Saxo change in terms

I got this email last friday. 7 days is very short notice. Did anyone else get this? The last paragraph looks interesting. ..

Dear Client

Please be advised that the Introducing Broker Agreement between Sharewatch Limited and Saxo Capital Markets (SCML) is due to be terminated on 11th March 2016

Upon termination, the commission terms will be changed to reflect SCML’s standard retail commissions as stated on.

[URL='http://www.google.ie/?source=mog&gl=ie']Following the above termination, the Authorisation to Disclose Account Information currently in place for Sharewatch Limited to view your account will no longer be effective, and we recommend that you refer to SCML’s website to going forward. [/URL]


Please be advised that absent any instructions from you, SCML will not manage any of your positions (unless an account comes on margin and risk being stopped out) and we therefore strongly recommend you familiarise yourself with all current positions and decide if you wish to keep these open or close them or submit further funding of your account.


Kind regards,

I got the same... Was going to post the same message!

I got talking to them yesterday. I am not sure by how much if at all the fees will change (I am currently paying inactivity fees if not using the account every 3 months + automatic monthly fee). The fourth paragraph says Saxo will continue to hold shares but will not manage them (but have the authority to close out cfds etc. which would put the overall account into negative balance). This is my understanding having talked to them.

I did not open an account directly with Saxo. I opened with Fxcm via Sharewatch, then when fxcm brought in fees, with Saxo via Sharewatch.

Not sure if I had purchase /stop orders open will they be closed from Friday due to fee change. I don't have any active.