Copenhagen based multi asset broker Saxo Bank has announced that its FCA regulated arm, Saxo Capital Markets UK Limited, is pulling out of the UK CFD and FX Association, a margin trading industry group. While not giving a specific reason, LeapRate has learned that Saxo is leaving the association in a dispute with the other members over new rules proposed (but not yet formally adopted) by the FCA limiting leverage to 50x and banning client bonus payments. Saxo stated that it is fully behind the FCA’s proposals, while implying that the association itself, backed by other members, were still fighting the FCA and trying ... (full story)