Portuguese investment house Fortune claimed that Saxo Bank has cheated, because there has been compliance with the exchange rates in the market and the courses that were traded with Saxo Bank. What was being rumored back than is that the claim is that there were discrepancies between Saxo’s rates on some currency pairs and the actual market rates.
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Based on these claims the Danish FSA has launched an independent investigation which has costs Saxo millions. Today the results were announced and it seems that Saxo is off the hook.
The investigation was led by a firm namer Oliver Wyman and the show no signs that Saxo Bank systematically priced its manual orders to the detriment of its clients, nor did they violate their own general business conditions and “Best Execution Policy”. Furthermore, Oliver Wyman has concluded that there is also no evidence that individual clients have been treated unfairly. It seems that based on these findings DFSA will halt its proceedings against Saxo.
Read the full report in Danish here: http://www.finanstilsynet.dk/da/Tal-og-fakta/Vurdering-af-penge-og-realkreditinstitutter/2010/~/media/Tal-og-fakta/2010/Redegoerelse_SaxoBank.ashx