Mike’s had the Iron FX story and the comments come on the back of their approach to take over Alpari UK.
Leap Rate had an interview with Saxo CFO Steen Blaafalk who confirmed that they are chasing negative balances
LeapRate: What is your situation with negative client balances?
Steen: We are still liaising with those clients to settle unsecured amounts and status is that we expect that some clients will not be able to the settle the balance in full and that the bank will incur losses in this respect. But as we indicated late last week, those amounts are relatively immaterial to Saxo Bank overall.
The comment seems very blasé because if they are prepared to chase balances then why say that the potential losses are “relatively immaterial” if people can’t pay them?
In more Alpari news Leap Rate report that XTB has come out with a promotion to entice customers with a no minimum deposit and 10% deposit bonus for Alpari UK clients.
Questions still remain unanswered with FXCM and whether they are going to hold to their promises on forgiving customer balances in the red.