Saxo Bank to make changes to booking flow of shares, bonds, and structured products
Online trading and investment specialist Saxo Bank plans changes to the booking flow for the proceeds of cash products.
The proceeds from the sale of Shares, Bonds, Mutual Funds and Structured Products will remain in “Transaction Not Booked” until settlement (i.e. “Value Date”).
The proceeds from share, bonds, mutual funds and structured products currently appear in the ‘Transactions not booked’ in the platform, only on the day of the trade. To improve the transparency around the value dates of the trades, the proceeds will continue to appear in ‘Transactions not booked’ until the value-date of the trade.
In connection to this, Saxo would like to reiterate the impact that this change will have on EOD files, and urges you to prepare your EOD processing systems accordingly. The primary impact is that sell trades will remain in the “OpenPositions” EOD file for the respective products until value date, and will no longer appear in the “ClosedPositions” EOD file on Trade Date. On value date the long and short positions in the “OpenPositions” EOD file will net off and be moved to the “ClosedPositions” file.
- A client holds 100 shares in a given instrument, and decides to sell these on trade date “T”, with a value date of “T+2”
- On date T, the ShareOpenPositions EOD file will report BOTH the open +100 long/buy position as well as a separate row for the -100 short/sell position. The ShareClosedPositions EOD file will not report anything related to this sale
- On date T+1 both files will report the same entries for the above trade / holding as they did on date T
- On date T+2, the ShareOpenPositions EOD file will no longer report this holding at all, but it will appear in the ShareClosedPositions EOD file
No other EOD files are affected.
Saxo expects the new features to be released in Q4.