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

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

<