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2015-06-16 03:52
2015-02-25 02:15
2015-02-16 02:34
Saxo Told to Hand Franc-Trade Details to FSA Amid Complaints
(Bloomberg) -- Saxo Bank A/S has been ordered by the Danish financial regulator to provide a detailed report of its handling of franc trades on Jan. 15 amid client complaints that the broker treated them unfairly.
Copenhagen-based Saxo has confirmed it retroactively repriced trades conducted after the Swiss National Bank abandoned its euro peg, but only told clients the new rates 12 hours later. The bank revealed today that an initial e-mail was sent to clients at 11:50 a.m. local time, or about 1 hour and 20 minutes after the Swiss National Bank abandoned its euro peg, warning them trades may be repriced at “worse” rates.
The Danish Financial Supervisory Authority “is currently in close dialogue with Saxo Bank and will require the bank to provide a detailed report of the actions taken during and after the incident,” the regulator said in an e-mailed statement received today.
Saxo has defended its actions arguing the lack of “reliable liquidity” after the franc went into free float gave it no choice but to reprice its trades. The bank filled what it described as an “abnormal” volume of about 818 million francs ($910 million) in just 30 minutes. That compares with Saxo’s total assets of $4.2 billion in 2013, the latest year for which figures are available.
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The bank says it risks losing as much as $107 million, a figure that won’t leave it in breach of capital requirements. The yield on Saxo’s 9.75 percent contingent capital note jumped to 9.81 percent today, the highest since it started trading in December.
Saxo is now bracing itself for lawsuits, Chief Financial Officer Steen Blaafalk said.
The bank “is still liaising with each client on an individual basis to clarify what is possible with respect to each client’s situation and agreeing an individual plan of an action for the repayment,” he said this week.
Censeo Asset Management, based in Vienna, said this week it “can’t recognize the lawfulness of” Saxo’s decision to reprice its franc trades and will help its clients challenge the decision if a review shows the action is “questionable under Austrian law.” The company had offered clients a Saxo-brokered franc product.
To contact the reporter on this story: Frances Schwartzkopff in Copenhagen at [email protected]
2015-02-11 09:22
Danish Regulator Demands Details on Saxo Bank Swiss Franc Trades
Brokerage Under Fire After Prices Altered on Trades Hours After Apparent Closure
By TOMMY STUBBINGTON
Jan. 30, 2015 7:59 a.m. ET
0 COMMENTS
Denmark’s financial services regulator on Friday ordered Saxo Bank A/S to hand over details of its handling of Swiss franc trades amid chaotic moves in the currency earlier this month.
The brokerage is under fire from clients after it altered the prices on their Swiss franc trades hours after they thought they’d closed—magnifying many mom-and-pop traders’ losses and leaving them hundreds of thousands of dollars in the red. The franc shakeout on Jan. 15 followed a shock decision from the country’s central bank to abandon the limit on its value against the euro.
Finanstilsynet—the Danish financial regulator—said it has received a small number of complaints regarding the broker’s handling of the situation on Jan. 15, and “is currently in close dialogue with Saxo Bank and will require the bank to provide a detailed report on the actions taken during and after the incident,” it said in a statement.
Saxo Bank has said it is pursuing customers with negative balances, and is prepared to face lawsuits to recover its cash. “It’s not unlikely that we’ll face legal challenges, but that doesn’t change the case from our side,’’ Steen Blaafalk, group chief financial and risk officer, said earlier this week.
Write to Tommy Stubbington at [email protected]
2015-02-11 09:21
2015-02-11 09:20
2015-02-16 09:52
yolailai 发表于 2015-2-1 13:02
所以这里面就是一个选择题 你是要道德还是要20万 哈哈 还有句话叫多行不宜必自闭 你这样等于是给自己 ...
2015-02-02 08:33
2015-01-30 04:07
2015-02-02 08:24