International broker and Danish bank Saxo Bank has issued an important announcement for developers working with ETF/ETN/ETC instruments.
The broker announced that there will be a change in the classification of ETF/ETN/ETC instruments that are currently labeled as "Stock". As of December 1, 2023, these instruments will be individually classified as "ETF", "ETC" or "ETN".
This decision will significantly improve the accuracy of the asset classification system, according to Saxo Bank's website.
The broker notes that all affected users will need to make adjustments before the specified date to ensure a smooth transition. In addition, the company has launched a new feature in its modeling environment to test any updates.
"Starting in October 2023, you can test this new feature in our simulation environment. This will allow you to familiarize yourselves with the updated asset classifications and make any necessary changes or updates to your systems in advance. We highly encourage you to use this opportunity to test your spreadsheets before December 1, 2023," Saxo Bank said in an announcement.
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