saxo-bank-annual-report-2015

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NOTES – SAXO BANK A/S 23 Branches and subsidiaries specified by country at a consolidated basis · continued 2015 Entity Activity Income 1) tax Profit before Tax Number of employees 2) Spain 20,487 1,799 (720) 3 Saxo Bank A/S Spain Sales and marketing, branch of Saxo Bank A/S Switzerland 231,121 (134,243) 25,214 52 Saxo Bank (Switzerland) AG Online trading and investment services Turkey 13,512 4,919 (971) 17 Saxo Capital Markets Menkul Degerler Anonim Sirketi Online trading and investment services UK 252,121 9,756 (3,887) 69 Saxo Bank A/S London Saxo Capital Markets UK Ltd. SBSF Ltd. Sales and marketing, branch of Saxo Bank A/S Online trading and investment services Financial spread trading service Uruguay 22,586 2,839 - 12 Saxo Capital Markets Agente de Valores S.A. Online trading and investment services 1) Income is defined as the sum of Interests income, Fee and commission income and Other income. 2) Number of employees converted into full-time equivalents at 31 December 2015. Information on Group entities is disclosed in note 38 in the consolidated financial statements. 130 · SAXO BANK · ANNUAL REPORT 2015
NOTES – SAXO BANK A/S Note (DKK 1,000) 2015 2014 24 Contingent and other contractual commitments Guarantees Financial guarantees 133,281 163,292 Guarantees issued to subsidiaries 50,000 - Other guarantees 84,425 50,433 Total guarantees 267,706 213,725 Other contractual commitments Rent commitments towards subsidiaries 503,527 541,629 Other contractual commitments incl. operating leases 181,499 274,821 Total other contractual commitments 685,026 816,450 Due to the business volume of the Bank, disputes with clients etc. occur from time to time. The Bank does not consider the outcome of the cases pending to have any material effect on the Bank’s financial position. Saxo Bank A/S has issued a letter of support to the Monetary Authorities in Singapore concerning the operations of Saxo Capital Markets Pte. Ltd. The effect of this has been included in Financial guarantees above. Saxo Bank A/S has issed a letter of undertaking to the Monetary Authorities in Hong Kong concerning Saxo Capital Markets HK Ltd. Saxo Bank A/S is administration Company in the Danish joint taxation. Saxo Bank A/S is taxed jointly with all Danish entities in Saxo Bank Group and is jointly and severally liable for payments of Danish corporate tax and withholding tax etc. 25 Assets deposited as collateral Of the Bank’s bond holdings, bonds with a nominal value of DKK 4.5 billion (2014: DKK 4.5 billion), and a fair value of DKK 4.5 billion (2014: DKK 4.5 billion), are held in custody with institutions. The bonds serve as security for the Bank’s ongoing financial business with the individual institutions. The actual demand for collateral varies from day to day in line with the fair value of the Bank’s open positions against these institutions. At 31 December 2015, 27% (2014: 30%) of the Bank’s total fair value of the bonds were held in custody. Of deposits with investment brokers, banks and other credit institutions, DKK 380.7 million (2014: DKK 165.6 million) serve as collateral for the Bank’s ongoing financial business with the individual institutions. The actual demand for collateral varies from day to day in line with the fair value of the Bank’s open positions against these institutions. The Bank has deposited bonds DKK nominal 84 million (2014: DKK 48 million) with a fair value of DKK 84 million (2014: DKK 48 million) as security for an interest swap on behalf of Ejendomsselskabet Bygning 119 A/S. 26 Risk Management Risk exposure Saxo Bank A/S is exposed to a number of risks which can be categorised as follows: • Credit risk: The risk of loss due to counterparties of the Bank failing to fulfill all or part of their payment obligations to the Bank • Market risk: The risk of loss due to movements in market risk factors • Liquidity risk: The risk of being unable to meet obligations as they fall due • Operational risk: The risk of loss resulting from inadequate or failed processes, people or systems The risk exposures, policies and procedures to monitor the risks for Saxo Bank A/S are the same as for the Group and are described in Risk Management for the Group. In addition to the credit risk described in Risk Management for the Group Saxo Bank A/S has credit exposure against its subsidiaries due to granted trading and credit lines. The unutilised lines as per 31 December 2015 can be terminated on demand. Market and credit risk related to derivative financial instruments is disclosed in Risk Management and in note 30 Offsetting financial assets and liabilities in the consolidated financial statements. Derivative financial instruments relates to trading portfolio and are included in Other assets and Other liabilities. The Management’s Report and Risk Report 2015 provide additional information about Saxo Bank A/S’ risk management approach. Risk Report 2015 is available for download from the Group’s website at www.saxobank.com/investorrelations. The Risk Report is not covered by the statutory audit. SAXO BANK · ANNUAL REPORT 2015 · 131
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2015
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TRADING OPPORTUNITIES. ANYTIME, ANY
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4 · SAXO BANK · ANNUAL REPORT 201
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The continued rise in client’s co
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TAILORED PRICING - ONE SIZE DOES NO
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As of 31 December 2015, Saxo Bank e
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CRD IV and CRR is a single set of p
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#SAXOSTRATS - YOUR NEXT TRADE In 20
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FINANCIAL REVIEW Saxo Bank Group re
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of 2014 the corresponding ratios we
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OPERATIONAL REVIEW PRODUCT DEVELOPM
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Through its multi-asset offering, S
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SAXOTRADERGO - THE NEXT GENERATION
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THE BUSINESS OF SAXO BANK 26 · SAX
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WE PROVIDE LIQUIDITY VIA ... • 15
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ured as the expected one day loss f
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RISK FACTORS Saxo Bank Group is exp
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function is to optimise the trading
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HIGHLIGHTS 2015 JANUARY Saxo Bank r
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FINANCIAL STATEMENTS 38 · SAXO BAN
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INCOME STATEMENT - SAXO BANK GROUP
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STATEMENT OF FINANCIAL POSITION - S
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STATEMENT OF CHANGES IN EQUITY - SA
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STATEMENT OF TOTAL CAPITAL (OWN FUN
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NOTES - SAXO BANK GROUP Note 1 Acco
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NOTES - SAXO BANK GROUP Note 2 Crit
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NOTES - SAXO BANK GROUP Note (DKK 1
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Page 82 and 83: NOTES - SAXO BANK GROUP Note (DKK 1
Page 90 and 91: NOTES - RISK MANAGEMENT - SAXO BANK
Page 110 and 111: NOTES - KEY FIGURES AND RATIOS - SA
Page 112 and 113: 110 · SAXO BANK · ANNUAL REPORT 2
Page 114 and 115: INCOME STATEMENT - SAXO BANK A/S 1
Page 116 and 117: STATEMENT OF FINANCIAL POSITION - S
Page 118 and 119: STATEMENT OF CHANGES IN EQUITY - SA
Page 120 and 121: STATEMENT OF TOTAL CAPITAL (OWN FUN
Page 122 and 123: NOTES - SAXO BANK A/S Note (DKK 1,0
Page 136 and 137: STATEMENTS BY THE INDEPENDENT AUDIT
Page 138 and 139: COMPANY INFORMATION
Page 140 and 141: ADDRESSES DENMARK ADDRESSES EUROPE
Page 142: ADDRESSES WORLD AUSTRALIA Saxo Capi
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