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 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