Saxo Told to Hand Franc-Trade Details to FSA Amid Complaints
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Saxo Bank A/S has been ordered by the Danish financial regulator to provide a detailed report of its handling of franc trades on Jan. 15 amid client complaints that the broker treated them unfairly.
Copenhagen-based Saxo has confirmed it retroactively repriced trades conducted after the Swiss National Bank abandoned its euro peg, but only told clients the new rates 12 hours later. The bank revealed today that an initial e-mail was sent to clients at 11:50 a.m. local time, or about 1 hour and 20 minutes after the Swiss National Bank abandoned its euro peg, warning them trades may be repriced at “worse” rates.