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Post by FFG on Jan 30, 2015 6:07:48 GMT
Some updated news:
(BFW) Danish FSA Says It’s Received Complaints Regarding Saxo Ba nk
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BN 01/29 14:07 *DANISH FSA COMMENTS ON SAXO BANK IN E-MAILED NOTE BN 01/29 14:07 *DANISH FSA SAYS IT WILL 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
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Danish FSA Says It’s Received Complaints Regarding Saxo Bank 2015-01-29 14:09:06.664 GMT
By Frances Schwartzkopff (Bloomberg) -- Danish FSA comments in e-mailed statement. * Danish FSA says it has received a “small number” of complaints regarding Saxo Bank’s handling of CHF on Jan. 15 * FSA says it’s in “close dialogue” with Saxo * Danish FSA says it will require Saxo to provide a detailed report on “actions taken during and after the incident” * NOTE: Saxo Defends Franc Repricing Amid Extreme Lack of Liquidity
For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>
To contact the reporter on this story: Frances Schwartzkopff in Copenhagen at +45-33-457-125 or fschwartzko1@bloomberg.net To contact the editors responsible for this story: Tasneem Hanfi Brogger at +45-33-457-130 or tbrogger@bloomberg.net; Angela Cullen at +49-69-92041-158 or acullen8@bloomberg.net
(BN) Saxo Ordered to Hand Franc-Trade Details to FSA Amid Compla ints
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Saxo Ordered to Hand Franc-Trade Details to FSA Amid Complaints 2015-01-29 23:00:01.0 GMT
By Frances Schwartzkopff (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 after some of its clients complained to the watchdog. The Copenhagen-based broker has confirmed it retroactively repriced trades conducted in the half hour after the Swiss National Bank abandoned its euro peg, but only told clients it was doing so 12 hours later. Saxo says 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 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. 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.
For Related News and Information: Saxo Informs Clients Margins on Some FX Pairs to Rise Feb. 4 Saxo Defends Franc Repricing Amid Extreme Lack of Liquidity Saxo Faces Lawsuits for Repricing Franc Trades Retroactively Top Stories:TOP<GO>
--With assistance from Alexander Weber in Vienna.
To contact the reporter on this story: Frances Schwartzkopff in Copenhagen at +45-33-457-125 or fschwartzko1@bloomberg.net To contact the editors responsible for this story: Veronica Ek at +46-8-610-0722 or vek@bloomberg.net Tasneem Hanfi Brogger, Christian Wienberg
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fight
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Post by fight on Feb 9, 2015 21:09:23 GMT
It's very clear, that trading was very normal in the first 6 to 14 seconds after the news hit the market. A chart from 60cent at wallstreet-online makes it clear, that there was aswell a lot of volume !! Where CAN I find this chart? Best regards
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fight
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Post by fight on Feb 9, 2015 21:23:21 GMT
It's very clear, that trading was very normal in the first 6 to 14 seconds after the news hit the market. A chart from 60cent at wallstreet-online makes it clear, that there was aswell a lot of volume !! Where CAN I find thé chart?
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Post by oida on Feb 11, 2015 16:13:03 GMT
Hi, I m new to this chat.... was affected as well... think i have a point, pls. comment beyond all MiFID and client protection guidelines,,, according to saxo`s best exection policy (5.3.) all OTC FX and OTC FX option trades are dealt with saxo´s proprietary desk (i.e. their trading desk).. they do not list EBS as their execution venue for OTC FX products.. means their trading desk is the other side of the trade... what their clients loose, they make.. Think there is a strong case that their trading desk must honour all their clients trades at the stop loss levels in their function as trading counterpart or market maker (however one wants to call them) and saxo musnt refer to some EBS pricing, when they tell their clients they trade directly with saxo´s trading desk... repricing the trades at the bottom of the mkt is like robbery...
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Post by guest 21 on Feb 11, 2015 16:33:18 GMT
hi, yes, thats the big difference between saxo who has a prop desk and all the other brokers who dont. i am pretty sure this helps our case...
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fight
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Post by fight on Feb 11, 2015 23:06:36 GMT
hi, yes, thats the big difference between saxo who has a prop desk and all the other brokers who dont. i am pretty sure this helps our case... I dont understand what you And the other guests want to say Sorry, can you both explain this? Why does this help in our cases? Best regards Fight
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Post by oida on Feb 12, 2015 14:42:29 GMT
hi, yes, thats the big difference between saxo who has a prop desk and all the other brokers who dont. i am pretty sure this helps our case... I dont understand what you And the other guests want to say Sorry, can you both explain this? Why does this help in our cases? Best regards Fight Hi Fight, the reason this helps is that saxo cant really refer to poor mkt liquidity and non existing mkt conditions as all their clients face their OWN trading desk directly... Means, it was not poor mkt liquidity that they couldn't fill their clients stop orders but their OWN traders unwillingness to make mkt and fill stop orders for their own clients... Of course, they argue they couldn't fill orders because of no liquidity on EBS.. but what do i care about that?? it is written in their best exec. policy that clients trade OTC FX products directly with saxo´s own trading desk... means i trade with saxo, if saxo wants to hedge that trade, it can go to EBS or wherever, but that shouldn't concern me... if they d really been concerned about EURCHF breaking the peg (as their rocket scientist CEO told in an interview on Jan. 16),, they simply shouldn't have hedged their clients long EURCHF positions... different brokers that follow an agency model (means, they don't have an own trading desk, they simply route clients orders to other market maker firms), have an easier task arguing about mkt conditions, as they only pass on other market makers (their price providers) prices... i.e. if they only get EURCHF bid @ 0,85 from lets say deutsche bank, than they can only execute their clients orders @ 0,85... but thats certainly not the case with saxo.. they can not refer to any other market makers px or EBS.... they should have honoured their clients orders and put their clients interest in front of their own... that's what MiFID is all about, more or less,.... pls feel free to comment...
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Post by Big Mick on Feb 14, 2015 16:01:18 GMT
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Post by knaboxaS on Feb 25, 2015 6:06:07 GMT
Saxobank, as well as other FX Brokers, are bounded by the very basic principal of "contract" in contract law. They make prices which are tradable on clients' trading platform, that is an "offer". When client hit on the trade button or stops triggered according to their tradable prices, this is an "acceptance". With "offer" and "acceptance", a contract is sealed. Saxobank has no right to change the particular of the completed transaction without the consent of the clients.
Amending clients' prices in a completed transaction has no legal power, and thus they have no rights to go after clients based on their amended prices. On the other hand, doing so is in breach of the contract (original price transacted) and detaining clients' assets based on the false-claim of negative balances is illegal and clients have the right to sue Saxobank.
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Post by Swe on Feb 26, 2015 3:22:59 GMT
www.bloomberg.com/news/articles/2015-02-25/saxo-clients-to-tell-bank-franc-repricing-call-was-unacceptable(Bloomberg) -- Retail clients at Saxo Bank A/S are stepping up their fight to have it reverse last month’s decision to reprice Swiss franc trades. Lawyers for clients representing about 100 million kroner ($15 million) in claims say they will send Saxo a letter this week telling the Danish bank to reimburse them for losses caused when it retroactively priced franc trades at less favorable rates following Switzerland’s Jan. 15 decision to send the franc into a free float. Kasper Elbjoern, a spokesman for Saxo, declined to comment, saying it’s a legal matter and a question of client privacy. Saxo was aware its decision to reprice would probably trigger lawsuits, Chief Financial Officer Steen Blaafalk said Jan. 26. Jakob Ravnsbo, an attorney at Andersen Partners, which is representing Saxo clients inside and outside Denmark, says the dispute will end in court if Saxo doesn’t reimburse clients. “We think they’re not allowed to do what they’ve done -- that their agreement with customers doesn’t give them the right to do it, and so we dispute this way of treating customers and of course ask them to change that,” Ravnsbo said in an interview. Blaafalk said in January Saxo has the legal right to retroactively reprice deals under extraordinary circumstances. The bank has been negotiating with customers to recover some of the losses, he said then. Ravnsbo says his clients want full to be fully reimbursed for the losses caused by the repricing. Franc Losses The franc appreciated Jan. 15 to its strongest since the introduction of the euro in 1999, closing at about 0.98. Since then, the Swiss currency has weakened to around 1.08 per euro. The Swiss National Bank’s decision to abandon its ties to the euro left a number of the world’s biggest banks on the wrong side of franc trades, with Citigroup Inc., Deutsche Bank AG and Barclays Plc suffering about $400 million in cumulative trading losses, according to people familiar with the events. Saxo has said it stands to lose about $107 million, or roughly a third of its equity capital, because of the exchange-rate move. In the moments that followed the SNB’s decision, Saxo continued to fill orders even as liquidity dried up. Hours later, the bank told clients the prices at which it closed orders would be adjusted to account for the extraordinary conditions. Since then, customers have lined up lawyers and sent complaints to Denmark’s Financial Supervisory Authority, challenging the bank’s actions and its marketing material. FSA Scrutiny According to one client complaint, sent to the Danish regulator and obtained by Bloomberg through a freedom-of-information request, Saxo said it could provide “dedicated liquidity.” The bank later informed the same client there “was no liquidity in the market.” The client lost 200,000 euros ($226,500), the FSA documents showed. “They shouldn’t have repriced. They’re not allowed to reprice,” Ravnsbo said. “I don’t see it in their terms and conditions or in their agreements with customers.” Censeo Asset Management, which had offered clients a Saxo product, said it’s in talks with the Danish bank about its treatment of franc trades on Jan. 15. “We’re still in discussions with Saxo about how things were executed that day,” Gerhard Massenbauer, Censeo’s chief executive officer and founder, said by phone. He declined to comment further because the negotiations are private. The Vienna-based company said last month that couldn’t “recognize the lawfulness of” Saxo’s decision to reprice franc trades and that it would help its clients challenge the decision if a review showed the action is “questionable under Austrian law.” Denmark’s financial authorities also are scrutinizing the bank’s actions. In a Jan. 30 letter, the FSA asked Saxo why it took more than 2 1/2 hours to notify clients of the extraordinary conditions in the Swiss franc market, and why the bank didn’t stop trading amid a sharp increase in volatility. To contact the reporter on this story: Frances Schwartzkopff in Copenhagen at fschwartzko1@bloomberg.net To contact the editors responsible for this story: Veronica Ek at vek@bloomberg.net Tasneem Hanfi Brogger, Christian Wienberg
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fight
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Post by fight on Mar 21, 2015 15:56:03 GMT
Das habe ich aus einem Interview mit der Ente ( gemeint ist Lars Christenson, fuer mich sieht der wie eine Ente aus)
Auf Ihrer Website sichern Sie Kunden in hochvolatilen Phasen eine zugeordnete oder bereitgestellte Liquidität zu, explizit auch gerade dann, wenn es bei anderen Brokern nicht genügend Liquidität gibt. Warum war das in dieser Situation nicht der Fall? Die von Ihnen geschilderte Situation ist eine andere. Sie sprechen die Kunden an, die nicht auf einen „green price“ geklickt, sondern eine Stop-Loss Order im System platziert haben oder deren Positionen geschlossen wurden, um sich vor etwaigen Verlusten zu schützen. Diese Fälle sind nicht von der „dedicated liquidity“ abgedeckt. Die Kunden
allerdings, die während dieser extrem volatilen Periode nach dem SNB-Entscheid aktiv gehandelt und Trades platziert haben, wurden zu den ihnen angezeigten Preisen („green prices“) abgerechnet.
Was haltet Ihr denn davon? Das ist ja eine Frechheit Oben habe ich das Gepostet, was tatsaechlich so im internet stand Leider gibt mittlerweile noch den Link unter Google " dedicated liquidity" aber wenn man die Google Webseite aufruft, dann erscheint das oben gepostete nicht mehr. Sorry for writing in German, but the interview is in German
Saxos chief said in a interview that " dedicated liquitdity " only for the client that use " green pricinng" Not for client that have stopp orders in the market Can anybody tell me what the text on the webside means ! ? The webside is no longer available if you click on the link " dedicated liquidity " in google I will post the text.
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fight
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Post by fight on Mar 21, 2015 16:00:36 GMT
Das habe ich aus einem Interview mit der Ente ( gemeint ist Lars Christenson, fuer mich sieht der wie eine Ente aus)
Interview Frage :
Auf Ihrer Website sichern Sie Kunden in hochvolatilen Phasen eine zugeordnete oder bereitgestellte Liquidität zu, explizit auch gerade dann, wenn es bei anderen Brokern nicht genügend Liquidität gibt. Warum war das in dieser Situation nicht der Fall? Antwort: Die von Ihnen geschilderte Situation ist eine andere. Sie sprechen die Kunden an, die nicht auf einen „green price“ geklickt, sondern eine Stop-Loss Order im System platziert haben oder deren Positionen geschlossen wurden, um sich vor etwaigen Verlusten zu schützen. Diese Fälle sind nicht von der „dedicated liquidity“ abgedeckt. Die Kunden allerdings, die während dieser extrem volatilen Periode nach dem SNB-Entscheid aktiv gehandelt und Trades platziert haben, wurden zu den ihnen angezeigten Preisen („green prices“) abgerechnet.
Was haltet Ihr denn davon? Das ist ja eine Frechhei Unten habe ich das Gepostet, was tatsaechlich so im internet stand Leider gibt mittlerweile noch den Link unter Google " dedicated liquidity" aber wenn man die Google Webseite aufruft, dann erscheint das oben gepostete nicht mehr. Sorry for writing in German, but the interview is in Germa
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Saxos chief said in a interview that " dedicated liquitdity " only for the client that use " green pricinng" Not for client that have stopp orders in the market Can anybody tell me what the text on the webside means ! ? The webside is no longer available if you click on the link " dedicated liquidity " in google
This is the text , that you could found before ( no longer available) :
HOW FIXED CAN FIXED SPREADS GET? With Fixed Spreads from Saxo Bank, you don't have to wonder what price you’ll pay to trade FX. Place your risk in the market. Not in your price.
Check our full performance at trades above 5M and across currency crosses.
Historic performance does not necessarily guarantee future performance.
FIXED SPREADS. BEST EXECUTION. Saxo Bank’s commitment to best execution doesn’t end at fixed spreads:
NO SLIPPAGE WITH GREEN PRICING There is no slippage on any trades executed with Saxo Bank's Green Pricing concept. The price you see and click on is always the same price on your trade confirmation.
What is Green Pricing?
NO-SLIP STOP ORDERS When ever you need to get out of a position Saxo Bank offers a No-Slip Stop Order policy giving you certainty of your stop loss orders.
What is a No-Slip Stop Order?
DEDICATED LIQUIDITY Saxo Bank offers all clients dedicated liquidity for trades up to EUR 25M.
What is dedicated liquidity? Liquidity means a demand in the market to buy or sell at a given price levels. Without liquidity you will not be able to get in to a position when you see a favourable trading opportunity, or even worse, to get out of a position when you need it the most.
In case you want to sell a EUR against USD during high volatile market conditions finding a buyer can be very difficult or even sometimes impossible for many brokers. With Saxo Bank dedicated liquidity to each and every client answers this problem.
Trade with a Danish regulated bank
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Post by Forextrader on Mar 25, 2015 7:51:41 GMT
"Saxos chief said in a interview that " dedicated liquitdity " only for the client that use " green pricinng" Not for client that have stopp orders in the market."
This is not true! On that day I executed at least one trade with chf/jpy on 10.37 with "green pricing" which has also been repriced later.
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Post by Forextrader on Mar 25, 2015 8:14:35 GMT
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fight
New Member
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Post by fight on Mar 25, 2015 21:49:43 GMT
@ forextrader he did say this in an interview. but this is not true. because dedikated liquidity has nothing to do with green pricing. This was what our lawyer too wrote to saxo. they garanteed liquidity on their webside.
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