Saxo cleared of market prices manipulation

Remember the Saxo lawsuit case that made headlines some six months ago where the bank was blamed for prices manipulation? Well it's off now.

Portuguese investment house Fortune claimed that Saxo Bank has cheated, because there has been compliance with the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rates in the market and the courses that were traded with Saxo Bank. What was being rumored back than is that the claim is that there were discrepancies between Saxo’s rates on some currency pairs and the actual market rates.

Based on these claims the Danish FSA has launched an independent investigation which has costs Saxo millions. Today the results were announced and it seems that Saxo is off the hook.

The investigation was led by a firm namer Oliver Wyman and the show no signs that Saxo Bank systematically priced its manual orders to the detriment of its clients, nor did they violate their own general business conditions and “Best Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term Policy”. Furthermore, Oliver Wyman has concluded that there is also no evidence that individual clients have been treated unfairly. It seems that based on these findings DFSA will halt its proceedings against Saxo.

Read the full report in Danish here: https://www.finanstilsynet.dk/da/Tal-og-fakta/Vurdering-af-penge-og-realkreditinstitutter/2010/~/media/Tal-og-fakta/2010/Redegoerelse_SaxoBank.ashx