Saxo Bank to Introduce New Solutions for IBs After MiFID II Implementation

Saxo Bank, the Danish multi-asset brokerage, is bracing itself for the changes in EU regulatory policies (MiFID II) that will come into effect on January 3, 2018 by planning new solutions for Introducing Brokers (IBs) Introducing Brokers (IBs) An introducing broker (IBs) represents an entity that is facilitating the relationship between the clients and the broker or futures commission merchants (FCMs). Introducing brokers are generally seeking to provide an added value to the relationship between the parties by offering support or specific services. These may or may not be a subsidiary of the broker.Introducing brokers do not hold client money, execute orders or provide any trade-related services to the clients. In developed markets s An introducing broker (IBs) represents an entity that is facilitating the relationship between the clients and the broker or futures commission merchants (FCMs). Introducing brokers are generally seeking to provide an added value to the relationship between the parties by offering support or specific services. These may or may not be a subsidiary of the broker.Introducing brokers do not hold client money, execute orders or provide any trade-related services to the clients. In developed markets s Read this Term). As of July 1, 2017, the firm will not be able to legally pay for inducing IBs offering discretionary portfolio management to clients or independent advice.

Saxo Bank is currently attempting to come up with a solution that will allow IBs to operate within specific boundaries, or exchange the existing model for one that will not require inducement fees.

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Danish regulations state that third-party companies are not allowed to keep or receive any kind of fees. The provision regarding independent advice and discretionary portfolio management includes: investing companies, banks, and investment management companies that are authorized as investing companies.

Other than the aforementioned instances, firms are allowed to receive or pay a commission or fee in regard to the provision of non-dependent investment services or ancillary services providers. Minor value Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are also acceptable, but in both cases a company must ensure that its goal is to improve customer service quality.

Regardless of the nature of the fee, the firm must maintain its duty of honesty, fairness, and professionalism in order to serve the best interests of its client base.

About a week ago, Finance Magnates reported on Saxo Bank’s having launched an extensive developer portal which delivers references, technical documentation, tools, and samples to customers. The incentive was to further enable use by the clients of the company’s OpenAPI ecosystem.