Saxo Bank is cheating customers after SNB removed EUR/CHF floor

Any update on this, has some action been taken? And are other brokers (from what I'm seeing Interactive brokers had a similar situation) acting in the same way?
 
I am fed up with Saxo's aggressive marketing campaigns!

I don't think any finance professional still compares IB to Saxo, even in Switzerland, where the banking license is so important in people's mind. It took me some time to realize that, so I hope this helps:

- Saxo does look more sexy as it invests massively into marketing, while IB invests massively into technology and has poor marketing
- IB's AUM: $ 60 billions... Saxo's: $ 8 billions
- IB offers genuine DMA, Saxo goes through local brokers
- IB is listed (-> transparency on the CHF unpeg day for example), Saxo is not
- IB is regulated by the SEC, CFTC, FCA, etc. Saxo by the Danish FSA
- IB's execution is top-notch (same or better than what we had with UBS as institutional client). As written above, Saxo is a direct member of almost NO exchange it offers for trading (and they claim they have some institutional clients, I wonder how..??)
- IB customer service for retail clients is ok, while Saxo's is good. however, IB's institutional desk is just great (at least the Swiss one, more efficient than my somewhat sleepy UBS trade desk contacts)

IB pools liquidity from 15-20 banks. I haven't heard of anyone having had requotes with IB because of the unpeg but I might be wrong. Anyway, looking at their financials, they don't seem to need it.

If you want my view, IB's technology and economies of scale are so high, Saxo will just become one of IB's clients. There are rumours here about some famous Swiss banks actually using IB for executing their orders. This wouldn't surprise me.
 
It does not matter which broker it is and in which country, it is the same colluded action.

Information and lawsuits are plentiful and ought to be bundled.
 
Last edited by a moderator:
Hi all,

We are a group of traders who suffered huge losses due to SNB's removal of its floor. There are more than 100 of us - retail traders, from Saxo, CMC, IG, GFT etc.


We currently organizing a class action against SNB to claim financial compensation. (see the news ruling against SNB below. )

http://news.forexlive.com/!/austrian-man-wins-court-case-against-snb-due-to-losses-after-floor-abandoned-20160229

If anyone would like to join our group, pls email paulcursessnb@gmail.com and talk2lyndsey@gmail.com



It's been more than one year now and I am still fighting with GFT, the broker who continued executing orders for institutional clients but failed to operate its platform to retail clients. I lost all my life savings and I am not giving up until the justice is done!


I filed complaint to FOS last year, it turned out there were many of us suffer the similar unfair treatment by different brokers. I also came cross this website which is very helpful, he gave me his FOS complaint template for free, save me a lot of money for lawyers!


http://gaincapital-gft-failure.my-free.website/


One of our group member recently had a good news from FOS and I'm hoping to hear something from FOS soon!

Good luck!

Lyndsey
 
Don't trade arbitrary floors. I agree that the fills and fill-revisions are fraud, but please no whining about the SNB decision. wtf is anyone responsible for underwriting your stupidity?
 
thanks for the links. The situation is even clearer than I thought. Saxo acted as principal in these trades (according to their own customer agreement mentioned by the ombudsman), and therefore there is no reason why their failure or inability to hedge themselves should effect the price of their original trade confirmation.

The only place where Saxo seems to win is in Denmark. Go figure!
 
You must log in or register to reply here.
Back
Top