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Market in Financial Instruments Directive

MiFID, the Market in Financial Instruments Directive, is an EU Directive which has been in effect from 1 November 2007. MiFID sets forth a range of requirements for the entire European financial sector with the aim of introducing a single European market in financial instruments. Its main goal is to promote the emergence of an efficient, transparent and integrated financial trading infrastructure, including ensuring a high degree of investor protection. The Directive contains measures that changed and improved the organization and functioning of investment firms, facilitating cross border trading, while creating strategic opportunities.

Saxo Bank, as an EU-regulated bank and investment firm, falls under the MiFID’s jurisdiction and has as such implemented all necessary legal requirements, protocols and policies to ensure full compliance with the Directive. With regards to MiFID implementation for partners, Saxo Bank proactively supports them by offering a range of services, which will facilitate the partners themselves to meet their local national MiFID requirements and hence reduce costs.

The Danish Financial Supervisory Authority (Finanstilsynet) monitors the Danish banking industry’s compliance with MiFID.

Areas of MiFID legislation impacting Saxo Bank A/S clients and partners

  • Single Passport and New Financial Instruments covered
  • Client Classification - Suitability & Appropriateness Tests
  • Post-Trade Transparency
  • Best Execution
  • Transaction Reporting
  • Conflict of Interest

Single Passport and New Financial Instruments covered

Saxo Bank, being a fully licensed bank and investment firm covered by MiFID, uses the MiFID passport to provide services to customers in other EEA countries.

Client Classification - Suitability & Appropriateness Tests

MiFID requires firms to classify clients in three main categories, as "Eligible Counterparties", "Professional Clients" and "Retail clients" (the latter having the highest level of protection) and to assess their suitability and appropriateness for the products offered.

Saxo Bank notifies all its clients of their classification and appropriateness/suitability status and the information is available on the platform.

Post-Trade Transparency

Saxo Bank ensures that transparency of transactions is achieved in accordance with MiFID. In order to enable investors or market participants to assess the terms of potential stock transactions at any time and to verify afterwards the conditions in which these transactions were carried out, Saxo Bank publics details of completed stock transactions and disclose details of current opportunities to trade in shares. More specifically, all types of trading in financial instruments, whether on regulated markets, MTFs or over-the-counter (OTC) are subject to a post-trade transparency obligation.

Best Execution

MiFID requires that investment firms take all reasonable steps to obtain the best overall result in the execution of an order for a client. The best possible result is not limited to execution price, but also includes a variety of factors, such as speed, likelihood of execution and likelihood of settlement.

Saxo Bank’s Best Execution Policy creates transparency for the clients of Saxo Bank’s means of ensuring best execution hereunder relying on: (i) state-of-the-art technology for routing, monitoring and executing orders; (ii) careful consideration of the elements of order execution; (iii) regular and rigorous examination of the overall execution quality. The policy is available here.

Transaction Reporting

Saxo Bank must report all transactions to the Danish Financial Supervisory Authority.

Conflicts of Interest

In accordance with MiFID, Saxo Bank Group’s Conflicts of Interest Policy identifies and discloses a range of circumstances which may constitute or may give rise to a conflict of interest, potentially but not necessarily entailing a material risk of damage to the interests of one or more clients. The policy is available here.

If you have any questions regarding MiFID and its impact on your trading, please contact your account manager.

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