Denmark's Saxo Bank has been designated by the country's financial watchdog as a systemically important financial institution (SIFI), the lender said on Monday. SIFIs are large institutions that play a central role in the financial system and are critical to financial stability, making them subject to more stringent capital requirements than regular banks. Saxo Bank becomes Denmark's ninth such institution.
Stock brokerage BinckBank has been fined 530,000 euros by the Dutch Authority for the Financial Markets (AFM). The regulator said BinckBank did not do enough for years to determine whether customers had enough knowledge to trade advanced financial products. The stock trading platform is currently part of Denmark's Saxo Bank, and now uses that name in the Netherlands.
On May 5, The World Gold Council stated that while there was a decrease in Q1 gold demand (excluding OTC) by 13% compared to the previous year, there were positive factors such as central bank buying .
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