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.
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