Saxo Bank Confronted by a Yin Yang Moment

Saxo bank is looking to enjoy its award from the “Profit and Loss” magazine for having the best re-labelling platform

Saxo bank is looking to enjoy its award from the “Profit and Loss” magazine for having the best re-labelling platform for 2010. This should provide Saxo bank with robustness for their white label business; Saxo bank currently has over 120 white label clients. Saxo Bank has won the award for providing the best while label solution in the forex market by providing a multiple-currency trading technology, fast execution speed, and multi-vibrant trading platforms to choose from.

“Profit and Loss” is a monthly magazine that has been awarding forex brokers; since 2002. The 2010 awards has registered over 10,000 votes which is a record breaking event for the magazine. There are 14 different categories which a forex brokers can win from, which consist of … Best Market Data Service, Best Retail FX Platform, Best Risk Management System, etc.

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Get the full list of winners from the “2010 Profit & Loss Readers’ Choice Awards” by clicking on the link below:

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2010 Profit & Loss Readers’ Choice Awards

However, the award celebration may not last for to long due to Saxo bank being under investigation from the FSA. It is reported that the FSA has conducted an investigation and concluded that the bank is in violation of not notifying their customers about the risks associated with using its service.

The FSA has stated that Saxo bank has violated the law on “prevention of money laundering and terrorist financing”. Saxo bank has brushed off any criticism and stated that they are in compliance with the FSA anti-money laundry rules; but will intensify its current rules further to enhance it’s future procedures.

Among, the celebration comes a burst of bad news for Saxo Bank, will the Yin be able to beat the Yang or has the Yang already overshadowed the Yin ?

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