Our friends at forexmagnates.com are top notch in bringing out the news in the industry and we’re keeping one eye on them for any news.
They have been in contact with Saxo’s chief financial and risk officer, Steen Blaafalk. You can find the full article here but here are his main comments.
I would like to stress that we were as surprised as anybody by the Swiss National Bank’s decision despite our anticipation last September and we did not foresee an actual removal this swiftly.
2. How effective have the risk controls used by Saxo Bank been during the extraordinary events which unfolded yesterday?
Effective, I would say, but this was the largest move ever in a major currency and there was virtually no liquidity in the markets during the crucial hours yesterday so we have been working hard on giving our affected clients an overview, and are working closely with them to resolve their situations.
I’m going to add the disclaimer again that solvency doesn’t mean that there have been no issues with trades and fills. We’re just trying to bring you some peace of mind.
