Saxo Bank Ordered to Submit Accurate Reporting Information on Transactions

Fazzaco learned that  Saxo Bank A/S has been ordered by the Danish Financial Supervisory Authority(Danish FSA) to implement measures that ensure complete and accurate information in reports of transactions.

More specifically, the investment bank is required to report complete and accurate information on transactions with financial instruments to the competent authority as soon as possible and no later than at the end of the following working day.

The Danish regulator said that, the bank’s reports of transactions have been associated with a number of deficiencies since the beginning of 2018. The shortcomings include errors in information that are significant for both the Danish FSA’s and other European supervisory authorities’ ability to carry out market surveillance and correctly identify specific market players.

Reporting transaction information is an essential element in monitoring whether there is market abuse in the capital markets. Significant deficiencies in the transaction reports may therefore mean that market abuse is not detected by the relevant authorities, which risks weakening confidence in the markets.

As Fazzao reported yesterday, Saxo Bank is adding 5 new companies into its crypto and blockchain theme basket​, including Safello Group, Northern Data, Quickbit, Taal Distributed, and Digihost.