FX news: Saxo cleared of market manipulation
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Foreign Exchange

FX news: Saxo cleared of market manipulation

Saxo Bank has been cleared by Finanstilsynet (Danish FSA) of allegations of investor protection failures this week, following the results of an independent investigation by UK consulting firm, Oliver Wyman.

Back in July this year, the Danish FSA published a series of reports accusing Saxo Bank of failing to adequately protect investor interests following complaints from a handful of customers and speculation by the Danish media. An independent investigation was requested by the Danish FSA.

The Danish FSA published an official report on Monday, stating that following the independent investigation, it has “no cause to take any further action” against Saxo Bank.


The tests conducted by Oliver Wyman revealed no signs that Saxo Bank systematically priced its manual orders to the detriment of its clients, nor did it violate its own general business conditions and best execution policy. Furthermore, Oliver Wyman concluded that there is no evidence that individual clients were treated unfairly.

The report states only 0.1% of trade orders were to the detriment of clients but inexplicably so. Oliver Wyman says this is typical of similar studies. The Danish FSA says in the report (translated from Danish): “The study indentified the trading orders that are executed at prices that deviate from the expected, have been both favourable and to the detriment of customers, and that these favourable and unfavourable prices have broadly offset each other.”

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