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.
At Saxo we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest.
Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable Fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, Saxo has more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.
For more information, please visit: www.home.saxo