Saxo partners for new reporting service

Saxo Markets has entered into a new partnership to provide an institutional grade reporting service.

The partnership with Sharesight will deliver an integrated recordkeeping service for self-directed investors.

Saxo described the initiative as "open banking-like" in its approach.

Through an open API (application program interface) Saxo clients in Australia will be able to create share trading summary reports with one click.

The joint solution means investors will be able to easily obtain reports for performance tracking and tax purposes.

Saxo chief executive Adam Smith said: "Our integration with Sharesight is a natural fit as both of our companies are committed to providing self-directed investors with tools that are often only available to professional investors."

"This integration also makes tax reporting easier for our clients, providing a seamless solution to reduce the ongoing burden of tax administration."

Sharesight also stands to benefit from the partnership with the Saxo integration exposing clients to a platform offering access to 36 international exchanges and over 40,000 instruments.

Sharesight chief executive Doug Morris said: "Sharesight clients have tended to have a high portfolio weighting to Aussie shares and are not that exposed to global investing opportunities. Given this local bias, we see our alliance with a Saxo as highly beneficial for our clients."

Investors trading with Saxo will now be able to give their accountants access to trading records via Sharesight - this should streamline much of the manual work that goes into tax reporting.

Sharesight's online portfolio tracker is used by over 100,000 investors in over 90 countries - it syncs with brokers to track trades, dividends and corporate actions automatically.

Read more: SharesightSaxo MarketsAdam SmithAussieAustraliaDoug Morris
Link to something DGZA1EfY