Further to an investigation into Saxo’s anti-money laundering protocols, Finanstilsynet (Danish FSA) launched an investigation into Saxo Bank and its platform SaxoTrader in 2009 and 2010, from which they have published a series of reports during July 5 to 7 2010.
The report from the second Danish FSA investigation accuses Saxo of failing to protect investor interests adequately.
Strangely, in the introduction letter to the report, dated July 5 2010, the Danish FSA writes (translated from Danish): “Since the press has raised uncertainty with regards to the bank’s integrity and loyal execution of customers orders, and since Finanstilsynet has received a complaint that the bank has conducted front-running or in other ways, not executed customers orders in line with the bank’s own trading procedures or Best Execution Policy, the Finanstilsynet finds that there is a need to investigate the bank’s handling and execution of orders.
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