{quote} forex.com has done this to me in last October. http://www.forexfactory.com/showthread.php?t=509987 It is shameful for FCA or NFA. I don't understand why these robbers are still not under any effective regulation.
forex.com simply put one finger to take it back and also my own fund. Client's account is at their full control as long as your have fund with them.
It is weird forex.com also state "it is fair" to me. just like a robber say I robbed your money because I am much stronger than you, which means "it is fair to you"
no not at all.. not only did they re quote orders that had been filled, but they did not honor their policy by allowing clients to go negative. moreover they are going after their clients "legaly" to recover the funds.
there is a group of more than 65 members that will go for a class action against them. anybody that has a similar problem with saxo bank, please join the group
{quote} no not at all.. not only did they re quote orders that had been filled, but they did not honor their policy by allowing clients to go negative. moreover they are going after their clients "legaly" to recover the funds. there is a group of more than 65 members that will go for a class action against them. anybody that has a similar problem with saxo bank, please join the group
Ignored
So it isn't all about forgiving negative balances. It's also about stealing from their own clients?
BN 01/29 14:07 *DANISH FSA COMMENTS ON SAXO BANK IN E-MAILED NOTE BN 01/29 14:07 *DANISH FSA SAYS IT WILL REQUIRE SAXO TO PROVIDE DETAILED REPORT BN 01/29 14:07 *DANISH FSA SAYS IT'S IN `CLOSE DIALOGUE' WITH SAXO BANK BN 01/29 14:07 *DANISH FSA: COMPLAINTS RELATE TO SAXO'S HANDLING OF CHF TRADES BN 01/29 14:07 *DANISH FSA SAYS IT'S RECEIVED COMPLAINTS REGARDING SAXO BANK
Danish FSA Says It’s Received Complaints Regarding Saxo Bank
2015-01-29 14:09:06.664 GMT
By Frances Schwartzkopff
(Bloomberg) -- Danish FSA comments in e-mailed statement.
* Danish FSA says it has received a “small number” of
complaints regarding Saxo Bank’s handling of CHF on Jan. 15
* FSA says it’s in “close dialogue” with Saxo
* Danish FSA says it will require Saxo to provide a detailed
report on “actions taken during and after the incident”
* NOTE: Saxo Defends Franc Repricing Amid Extreme Lack of
Liquidity
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Frances Schwartzkopff in Copenhagen at +45-33-457-125 or [email protected] To contact the editors responsible for this story:
Tasneem Hanfi Brogger at +45-33-457-130 or [email protected]; Angela Cullen at +49-69-92041-158 or [email protected]
(BN) Saxo Ordered to Hand Franc-Trade Details to FSA Amid Compla ints
Saxo Ordered to Hand Franc-Trade Details to FSA Amid Complaints
2015-01-29 23:00:01.0 GMT
By Frances Schwartzkopff
(Bloomberg) -- 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 after some of its clients complained to the watchdog.
The Copenhagen-based broker has confirmed it retroactively repriced trades conducted in the half hour after the Swiss National Bank abandoned its euro peg, but only told clients it was doing so 12 hours later. Saxo says it risks losing as much as $107 million, a figure that won’t leave it in breach of capital requirements.
The Danish Financial Supervisory Authority “is currently in close dialogue with Saxo Bank and will require the bank to provide a detailed report of the actions taken during and after the incident,” the regulator said in an e-mailed statement received today.
Saxo has defended its actions arguing the lack of “reliable liquidity” after the franc went into free float gave it no choice but to reprice its trades. The bank filled what it described as an “abnormal” volume of about 818 million francs
($910 million) in just 30 minutes. That compares with Saxo’s total assets of $4.2 billion in 2013, the latest year for which figures are available.
Saxo is now bracing itself for lawsuits, Chief Financial Officer Steen Blaafalk said.
The bank “is still liaising with each client on an individual basis to clarify what is possible with respect to each client’s situation and agreeing an individual plan of an action for the repayment,” he said this week.
Censeo Asset Management, based in Vienna, said this week it “can’t recognize the lawfulness of” Saxo’s decision to reprice its franc trades and will help its clients challenge the decision if a review shows the action is “questionable under Austrian law.” The company had offered clients a Saxo-brokered franc product.
For Related News and Information:
Saxo Informs Clients Margins on Some FX Pairs to Rise Feb. 4 Saxo Defends Franc Repricing Amid Extreme Lack of Liquidity Saxo Faces Lawsuits for Repricing Franc Trades Retroactively Top Stories:TOP<GO>
--With assistance from Alexander Weber in Vienna.
To contact the reporter on this story:
Frances Schwartzkopff in Copenhagen at +45-33-457-125 or [email protected] To contact the editors responsible for this story:
Veronica Ek at +46-8-610-0722 or [email protected]
Tasneem Hanfi Brogger, Christian Wienberg
Oh dear oh dear... They are just killing their own reputation...
Ignored
Did you honestly believe that the owners of Saxo, FXCM, etc really care about their own reputation while they fly in their private jets and look at us talking about what to do with negative balances or other stuff? They care only about money. Trading is only about making money so I personally focus on one thing and one thing only. If some broker starts playing with me then I just move along and never look back. You cannot have emotions if you want to be successful in trading.
