Saxo Bank Ensures Platform Compliance amid FSA Flagging

Denmark-headquartered broker, Saxo Bank released a statement on Wednesday, highlighting its platform is fully compliant with the European regulatory requirements. Its controls around transaction reporting are also in place.

The statement came after the Danish Financial Supervisory Authority (FSA) flagged the broker for lapses in its transaction reporting system which were in violation of the MiFIR. As per the regulator, the broker did not take reasonable measures till 30 June 2021, to ensure the completion, accuracy and timely submission of the transaction reports.

“This is a matter we take very seriously,” Saxo Bank’s Chief Risk and Compliance Officer, Steen Blaafalk said in a statement.

“In the period from 2018 until the summer of 2021, we have unfortunately had shortcomings in our transaction reports, just as we did not have sufficient control bodies in the area. We have since strengthened our reporting systems and procedures so that we can correct the deficient transaction reports and ensure that the sources of error in our systems were rectified from the second half of 2021, which the Danish FSA also notes in their report.”

Indeed, the Danish supervisory agency pointed out that Saxo had already implemented all the controls aimed at preventing deficiencies in transaction reports in 2021.

Demand Is Increasing

Meanwhile, Saxo remains one of the major brokers in the retail space. It reported a 4.6 percent jump in 2021 trading volume, but profits for the year came in flat at DKK 755 million.

The broker onboarded a record number of 263,000 new clients on its trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term last year, thus closing the year with 820,000 total clients. Furthermore, trading volume on Saxo jumped this year.