Cuidadin!!!Lot of news in retail forex the past few weeks. In the U.S. both CMC and Bacera are closing their doors. And in Europe mega forex broker Saxo Bank has run into some serious trouble.
Saxo is one of the largest firms in the currency trading world. Over the summer they spent millions of dollars sponsoring the eventual winner of the Tour De France. It now appears in hindsight that this money was woefully squandered. News reports out of Denmark are saying that Saxo has had to make hundreds of employees redundant amidst the global financial meltdown. Saxo has not come forward with details but it appears the situation is quite serious: http://borsen.dk/finans/nyhed/140626/
To make matters worse they have had to suspend a senior manager who was the prior head of Swiss broker Synthesis Bank.
http://www.cphpost.dk/get/109073.html
Quote:
Saxo suspend boss | Denmark's fastest growing bank and sponsor of Bjarne Riis' cycling team, on Thursday suspended one of its top executives Charles-Henri Sabet, head of global trading and member of senior executive management. The bank would not say specify the reason for the suspension, but it is currently launching an internal investigation in connection with the Swiss financial authorities, reports DR. Last year the financial institution bought the Swiss Synthesis Bank, founded and owned by Sabet, as part of its global expansion for online investments. (kr)
Oh boy, yet another Swiss broker finds itself under government scrutiny. How many times must I tell the trading public (and retail brokers themselves) beware swiss brokers!
This news following on top of the news that CMC closed its U.S. office and itself has had to make employees redundant around the world would seem to indicate that firms that are involved in the CFD business are really catching a lot of fallout from the financial panic of 08’. Developing…
Saludos,
X-Trader
mier..................a
