The Danish investment services and retail forex broker Saxo Bank released its annual performance report for 2015. It revealed that the unexpected surge of the value of the Swiss franc in January 2015 has affected a number of its clients and brought the broker a net loss of DKK 645 million (USD 98.2 million). In comparison, in 2014 Saxo Bank had a net profit of DKK 381 million (USD58 million).
In 2015 Saxo Bank’s operating income also fell – to DKK 2.1 billion (USD 320 million) from DKK 3 billion in 2014. The client collateral, however, continued its upward trend from the previous years and rose DKK 9.4 billion (USD 1.4 billion) from 2014 to DKK 77.6 billion (USD 11.8 billion) in 2015. This, according to Saxo Bank is a new all-time high.
Kim Fournais, CEO of Saxo Bank, commented that the company’s financial results reflect the difficult operating environment for the industry and were heavily affected by the Swiss National Bank decision to remove the euro peg from the Swiss franc in the beginning of 2015.
Saxo Bank acts as a Market Maker and has 30,000 financial instruments available on its platforms, including forex, binary options on forex and stocks and contracts, CFDs, stocks, futures, and bonds, among others. It is headquartered in Copenhagen, Denmark, and operates through its subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa. The company is licensed and regulated by the Danish Financial Supervisory Authority (FSA) and has units that are fall under the regulation of a number of other regulatory bodies worldwide.