any costs, charges or fees arising (i) the usage of any funds before the relevant value date or (ii) arising from any delays caused by and any errors made by the receiving financial institution or its intermediary financial institutions.

Changes in section 11.2(5)

11.2(5) has been added: an Event of Default, or

Changes in section 11.3(i) 

From:

Initiate netting of positions in accordance with the FIFO Principle and cancel all or part of the
Client’s Related Orders, and/or

To:

Initiate netting of margin positions regardless of any Netting Circumvention features in accordance with the Applicable Netting Method and the Applicable Netting Mode and cancel all or part of the Client’s  orders that are subject to Netting Circumvention Features, and/or

Changes in section 11.3

The following part was added:  Saxo Bank reserves the right to make amendments to the Netting Methods and Netting Modes. 

Changes in section 11.4

From:

When the Client instructs Saxo Bank to enter into a position opposite to one or more of the Client's
existing open positions, Saxo Bank will close out the opposite position in accordance with the FIFO
Principle, unless the existing position has Related Orders or otherwise agreed between Saxo Bank
and the Client. However, even where there is a Related Order to an existing position, Saxo Bank
will wholly or partially close out the existing position in accordance with the FIFO Principle if Saxo
Bank can only partially fill an opposite order. Any Related Order to the existing position will thereby
be canceled, but the Client can place new Related Orders in relation to any remainder of such existing positions.

To:

When the Client instructs Saxo Bank to enter into a position opposite to one or more of the Client's existing open positions, Saxo Bank will close out the opposite position in accordance with the Applicable Netting Method and the Applicable Netting Mode, unless the existing position is subject to Netting Circumvention Features as agreed between Saxo Bank and the Client. However, even where there is an existing position subject to Netting Circumvention Features, Saxo Bank will wholly or partially close out the existing position in accordance with the Applicable Netting Method and the Applicable Netting Mode if Saxo Bank can only partially fill an opposite order. Any existing position subject to Netting Circumvention Features will thereby be canceled, but the Client can place new orders subject to Netting Circumvention Features in relation to any remainder of such existing positions.

Changes in section 11.5

Open and closed positions are displayed either in real-time or end of the day after position netting has occurred.

Introduction of a new section 12.3

A new 12.3 has been added:
Client acknowledges that Saxo Bank may rely on third-party providers for the provision of tradable prices and/or the provision of any form of market data and that Saxo Bank shall not be liable for any failure to provide such prices and/or market data on the Trading Platform if such failure was caused (whether directly or indirectly) by such third party provider.

Changes in section 19.2

19.2 has been changed to:
Unless otherwise agreed, Saxo Bank will on behalf of the Client report the entry into, modification, and termination of all derivative transactions, between Saxo Bank and the Client, to a Trade Repository as required by EMIR (referred to as Delegated Trade Reporting, unless Saxo Bank has an obligation under EMIR to report on behalf of the Client (i.e. for relevant OTC derivative transactions with a non-financial counterparty under the clearing threshold, as determined by Saxo Bank in its sole discretion), then referred to as Mandatory Trade Reporting).

Changes in section 19.3

19.3 has been changed to:
Correct performance of Delegated Trade Reporting and of Mandatory Trade Reporting, as applicable, is subject to the Client timely providing Saxo Bank with the Client’s Legal Entity Identifier code (LEI code) and such other information, as Saxo Bank requires from time-to-time and in accordance with EMIR.

Changes in section 19.4

19.4 has been changed to:
In respect of Delegated Trade reporting only, notwithstanding such Delegated Trade Reporting being performed by Saxo Bank, the Client remains legally responsible for reporting its own transactions. The Client is encouraged to request the Trade Repository for access to view all derivative transactions reported by Saxo Bank under the Client’s LEI code. The Client must notify Saxo Bank immediately if the Client believes there are any inaccuracies in such reports.

Introduction of a new section 19.5

A new 19. 5 has been added:
In respect of Mandatory Trade Reporting only, Saxo Bank is to the extent required by EMIR solely responsible and legally liable for the reporting on behalf of both parties, as well as for ensuring the correctness of the details reported. The Client shall provide Saxo Bank with the details of the OTC derivative transactions concluded between them, which Saxo Bank cannot be reasonably expected to possess, and the Client shall be responsible for ensuring that those details are correct.

Changes in section 19.6

New 19.6 has been changed to:
The Client accepts and acknowledges that Saxo Bank is not in breach of any restrictions on disclosure of information imposed by any agreement or by any legislative, regulatory or administrative provisions when performing Delegated Trade Reporting and/or Mandatory Trade Reporting.

Changes in section 19.9

37. New 19.9 has been changed to:
No charge is currently levied by Saxo Bank in connection with Delegated Trade Reporting and/or Mandatory Trade Reporting. However, Saxo Bank reserves the right to charge a fee for Delegated Trade Reporting and may exercise its right to do so by giving no less than two months’ notice to the Client.

Changes in section 19.7

New 19.7 has been changed to:
Any loss or damage the Client may suffer as a consequence of Delegated Trade Reporting and/or Mandatory Trade Reporting is subject to the terms and conditions of these Terms including, but not limited to, the general liability limitation and governing law in Clauses 31 and 39. Saxo Bank is under no circumstances, responsible for indirect loss or damage.

Changes in section 22.1 

From:

By accepting these Terms the Client agrees that Saxo Bank may keep the Client’s Custody Securities in an omnibus custody account as described in section 72(3) of the Danish Financial Business Act

To:

By accepting these Terms the Client agrees that Saxo Bank may keep the Client’s Custody Securities in an omnibus custody account as described in section 95(3) of the Investment Companies Act.

Changes in section 24.4

From:

Saxo Bank may introduce new fees and vary the Commissions and Charges with one month's notice
(except that the notice is two months for Private Use to the extent these Terms are governed by the
Payments Act), if:
i. Market conditions, including competitive behavior, call for changes to Saxo Bank's conditions;
and/or
ii. Saxo Bank for commercial reasons wishes to
change its general cost and pricing structure.

To:

Saxo Bank may introduce new fees and vary the Commissions and Charges with one month's notice (except that the notice is two months for Private Use to the extent these Terms are governed by the Payments Act), if market conditions, including competitive behavior, call for a change in Saxo Bank's Commissions and Charges and/or Saxo Bank wishes to change its general commission, fee, and pricing structure for commercial reasons. Specifically, the circumstances that may prompt Saxo Bank to vary the fees, Commissions, and Charges, include:
i. any change (or Saxo Bank reasonably expects there will be a change) to the law, regulations or industry guidance, or standards that affect Saxo Bank, or that Saxo Bank reasonably determines will affect Saxo Bank
ii. a rise in Saxo Bank’s credit risk;
iii. developments that impact Saxo Bank’s compliance with its solvency, capital or liquidity requirements;
iv. developments that impact general cost levels;
v. developments in interest rate markets leading to disparity in prevailing interest rates;
vi. general rise in costs related to the procurement of funds;
vii. detrimental changes in the operational risk for Saxo Bank;
viii. a more prudent use of Saxo Bank’s resources
ix. changes in taxes and charges that impact Saxo Bank
x. other conditions which necessitate that Saxo Bank increases its earnings or changes its price structures.

Changes in section 25.5 

From:

Saxo Bank may vary interest rates and/or thresholds for interest calculation in the Commissions,
Charges & Margin Schedule without notice when (i) the changes are to the Client's advantage, or
(ii) the grounds for changes are due to external circumstances beyond Saxo Bank's control. Such
circumstances include:

To:

Saxo Bank may vary interest rates and/or thresholds for interest calculation in the General Charges and Fees without prior notice when (i) the changes are to the Client's advantage, or (ii) the grounds for changes are due to external circumstances beyond Saxo Bank's control. Such circumstances include:

Changes in section 25.6

Section 25.6 has been changed to the same as 24.4 above regarding interest.

Introduction of a new section 26.12

A new section 26.12 has been added: These Terms, including in relation to Margin Requirements, pledge and collateral, enforcement and netting, shall constitute financial collateral, subject to and in accordance with Chapter 36 of the Capital Markets Act.

Changes in section 26.8

The Client acknowledges and agrees that, if the Client fails at any time to have provided sufficient Collateral to meet the Margin Requirement, other deposits or other sums due under these Terms, Saxo Bank shall have the right (but is not obliged) to close or reduce any and all Contracts and Margin Positions upon notice to the Client and apply any proceeds thereof towards the payment of any amounts owed by the Client to Saxo Bank. Saxo Bank may in its discretion close all or some of the Client's Contracts and Margin Positions. Saxo Bank can use this right to close Contracts and Margin Positions even if the Client takes steps to reduce the size of open Contracts or Margin Positions or to transfer sufficient funds to Saxo Bank without assuming any liability towards the Client.

Changes in section 27.2

Section 27.2 has been changed to: The Client accepts and acknowledges that no Collateral and Related Rights may, without the prior consent of Saxo Bank, be withdrawn, transferred or further pledged or used as collateral to secure any obligations of the Client other than the Secured Obligations. The Client accepts and acknowledges that Saxo Bank may reject any transaction or transfer relating to Collateral, unless the Client first closes all outstanding Margin Positions and settles all Secured Obligations.In general “Related Rights” have been added to section 27.

Changes in section 28.3

Section 28.3 has been changed to:
Saxo Bank shall be entitled, at all times and without notice, to consolidate all Accounts of the Client and all Accounts or assets of the Client with/or held by other Saxo Bank Group entities and set off these against all amounts owed to Saxo Bank or other Saxo Bank Group entities by the Client in such a manner as Saxo Bank, at its sole discretion, may determine. Furthermore, the Client hereby declares and agrees that all its Accounts already existing and opened and all those Accounts to be opened with Saxo Bank under these Terms, shall form one single current Account having one global and final balance whether such Account has a debit or credit balance and regardless of whether the said Accounts are denominated in different currencies, accrue interest on different basis of interest rates or are in different forms and with varying conditions. Saxo Bank may at its sole discretion elect at any time (including in case of an Event of Default which is an Insolvency Proceeding in respect of the Client) and without need for prior notice to combine and consolidate all the Client's abovementioned Accounts into one single Account and to effect the set off in order to show the final net global balance due.

Introduction of a new section 29.1 (7 + 8) 

New 29.1 (7 + 8) have been added:

7) The Client is not bound by any Market Rules, stock exchange rules, or any other applicable laws, regulations or obligations (contractual or otherwise) that may affect Saxo Bank’s ability to enforce any of its rights under these Terms including but not limited to liquidating any Instruments or close any positions that the Client trades or holds through the Account(s); and

8)  Any third party which has access to the Client’s Account is duly authorised to perform any act on the Trading Platform from time to time (including but not limited to the acceptance of any terms and conditions on behalf of the Client).

Introduction of a new section 30(4)(vi) 

A new 30(4)(vi) has been added:
Impose any limitations on any Accounts, including but not limited to placing an Account on Reduce Only status; and

Changes in section 31.1

Section 31.1 has been changed to:
The Client shall indemnify Saxo Bank for all losses, taxes, expenses, costs and liabilities whatsoever (present, future, contingent or otherwise and including reasonable legal fees) which may be suffered or incurred by Saxo Bank in connection with or arising out of:

1) these Terms and any further documents (such as confirmations and statements) sent to and/or entered into with the Client from time to time which relate to the Services provided by Saxo Bank to the Client under or in connection with these Terms, whether or not such documents have been explicitly incorporated into these Terms;

The old section 31.1 is now 31.2

Changes in section 36.5

From:

Upon termination, Contracts that are already entered into or under execution shall immediately
terminate, and these Terms shall continue to bind
the Parties in relation to such Contracts.

To:

Upon termination, Contracts that are already entered into or under execution shall
terminate, and these Terms shall continue to bind
the Parties in relation to such Contracts.

Introduction of a new section 36.9

A Section 36.9 has been added: The Client acknowledges and accepts that Saxo Bank shall have the right to impose limitations on the Client’s Account, including but not limited to placing the Account on Reduce Only status during the notice period set out in Clause 36.3.

Changes in sections 38.1 and 38.2

There were changes in wording in 38.1 regarding complaints. The name and address of the financial complaint board were updated in 38.2.

Changes in section 41

 In section 41, the subsection about options, has been changed to:

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e., put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs. The purchaser of options may offset or exercise the options or allow the option to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on an equity, assignments will take priority over applicable Corporate Action elections. Where the Instruction Deadline has not yet passed, submitted instructions will be cancelled for the whole event irrespective of assignment obligation quantity. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on leverage or gearing above). If the purchased option is out of-the money when it expires, you will suffer a total loss of your investment, which will consist of the option premium plus transaction costs. If you are contemplating purchasing out of the money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.

Terms for Aktiesparekonto (Danish share savings account)

Please find our terms for Aktiesparekonto here.