Saxo Bank has started to offer online trading access to dollar-rouble foreign exchange pricing to all client segments.
This addition to its multi-product trading platform SaxoTrader was made to allow institutional and private clients globally to invest freely in the rouble and hedge currency risks in Russia. The dollar-rouble cross marks the 160th currency to be launched on the platform.
“We are enhancing our foreign exchange offering with the dollar-rouble cross as a service to our increasing base of institutional Russian clients and to foreign investors around the world,” says Lars Seier Christensen, co-founder and CEO of Saxo Bank.
“In a market hungrier for diversified and competitive investment opportunities than ever before, interest in Russia and its growing economy has significantly increased over the past 12 to18 months,” he says. He puts this down to Russia’s key position in the global economy, adding that the bank is keen to continue developing and customising its product and service offering on this market.
“The introduction of the rouble cross to our trading system is proof of Russia’s success on the road to complete convertibility of its national currency and a sign of the growing recognition of the rouble on the international markets,” says Vitaly Butbaev, head of Saxo Bank’s Eastern European institutional desk.
Saxo joins CME, Lava FX and most recently EBS (Squawkbox, February 12), in entering what appears to be an increasingly competitive space surrounding rouble trading.