Saxo Capital Markets UK has appointed a new CFO, a regulatory filing with the UK Companies House shows. Mrs Diya Patel has been approved by the board as the senior finance executive at the firm after spending a bit over a year at London based GKFX.
Saxo Capital Markets is on-boarding a strong hire with extensive career experience at Alpari UK, where Mrs Patel spent almost 7 years in various senior roles. The new CFO will succeed Torben Jorgensen.
Mrs Patel was the CFO of Alpari UK at the time of the Swiss National Bank-induced crisis on January 15th 2015, when the foreign exchange brokerage was forced into bankruptcy after the losses of its clients trading the CHF exceeded the credit lines which the firm had with its liquidity providers.
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After a lengthy bankruptcy procedure, the insured clients of the firm were compensated via the Financial Services Compensation Scheme (FSCS) and the rest via the company’s own client money pool, which was also affected by the SNB event to the tune of $22 million.
The unpredictable market conditions on the day of the SNB event materially affected a number of brokerages in the industry and strengthened the resilience of foreign exchange and CFDs brokerages which are now treating black swan events with special attention.
In light of the coming referendum in Italy regarding the country’s constitutional reform, some brokers are expecting substantial volatility. That said, traders might be in for a surprise once more due to the preliminary polls that are pointing that the NO side is going to win.
The markets might have priced in the vote and the impending market doom might not materialize – quite the opposite, after a NO vote, the markets could well rally in the aftermath of the removal of another uncertainty element.