Translate to Powered by. What they do with stops, is they wait and see if the price bounce up, and then trigger the stop.
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The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff. Download relevant investment portfolios We are constantly improving our services to make your work with us more convenient. Christensen was working as a broker for Gerald Metals at the time while Fournais worked at the now defunct Lannung Bank.
The two said that they both felt like they had found their business soul mate. The company subsequently underwent a criminal investigation by the Director of Public Prosecutions but was cleared of all charges. The company renamed to Saxo Bank, named after the Danish Saxo Grammaticus , because there was already a Nigerian bank called Mida operating at an international level.
Saxo obtained its new banking license in , began expanding its online presence and moved to new headquarters in the Copenhagen suburb of Gentofte. Saxo Bank launched its products and services in Europe during the early s. In , its first White Label solution was launched with a Portuguese securities dealer.
Following the launch of Citigroup 's CitiFX Pro, an online foreign exchange trading platform developed by Saxo, in November ,  the Bank would focus entirely on its institutional clients in the US. During , Saxo opened offices in Milan, Prague and Dubai. By year-end, Saxo Bank had around 13—14 foreign sales offices, up from eight the year before. Saxo has since been growing through add-on acquisitions and startups, and has built an asset management department, Saxo Asset Management, legally segregated from the rest of the Bank, through acquisitions.
In March , Saxo Bank launched a new equity platform able to trade in over 11, stocks and other products listed on 23 major exchanges worldwide. Saxo was voted into the top spot by subscribers to represent 'reader's choice'. In July , CEO Kim Fournais stated that the bank's turnover of DKK 70 billion on a daily basis had been broken, despite negative press at the start of the year. In August , the Bank's half-year results revealed that net profit had indeed increased fold from DKK 41 million to DKK million, making the first six months of better than any other full year in Saxo Bank's history.
In its results, Saxo Bank proved to have grown way beyond industry averages with profits trebling compared to , but it also revealed that it had launched another online platform this time with Barclays Stockbrokers Ltd. The solution, which goes under the name International Trader , encompasses over 9, equities, 21 major global exchanges in 13 international markets and an Equities research solution. The release were already being marketed widely in the UK marketplace as well as to Barclays' existing UK clients base.
In May , Saxo Bank furthermore announced it would provide TD Waterhouse , the UK's leading execution only broker, with an online derivatives trading platform for retail investors. According to Markit Saxo Bank was the first financial institution to report its CFDs on Single Stock trades on a voluntary basis, in a bid to bring greater transparency to this fast growing market. The Forex Open Orders module provides a snapshot of Saxo Bank clients' aggregated FX open orders on 10 major currency pairs, allowing users access to the historical order book across and within currency pairs.
The module makes it possible to search for concentrations of orders that might result in support, resistance or break-out points . In September the Bank decided to publish its monthly and daily average trading volumes. Saxo Bank is the first non-public bank or brokerage to publish these figures . Finally, the bank publishes live and historic spreads across price plans.
On 17 September , Saxo Bank announced plans to invest DKK 59 million in Brorup Sparekasse ; a small Danish savings bank founded in with seven branches, which was renamed to Saxo Privatbank offering core banking services in Denmark. Brorup Sparekasse ran into difficulties in and , primarily due to failed speculation in unlisted bonds, which led to negative revenue of DKK 74 million before tax. The site encourages users to share information, tips and strategies publicly.
The bank's founders said they want the site to make financial trading easily accessible to all and serve those who do not wish to engage with salespeople at banks. The social trading platform features a range of content for traders, such as market news and views, data, insights and trade ideas from Saxo Bank's research teams and VIP authors.
A real-time trade stream reveals the current market sentiment. In the beginning of , Saxo Bank launched SaxoSelect, a new digital investment service. On 23 January , Saxo Bank reported that due mainly to negative client balances on which it may not be able to collect, the bank might be forced to take a loss of up to DKK million about USD million.
On 29 January , the Danish FSA said in a statement that it was in close dialogue with Saxo Bank and would require the bank to provide a detailed report of the actions taken during and after the incident.
In February , a group of over 20 Saxo Bank clients, consisting of both Danish and foreign members, asked Danish law firm Andersen Partners to look at whether they could launch a class action lawsuit against the firm to recover losses made after the sudden removal of the CHF cap. But regarding execution of stop loss orders and adjustment of transaction prices the FSA concludes:.
Furthermore, it is the assessment of the Danish FSA that the method presented and applied by Saxo Bank to set the adjusted settlement prices for the clients affected contributes to equality of treatment between clients and is not biased towards the interests of the Bank.
Therefore, the Danish FSA finds that the method is not in conflict with the regulations that a securities dealer must act honestly and professionally. On 2 October , it was announced that Chinese carmaker Geely is going to increase its stake in Saxo Bank to Saxo Bank is headquartered in Tuborg Havn in the northern outskirts of Copenhagen.
The façade of the building is covered in diagonal white aluminium and blue glass patterns. In , Saxo Bank admitted editing its own Wikipedia entry through an anonymous user to remove information it said was untrue. When confronted by the media it acknowledged that a "slightly more elegant solution" should have been found. In and , Andy Schleck finished the Tour in second place. We love the sport, and believe that together we will be winners. In January , Saxo Bank announced it would be one the Lotus F1 team's sponsors this season, moving into motor racing.
Saxo Bank told that it would use the Lotus team name in its marketing and also be able to host clients at Formula One races as a sponsor. Saxo Bank has also sponsored reprints and distributed several books; including Ayn Rand 's novel Atlas Shrugged , which the bank retranslated into Danish and distributed 10, copies each new employee of the bank receives a copy.
While the first half of had been months of tremendous growth for Saxo Bank, allegations from former employees and two former clients sparked a two-month media focus on the bank. Saxo Bank was later cleared of all allegations and Danish Berlingske Tidende characterised Saxo Bank's media crisis as a bitter clash between the founders and former employees as well as former clients most likely due to personal disappointments or economic matters.
In April , a Portuguese financial institution accused Saxo Bank of manipulating stock and currency prices, claiming it lost 10 million euros.
Korsoe Jensen, Attorney at Law for Saxo, issued lawsuits against the two former clients in June , for false accusations. The new Chairman of the Board of Saxo Bank, Kurt Larsen, admitted to Berlingske Tidende that the lawsuits filed against the two former clients were indeed very unusual measures.
Therefore, we had to react, and therefore we have filed lawsuits against them. In July , the Danish FSA completed their investigation of Saxo Bank, having analysed its trading platform and protection of investors. The Danish FSA found its automated trading system sufficiently transparent to users.