Saxo returns to Australia

The Australian Securities and Investment Commission (ASIC) passed a regulation in March requiring banks to have a licence to offer FX services to retail customers or to deal through third-party wholesale banks. This meant Saxo had to terminate all accounts with retail clients – amounting to around 200. Saxo passed these accounts to the two Australian-based brokers it already had agreements with.

ASIC granted Saxo a licence to trade with Australian counterparts on Friday September 17.

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