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Naum Aksenov
Naum Aksenov

Saxo Bank Trading LINK


Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab (English: Midas Stockbroker Company), by Lars Seier Christensen, Kim Fournais, and Marc Hauschildt.[2] The name was changed to Saxo when the company obtained a banking license in 2001. Saxo offers trading through its online platforms in Forex, stocks, CFDs, futures, funds, bonds, and futures spreads.[3] The company functions as an online broker with a bank license, without offering traditional banking products. According to Saxo, roughly half of its activities are derived from partnerships with institutional trading partners. More than 100 financial institutions globally service their end clients with Saxo Bank's platforms on a white-label basis[4]




saxo bank trading


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Saxo Bank is headquartered in Copenhagen, but also has offices in financial centres such as London, Paris, Zurich, Dubai, Singapore, India, and Tokyo. According to the bank, it has clients in 180 countries,[4] and has a daily average turnover of approximately US$12 billion.[5]


Saxo Bank is known for its success in online trading and investment and has received a number of awards. Domestically the bank is also known for its two founders who are often outspoken on Danish politics. Revenue reached DKK 3,006 million in 2014 delivering a net income of DKK 381.2 million. It has a staff of 1600.[6]


Saxo Bank describes itself as a facilitator in financial markets.[9] For trading in listed equities, liquidity is provided through connectivity to the world's major stock exchanges. For online margin trading in non-listed products, the bank obtains liquidity from more than 15 large banks. Through its trading platforms, both retail and institutional clients have access to a range of financial instruments: Forex, stocks, CFDs, futures, funds, bonds, and futures spreads.[10]


In 1997, Midas launched its first internet product; a trading platform for currencies called MITS (later replaced by SaxoTrader). The company renamed to Saxo Bank, named after the Danish Saxo Grammaticus, because there was already a Nigerian bank called Mida operating at an international level. Saxo obtained its new banking license in 2001, began expanding its online presence and moved to new headquarters in the Copenhagen suburb of Gentofte.


Saxo Bank launched its products and services in Europe during the early 2000s. In 2001, its first white-label product was launched with a Portuguese securities dealer.[17] In September 2004, it also launched its first US white-label product. Following the launch of Citigroup's CitiFX Pro, an online foreign exchange trading platform developed by Saxo, in November 2008,[18] the Bank would focus entirely on its institutional clients in the US.[19]


Saxo Bank was later named the Best White Label Solution Provider in the world, at the World Finance Foreign Exchange Awards 2010, citing "the Bank's long established program of investment and innovation within its White Label business".[26][27] In the same month the bank was also awarded Best re-labelling platform for 2010 by industry magazine Profit & Loss. Saxo was voted into the top spot by subscribers to represent 'reader's choice'.[28]


In July 2010, CEO Kim Fournais stated that the bank's 2009 turnover of DKK 70 billion on a daily basis had been broken, despite negative press at the start of the year.[29] The growth is believed partly to spring from an explosive growth in Saxo Bank's largest partner, Citi, whose turnover resulting from trading grew nearly 500% in the first 6 months of 2010. In August 2010, the Bank's half-year results revealed that net profit had indeed increased 13-fold from DKK 41 million to DKK 551 million, making the first six months of 2010 better, than any other full year in Saxo Bank's history.


In its 2010 results, Saxo Bank proved to have grown way beyond industry averages with profits trebling compared to 2009. It also revealed that it had launched another online platform this time with Barclays Stockbrokers to supply their UK client base with an International Equities platform. Named 'International Trader', it encompasses over 9,000 equities, 21 major global exchanges in 13 international markets and Securities research. The release were already being marketed widely in the UK marketplace as well as to Barclays' existing UK clients base. In May 2011, Saxo Bank furthermore announced it would provide TD Waterhouse, the UK's leading execution only broker, with an online derivatives trading platform for retail investors.[30]


In 2012, Saxo Bank was reprimanded by the Australian Securities & Investments Commission (ASIC) over its risk management practices, two days after announcing intention to develop retail online trading in Australia. The regulator imposed extra licensing conditions, including a requirement to hire an expert to check on its subsidiary Saxo Capital Markets Australia's systems to address credit risk, client risk and compliance risk.[32]


On 17 September 2010, Saxo Bank announced plans to invest DKK 59 million in Brorup Sparekasse; a small Danish savings bank founded in 1897 with seven branches, which was renamed to Saxo Privatbank offering core banking services in Denmark.[36] The bank also said that it intended to offer at least DKK 150 million more in capital contribution when the terms for transforming the Brorup Sparekasse into a joint-stock company were fulfilled. Brorup Sparekasse ran into difficulties in 2008 and 2009, primarily due to failed speculation in unlisted bonds, which led to 2009 negative revenue of DKK 74 million before tax.[37][38] Saxo Bank later announced that the terms for transforming Brorup Sparekasse into a joint-stock company were fulfilled with Saxo Bank as the largest shareholder owning 98,6%[39]


Saxo Privatbank had branches in the Danish cities Brørup, Esbjerg, Fredericia, Hellerup, Kolding, Odense, Vejle and Århus. In April 2018, Alm. Brand Bank bought Saxo Privatbank for DKK 360 million.[40]


In January 2014, Saxo Bank launched a beta version of a transformed TradingFloor.com, a community portal re-launched into the first multi-asset social trading platform. The site encourages users to share information, tips and strategies publicly. The bank's founders said they want the site to make financial trading easily accessible to all and serve those who do not wish to engage with salespeople at banks. "We want to set free the peer-to-peer power of traders around the globe," they said in a joint statement.[41]


The new TradingFloor.com is designed for serious private investors trading with their own money, but it can also be used by those wishing simply to follow financial markets. The social trading platform features a range of content for traders, such as market news and views, data, insights and trade ideas from Saxo Bank's research teams and VIP authors. A real-time trade stream reveals the current market sentiment.


In September 2015, Saxo Bank announced that it would open access to its trading infrastructure with the launch of OpenAPI, allowing partners, clients and external developers to access the bank's trading infrastructure and enable them to customise their trading experience [43]


In the beginning of 2016, Saxo Bank launched SaxoSelect, a new digital investment service. One part of the environment is a range of portfolios built with iShares ETFs, launched in cooperation with BlackRock aimed for long-term investors and managed according to BlackRock's research.[44] Saxo Bank also launched a copy trading service called Trading Strategies, offering access to a set of trading strategies managed and designed by a wide range of investors selected by Saxo Bank.[45]


On 23 January 2015, Saxo Bank reported that due mainly to negative client balances on which it may not be able to collect, the bank might be forced to take a loss of up to DKK 700 million (about US$107 million).[49]


On 29 January 2015, the Danish FSA said in a statement that it was in close dialogue with Saxo Bank and would require the bank to provide a detailed report of the actions taken during and after the incident.[50]


In December 2016, the Danish Maritime and Commercial High Court ruled in Saxo's favor in a case filed by a Danish corporate client that lost money in when the Swiss national bank removed the peg, also underlining that Saxo's actions were in line with the bank's business terms and that market conditions were exceptional, that market was illiquid and that it, in practice, was impossible to execute orders at the initial prices.[54]


In mid-June 2008, Riis Cycling A/S announced that Saxo Bank had entered a three-year contract as title sponsor, with immediate effect, so the team entered the 2008 Tour de France as Team CSC Saxo Bank.[63] Carlos Sastre won the Tour, and the team took the team classification. In 2009 and 2010, Andy Schleck finished the Tour in second place. When the bank signed the sponsorship agreement with Riis Cycling A/S, it noted that the team "has the international reach and name recognition that means we will be able to get our message our to most of our client groups around the globe. We love the sport, and believe that together we will be winners."[64] It surprised everyone Lars Seier Christensen together with Bjarne Riis announced to the public on 3 August 2010 that Saxo Bank had extended its sponsorship of Riis Cycling for another year, and that Tour winner Alberto Contador had signed onto the team, with the aim of winning all Grand Tours (the Tour de France, the Giro d'Italia and the Vuelta a España) in one year.[65] In 2013, Tinkoff Bank joined Saxo Bank as title sponsor.[66] Following Bjarne Riis' sale of the team to Oleg Tinkov, Saxo Bank stopped its sponsorship as of 2016.[67]


Saxo Bank has also sponsored reprints and distributed several books; including Ayn Rand's novel Atlas Shrugged, which the bank retranslated into Danish and distributed 10,000 copies (each new employee of the bank receives a copy). In May 2007, Saxo Bank donated one million DKK to the libertarian political party Ny Alliance (later renamed to the Liberal Alliance), co-CEO Lars Christensen later joined the party himself.[69] Saxo Bank supported Liberal Alliance financially for several years, but stopped the contribution af the parliamentary election in 2015.[70] 041b061a72


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