Saxo bank takes hard line on client currency losses
1 hour ago ' February 8th, 2015 23:10:45 GMT by Eamonn Sheridan View Comments
In the Wall Street Journal (gated):
Danish Bank Takes Hard Line on Clients' Currency Losses
Saxo Bank Says Losses Are Customers' Fault
Not new news at all, but interesting the Journal now taking an interest:
- Saxo said any losses are its clients' fault
- Said its business terms explicitly grant it the right to revise prices after trades have been closed
- "I think it was a fair way of dealing with it," said Steen Blaafalk, Saxo's chief financial and risk officer. "Clients that lost money can blame us, or they can blame themselves."
- According to the firm's communications reviewed by The Wall Street Journal, client trading records and interviews with customers, Saxo has retroactively repriced some trades and is chasing its own customers for about $100 million in losses.
There is a lot more at the link and it makes for interesting reading ... there are views from Saxo and from customers, and as you'd expect, they are at odds.
