Further information on impact of the Swiss Franc move on 15 January, 2015.

​As previously announced, a number of Saxo Bank (Schweiz) AG customers ended up with insufficient margin collateral to cover their losses on positions in the Swiss Franc. Saxo Bank (Schweiz) AG is liaising with these clients to settle such unsecured amounts. Some customers will not be able to settle the balance in full and the bank will incur losses in this respect. 

Even in the unlikely event of suffering the maximum estimated loss then Saxo Bank (Schweiz) ​AG would still more than fulfil its regulatory capital requirements. 
 
Saxo Bank (Schweiz) AG is a strongly capitalized Swiss bank and fully regulated by FINMA. After taking into account possible client losses, the Bank’s Tier 1 capital ratio as at 21 January, 2015 stands at 22.7% including actual recovered funds.

In a written statement Antonio Ferrante, CEO of Saxo Bank (Schweiz) AG, said:

“As we have stated in the official announcement, a number of our Swiss clients ended up with insufficient margin collateral to cover their losses on positions in the Swiss Franc. We are liaising with these clients to settle such unsecured amounts. Some clients will not be able to settle the balance in full and the bank will incur losses in this respect. 

“The bank warned clients in September about the risks in relation to the Swiss Franc when we increased the margin requirement on the franc, which has been public knowledge for some time. Going forward, we aim to set the bar high in our industry for safe and responsible investing.”


Contact
Kasper Elbjorn, Head of Group Public Relations
+45 3065 4300