Utilize the input text as a context reference, choose the right relationship between Saxo Bank and Copenhagen from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

Mr. Macartney has served as the Head of Social at Saxo Bank since August 2014, having worked in its Copenhagen branch – over the past year he has helped develop Saxo’s online brand, whilst helping manage its TradingFloor platform.

Answer: location_of_formation