Saxo changing fill levels for SNB move

great video and good luck

thank you for your video , go get them

http://news.forexlive.com/!/cmc-mark...rades-20151021

http://www.reuters.com/article/2015/...nancialsSector


Oct 21 (Reuters) - Britain's Financial Ombudsman has ruled against trading firm CMC Markets in an initial opinion on a complaint over a client's losses after the removal of Switzerland's cap on the franc exchange rate in January.
A letter dated Oct. 20 sent by the Ombudsman to CMC and seen by Reuters said CMC's systems initially confirmed as executed client's Swiss franc trades before adjusting prices to lower levels later that day.
"It therefore remains my view that CMC has not demonstrated that the price of (the) trades were wrong and that it was wrong for it to have later changed them," the Ombudsman said in the letter. It said the company should return the value of the adjustments to the client concerned.
CMC, which said in January it had sustained some losses from the franc trades, said it would not comment on ongoing proceedings.
The letter said the company had until Nov. 3 to respond to the opinion. The Ombudsman assesses cases individually and has a 150,000 pounds ($231,585) ceiling on how much it can award.
The repricing of Swiss franc trades is at the heart of complaints by groups of clients of CMC and Saxo Bank, two of the largest online platforms amateur traders use to make leveraged bets on stocks, currencies and other financial markets.
Saxo said earlier this year it was owed about $100 million by clients who had leveraged bets on the franc to weaken against the euro when Switzerland removed the cap, leading to gains of up to 40 percent in the franc's value in a few short minutes. ($1 = 0.6477 pounds) (Editing by David Clarke)

http://www.reuters.com/article/2015/...12Y4N520151104

Has anyone from UK actually complained to FOS about SAXO? I can't see why the same outcome as CMC cannot be achieved.

" It is great that those clients affected at CMC are now relieved of their so-called negative balance. The whole affair with CMC shows how low they will stoop to extract money from clients. It is pure dishonesty when they know full well a client would get a positive decision and before they do, CMC offers a partial improvement. Shame on you CMC!
I hope a similar outcome can be achieved by Saxo, ETX and IG clients. I expect if these get to court then Pandora's box will have been open and we'll find a lot of improper behaviour out in the public arena.
I never understood in this specific case why just a handful of 'reputable' brokers were adamant not to forgive negative balances that were caused - which were completely outside of anything clients could have done to prevent.
I hope the public and more specifically the regulators are following this closely and realise that the time has come to reel in the independence they give these firms through low-touch regulation.
Clients will fight to the end as they have nothing more to lose. It is up to the big firms to decide whether they are happy to risk their reputation in order to bankrupt retail clients.
Please get in touch if you are being chased by any of the firms out there and currently have no one to turn to. We will do our all we can to help.
Any top financial lawyers out there who want a challenging but very rewarding case, please get in touch too. This is an area in finance that is relatively untouched by lawsuits in the past....so you can be the first to blow this area wide open."

http://news.forexlive.com/!/new-zeal...aints-20160216

http://saxobankcug.freeforums.net/th...1&scrollTo=225

http://insideparadeplatz.ch/2016/06/...kon-zerfaellt/

http://insideparadeplatz.ch/2016/07/...ilt-saxo-bank/


Ombudsman condemns Saxo Bank

London Instance gives customers right: Online Trader could not be adjusted afterwards francs courses - defeat across the board.

Saxo Bank, headquartered in Copenhagen, Emporium in London and branches in Zollikon near Zurich shipwrecked. In a large scale.
The London ombudsman in financial matters ruled Start year in several test cases across the board against the online bank. He sees the plaintive customers completely in the right.
It's about francs courses immediately after the National Bank its lower limit of 1.20 francs against the euro lifted on January 15, 2015 had.
Saxo Bank led in the seconds and minutes after completely surprising decision by the SNB many buy and sell orders for their clients.
She suffered by high losses . Saxo group had subsequent to the "Franken-shock" a loss of about $ 100 million from.
Of these, about one-fifth fell to the Saxo Switzerland. These suffered in 2015, a loss of 21 million Swiss francs, for an even more proud profit of 17 million in the previous year.
Saxo had performed at the historic January 15, 2015 First the deals for their customers normal. Then she went to work with a warning, after which they could adapt the rates subsequently.
That they did.
So reduced the familiar online banking their course in the case of the currency pair Euro-Switzerland in a case outlined here of 1.18 francs per euro at 0.9625 francs per euro.
This represents a discount of almost 20 percent.
The affected client wanted the same as many other Saxo clients the subsequent rate adjustment to his disadvantage not accept.
Saxo bosses had for no musical ear and threatened with legal procedural requests .
The hard occurrence Saxo has now avenged.
Several customers called namely in London the financial ombudsman.
And this has now clearly spoken in some cases the present law - and indeed against the bank and the customer.
In the case of the aforementioned customer, the position provided protection through a "short" against a rapidly falling euro against the Swiss franc, the Ombudsman concludes that the Saxo first price quoted was not "manifestly wrong" was.
The deal was done at 10 o'clock 30 minutes and 54 seconds Central European Standard Time; So 54 seconds after the SNB had made its far-reaching decision via communiqué publicized.
According to Ombudsman Saxo Bank then tried at 10 am 33 minutes and 39 seconds, "dissolve" their associated end foreign exchange position;only she succeeded not once, but she needed for 8 long minutes.
For Saxo meant the difficulty in resolving the position that they made a bad deal. She suffered a loss.
The Bank took care in consequence, the rates for the affected customers - in their favor. There is no legal recourse for the London Ombudsman comes to an unmistakable conclusion.
It provides in its judgment in this case, moreover, stated that the argument of the Saxo, it had suddenly had no more liquidity in the Swiss franc market, would not apply.
"The data presented that at the time of the deal of customer (...) there in reality a reasonable liquidity in the market was" writes the ombudsman.
Also, all the information would prove that the origin of course, the customer had received by Saxo, have absolutely located within the "market framework at that time".
"Because of this I think that the deal of customer (...) should be charged back to the original course", the Ombudsman notes.
Its judgments have great weight, according to an insider. Usually, they are accepted by the parties.
That would mean: Saxo Bank has its customers concede the original price.
For the customer, this means that he receives retroactively granted a much better price. He has therefore now make a profit or at least avoided a big loss.
Any negative balances which Saxo Bank - as well as other banks - have asked their customers after 15 January 2015 account should cancel the bank - "including charged interest".
Conversely, were the customer to pay 8 percent interest on the funds which the customer would have actually had the benefit that remained but denied by the conduct of Saxo Bank.
For Saxo Bank, the verdict is brutal. Your already suffered losses could escalate.
How clearly the London Ombudsman sees the matter, he makes clear when he always comes to exactly the same conclusion in a number of cases, all available documents.
With stringent argumentation of the quasi-judges are all affected customers largely unrestricted right.
Last but not least is what the Ombudsman in its judgments many customers a small compensation for their activities to.
In the example mentioned Saxo Bank to the affected customers 250 pounds for the "circumstances and concerns" concede that they have this caused by their behavior.

http://www.financemagnates.com/forex...ish-authority/