A recent Danish court ruling has further absolved Saxo Bank for its handling of the SNB crisis.
Multi-asset brokerage Saxo Bank has been cleared of three more cases by the Danish Maritime and Commercial High Court following the events of January 15, 2015. The cases date back to the unexpected move by the Swiss National Bank (SNB), which removed the Exchange floor under the EUR/CHF, convulsing FX markets and resulting in sizeable moves for CHF pairs.
Saxo Bank’s Group CFO, Steen Blaafalk, said to Finance Magnates: “It was regrettable that the removal of the peg of the Swiss franc versus the euro back in January 2015 led to significant losses for many investors. It was a historically big move in a major currency and January 15 2015 was not a good day for a number of our clients and hence not a good day for Saxo Bank.”
The verdict follows an earlier decision by the court back in November 2016. By scoring a key legal decision, a precedent was seemingly laid that helped chart a similar outcome for Saxo Bank in subsequent cases, including today’s clearance of two unresolved cases.
This forward-thinking synopsis appears to have been realized with Saxo Bank’s verdict from the Danish court today. Of note, the Danish Maritime and Commercial High Court is a unique institution as the judges are selected specifically for each case. Three of the judges are regular judges, while the remaining two are experts in the field that is being disputed by the parties.
“It is unfortunate to meet a client in a courtroom, but we are pleased that the court's decisions once again are in line with our expectations, and that we now have the court’s word in range of cases that we acted in accordance with our business terms,” explained Mr. Blaafalk.
“But it is important for us to emphasize that we have followed standard practice for extreme market situations like the one in January 2015 ensuring clients as objective prices as possible."
The 2015 SNB crisis represented one of the most trying times for the FX industry in recent memory – the episode proved especially stressful for Saxo Bank given that many banks which had been providing Liquidity to the group collectively pulled out of the market. Consequently, trading systems were put under tremendous pressure since such an event had never before been witnessed.
In a key nod to any future cases facing Saxo Bank: “The Danish Complaint Board of Banking Services has also concluded in Saxo Bank’s favor saying that Saxo Bank has acted in a way that was fair and correct, and in accordance with the bank’s general terms of business. And further concluding that the corrected prices contributed to reach the, under the circumstances, best results for clients," noted Mr. Blaafalk.
“Furthermore, the Danish FSA concluded after a thorough investigation in 2015, that Saxo Bank’s calculations of corrected prices were not in conflict with investor protection legislation or Saxo Bank's obligations to act fairly and professionally towards our clients,” added Mr. Blaafalk.
Multi-asset brokerage Saxo Bank has been cleared of three more cases by the Danish Maritime and Commercial High Court following the events of January 15, 2015. The cases date back to the unexpected move by the Swiss National Bank (SNB), which removed the Exchange floor under the EUR/CHF, convulsing FX markets and resulting in sizeable moves for CHF pairs.
Saxo Bank’s Group CFO, Steen Blaafalk, said to Finance Magnates: “It was regrettable that the removal of the peg of the Swiss franc versus the euro back in January 2015 led to significant losses for many investors. It was a historically big move in a major currency and January 15 2015 was not a good day for a number of our clients and hence not a good day for Saxo Bank.”
The verdict follows an earlier decision by the court back in November 2016. By scoring a key legal decision, a precedent was seemingly laid that helped chart a similar outcome for Saxo Bank in subsequent cases, including today’s clearance of two unresolved cases.
This forward-thinking synopsis appears to have been realized with Saxo Bank’s verdict from the Danish court today. Of note, the Danish Maritime and Commercial High Court is a unique institution as the judges are selected specifically for each case. Three of the judges are regular judges, while the remaining two are experts in the field that is being disputed by the parties.
“It is unfortunate to meet a client in a courtroom, but we are pleased that the court's decisions once again are in line with our expectations, and that we now have the court’s word in range of cases that we acted in accordance with our business terms,” explained Mr. Blaafalk.
“But it is important for us to emphasize that we have followed standard practice for extreme market situations like the one in January 2015 ensuring clients as objective prices as possible."
The 2015 SNB crisis represented one of the most trying times for the FX industry in recent memory – the episode proved especially stressful for Saxo Bank given that many banks which had been providing Liquidity to the group collectively pulled out of the market. Consequently, trading systems were put under tremendous pressure since such an event had never before been witnessed.
In a key nod to any future cases facing Saxo Bank: “The Danish Complaint Board of Banking Services has also concluded in Saxo Bank’s favor saying that Saxo Bank has acted in a way that was fair and correct, and in accordance with the bank’s general terms of business. And further concluding that the corrected prices contributed to reach the, under the circumstances, best results for clients," noted Mr. Blaafalk.
“Furthermore, the Danish FSA concluded after a thorough investigation in 2015, that Saxo Bank’s calculations of corrected prices were not in conflict with investor protection legislation or Saxo Bank's obligations to act fairly and professionally towards our clients,” added Mr. Blaafalk.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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