Nasdaq to Terminate Its Services in Russia, Quotes Saxo Bank

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Saxo Bank Warns Nasdaq Termination In Russia

Russian customers of Saxo Bank received a letter from the investment bank saying that Nasdaq would terminate its services in the Russian region effective April 29, 2022. The letter was sent over the chat feature of Telegram from the official profile.

Nasdaq is yet to make a public announcement on this matter; however, as per the information shared by Saxo Bank, Russian customers will lose access to current or pending market data from Nasdaq effective April 29, 2022.

Clients will continue to receive pending quotes for open positions until they are closed.

The letter published by Saxo Bank highlighted that Nasdaq would not accept new registrations for its services, adding that all the existing registrations will automatically stand canceled.

This affects Saxo Bank as the number of transactions related to Nasdaq will gradually fall as clients begin to lose access to their accounts and purchased products. Clients have been asked to contact Saxo Bank to close their positions. The process will be performed manually instead of letting it go through automation.

Saxo Bank had earlier announced that it would terminate its services for Russia and Belarus from June 06, 2022. It was also informed that clients from both regions must close their position before the deadline, or they would automatically be closed by the trading platform.

Funds can be expected to be processed to the origin from where the clients made the deposit.

Saxo Bank had been operating in Russia without regulating Russia’s Central Bank. Clients were onboarded on the international platform.

Now that the Russian market is closing for Saxo Bank, it may bet more on other regions to explore as many products as possible. To reiterate, Nasdaq is yet to make a public announcement from its side.

Update related to this matter was first published by the Russian media RBC.

Termination of services in Russia is said to be in response to its invasion of Ukraine, an incident that has taken away many major brands from the Russian markets. Saxo Bank could be an addition to the list of Nasdaq announcing the update publicly or if Saxo Bank goes ahead anyway to terminate the services for clients based in Russia.

Once terminated, it would be mandatory to close all the pending positions and deposits within the stipulated time.