Breaking News: Saxo Bank cuts trading costs by up to 50%

Today, live from the iFXEXPO Asia 2016 hosted by ConversionPros and Finance Magnates, senior executives from technology-led Danish multi-asset trading company Saxo Bank met with Andrew Saks-McLeod to explain the company’s new FX pricing structure in detail. Neil Browning, Senior Director & Head of FX Sales at Saxo Bank revealed that the company has made […]

Today, live from the iFXEXPO Asia 2016 hosted by ConversionPros and Finance Magnates, senior executives from technology-led Danish multi-asset trading company Saxo Bank met with Andrew Saks-McLeod to explain the company’s new FX pricing structure in detail.

Neil Browning, Senior Director & Head of FX Sales at Saxo Bank revealed that the company has made significant changes to its pricing structure to offer institutional and retail clients a choice from their facilitator.

Kurt Vom Scheidt, Executive Director, Global Head of Foreign Exchange at Saxo Bank said “For us it is all about promoting choice by clients.”

“We look at this across four categories which are pricing, liquidity, trading and asset class” he continued.

Mr. Vom Scheidt explained that the company has, as part of the new solution enabled a reduction of trading costs at levels that are up to 50% lower then previously, with spread from as low as 0.2 pips plus $20 per million volume-based commission.”

“We have now launched a solution that provides full spread history and depth of book transparently to facilitate clients being able to make a choice with regard to how they are best served” said Mr. Vom Scheidt.

“Our own liquidity is now supported by new links that show the stop order fill statistics so that we can now show clients what they actually get in terms of stops and fills, so that they can actually feel proud just as we are” said Mr. Vom Scheidt.

“With regard to commission structures, we now offer commission-based DMA (Direct Market Access) with customized feeds tuned to clients’ bespoke needs for optimal execution.

Trading infrastructure

In terms of how this will be provided, Mr. Browning explained that the new solution will be offered across a range of platforms, including the omni-channel SaxoTraderGo experience.”

Continuing with enthusiasm, Mr. Vom Scheidt explained that this can also be accessed directly via a OpenAPI or FIX trading infrastruture.”

“The staple is that one can access 40,000+ instruments in a single cross collateralized account for capital efficiency” said Mr. Browning.

In conclusion, Mr. Vom Scheidt explained “The promotion of choice allows for the asset class that provides market opportunities. This is conducted by using the trading interface that clients demand to access the liquidity that they prefer with the pricing that best suits their needs.”

Photograph: Saxo Bank executives Neil Browning and Kurt Vom Scheidt at iFXEXPO in Hong Kong. Copyright Andrew Saks-McLeod

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<