Saxo Bank is cheating customers after SNB removed EUR/CHF floor
- Thread starter V for Vendetta
- Start date
i am still stunned how saxo can get away with this - in your case their behaviour looks even more clearly wrong. Once the FBI is done with FIFA maybe they can continue there. Everybody blames the U.S. for being the world cop but there are some areas that no one else seems to want to tackle.
two lessons from this:
1) never enter a stop order. enter a stop limit order instead
2) run, don't walk, away from saxo bank
two lessons from this:
1) never enter a stop order. enter a stop limit order instead
2) run, don't walk, away from saxo bank
Just to be fair with Saxo, I have to post their official reply here,
although I'm not agreeing with the content of course...
http://kepfeltoltes.hu/150609/Saxo_pdf_www.kepfeltoltes.hu_.jpg
( The mentioned video was:
)
although I'm not agreeing with the content of course...
http://kepfeltoltes.hu/150609/Saxo_pdf_www.kepfeltoltes.hu_.jpg
( The mentioned video was:
Well, it's a possibility that Part II will come during summer... 
Well, it's a possibility that Part II will come during summer...
SaxoBank 1/2 year losses >70 Million
did you ever get any compensation from Saxo Bank or regulator? Is there any type of class action lawsuit (criminal or civil) going on here?
As a market maker, they should have actually been profitable if they were taking the other side of clients trades. Seemed like they were also long EURCHF instead.
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Yes, that is the problem. This stupid MARKET MAKERT were long in the worst moment to go ling with the customers. Usually they are a Casino and they cheat the customers taking the opposite position... bad luck for the poor customers.
^^Market making in and of itself, is a healthy, natural part of the market. All liquidity-providers, dealers, and speculators do this either inadvertently or [usually] in a uniform, repetitive manner (i.e. professional traders).
The saxo bank situation was peculiar because they robbed their clients so blatantly, with a requote several hours after the fact. Looks like there is at least someone looking at a lawsuit.
The irony of the entire fiasco is that if they were truly trading against their clients, the losses would have been much smaller if the majority of client positions were LONG and they were SHORT eur/chf and/or had properly hedged their client positions. They probably would have been in profit.
The saxo bank situation was peculiar because they robbed their clients so blatantly, with a requote several hours after the fact. Looks like there is at least someone looking at a lawsuit.
The irony of the entire fiasco is that if they were truly trading against their clients, the losses would have been much smaller if the majority of client positions were LONG and they were SHORT eur/chf and/or had properly hedged their client positions. They probably would have been in profit.
Looks to me like Saxo bank simply wasn't doing any legitimate hedging here and is attempting to have its cake and eat it too by sticking the bill with traders who were on the right side of the trade and normally pursuing those who were on the wrong side.
Basically, typical criminal behavior that's not unsurprising for a bank.
Basically, typical criminal behavior that's not unsurprising for a bank.
Yes, in the normal situation Saxi Bank could do a lot of money as a market maker. But someone inside in the risk and trading management didi a big mistake and though that the EUR/CHF can not fall, and now... the customer are paying... lets see what happen in the lawsuit.
But for your kind information, Saxobank customers agreed to pay their ''legal and normal'' losses caused by the normal market situation. What they no agree is with the re-quoted. Saxobank requoted the price to cover their own losses also, because they were long with more position that the customers, then they loss also their own money, not the customer's money. And they want the customers to pay, even lossing them..they are the wors broker in the world with a very big difference.