View Legal Menu

Risk Warning

Terms of use

Trading in products made available and services provided by Saxo Bank Switzerland Ltd. may, even if made in accordance with a Recommendation, result in losses as well as profits. In particular trading in leveraged products, such as but not limited to, foreign exchange, derivatives and commodities can be very speculative and losses and profits may fluctuate both violently and rapidly. 

Speculative trading is not suitable for all investors

Any mentioning, if any, in a Publication of the risks pertaining to a particular product or service may not and should neither be construed as a comprehensive disclosure nor full description of all risks pertaining to such product or service and Saxo Bank Switzerland Ltd. strongly encourages any recipient considering trading in its products and services to employ and continuously consult suitable financial advisors prior to the conclusion of any investment or transaction. 

No recommendations

Saxo Bank Switzerland Ltd. does not in any of its Publications take into account any particular recipient’s investment objectives, special investment goals, financial situation, and specific needs and demands. Therefore, all Publications of Saxo Bank Switzerland Ltd. are, unless otherwise specifically stated, intended for informational and/or marketing purposes only and should not be construed as: 

  • business, financial, investment, hedging, legal, regulatory, tax or accounting advice, 
  • a recommendation or trading idea, or 
  • any other type of encouragement to act, invest or divest in a particular manner (collectively “Recommendations”).

Saxo Bank Switzerland Ltd. shall not be responsible for any loss arising from any investment based on a perceived Recommendation.

No Representation, No Warranty

Saxo Bank Switzerland Ltd. uses reasonable efforts to obtain information from reliable sources, but all Publications are provided on an "as is" basis without representation or warranty of any kind (neither expressed nor implied) and Saxo Bank Switzerland Ltd. disclaims liability for any Publication not being complete, accurate, suitable or relevant for the recipient. Specifically, Saxo Bank Switzerland Ltd. disclaims liability towards any subscriber, client, partner, supplier, counterparty and other recipients for: 

  • the accuracy of any market quotations,
  • any delay, inaccuracy, error, interruption or omission in providing market quotations, and
  • any discontinuance of market quotations. 

The Publications of Saxo Bank Switzerland Ltd. are not updated after their release and will due to changing circumstances become inaccurate and possibly misleading after a period of time which may vary from seconds and minutes to days, weeks and months depending on the Information. Saxo Bank Switzerland Ltd. gives no guarantee against, and assumes no liability towards any recipient for a Publication being outdated.

If a Publication becomes outdated Saxo Bank Switzerland Ltd. shall be under no obligation to:

  • update the Publication, 
  • inform the recipients of a Publication, or 
  • perform any other action. 

Any Publication may be personal to the author and may not reflect the opinion of Saxo Bank Switzerland Ltd. Saxo Bank Switzerland Ltd. reserves the right at its sole discretion to withdraw or amend any Publication or Information provided at any time without notice (prior or subsequent).

Internet Trading Risks

There are risks associated with utilizing an Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection. Since Saxo Bank Switzerland Ltd. does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the Internet. Saxo Bank Switzerland Ltd. employs back up systems and contingency plans to minimize the possibility of system failure, and trading via telephone is available. 

Use of the website

Any use of the Saxo Bank Switzerland Ltd. websites is subject to Saxo Bank Switzerland Ltd. Terms of Use, as amended from time to time, and the Copyright provisions, as amended from time to time, both of which shall be construed as constituting an integrated part of this disclaimer. 

Saxo Bank Switzerland Ltd. shall not be liable for any damage or injury arising out of any person’s or entity’s access to, or inability to access, any website of Saxo Bank Switzerland Ltd. This limitation includes, but is not limited to, any damage to computer equipment and computer systems caused by virus, malware and any other harmful computer coding.

Consulting a website of Saxo Bank Switzerland Ltd. does not constitute a customer relationship and Saxo Bank Switzerland Ltd. shall not have any duty or incur any liability or responsibility towards any person or entity as a result of such person or entity consulting a website of Saxo Bank Switzerland Ltd. 

Extended trading hours

You should consider the following points before engaging in extended trading hours in the US securities market. “Extended trading hours” means trading during (a) “pre-market trading hours” from 7:00 am to 9:30 am Eastern Time, and (b) “after-hours trading hours” from 4:00 pm to 5:00 pm Eastern Time. “Regular trading hours” means trading from 9:30 am to 4:00 pm Eastern Time.

1. General risks for extended trading hours

a. Risk of lower liquidity: Lower liquidity during extended hours may result in partial executions, no executions, or inferior pricing. Liquidity refers to the ease with which market participants can buy and sell financial instruments. Generally, the more orders available in a market, the greater the liquidity. Liquidity is important because it allows investors to buy or sell financial instruments more easily, increasing the likelihood of paying or receiving a competitive price for financial instruments. 

b. Risk of higher volatility: Greater price swings may occur, affecting the execution and pricing of orders. Your order may be partially executed, not executed at all, or you could receive an inferior price during extended trading hours compared to regular trading hours. Volatility refers to the changes in price that financial instruments undergo when trading. Generally, the higher the volatility of a financial instrument, the greater its price swings.

c. Risk of changing prices: Prices during extended hours may not reflect those during regular hours, leading to potentially inferior pricing. Additionally, financial instruments underlying the indexes or portfolios may not trade regularly or at all during extended hours. This may cause prices during extended trading hours to not reflect the prices of those financial instruments when regular trading resumes.

d. Risk of unlinked markets: Prices on different extended hours trading systems may vary, resulting in potentially inferior prices compared to what you might receive in another extended trading hours system. Depending on the system or the time of day, the prices displayed in one extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same financial instruments.

e. Risk of news announcements: Announcements may occur during extended trading hours in combination with lower liquidity and higher volatility, which can then cause exaggerated and unsustainable price movements. Normally, issuers make news announcements that may affect the price of financial instruments after regular trading hours. Similarly, important financial information is frequently announced outside of regular trading hours.

f. Risk of wider spreads: Lower liquidity and higher volatility during extended trading hours may result in wider spreads. The spread refers to the difference between the price at which a financial instrument can be purchased and the price at which it can be sold.

2. Order handling for extended trading hours

a. Limit orders: All existing limit orders placed for eligible financial instruments with the “Extended Hours” option enabled on the respective trade tickets will continue to be executed during pre-market trading hours or after-hours trading sessions. Any residual unfilled limit orders after the close of (1) pre-market trading hours will be rolled into regular trading hours; (2) regular trading hours will be rolled into after-hours trading; and (3) after-hours trading will be rolled into pre-market trading, provided that the limit order is not cancelled, expired, or otherwise modified by you.

b. Stop orders and conditional orders: These orders will not be triggered by price updates received for financial instruments available for and during extended trading hours and will only be triggered by price updates for such financial instruments during regular trading hours.

c. Corporate actions: Financial instruments affected by a corporate action event may not be allowed to trade during extended trading hours at our discretion unless all relevant orders and positions can be correctly handled.

3. Margin requirements for extended trading hours

Price updates received for financial instruments available for and during extended trading hours affect the initial margin available but not the maintenance margin. However, your margin utilization may still change during extended trading hours due to trading activity in the extended trading hours session, including trading in other financial instruments or currency fluctuation. If your margin requirement is reached or breached during extended trading hours, Saxo Bank (Switzerland) Ltd. may not close any and all contracts and margin positions for such financial instruments until regular trading hours but may immediately close any other financial instruments that are in the regular trading session.

4. Account value shield during extended trading

If you are domiciled in Switzerland or in the EEA, please note, that your account value shield will not be triggered by price updates received for financial instruments available for and during extended trading hours and will only be triggered by price updates for such financial instruments during regular trading hours.

By participating in extended trading hours, you expressly acknowledge and agree to the unique risks and rules of investing during these sessions. Saxo Bank (Switzerland) Ltd. may not predict or describe all special trading risks that could arise. Therefore, you agree not to hold Saxo Bank (Switzerland) Ltd. responsible for any risks you undertake, whether described above or not, by participating in extended hours trading sessions.

In the event of any inconsistency between this list of General risks and General business terms of Saxo Bank (Switzerland) Ltd., the General business terms shall prevail.

Saxo Bank (Switzerland) Ltd. may notify you, or make known on its trading platforms, of financial instruments related to extended trading hours for which we will not quote, of restrictions on the amount for which we will quote, or of other conditions that may apply to our quote, but any such notification will not be binding on us.

You expressly acknowledge and agree that regardless of whether you engage in extended trading hours, the price updates received for financial instruments available during these sessions will affect the initial margin available in your account(s) and this may affect or reduce your ability to open new positions on any financial instruments or to withdraw funds. Further, you understand that extended trading hours may not be appropriate for every investor and that you are solely responsible for implementing or adopting any investment decision or trading strategy.

Saxo Bank (Schweiz) AG
The Circle 38
CH-8058
Zürich-Flughafen
Switzerland

Contact Saxo

Select region

Switzerland
Switzerland

All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.