Swiss Franc: Saxo Bank is liaising with loss making clients to settle unsecured amounts

The Swiss franc surprises keeps rising up as the time passes. In light of the “Black Swan” Swiss Franc movements, Danish Forex giant Saxo Bank announced that they are well positioned financially to conduct our on-going businesses globally.

However the surprise to many traders came with Saxo Bank officially requesting a number of clients to pay back losses exceeding their initial deposits.

The company in an official press release commented:A number of Saxo Bank’s customers ended up with insufficient margin collateral to cover their losses on positions in Swiss Franc. Saxo Bank is liaising with these clients to settle such unsecured amounts. It is expected that some customers will not be able to the settle the balance in full and that the bank will incur losses in this respect. ”

One of AtoZ Forex readers from France sent an email to us complaining with regard to this specific matter:

The following is the full email we have received:

Dear AtoZ Forex,

As I see you are sharing information from various brokers regarding what happened last week. So, I wanted to ask you to enlighten my story.

I am a 27 years of Master student from Paris, who fell into Saxo Bank trap last week. I wanted to open an account and I was told that I had to deposit minimum 3,000 Euros in order to be able to trade and I did what I was asked. But what came later was the worst.

I opened a EURCHF buy order as every time it touched this level, the Swiss would do the Magic. But not this time.

When I came back from my lecture, the Swiss Bank announced the news and I had lost all my 3,000 euros even though I had a stop loss. Not only that, now my account is -22,054 Euros and someone from Saxobank called me on Friday that I must pay back the loss otherwise they can take lawsuit. So what should I do?

I am just a student, 22,000 euros for me is something not even imaginable.

I will also send you my account screenshots.

Jean Bouzy

AtoZ Forex will be communicating to Saxo Bank to get more insights about the story. We will follow up on this story.

You might also like to read: Step by Step Swiss National Bank’s Journe

Watch now: What Happened to the Swiss Franc and What to Expect next 

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