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Saxo Bank intends to speed up the development of its trading systems.
Saxo Bank, the online specialist in trading and investment, today announced the acquisition of a 40% stake in Initto, the Danish owned software and IT services provider. Initto has around 200 employees based mainly in India and Ukraine and the acquisition of Initto will enable Saxo Bank to continue to support and speed up the development of its trading systems.
Designed to meet the varying needs and demands of financial investors and traders, Saxo Bank has developed four specialised and integrated trading platforms; the downloadable SaxoTrader, the browser-based SaxoWebTrader, the compact SaxoMiniTrader and the phone-based SaxoMobileTrader.
Mikael Munck, CEO of Initto, commented: “Initto provides a wide range of customized IT services and software engineering solutions to clients. We have been very successful in offering and integrating our services into the organisation of our clients. We offer access to a wide range of international specialists that focus entirely on delivering high quality solutions to our clients' allowing them to focus on core competencies, freeing up time for innovation and value creation. This is the secret of our success which we are certain Saxo Bank also will benefit from”.
Since its establishment in 2003, Initto has grown by an average of 50% per year and expects to enhance its service offerings with the support of Saxo Bank as a strong financial partner. Initto is headquartered in Ballerup near Copenhagen with a representative office in Oslo. Initto will continue to develop software and provide services to its existing client base.
In a joint statement, Kim Fournais and Lars Seier Christensen, Co-CEOs and co-founders of Saxo Bank, said: "We are thrilled to have acquired this stake in Initto, which has great synergies with Saxo Bank and fit perfectly with our business model. The acquisition is in line with our ambition to acquire fully developed businesses and utilize their expertise to develop and strengthen Saxo Bank’s products and services. Over the next few years, we will be working with Initto to further increase the value we offer our own clients. Initto’s current and future client base will also benefit from our commitment as client and shareholder. We want to remain a first class service provider and we believe Initto can help us achieve this goal."
Saxo Bank, the online trading and investment specialist, announced today that it had bought the Danish stockbroker and wealth management company Sirius. Sirius has acquired an impressive management portfolio of more than EUR 670 million (DKK 5 billion) over a two‐year period.
The three founders Peter Sandberg, Mads Aagesen and Peter Gyrup, took the decision to sell the Group to Saxo Bank with their partners, Henrik Birk and René Spurré. The five of them make up the partner group.
CEO Peter Sandberg says: “We are very proud to become a part of Saxo Bank, and we see this as a perfect match as we have a number of clients demanding several of the products with which Saxo Bank has considerable experience. Saxo Bank’s existing clients are already familiar with the independent approach to advice, and with our expertise we will be able to strengthen our service and offer even better products.”
Sirius will operate as a subsidiary of Saxo Bank, and thus maintain an independent profile, while Peter Sandberg will continue as CEO.
Karsten Poulsen, Saxo Bank’s Deputy Chief Executive Director, comments:“Saxo Bank has won international recognition for its trading platform, which is ideal for rolling out a number of competitive products. Saxo Bank and Sirius already share many competencies, and it would be an obvious move to make use of these when building up our Asset Management and Private Wealth function. I therefore expect that we will soon be able to offer our clients even more attractive products.”
Karsten Poulsen tells that with this acquisition, Saxo Bank wants to affirm its dedication to the Private Wealth business.
Karsten Poulsen, Saxo Bank’s Deputy Chief Executive Director, comments:“Sirius has a well‐established, experienced and strong team and as a result of the merger, we expect solid results to continue. We highly value the independent expertise that Sirius provides and believe that as a result of this merger we will be able to offer our clients an enhanced proposition with new products. We want to offer our clients an independent service and to strengthen an area where we see good growth opportunities. The well‐documented and reliable capabilities that Sirius has shown, along with our own online profile, will create great synergies that will produce good opportunities."
Singapore, 1 December 2008 – Saxo Capital Markets, the Singapore-based subsidiary of the Danish Saxo Bank – the online multi-product trading and investment specialist - today announces the appointment of Kazuaki Takabatake as CEO. Previously the Deputy CEO of the company, Takabatake, in his new role, will oversee all operations of the company across the Asia Pacific region.
Kazuaki Takabatake not only brings with him a wealth of industry and company knowledge, but also determination and the drive to grow the business. His key objectives are to propel growth during the current volatile markets not only within Singapore but in other Asian markets, increase market penetration and trade volumes and maintain Saxo Capital Markets’ position as the leading online trading facilitator.
“Saxo Capital Markets has seen an unprecedented growth since launch. And despite recent market uncertainty, our trade volumes remain positive – not only a testament that there are still opportunities in the markets to be found but also of the strength and competitiveness of our product offerings,” said Kazuaki Takabatake.
Takabatake joined Saxo Capital Markets in mid 2007 as the Deputy CEO. Prior to Saxo, he was the regional director for Patsystems in Asia where he led the launch of new exchanges and brought new products to the markets. He also previously worked at Yamaichi International PLC and IBJ International in London.
Saxo Capital Markets has been licensed with the Monetary Authority of Singapore (MAS) since November 2006 and has grown from 50 employees to more than 110 trading, sales, accounts, marketing and IT personnel in Singapore over the last two years. Saxo Bank Group also recently expanded its footprint in Asia by opening an office in Tokyo and a representative office in Beijing.
Over the years, Saxo has been awarded a number of accolades in recognition of its product and service offerings. Most recently, the Bank won FX Week’s Best Bank for FX for Investors for the third consecutive year.
For the third year in a row, Saxo Bank has been awarded FX Week’s Best Bank for FX for Investors. The Copenhagen-based online trading and investment specialist was again voted into the top spot by FX market professionals and readers of the industry’s flagship publication.
The FX Week Best Bank Awards are considered a benchmark for performance in the global FX industry. The results of FX Week’s Best Bank are voted for by FX market professionals and illustrate Saxo Bank’s continued sophistication in serving the evolving needs of investors in FX trading.
“The Awards are voted for by FX market professionals whose knowledge of the industry is unrivalled", Lars Seier Christensen and Kim Fournais, co-CEOs and co‐founders of Saxo Bank, said in a joint statement. "We are very proud to have been chosen to win this award for the third year running. Our continued success reflects our commitment to providing a premier service to our clients.”
Saxo Bank’s online platform, SaxoTrader, provides market access in 23 languages to investors looking to trade Currencies, Stocks, Commodities, Futures, Options and a full range of derivatives including CFDs. Aggregating foreign exchange liquidity from more than twelve top‐tier providers, the SaxoTrader offers access to liquidity across global capital markets combined with front‐end data and sophisticated risk analytics.
Throughout the past seven years, Saxo Bank has engaged in more than 120 White Label Partnerships with licensed financial institutions around the globe. Saxo Bank provides the platform and value‐added advice while the partner provides the brand, the identity and local marketplace sales and marketing. In 2007, Citi, one of the largest full service banks in the world, launched its CitiFX Pro foreign exchange trading platform in collaboration with Saxo Bank.
Results of the FX Week Best Banks awards are based upon surveys of FX market professionals in August and September 2008. Final rankings were broken down according to total number of bank voters, as well as by corporate and investor clients. Saxo Bank’s Albert Maasland, head of its London office, will receive the award at the FX Week’s awards dinner on November 18, 2008 at Victoria Park Plaza Hotel, London.
The management of Saxo Bank has decided to join the Danish Sector Fund (Det Private Beredskab). As such Saxo Bank will be encompassed in the two-year guarantee for all deposits with and unsecured claims against Danish financial institutions, provided by the Danish government. The guarantee, which is managed by the Sector Fund, runs for two years, and may be prolonged if required to maintain financial stability.
Saxo Bank has had favorable growth in 2008 with market fluctuations in August and September positively affecting the bank's earnings.
Saxo Bank is an investment bank and not dependent on a loan financing business, an advantage in these turbulent times. In order to trade with Saxo Bank, clients are required to have a minimum of USD 10,000 in funds, and the bank does not offer traditional loans to its clients. Saxo Bank's assets predominantly comprise deposits in central banks, short-term bonds and other securities.
Copenhagen, 04 August: In an organizational restructuring of its top management, Saxo Bank has appointed Eric Rylberg and Karsten Poulsen to two new positions as Chief Executive Director and Deputy Chief Executive Director. While remaining joint CEOs and keeping all formal responsibilities, Kim Fournais and Lars Seier Christensen will leave the daily tasks of running the bank to the two new appointees with the Senior Executive Management group reporting to them.
Staying above the minutia of the daily operation, Kim Fournais and Lars Seier Christensen will focus on the strategic direction of Saxo Bank with growth and expansion as their primary interest and responsibility.
"Saxo Bank has reached a point and a size at which it seems natural to recruit two experienced professionals who have been accustomed to running a big international corporation," the two CEOs said in a joint statement. "We are by no means retiring, but by realizing an old plan, we are only disengaging ourselves from the routines of the day-to-day operation, and will, of course, remain as involved in developing the bank as always."
In choosing Rylberg and Poulsen for the new positions, Fournais and Seier Christensen focused on their established track record and extraordinary experience with streamlining and developing very efficient and profitable businesses. It has provided them with a set of professional competencies and skills that are particularly useful for Saxo Bank at this stage of its development.
"We simply need their help to get to the next stage ‐ transforming Saxo Bank into a truly global operation,” the two CEOs said. “We have experienced rapid growth from 437 employees by the end of 2005 to almost 1400 today. To get Rylberg and Poulsen on board and let them streamline and optimize our global operation just seems to be the perfect match for us."
Rylberg og Poulsen were introduced to the Senior Executive Management group earlier today and will be meeting with staff in Copenhagen and Saxo Bank's regional offices around the world over the next few weeks.
"We have followed the growth and development of Saxo Bank closely and I can only say that I feel privileged that I, together with Karsten Poulsen, have been asked to guide the bank through the next stages of its future growth and development," Eric Rylberg said. "Saxo Bank is already now in a league of its own, and I see tremendous potential in an organization that in such a short time has become a leader in its field. Our task will be to consolidate the organisation and secure the bank's position as a leader and trend setter in the global capital markets."
As the former CEO and CFO of ISS, a global service company with more than 300000 employees, Rylberg and Poulsen won wide recognition as two of the leading Danish executives and entrepreneurs who played a key role in the successful development of ISS.
Eric Rylberg (51), has had a distinguished career as an executive in Danish corporate life and is best known for his years at ISS, as CFO from 1997 to 2000, and CEO from 2000 to 2006. Karsten Poulsen (44) worked with Rylberg at ISS as Executive Vice President from 1998 to 2002, Group CFO from 2002 to 2005 and Group CTO from 2005 to 2006. In 2007, he became a member of the Management Board of Keops A/S and was appointed CEO.
With Rylberg and Poulsen on board, Kim Fournais and Lars Seier Christensen will devote themselves to strategy, vision and expansion. While the new management team will take care of implementation and execution, they will also participate in shaping Saxo Bank's future strategy.
"Saxo Bank has been our life for 16 years and it's now doing better than ever," the two CEOs said in their joint statement. "We are convinced that this is the best timing for a planned change of command. With this new leader team at the top, we want to transform the company and consolidate its position as a leader in the global capital markets.”
The appointments will take effect immediately and Rylberg and Poulsen will take possession of their offices in Saxo Bank's new headquarters in Tuborg Havn, a recently developed commercial and residential part of Copenhagen Harbor.
Copenhagen, 2 July: For the fourth year in a row, Saxo Bank took home the award for Best Retail Platform at the 5th annual e-FX awards, sponsored by FX Week Magazine.
Outpacing the shortlisted FXCM, FX Solutions and Gain Capital, the recognition strengthens Saxo Bank’s front runner position in the online trading market.
“It’s a great accomplishment and honor for Saxo Bank to reclaim this award for the fourth time,” say Saxo Bank’s Co-CEOs Kim Fournais and Lars Seier Christensen in a joint statement. “Since Saxo Bank entered the online FX market in the late 1990s, we have kept a crucial focus on serving the unique needs of our retail clients. This is one of the key components behind Saxo Bank’s success.”
Throughout the years, Saxo Bank’s retail clients have experienced a continuous flow of product offerings and a consistent upgrading of SaxoTrader, the Bank’s award-winning platform. Most recently in 2008, Saxo Bank launched two new platforms, SaxoWebTrader and SaxoMobileTrader, which enable clients to trade from any application with browsing capabilities. This allows clients to trade anywhere, anytime with instant access to liquidity available via Saxo Bank. The Bank’s ability to foresee market movements and future demands are other major factors behind the Bank’s success. In 2007 alone, profits had soared by 78%.
In addition to winning the Best retail Platform, Saxo Bank was also shortlisted in the category for Best Liquidity Outsourcing Service.
The e-FX recognition comes during a time of massive growth and global expansion for Saxo Bank. The Bank has strengthened its presence in other parts of the world by opening an office in Japan and acquiring French broking house, Cambiste. Last month, Saxo Bank announced its sponsorship of Riis Cycling, a world- renowned cycling team led by the former Tour de France winner Bjarne Riis.
London and Copenhagen, 16 June 2008 – Saxo Bank is now offering trading on the Hong Kong Stock Exchange (HKEx), otherwise known as the Hang Seng Index. With the new data feed arrangement, Saxo Bank, the online investment bank, lets SaxoTrader users from around the world trade all 201 counters of the Hang Seng Composite Index listed stocks. These include all the constituents in the popular Hang Seng Index (HSI) and the China Enterprises Index (HSCEI), as well as direct market access contracts for difference (DMA CFDs), on one of Asia’s largest stock exchanges.
The addition of the HKEx underscores Saxo Bank Group’s primary strategies of strengthening its already extensive product offering of tradable assets and market presence in Asia. With net profit of HKEx almost doubling to HK$1.65 billion and revenue up 63% to HK$2.3 billion, Hong Kong is set to continue its position as a major player in Asia.
The HSI is one of the best known Asian indices, and is widely used by fund managers as a performance benchmark for the region. The HSCEI represents 42 of the largest and most traded Chinese based companies on the HKEx. Included in the HSCI are some of the world’s largest companies like PetroChina, China Mobile, CNOOB and Bank of China.
“Hong Kong is a major financial centre, with political stability, high levels of liquidity and a strong banking sector,” said Kevin Ashby, Chairman and CEO (Asia Pacific) of Saxo Capital Markets, a subsidiary of Saxo Bank A/S. “It has also long been the recognized gateway to China. Commonly looked to as a platform for exposure to some of the fastest growing economies of the world, the HKEx enables investors to capitalize on opportunities surrounding major events like the upcoming Beijing Olympics.”
The strength of China’s emerging economy is leading to feverish trading across the globe, as investors hunt for opportunities in resilient markets like China. The HKEx has more than 1,200 companies listed, including 100 mainland China companies. There are also 1,800 mainland-backed enterprises. China’s primary economic relationship with Hong Kong is especially pronounced in the financial sector, and the opportunities for tapping onto these brisk markets are already prevalent and extensive.
“All indicators point to a very dynamic online trading environment in Asia, and the needs of retail and institutional investors grow in tandem with the development of the markets in this region. We expect investors to increasingly use the HKEx as a route to benefit from a wider diversification to China,” added Mr. Ashby.
The Asia Pacific region currently accounts for a third of Saxo Bank’s revenue and new business, and Saxo Capital Markets expects this to double in the next five years. The Tokyo, Singapore and Australian Stock Exchanges are the three other major Asia Pacific exchanges currently available on the SaxoTrader.
Saxoeducation.com to offer online tutorials on retail FX and Equity trading
Copenhagen, (9 April, 2008) - Saxo Bank, the global investment bank and leading E-Forex (FX) provider has launched a free educational website - www.saxoeducation.com - to facilitate a better understanding of the fundamentals of the rapidly growing online FX and CFD trading markets.
The initiative was developed in response to the popularity and impressive growth of online retail FX trading and the newly-embraced CFD market. Providing flexible and comprehensive learning materials, it is designed to help those who want to successfully manage their own finances and trading needs. A variety of learning methods are on offer, including webinars, videos, a course curriculum and offline regional seminars.
"The launch of the site emphasises our commitment to the online FX and Equity space and adds to our efforts in making Saxo the preferred trading partner for clients all over the world,” says Stephan Martinussen, Executive Director of Global Solutions, whose department is responsible for product development and client offerings. “The site is designed to be a flexible and an efficient way to learn, as we are aiming to facilitate safe and effective trading behaviour online."
www.saxoeducation.com offers a thorough overview of all aspects of online trading and caters to all levels of expertise, from the novice to the expert. Market instruments and investment tools are explained in detail alongside guidance notes on creating complex trading strategies. Participants can decide their own starting point and gain an advanced knowledge of online trading.
Initially, Saxo Bank will offer education in FX trading, stocks and CFDs, but courses on Futures and Portfolio Management will be added in the near future. As a global player in the markets, Saxo Bank will also offer the online tutorials in multiple languages, starting with English.
Further information about the educational site can be found on www.saxoeducation.com
Haochen Hu, a seasoned investor from Hong Kong, won this year’s World TopInvestor competition with gains of almost 785% over 12 months.
London – The winner of World TopInvestor Competition 2007-08, Haochen Hu, has outperformed the world’s leading hedge funds with gains of almost 785% over the competition period. The competition is a live, real money, capital markets trading competition lasting for a full year. The prize for the top investor is the management of a fund with an investment value of USD 250,000 sponsored by Saxo Bank, a global leader in online trading and investment services.
The winner of the 2007-08 competition was Haochen Hu, who led a strong field including Guo Hanqui with a net gain of 630%, Julian Szkirpan from the United States with 555% as well as Hungarian investors György Doleschall with a 315% gain and Tamás Czajner with 135%.
“Losing money is bad, but it is much worse when you don't know why you lost. I have traded online for eight years and you must study and be familiar with the product you want to invest in. My strategy was simple. I focused on currency trading and used the higher leverage when I felt the chance was there,” commented Hu.
Surprised with the end result himself, Hu’s near 785% gain is extraordinary. According to Hedge Fund Research Inc. indices, a series of benchmarks designed to reflect hedge fund industry performance by constructing equally weighted composites of constituent funds, the weighted index was up 10.02% in 2007. Research from Morningstar, a leading provider of independent investment research, indicates the average return was 12.5%.
“The World TopInvestor competition is a way to build recognition of your skills. You compete against traders from all over the world, trading on the same platform while using any and all of the instruments available. This year’s participants were world league investors, able to make a profit in a falling market, and easily beating professional traders,” said Christian Lund Hammer, Global Head of Partner Marketing from Saxo Bank.
Christian Lund Hammer emphasises the winners had a thorough understanding of how the market works and great talent to trade in an increasingly volatile market.
“One of the biggest changes throughout 2007 was the increase in volatility and consequently a widening of ranges. To benefit from that, you need skills in trading Forex, Commodities, CFDs and Futures. This year’s winners had those skills,” commented Christian Lund Hammer.
Next year’s World TopInvestor Competition is open to all entrants willing to open an account with any Broker sponsor. Among this year’s sponsors of the World TopInvestor competition were several leading online investment banks and brokers from all over the world including: Saxo Bank, Commodity Broking Services, BenchMark Finance, Cambiste, Finexo, Buda-Cash Brókerház, TMS Brokers, Banco Best, Poteza BPD, Dif Broker and RCG FX Trader.
A unique tool for profit in a volatile FX market, Forex Options has until now solely been offered to institutional clients. Saxo Bank, the online investment bank, now offers FX Options to private investors in the U.S. after its success in Europe and Asia.
Copenhagen/New York, 18 February 2008: Saxo Bank was the first Forex Option trading provider to offer trading of options for 31 major Forex crosses directly on live streaming prices, without dealer intervention, to private investors. The new US offer comes with lower prices than the few other Forex Option providers and with a high level of service.
One of the main benefits of trading options is the exclusion of risk from intraday volatility and the volatility caused by major market announcements. “While trading FX spot at aggressive margins, you run the risk of being taken out of your position during adverse, short term market conditions,” says Ted Voorhees, Head of FX Options at Saxo Bank. “However, by expressing your view through the options medium, one is ensured of not being stopped out”, adds Voorhees.
“FX Options offers unique opportunities for investors who want to trade beyond the intraday volatility and have strong views on currency price in weeks and months ahead,” says Voorhees. This product is also ideal for hedging other exposures.
Options can be quoted with one day to one year expiries, as well as zero to 100 deltas. The delta represents the likelihood an option is in-the-money at expiration. This alternative gives the investor a tremendous level of flexibility.
Furthermore, “trading FX Options is not a zero sum game,” says Voorhees. “Both the buyer and seller can make money, which is one of the reasons why this product is so well suited to the private investor”. This is made possible in one’s ability to trade the underlying gamma of the option the investor buys or sells. Gamma represents the change in the delta/spot position with a change in the spot level.
For the first time, Saxo Bank is participating in the International Traders Expo in New York Feb 16 – 19 at the Marriott Marquis Hotel. The expo serves as a great opportunity for Saxo Bank, as a world leader in online FX investments, to meet with private investors and present FX Options to an American audience.
On February 20, Saxo Bank will host a seminar at the Danish Consulate General in New York from 3:00 PM – 6:00 PM to introduce its products to local investors.
If you are a reporter interested in attending the seminar on February 20 to learn more about Saxo Bank and meet members of its North American team, seating can be arranged. We can also coordinate phone and in-person interviews with a representative from the Bank during that week. Please contact Daria Hall (details below) for further information.
London and Copenhagen, 28 January: Saxo Bank and JP Morgan today announced a prime broker agreement that will make Saxo one of the first, fully deployed clients of the newlyenhanced Reuters Prime Brokerage for Matching service.
The agreement will open a new channel of inter-bank liquidity for Saxo, giving the bank’s clients access to greater liquidity and increased accuracy of trading data for their currency pair operations.
“Saxo Bank provides 160+ currency pairs to its clients and the Reuters agreement will enhance the service and pricing on offer, especially in the less liquid currency pairs and markets," says Shailendra Robin Patel, global head of business development at Saxo Bank.
Commenting on the deal, Saxo Bank Co-founder and joint CEO, Lars Seier Christensen says: “We are delighted to extend our existing relationship with JP Morgan and to become one of the first clients of the enhanced Prime Brokerage for Matching on Reuters. These agreements are testament to our commitment to offering our clients a market-leading FX service through innovation.”
The agreement is an extension of the existing liquidity agreement between Saxo Bank and JP Morgan. Under the agreement, JP Morgan will act as intermediary between Saxo Bank and the thousands of international banks that trade FX on a daily basis using Reuters Matching tools.
“Reuters Prime Brokerage for Matching opens up new opportunities for more of our customers, giving them access to one of the premium sources of liquidity in the interbank market,” comments Jas Singh, Global Head of Treasury at Reuters.
The new Reuters service builds on the existing model by allowing institutions to access liquidity and trade on Reuters Spot Matching via keyboards as well as a trading Application Product Interface (API).
Saxo Bank has been recognised as the best Danish provider of FX Services for high net worth individuals by finance magazine Euromoney. The recognition comes just prior to the opening of Saxo Bank Switzerland that is intended to boost Saxo Bank’s private banking and wealth management segments.
Lars Seier Christensen, CEO of Saxo Bank and one of the two founding fathers, says that the recognition has a very special meaning for the bank. “When Kim Fournais and I founded Saxo Bank back in 1992, we wanted to challenge the establishment banks and brokers. In Denmark, some banks almost had a monopoly on Forex trading. That’s never healthy and I believe Saxo Bank helped change that. On that note, we are, of course, very proud to be recognised today as the best provider of Forex Services,” says co-CEO Lars Seier Christensen.
In recent years Forex has gained recognition by private banking clients as an asset class in its own right. This has led to higher Forex trading volumes and also more specialised Forex institutions serving the high net worth client segment. Euromoney Magazine Editor, Mr Clive Horwood, noted: “While concerns grow about the state of the global economy and the banking sector in particular, there is no doubt that global wealth continues to increase at a rapid pace. These wealthy individuals and families are spread over an increasingly diversified geographic base, and are demanding a higher quality of service from the banks and people who manage their wealth.”
Saxo Bank recently acquired Swiss Synthesis Bank in order to boost its private banking and wealth management as part of an ambitious growth strategy aimed at the year 2010. Mr Soeren Mose, an off-shore banking veteran with 15 years experience and a long time CEO of Danish Jyske Bank’s Switzerland operations, will take over as the new CEO of Saxo Bank Switzerland. Mr Thierry Thevenaz, formerly partner and deputy CEO at Synthesis Bank, will head a new trading desk servicing high net worth clients.
“One of Saxo Bank’s priorities for the coming years is to grow our private banking and wealth management segments. The acquisition of Swiss Synthesis Bank and the forthcoming opening of Saxo Bank Switzerland will support that. The Euromoney award is a great acknowledgment that we are on the right path,” Lars Seier Christensen says.
Regarded as the key survey and benchmark ranking scale in the global private banking and wealth management industry, the Euromoney Private Banking and Wealth Management Survey is now in its fifth year. The 2008 survey, which took place between September and November, generated responses from nearly 400 institutions in over 50 countries and over 1,200 private banking professionals voted for the leading banks in the industry.
The full results are available on www.euromoney.com to subscribers.
New York, Copenhagen, London - Citi today announced plans to launch CitiFX Pro, an online foreign exchange (FX) trading platform, in collaboration with Saxo Bank, the Copenhagen-based online bank. Two global leaders in their own fields, Citi and Saxo have come together to pool their capabilities and offer FX trading to sophisticated individuals and smaller institutional traders.
CitiFX Pro will offer Citi’s clients an opportunity to take full advantage of the world’s largest financial market with access to the same level of data and trading technology as institutional traders. Subject to regulatory and other approvals, CitiFX Pro is expected to begin operating shortly in the US market and will be rolled out in selected countries around the globe during 2008.
FX trading is increasingly attracting interest as a product for active traders. With CitiFX Pro, Citi will offer the sophisticated client access to robust FX trading capabilities with more than 150 currency crosses in a market with a daily turnover of more than $3 trillion according to the latest BIS report.
Jeff Feig, Citi’s Global Head of G10 Foreign Exchange said: “We believe providing FX execution service to sophisticated individual traders and small institutions using state-of-the-art online tools is a natural extension of our global FX product suite. We are excited at the prospect of expanding our client base and developing new relationships in this emerging client segment. We have chosen to partner with Saxo Bank because of their long and strong dedication to online trading.”
The agreement between Citi and Saxo Bank brings together the best of two worlds for the sophisticated individual and small institutional trader – the strength and security of the world’s largest bank and the excellence of product and service delivery from the foremost provider of online FX trading.
Kim Fournais, co-CEO and co-founder of Saxo Bank, said: “We are delighted with this alliance. Private traders will now be able to take full advantage of Citi's global presence, authority and reliability and Saxo Bank's technology to trade FX virtually anytime. This will provide better products, prices and services to a growing audience of globally oriented investors and traders.”
By joining forces with Saxo Bank, Citi, in addition to best in class liquidity and service, will be able to provide its clients with a user-friendly online trading platform and a tried and tested track record. A pioneer in the online investment trading market, Saxo Bank has over the last decade accumulated valuable knowledge and expertise in supporting the online trading needs of a global client base. It has established a global reputation for providing award-winning technology along with outstanding product and service capabilities to support its White Label Partnership concept.
Lars Christensen, co-CEO and co-founder of Saxo Bank commented: “The combination of Citi’s world class product infrastructure, global brand and size with Saxo’s best of class facilitation and technology will change the way global capital market products are being distributed and serviced worldwide. We are very encouraged by Citi’s commitment and professionalism. This is a winning proposition for everyone involved.”
Citi’s entry into the rapidly growing margin FX business is an important strategic decision. Saxo Bank is a global leader in online FX trading and its SaxoTrader trading platform has won numerous international awards. CitiFX Pro has been developed specifically for Citi based on its specifications and needs.
Sanjay Madgavkar, Global Head of FX Margin Trading, Citi said: “CitiFX Pro will provide institutional-level online trading services to a wide range of clients. The FX market is very attractive for active traders and we believe we can provide a best-in-class platform and liquidity to this client base. We believe our global presence in the FX market, combined with Saxo’s proven abilities will provide a winning product for clients seeking to trade in the Margin FX space.”
Citi and Saxo Bank invite the media for a press conference November 20, 9:00 AM at Citigroup headquarters in New York City at 390 Greenwich Street, 4th floor.
Copenhagen, Zurich, London - Saxo Bank and JDFX are launching Meta RMS, a breakthrough offering for the fast growing community of MetaTrader Brokers. Meta RMS provides liquidity, hedging, scalping protection and risk management tools.
MetaTrader is a popular software solution for FX traders. However, many MetaTrader brokers seek pricing information, liquidity, risk management and automated hedging tools from other providers. FX brokers using MetaTrader also look to third party remedies for online protection against nuisances such as ‘snipers’ and news traders. With Meta RMS, Saxo Bank, a pioneer and global market leader in online investment, and JDFX, a high-tech FX technology provider, have created a powerful product that addresses the needs of MetaTrader brokers.
Christian Frahm, Senior Executive Director, Saxo Bank said: “The Meta RMS offering will take care of several crucial issues in one offering. We have seen an increasing demand from MetaTrader users to provide risk management, protection from snipers, hedging, prices, liquidity, etc. Together with JDFX we have developed a state-of-the-art offering that covers all these essential needs for any professional FX trader.”
Within a single offering, Meta RMS provides advanced risk management with both manual and automated hedging and protection from snipers. Furthermore, Meta RMS offers a reliable, timely and spike-free price feed, a high number of crosses and first-class liquidity from the world’s biggest banks.
Today, many MetaTrader users run numerous software programs and are forced to monitor client positions on several servers. This makes it an extremely time consuming task to calculate and hedge risk. With automated hedging, brokers not only save time, but they also improve their hedging significantly around the clock, while the Meta RMS also assists brokers in meeting local regulations.
James Pieron, CEO of Swiss-based JDFX said: “The Meta RMS product allows FX retail brokers to manage their risk from one central point regardless of their size, location, and/or number of servers. Hedging can be controlled at the client, group, or exposure level. The Meta RMS product also regulates fair pricing and execution. This means on-market and instant execution for FX retail traders and off-market and arbitrage protection for FX retail brokers.”
Meta RMS will be offered to financial institutions and brokerage firms worldwide. Saxo Bank and JDFX anticipate a significant interest primarily from the Asian markets, the UK, North America, Russia and Germany, where MetaTrader is widely used among FX brokers.
Watch a presentation of Meta RMS at www.metarms.com
GENEVA - As part of its rapid global expansion, Saxo Bank has hired Edward Voorhees as its new Global Head of Options. Voorhees assumes his new position on November 1.
An experienced trader, who for the past five years has managed his own financial portfolio, Edward Voorhees has worked for Commerzbank AG in London and Deutsche Bank in Frankfurt, London and New York. An American by birth, Voorhees earned his BA in Economics from University of Chicago.
“Ted is a very skilled trader and that is what we need in order to serve our growing client base with world class currency options business,” says Charles-Henri Sabet. Sabet joined Saxo Bank’s Senior Executive Management group following Saxo Bank’s acquisition of Synthesis Bank which he founded. Sabet will head up all Saxo Bank’s trading activities in the future with Edward Voorhees as Head of Options.
“Saxo Bank wants to be among the world leaders in the global FX options market. We already have a very strong global currency options team and with Ted as team leader, we are well on our way to reach our goal," says Charles-Henri Sabet.
“When offered this job by Charles and Saxo Bank’s CEOs, Lars Seier Christensen and Kim Fournais, I did not hesitate,” says Edward Voorhees. “Saxo Bank has the courage to take on change and the integrity that is required to build a strong organization. Combined with a strong electronic platform and extraordinary IT, sales, and trading teams this made my choice easy. I'm a firm believer in electronic platforms, foreign exchange, and derivatives as a key part of any investment portfolio. No wonder that I see the perfect opportunity for success today, and most importantly, in the future. I can't wait to get started”. Edward Voorhees will also take the lead on some of the product offerings in Saxo Bank's pipeline such as Exotic Options.
Over the past 12 months, Saxo Bank has opened offices in London, Singapore and Marbella as well as a representative office in Beijing. As part of its global business strategy, the bank has several other foreign offices on the drawing board. Saxo Bank also operates an IT development center in St. Petersburg. It is building its new headquarters in Tuborg Harbour, on the outskirts of Copenhagen.
GENEVA - As part of its rapid global expansion, Saxo Bank has hired Edward Voorhees as its new Global Head of Options. Voorhees assumes his new position on November 1.
An experienced trader, who for the past five years has managed his own financial portfolio, Edward Voorhees has worked for Commerzbank AG in London and Deutsche Bank in Frankfurt, London and New York. An American by birth, Voorhees earned his BA in Economics from University of Chicago.
“Ted is a very skilled trader and that is what we need in order to serve our growing client base with world class currency options business,” says Charles-Henri Sabet. Sabet joined Saxo Bank’s Senior Executive Management group following Saxo Bank’s acquisition of Synthesis Bank which he founded. Sabet will head up all Saxo Bank’s trading activities in the future with Edward Voorhees as Head of Options.
“Saxo Bank wants to be among the world leaders in the global FX options market. We already have a very strong global currency options team and with Ted as team leader, we are well on our way to reach our goal," says Charles-Henri Sabet.
“When offered this job by Charles and Saxo Bank’s CEOs, Lars Seier Christensen and Kim Fournais, I did not hesitate,” says Edward Voorhees. “Saxo Bank has the courage to take on change and the integrity that is required to build a strong organization. Combined with a strong electronic platform and extraordinary IT, sales, and trading teams this made my choice easy. I'm a firm believer in electronic platforms, foreign exchange, and derivatives as a key part of any investment portfolio. No wonder that I see the perfect opportunity for success today, and most importantly, in the future. I can't wait to get started”. Edward Voorhees will also take the lead on some of the product offerings in Saxo Bank's pipeline such as Exotic Options.
Over the past 12 months, Saxo Bank has opened offices in London, Singapore and Marbella as well as a representative office in Beijing. As part of its global business strategy, the bank has several other foreign offices on the drawing board. Saxo Bank also operates an IT development center in St. Petersburg. It is building its new headquarters in Tuborg Harbour, on the outskirts of Copenhagen.
SAN FRANCISCO / COPENHAGEN The FX marketplace will continue to demonstrate tremendous growth in the coming years. This prediction comes from Saxo Bank, a pioneer and global market leader in online investment, following the release of the BIS Triennial survey 2007.
The BIS survey shows that traditional volumes have surged from 1.9 trillion USD per day in 2004 to a staggering 3.2 trillion USD per day in April 2007.
“The 70 percentage jump that we see in the BIS survey may be the largest ever jump since the surveys began," says Claus Nielsen, Saxo Bank’s Executive Director for Trading and Market Making. "But we expect the FX marketplace to continue to grow, and Retail FX turnover is also very likely to continue to soar at an even faster rate."
Claus Nielsen points out that in terms of more traded currencies, there has been an increase in JPY and GBP crosses, as well as in the Emerging Markets currencies and spot Gold and Silver. "For many reason we see an even stronger growth over the next 3 years as FX is becoming a true Asset Class”, says Claus Nielsen who is in San Francisco to participate in an exclusive Saxo Bank event for asset managers, CTAs, CPOs, financial institutions, brokerages, banks etc.
Claus Nielsen finds it noteworthy that a year ago at least in Europe not many in the street knew what a FX carry trade was about. “Now, everyone in the street knows about carry trading. The unwinding of the Carry Trade was even considered one of the reasons why stock markets fell in August”, says Claus Nielsen.
He believes that FX Carry Trades as well as investing in Emerging Markets currencies to gain a high yield will add to the knowledge about FX trading and, eventually, turn it into an Asset Class.
“Another very important accelerator for FX as an Asset Class is that big retail banks like ABN, Deutsche etc. are starting to offer FX to their retail clients”, says Claus Nielsen.
Saxo Bank is headquartered in Copenhagen, Denmark, with operating offices in London, Geneva, Zürich, Singapore and Marbella in Spain. It also runs a representative office in Beijing and an IT development center in St. Petersburg. One of Saxo Bank's significant areas of business is White Labelling. Saxo Bank has more than 70 White Label Partners and thousands of clients in over 170 countries.