Saxo Bank Warns Russians on Upcoming Nasdaq Service Termination

Nasdaq exchange in the United States and the Nordic countries will stop offering services to customers from Russia from April 29, according to a letter sent by Danish brokerage Saxo Bank to its Russian customers.

As reported by Russian media RBC, the brokerage company detailed that access to all the services offered by the exchange will be stopped for Russians.

Nasdaq is a major American stock exchange operator and financial market data service provider. In addition, it operates locally in Sweden, Denmark, Finland and Iceland. Despite Saxo Bank’s warning, the American exchange did not publicly announce any decision on Russian operations.

The Danish broker informed its clients on profile chat on Telegram that Russian residents will not have access to current or pending market data from the NASDAQ exchanges from the specified date. Russian clients with open positions will continue to receive pending quotes until they are closed.

Further, Nasdaq will not allow new subscriptions to its data services and will automatically cancel the active ones.

Impact on Saxo’s Services

Saxo clarified that its clients from Russia will be unable to make any transactions on Nasdaq after the exchange terminates its services for them. Clients need to contact Saxo even if they only want to close positions, and the broker will close them manually.

Saxo Bank offers trading services with foreign exchange and other popular asset classes as well. However, it is not regulated locally in Russia by the country’s central bank. The broker onboarded Russians on its international platform.

Earlier, Saxo Bank announced that it is going to terminate its services for all its clients in Russia and Belarus from June 6, 2022. That decision was taken in response to Russia’s invasion of Ukraine. The broker urged its clients from the two clients to close their positions by the deadline, else they will be closed automatically, and the refund will be processed on the origin of deposits.