Tag: Saxo Bank

Saxo Bank

Saxo Names Yu as China CEO

Saxo Bank has appointed Vivienne Yu as CEO of Greater China to help grow the firm’s retail and wholesale business in the region.

In this role, Yu will assume overall responsibility for expanding Saxo Bank’s services and customer base and drive strategic business growth in the Greater China region, including offices in Hong Kong and Shanghai.

Additionally, she will manage and develop relationships with key stakeholders and partners in China and Hong Kong. 

Prior to this role, Yu most recently served as CEO China at Commonwealth Bank of Australia (CBA), where she led the bank’s China’s investment and proprietary banking business for the retail, SME and institutional client base.

Saxo Hires Ross

Saxo Bank has hired Ulrik Ross as head of group treasury, effective March 1, 2018, he will replace Henrik Andersen, who has decided to step down to assume a new position on the board of management at KommuneKredit, according to Saxo.
Ross will report directly to Steen Blaafalk, head of group finance & risk (GFR), and will be part of the global management team in GFR and Saxo Group’s senior management team, in his role, Ross will assume the overall responsibility for all Treasury activities.

Saxo Establishes Quant Unit

Saxo Bank has established a new quant unit and hired Jesper Andreasen and Hans-Jørgen Terp Flyger to set up and run it with the responsibility to drive and manage the development of new state-of-the-art risk tools.
The firm says the new tools will support its internal risk functions and will also allow Saxo to offer new and better tools for clients including forward-looking risk management tools.
Andreasen has served as head of the quant department at Danske Markets and Flyger as head of derivatives and risk IT at Danske Markets.

Saxo Signs Up to the FX Global Code

Saxo Bank has signed up to the FX Global Code of Conduct, which is aimed at improving industry standards and promoting best practice among FX market participants.

To emphasise its support for openness and transparency, Saxo says it has published an “Enhanced Disclosure” that provides insight into broker incentive, broker stability, client leverage and performance.

Kim Fournais, CEO and co-founder, says: “We are proud to have been given the opportunity to participate as a member of the Bank of England’s FX Joint Standing Committee in reviewing and drafting this important and unprecedented industry-wide initiative.”

Saxo Integrates AutoChartist to Trading Platform

Saxo Bank has announced a new collaboration with Autochartist to offer its clients access to Autochartist’s automated technical analysis and live trade signals via the SaxoTraderGo platform.

Autochartist’s algorithms constantly monitor global markets and deliver live trade signals through a wide range of parameters based on technical analysis.

Each trade signal presents a simple overview of the underlying analysis and an automatically calculated entry price, take-profit target and stop-loss that clients can trade directly on the platform as opportunities occur in the market.

Saxo Sells Uruguayan Subsidiary

Saxo Bank has agreed to sell its Uruguayan subsidiary, Saxo Capital Markets Agente de Valores, to DIF Broker, a long-term white label client of the firm.

The transaction, having been approved by the relevant authorities, is subject to customary closing conditions and DIF is expected to be the new shareholder of the company as of 31 December 2016.

Saxo says that the sale of the Uruguayan subsidiary is part of its strategy to deepen the physical presence in selected markets whilst having a strategy of working closely with local partners in markets where the benefits of a partnership outweigh the need of a physical presence.

Saxo Adds Cross Collateralisation to PB Solution

Saxo Bank is boosting its FX prime brokerage solution with the addition of a cross-collateralisation facility between PrimeXM sites in New York, London and Tokyo where it provides FX direct market access.
The facility will enable the firm’s prime clients with global liquidity needs to further optimise their collateral by synchronising balances and exposures across the three primary global FX locations.
Saxo says the cross-collateralisation facility is a natural step in the evolution of the service which will help its clients avoid over allocation of capital by giving them the ability to use a single pool of collateral across the three major global FX sites, while maintaining a pre-trade credit check per site.

Saxo Resumes Default Margin Requirements Post-Election

With the immediate market risk of the US elections having diminished, Saxo Bank has returned its margin requirements to normal levels, with the exception of GBP pairs.

Saxo raised margin requirements ahead of the US election to try and ensure that its clients were appropriately leveraged going into what it expected could be a significant market event.

It raised the requirements on most major FX pairs up to 2%-3%, with MXN and RUB going to 15% and 10%, respectively. Claus Nielsen, head of markets at Saxo, comments:

Saxo Braces for US Election

Saxo Bank is increasing margin requirements on certain FX pairs, equity and fixed income products ahead of next month’s US election.

Saxo says that it will implement margin changes on products expected to be affected by the outcome of the election such as some single equity, index and fixed income CFDs, and certain FX pairs.

This includes taking most major FX pairs up to 2-3% with RUB and MXN going to 10% and 15%, respectively, while the minimum margin requirement on CFD indices will be 4% based on market volatility and liquidity leading up to and through the election.