Saxo Bank seeks to recover negative client balances after repricing trades
The bank says the move is in accordance with its general business terms
Saxo Bank, the Danish financial institution and retail FX provider, has indicated it will seek to recover negative balances owed to the company by clients, even raising the spectre of resorting to legal action in its bid to reduce losses suffered since the Swiss National Bank (SNB) unexpectedly eliminated its minimum exchange rate for the franc.
Saxo has also repriced client transactions retroactively, citing extreme liquidity conditions, in a unique step among the hard-hit retail FX brokers
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