From today’s Jyllands-Posten: Saxo Bank faces heavy expenses in an effort to prove to the FSA that it executed client orders according to its best execution policy. Whoever is after Saxo they are pretty successful at getting deep into their pockets.
According to Danish daily Jyllands-Posten, Saxo Bank is set to pay around a million dollars (NOT CONFIRMED) for the independent investigation ordered by the Danish FSA of whether trades executed manually and performed on the Bank’s electronic trading system are generally being executed in accordance with the Bank’s common trading conditions and Best Execution Policy. However, when the FSA noticed that the task was far more expensive than expected, the FSA decided to call for tender according to EU-regulations. The EU-tender was announced on Monday:
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Head of PR, Kasper Elbjørn, told the Danish paper that the Bank hopes this will not delay the process.
Seen from the outside it does seem like the Danish FSA continues to bungle up but it should be said that Saxo Bank remains the only true global investment bank in Denmark. Jyllands-Posten noticed that the FSA tried to make head or tail of the accusations against the Bank from two former clients in the Danish media but gave up and decided to delegate the task at Saxo Bank’s expense.