Saxo Capital Markets exits CFD lobbying group and sides with FCA

UK subsidiary breaks ranks with big spread-betting firms amid dispute over proposal for tougher rules on CFD products

Kim Fournais, Saxo Bank co-founder and chief executive
Kim Fournais: "It is important that our interests are aligned with our clients’ interests"

Saxo Capital Markets, the UK subsidiary of Saxo Bank, announced on June 22 that it is withdrawing from the UK CFD and FX Association, a lobbying group comprised of companies such as CMC Markets, Gain Capital and IG Group.

The decision comes amid disputes between the association and the Financial Conduct Authority (FCA), which proposed tougher rules for the CFD provider space in December, including the possibility of limiting the amount of leverage that clients can take on.

“We have decided to