Saxo Bank, one of the world’s leading retail brokers, has released a statement highlighting its platform is fully compliant with European regulatory requirements after the Danish Financial Supervisory Authority (FSA) flagged lapses in its transaction reporting system.
Saxo Bank’s Chief Risk and Compliance Officer, Steen Blaafalk, commented: “We take this matter very seriously.”
Therefore, the broker strengthened its reporting systems and procedures to correct the deficient transaction reports. They rectified the sources of error in its systems from the second half of 2021. Noted, the Danish FSA.
Demand Is Increasing
In 2021, Saxo Bank continued to be one of the most significant traders in the retail market, with a 4.6 percent increase in trading volume and profit for the year that was unchanged at DKK 755 million.
Last year, the broker onboarded 263,000 new traders on its trading platform, bringing the total number of clients to 820,000. Furthermore, Saxo’s trading volume increased this year.