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Saxo Secures Further Funding

Deutsche Bank has invested ?10 million in subordinated loan capital to Saxo Bank. The loan is intended to help continue Saxo's international growth. Saxo offers its Internet trading system, SaxoTrader, to other financial institutions in white label agreements free of charge with guaranteed trade level agreements. "We are growing fast, and in order to ensure that we can maintain this growth without having to raise additional share capital, we have secured this subordinated loan," say Kim Fournais, Saxo Bank's joint chief executive. "If our growth was simply allowed to continue at the present rate, we could in principle risk having to restrict the number of new clients due to the risk that the bank's solvency ratio will fall as a result of the increased trading activity to unacceptable levels." Saxo has previously entered into agreements with Deutsche to secure access to market liquidity and its suite of Internet products, as well as uses Deutsche as Primary Broker for a number of fina...

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