Saxo Bank attracting new clients after Swiss currency surprise
Saxo Bank, the Danish based online multi-asset trading and investment specialist, is experiencing a fresh inflow of clients today in the aftermath of yesterday’s significant changes in the Swiss currency crosses.
Steen Blaafalk, Global Head of Finance and Risk Operations, Saxo Bank A/S, said:
“We have seen an increased number of new clients this morning transferring their accounts from other brokers to Saxo after the Swiss situation has affected other players”.
Saxo Bank has in general insignificant proprietary exposures to moves in the market – hereunder to Swiss currency crosses, and although a number of clients have lost money in yesterday’s moves, others have profited.
A special team on Saxo’s trading floor was working hard yesterday night to resolve the situation for clients having lost money in the Swiss currency crosses and working with the affected clients. Liquidity in the market was suddenly almost non-existent following the SNB announcement, and the team had to ensure and verify that all orders and execution requests were executed at reliable prices. For some clients this meant that their positions were stopped out.
Some of our clients affected in yesterday’s events had their prices restated in a careful review of all transactions in accordance with industry practices. Due to the Swiss currency floor being removed, we experienced a significant number of stop outs in few minutes. There was very little liquidity in the market which caused a significant price gap. Our best execution policy mandates that we trade all orders in a fair and equitable manner.
Saxo Bank complies with our regulatory capital requirements.
Saxo Bank Group (Saxo) is a leading multi-asset trading and investment specialist, offering a complete set of trading and investment technologies, tools and strategies.
For 25 years, Saxo’s mission has been to enable individuals and institutions by facilitating their access to professional trading and investing through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its private clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology.
Saxo’s award winning trading platforms are available in more than 20 languages and form the technology backbone of more than 100 financial institutions worldwide.
Founded in 1992 and headquartered in Copenhagen, Saxo employs more than 1500 people in financial centres around the world including London, Singapore, Paris, Zurich, Dubai and Tokyo.