Saxo
I would like to point out about Saxo the following facts. I don't have any opinion about the bank as I don't trade with them:
Regarding guarantees in the event of a mandatory wind-up of the bank: In general cash is guaranteed by the Guarantee Fund for Depositors and Investors (supervised by a Danish Ministry) up to ~ EUR 40,000. As a general rule securities will not be affected by a bank suspension and will be returned to the client. In the unlikely event that Saxo Bank is unable to return securities held in safe custody, administered or managed, the Guarantee fund will cover up to EUR 20,000.
However, this now supercedes the previous paragraph for the time being: As of Oct 5, 2008, there is a 2 year guarantee on the part of a Guarantee Fund for Depositors and Investors which incorporates nearly all of the banks in Denmark and has been funded with DKK 35 billion (DKK 7.5 to Euro 1). Saxo joined this agreement on Oct 7, 2008 and as such all client funds will be fully protected for 2 years regardless of the amount. The guarantee will be in place until Sept 30, 2010 but may be extended if deemed necessary to secure financial stability.
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