Saxo Bank Introduces LEI Expiry Monitoring Tool

Saxo Bank has introduced a new tool for its partners to enhance transparency regarding Legal Entity Identifier (LEI) expirations. Responding to partner feedback, Saxo has developed an LEI expiry dashboard accessible through SaxoPartnerConnect (SPC), integrating data from the Global Legal Entity Identifier Foundation (GLEIF) with information from Saxo’s internal systems.

So, the dashboard is now available to all users via the starting page and as a filter in the client screener. This feature aims to simplify the monitoring of LEI statuses, ensuring partners can efficiently track and manage their end-client LEIs.

Saxo Bank Introduces LEI Expiry Monitoring Tool in SaxoPartnerConnect

Moreover, Saxo commented, “We encourage our partners to monitor the dashboard and help ensure that relevant clients renew their LEIs on time. This will be mutually beneficial, as it should result in fewer breaks in Saxo’s reporting and ensure that clients’ trading can continue uninterrupted.”

Also, looking ahead, Saxo plans to expand the dashboard’s functionality in a second phase. This will include the addition of LEI codes specific to the partners themselves and the introduction of a new smart LEI restriction. The smart restriction will enable Saxo to limit trading in products requiring an LEI only for clients whose LEIs have expired without affecting trades or clients not impacted by LEI requirements. For instance, clients trading exclusively in ETFs, which do not necessitate an active LEI, will not experience any restrictions or need to update their LEI.

Lastly, the LEI is a crucial 20-character alphanumeric code necessary for trading and reporting derivative contracts within the European Economic Area (EEA), and Saxo’s latest update aims to streamline compliance and reduce potential disruptions in trading operations.

Company Overview

Saxo Bank stands out as a premier multi-asset broker, offering exceptional research capabilities and an exceptional trading platform, along with an impressive array of over 70,000 tradable instruments, which include spot forex, FX options, NDFs, CFDs, stocks, stock options, exchange-traded funds, ETNs, futures, and 33,000 bonds. For engaged traders, Saxo Bank offers a comprehensive and immersive trading journey, boasting an extensive toolkit, research resources, and premium features.

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