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 is a leading Fintech specialist and global multi-asset facilitator of capital markets products and services. Saxo enables private clients to trade more than 35,000 instruments from one single margin account.
Additionally, Saxo provides institutional clients such as banks and fintechs with Open Banking solutions from multi-asset execution, prime brokerage services to trading technology. Founded in 1992, Saxo Bank has embraced Open Banking from the beginning and is focused on helping clients and partners through win-win partnerships and product innovation.
Since launching its first online trading platform in 1998, Saxo Bank works to empower everyone to navigate their financial future by opening up access to trading and investment. The Saxo Group’s client assets total more than 45 billion euros, and the Group employs more than 2100 people in financial centres around the world including London, Singapore, Amsterdam, Shanghai, Hong Kong, Paris, Zurich, Dubai and Tokyo.For more information, please visit http://www.home.saxo.