The following concepts are core to discussing trading preferences, account ownership, margin calculation perspectives, trade settlement and booking entities.
Since a client may be accessed by multiple users and a partner may have multiple underlying clients and sub-partners, Saxo's OpenApi operates with an owner hierarchy.
Simple owner hierarchy
This example illustrates the core structure of a owner hierarchy. Each client always has one owner, but may have multiple users and accounts. An owner is a client, hence owners may have users and accounts.
The following are some of the important distinctions and features to keep in mind when looking at these entites in detail.
|Portfolio Calculation Entity
An access entity with a unique username and password associated with a specific client.
Normally a client has a single user associated, but in cases of shared accounts and power-of-attorney a client may have multiple users.
Exchange data feed agreements are tied to the individual user.
Each user may have specific access to trading applications and tools.
OpenApi access requires specific permission.
Core entity that constitutes a taxable person or organization. May have a currency different from accounts allowing aggregation across accounts in this "base" default currency.
Generally margin exposure is managed and calculated on the this level.
A client has one or more accounts. While margin is by default calculated on the client level, all bookings occur on account level and all collateral and credit lines are associated to specific accounts.
Beyond normal accounts, a client may have specialized accounts for commissions, multi currency settlement, DMA trading, IRAs, AutoTrading, etc.
Accounts may be set up for individual margin calculation, overriding the normal client level calculation.
Accounts may further restrict the AssetTypes that may be traded.
Accounts may be configured to perform currency conversion of executed trades at end-of-day rates or at execution time rates.
One or more accounts may be also grouped together to manage margin exposure as a separately entity.
Groups may have specific margin requirements and stop out procedures, superseding the default client level calculation.
Since no bookings occur on accounts, calculations on groups are always done in the clients default base currency.
A partner, or owner, is generally a client that is a white label partner or a legally liable/non-liable Introducing Broker. They may have
Client level aggregation of balances, orders and positions include all the underlying client's accounts, thus it is not possible to get a client-level aggregation including only the owner's immediate accounts.