Saxo Bank Updates OpenAPI: IBs Must Adapt to New Rules

Saxo Bank has announced important updates to its OpenAPI that will impact introducing brokers (IBs) using client onboarding endpoints. These changes are part of a broader initiative to strengthen its risk model and improve data quality and compliance in the onboarding process.

The primary change concerns the “Nature of Business” (NOB) field, which will be expanded with a new set of values. Each NOB value will now also be grouped under a specific category. Going forward, both the NOB value and its associated category must be clearly available to users during the signup process. This addition aims to enhance transparency and ensure a more accurate classification of client activities.

Saxo Bank Updates OpenAPI: IBs Must Adapt to New Onboarding Rules

The changes affect the following OpenAPI endpoints:

• POST cm/v1/signups
• GET cm/v1/signups/options (to be removed)
• GET cm/v2/signups/options (updated)

Saxo Bank has released the new logic and functionality as of today. This includes:

• A new NatureOfBusinessWithCategory property available via the cm/v1/signups endpoint.
• Updated mapping logic accessible via the cm/v2/signups/options endpoint.

Also, Saxo strongly recommends that partners begin implementing the new structure immediately to ensure a smooth transition. The bank will enforce the changes starting December 1, 2025, and will permanently remove the legacy cm/v1/signups/options endpoint after that date.

Moreover, this update is part of Saxo’s ongoing commitment to enhancing operational risk controls and ensuring compliance with evolving regulatory requirements. So, by aligning onboarding data with clearer business classifications, Saxo aims to support IBs in maintaining efficient and compliant workflows.

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.

Discover more in our Complete Review.