Saxo changing fill levels for SNB move - Page 3
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Thread: Saxo changing fill levels for SNB move

  1. #21

  2. #22
    Thank you to your movie , go get them

  3. #23

  4. #24
    Http://www.reuters.com/article/2015/...nancialsSector


    Oct 21 (Reuters) - Britain's Financial Ombudsman has ruled against trading firm CMC Markets within an initial opinion on a complaint over a client's losses following the removal of Switzerland's cap onto the franc exchange rate in January.
    A letter dated Oct. 20 sent by the Ombudsman into CMC and seen by Reuters said CMC's systems initially confirmed as executed client's Swiss franc trades before adjusting prices to lower levels later that day.
    It therefore remains my view that CMC hasn't demoned that the price of (the) trades were incorrect and that it was incorrect for this to have later shifted them the Ombudsman said in the letter. It said the company should return the value of the alterations to the client involved.
    CMC, which said in January it had continued any losses from the franc trades, said it would not comment on ongoing proceedings.
    The letter said the company had until Nov. 3 to reply to the opinion. The Ombudsman assesses cases individually and contains a 150,000 pounds ($231,585) ceiling on how far it could award.
    The repricing of Swiss franc trades is at the heart of complaints by groups of clients of CMC and Saxo Bank, two of the biggest online platforms amateur traders use to create leveraged bets on stocks, currencies and other financial markets.
    Saxo said earlier this season it was owed about $100 million by clients who had leveraged bets on the franc to weaken against the euro when Switzerland eliminated the cap, leading to profits of up to 40 percent at the franc's worth in a few short minutes. ($1 = 0.6477 pounds) (Editing by David Clarke)

  5. #25

  6. #26
    Has Anybody from UK complained to FOS about SAXO? I can not see why the exact same outcome as CMC cannot be achieved.

  7. #27
    It's great that those clients affected at CMC are now relieved of the so-called negative equilibrium. The affair with CMC demones how low they will stoop to extract money. It's pure dishonesty when they understand full well a customer would get a positive decision and until they do, CMC provides a partial improvement. Shame on you CMC!
    I hope a similar outcome can be accomplished by Saxo, ETX and IG clients. I expect if these get to court then Pandora's box will have been available and we'll come across a lot of improper behaviour from the public arena.
    I never knew in this specific case why only a handful of 'reputable' brokers were adamant not to forgive adverse balances which were caused - that were completely outside of whatever clients might have done to stop.
    I hope the public and more specifically the regulators are following this closely and realise that the time has come to reel at the liberty that they provide these companies via low-touch regulation.
    Clients will fight to the end because they have nothing more to lose. It's all up to the huge firms to decide whether they are happy to risk their reputation in order to bankrupt retail clients.
    Please get in touch if you're being chased by some of the companies out there and currently don't have any one to turn to. We'll do our all we can to help.
    Any top rated financial lawyers out there who want a challenging but very rewarding case, please get in contact also. This is a place in fund that's relatively untouched by suits in the past....so you can be the first to dismiss this area wide open.

    http://news.forexlive.com/!/new-zeal...aints-20160216

  8. #28

  9. #29
    Http://insideparadeplatz.ch/2016/07/...ilt-saxo-bank/


    Ombudsman condemns Saxo Bank

    London Instance provides clients appropriate: Online Trader could not be corrected afterwards francs courses - conquer across the board.

    Saxo Bank, headquartered in Copenhagen, Emporium in London and branches in Zollikon near Zurich shipwrecked. In a large scale.
    The London http://www.financial-ombudsman.org.uk/ ruled Start year in many test cases across the board against the internet bank. He sees the plaintive customers entirely in the right.
    It's about francs courses immediately following the National Bank its lower limit of 1.20 francs against the euro http://insideparadeplatz.ch/2015/01/15/das-ende/ had.
    Saxo Bank headed in the seconds and minutes after completely surprising conclusion by the SNB many buy and sell orders for their clientele.
    She endured by http://insideparadeplatz.ch/2015/01/...ht-es-um-saxo/ . Saxo group had following the Franken-shock a reduction of https://www.leaprate.com/2016/04/sax...s-franc-spike/ from.
    Of these, about one-fifth fell to the Saxo Switzerland. These endured in 2015, a reduction of 21 million Swiss francs, to get a much more joyful profit of 17 million from the preceding calendar year.
    Saxo had performed in the historic January 15, 2015 First the deals for their clients normal. Then she went to use a warning, after which they could accommodate the rates subsequently.
    they did.
    So reduced the familiar online banking their course in the event of the currency pair Euro-Switzerland in a case summarized here of 1.18 francs per euro in 0.9625 francs per euro.
    This represents a discount of almost 20 percent.
    The affected client wanted exactly the same as many other Saxo customers the subsequent rate adjustment to his disadvantage not take.
    Saxo bosses needed no more musical ear and threatened http://insideparadeplatz.ch/2015/01/...t-bis-freitag/ .
    The hard occurrence Saxo has avenged.
    A number of customers called namely in London the financial ombudsman.
    And this has clearly spoken in some cases the present law - and indeed contrary to the bank and the customer.
    In the instance of the aforementioned customer, the place provided security through a brief against a rapidly falling euro against the Swiss franc, the Ombudsman concludes that the Saxo first price quoted wasn't manifestly wrong was.
    The deal was done at 10 o'clock 30 minutes and 54 seconds Central European Standard Time; So 54 seconds following the SNB had left its far-reaching decision through communiqué publicized.
    According to Ombudsman Saxo Bank then tried at 10 am 33 minutes and 39 seconds, dissolve their related end foreign market position;only she triumphed not once, but she wanted for 8 long minutes.
    For Saxo supposed the difficulty in resolving the position they left a poor deal. She endured a loss.
    The Bank took care in effect, the rates for the affected clients - in their favor. There's not any legal recourse for your London Ombudsman comes to an unmistakable conclusion.
    It supplies in its judgment in this case, moreover, stated that the argument of the Saxo, it had suddenly needed no more liquidity in the Swiss franc market, wouldn't apply.
    The information presented that in the time of the deal of customer (...) there in fact a fair liquidity from the market has been writes the ombudsman.
    Also, all the data would prove that the source of course, the customer had obtained by Saxo, have absolutely loed inside the market framework at that time.
    Because of this I think the deal of customer (...) should be billed back to the original course, the Ombudsman notes.
    Its conclusions have good weight, based on an insider. Usually, they are accepted by the parties.
    That might imply: Saxo Bank has its clients concede the original price.
    For the customer, this means he receives retroactively granted a much greater price. He's therefore now make a profit or at least avoided a big reduction.
    Any negative accounts which Saxo Bank - as http://www.tagesanzeiger.ch/wirtscha...story/14526888 - have asked their clients after 15 January 2015 account should cancel the bank including billed interest.
    Conversely, were the customer to pay 8% interest on the capital that the customer would have really had the benefit that stayed but refused by the conduct of Saxo Bank.
    For Saxo Bank, the verdict is brutal. Your already endured losses may escalate.
    Just how clearly the London Ombudsman sees the thing, he gets clear when he always comes to precisely the same decision in a number of instances, all accessible documents.
    With stringent argumentation of the quasi-judges are all affected clients largely unrestricted right.
    Last but not least is what the Ombudsman in its conclusions many clients a small compensation for their activities to.
    From the case mentioned Saxo Bank into the affected clients 250 pounds to the situation and concerns concede they have this due to their behavior.

  10. #30

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