Saxo changing fill levels for SNB move - Page 2
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Thread: Saxo changing fill levels for SNB move

  1. #11
    Quote Originally Posted by ;
    Can Saxo Bank behave correctly on Swiss franc fills? Http://www.forexlive.com/blog/2015/0...s-franc-fills/
    no not at all. . Not only did they re quote orders that had been stuffed, but they did not honor their policy by allowing clients to go unwanted. Moreover they're going after their customers legaly to recoup the funds.

    There is a group of more than 65 members that will go to get a class action against them. Anybody that has a similar problem with saxo bank, please join the group

  2. #12
    Quote Originally Posted by ;
    quote no not at all. . Not only did they re quote orders which had been filled, but they didn't honor their policy by enabling clients to go negative. Additionally they are going after their clients legaly to recoup the funds. There is. Anybody which has a similar issue with saxo bank, please join the group
    So it is not all about forgiving negative balances. It is also about sneaking out of their own clients?

  3. #13
    Quote Originally Posted by ;
    quote Therefore it is not about forgiving negative balances. It's also about sneaking out of their clients?
    Yeah stealing or transferring their losses as they are market makers on fx bargains

  4. #14
    Some updated news:


    (BFW) Danish FSA Says It' s Received Complaints Regarding Saxo Ba nk

    ------------------------------------------------------------------------------

    BN 01/29 14:07 *DANISH FSA COMMENTS ON SAXO BANK IN E-MAILED NOTE BN 01/29 14:07 *DANISH FSA SAYS It's Going to REQUIRE SAXO TO PROVIDE DETAILED REPORT BN 01/29 14:07 *DANISH FSA SAYS IT'S IN 'CLOSE DIALOGUE' WITH SAXO BANK BN 01/29 14:07 *DANISH FSA: COMPLAINTS RELATE TO SAXO'S HANDLING OF CHF TRADES BN 01/29 14:07 *DANISH FSA SAYS IT'S RECEIVED COMPLAINTS REGARDING SAXO BANK


    ------------------------------------------------------------------------------

    Danish FSA States It' s Received Complaints Regarding Saxo Bank
    2015-01-29 14:09:06.664 GMT


    From Frances Schwartzkopff
    (Bloomberg) -- Danish FSA Remarks in e-mailed statement.
    * Danish FSA states it's obtained a ” small number” of
    complaints concerning Saxo Bank' s handling of CHF on Jan. 15
    * FSA states it' s in ” close dialogue” with Saxo
    * Danish FSA states it will require Saxo to provide a detailed
    report on ” activities taken during and after the episode”
    * NOTE: Saxo Defends Franc Repricing Amid Extreme Lack of
    Liquidity


    For Related News and Information:
    First Word scrolling panel: FIRSTlt;GOgt;
    First Word newswire: NH BFWlt;GOgt;

    To contact the reporter on this story:
    Frances Schwartzkopff in Copenhagen in 45-33-457-125 or contact the editors responsible for this story:
    Tasneem Hanfi Brogger in 45-33-457-130 or ; Angela Cullen in 49-69-92041-158 or



    (BN) Saxo Ordered to Hand Franc-Trade Details to FSA Amid Compla ints

    ------------------------------------------------------------------------------

    Saxo Ordered to Hand Franc-Trade Details to FSA Amid Complaints
    2015-01-29 23:00:01.0 GMT


    From Frances Schwartzkopff
    (Bloomberg) -- Saxo Bank A/S was ordered by the Danish financial regulator to provide a detailed report of its handling of franc trades on Jan. 15 after a few of its clients complained to the watchdog.
    The Copenhagen-based broker has confirmed it retroactively repriced trades ran in the half hour after the Swiss National Bank abandoned its euro peg, however just told clients it was doing so 12 hours after. Saxo states it risks losing as much as $107 million, a figure that won' t leave it in breach of capital requirements.
    The Danish Financial Supervisory Authority ” is currently in close discussion with Saxo Bank and will require the bank to extend a detailed report of the activities taken during and after the episode,” the regulator stated in an emailed statement obtained now.
    Saxo has defended its activities arguing the absence of ” reliable liquidity” after the franc went to free float gave it no option but to reprice its trades. The bank stuffed what it described as an ” abnormal” volume of about 818 million francs
    ($910 million) in only half an hour. That compares with Saxo' s entire assets of $4.2 billion in 2013, the latest year for which figures are available.
    Saxo is now bracing itself for lawsuits, Chief Financial Officer Steen Blaafalk said.
    The bank ” is still liaising with each customer on an individual basis to describe what's possible with respect to every customer' s situation and agreeing an individual plan of an activity for the repayment,” he said.
    Censeo Asset Management, based in Vienna, said it ” may' t understand that the lawfulness of” Saxo' s decision to reprice its own franc trades and will help its clients challenge the decision if a review indies the action is ” suspicious under Austrian law” The company had offered clients a Saxo-brokered franc merchandise.


    For Related News and Information:
    Saxo Informs Clients Margins on Some FX Pairs to Boost Feb. 4 Saxo Defends Franc Repricing Amid Extreme Lack of Liquidity Saxo Faces Lawsuits for Repricing Franc Trades Retroactively Best Stories:TOPlt;GOgt;

    --With help from Alexander Weber in Vienna.

    To contact the reporter on this story:
    Frances Schwartzkopff in Copenhagen in 45-33-457-125 or contact the editors responsible for this story:
    Veronica Ek in 46-8-610-0722 or

    Tasneem Hanfi Brogger, Christian Wienberg

  5. #15

  6. #16
    What can Danish FSA do in case of ... ?

  7. #17
    Quote Originally Posted by ;
    Oh dear oh dear... They are just killing their own standing...
    Did you honestly feel that the owners of Saxo, FXCM, respectively actually care about their own standing while they fly into their own jets and examine us talking about what to do with negative balances or other stuff? They care about money. Trading is simply about making money so that I focus on one thing and one thing only. If a broker starts playing with me then I just go along and never return. You can't have emotions if you would like to be successful in trading.

  8. #18

  9. #19
    Quote Originally Posted by ;
    saxo image
    Je suis Saxo...

  10. #20
    Quote Originally Posted by ;
    quote Je suis Saxo...
    hahahaha

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