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Post by R2d2 on Apr 6, 2016 20:29:45 GMT
Can you please post some details..? In fact I cannot imagine clients lose this case especially after British ombudsman's and NZ regulator's decisions are available.. It is just a matter of time.. Where is the UK ombudsman decision made available?
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Post by forextrader on Apr 6, 2016 21:13:27 GMT
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Post by John on Apr 10, 2016 6:49:45 GMT
No annual report for Saxo Bank this year?
Saxo Bank's top management told me that people are paying as they are currently winning a lot of cases. I do not believe them at the moment...
Their other main argument was that if I do not pay, they will contact my employer...
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Post by Mike on Apr 10, 2016 10:36:24 GMT
What a joke.. if they won some case, they would definitely publish it.. moreover, what does your employer have in common with your private investments..?
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Post by John on Apr 22, 2016 7:57:54 GMT
That was exactly my answer. They have a serious lack of ethics.. The Saxo Bank 2015 annual report is now online : www.saxobank.com/investor-relations/annual-reportsNot a lot of people seem to have paid as they have a net loss of around 100 Mio USD. Nothing is said in the report about the requote that has generated clients' losses.
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Post by Peter on Apr 24, 2016 20:57:30 GMT
Well if they contacted your employer, I think they would be in breach of privacy / data protection / banking secrecy laws, depending on the country. Depends really where your account is but in case you have it in Switzerland and they contact your employer (regardless of the country), then they will be in really big trouble. I think one can go to jail for breaching Swiss banking secrecy laws. Well, this is where these Saxo ppl would anyway belong..
Agree this whole thing is a big joke.
The bank was a marketmaker / counterparty in the FX trades they confirmed. End of story.
What happened after is not our problem.
If you read the annual reports, they even highlight exactly this type of situation in the "risk factors" section:
"MARKET RISK As part of offering competitive prices, the main role of Saxo Bank Group’s trading function is to optimise the trading flow i.e. _determine the timing of covering the risk in the market_. Consequently, in case of, for example, significant adverse movements in the foreign exchange, equity, commodity or interest rate markets or other external events outside the Group’s control, these exposures may have a material adverse effect on the Group in spite of the fact that the Group monitors market exposures and losses closely intraday. In addition, it cannot be ruled out that staff engaged in decisions regarding the optimisation of the flow could misjudge the situation, or otherwise take decisions that end up having a material negative impact on the Group’s financial position."
So one reads that and wonders why we are even having these discussion with Saxo, what happened is directly out of their risk management playbook and if they weren't properly prepared after having highlighted exactly this kind of situation in the annual reports throughout the years, then tough luck.
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Post by oida on Apr 25, 2016 12:40:55 GMT
bottomline is: as Peter says, they are market makers... Under MIFID, they are obliged to publish their Best Execution Policy... In their policy they acknowledge they act as principals in FX and FX options markets.... If so, they have no grounds whatsoever to blame lack of liquidity on some other platform (EBS), they Are the Market... Also, as principals they are the other end of the trade.. I.e. what i lose they make... Again, under MIFID, they have to put their clients interest in front of theirs.... So, repricing trades retroactively at the very end of the trading day, at the lowest daily historic price is simply criminal... Doing this they very much put their own interest in front of clients...
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Post by igeurchfloss on May 5, 2016 20:30:55 GMT
Hi all....any news on saxo cases in Denmark, Austria, Germany , UK or anywhere else. I can't believe it is this quiet considering we are over 1 year since the dreaded day.
Out of the hundreds of brokers out there....Its still a handful that remain causing grief and uncertainty to those retail customers caught out. At least the UK FOS saw some sense and made CMC clear out client balances.
I really wonder if the remaining cases will go to court. What's the upside say for someone like Saxo or IG? It's already been written off in the accounts. If cases go to court there is a high chance Pandoras box may be opened....and the business model of ALL cfd/spreadbetting firms may come under fire.
I estimate IG probably has £4-6mn negative balances outstanding. Are they willing to risk having their model cross examined and potentially lose cases and end up with having to compensate ALL clients as well as huge reputational damage. Not only reputational damage to themselves but to the whole industry.
If IG win cases in court....exactly how much can their clients actually pay back? Surely one of the reasons clients are paying up is because they cannot afford to. So IG'S win could amount to a recollection of a fraction of the outstanding negative, will probably cause people to lose their homes and will give the press a field day.
Think about IG, Saxo, ETX and whoever is left.....is it really worth it?
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Post by Mike on May 15, 2016 20:45:33 GMT
Agree with what is written above.. 100M USD loss..?? nice, but do not forget that this amount does not include money illegally written off from clients' accounts during requote.. It is just a matter of time they will have to refund the money stolen.. I wonder how much it is in total..!! So final loss would definitely be much higher.. All clients must be more active and join their info, knowledge etc. to achieve justice and put these bastards under pressure..
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Post by igeurchfloss on May 16, 2016 17:09:05 GMT
Anyone know how saxo are doing with respect to financial ombudsman complaints by UK clients ?
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Post by lithio on Aug 17, 2017 9:41:30 GMT
any news on saxo? do you have link of uk ombdusman on cmc? same for nz ombdusman?
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Post by Trader X on Aug 17, 2017 21:39:51 GMT
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Post by lithio on Aug 18, 2017 13:02:34 GMT
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Post by Kim F on Aug 18, 2017 17:15:36 GMT
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Post by Kim F on Aug 18, 2017 17:17:11 GMT
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