It Is Fourth Dimension To Unopen Saxo Banking Concern Down

Saxo Bank is a retail unusual central trading bank. The stance of forex trading every bit a retail production is mildly offensive whatever way. [I only can't run into how you lot tin laissez passer the sack brand coin doing this inwards whatever consistent manner.]

However the (a) lack of systems too (b) depth of the scam is revealed yesteryear Saxo's contention subsequently the giant Swiss Franc deed today. To quote:

“Due to today’s particular marketplace position get inwards CHF crosses, nosotros accept been filling customer orders too positions inwards an extremely illiquid market. Once nosotros are meliorate able to found truthful marketplace position liquidity, all executed fills volition move revisited, too volition move revised too amended to to a greater extent than accurate levels. This may final result inwards a worse execution charge per unit of measurement than the originally filled level.”

It is of course of report garbage of the highest guild that inwards the biggest currency get of recent times at that topographic point pertained an "extremely illiquid market". If Saxo quoted the incorrect toll the work is Saxo's systems.

Instead Saxo is exactly stealing from its clients. It did a bargain too they traded at a charge per unit of measurement - too they are rewriting that bargain to adapt them.

Theft is the correct word.

Any regulator that lets Saxo Bank produce this is failing it substance functions.

Saxo bank's licenses should move revoked.





John

Hat-tip to Reuters.

Disclosure: no positions.