Saxo Markets names Simon O’Malley CFO as broker launches crypto FX

Rick Steves

He joins Saxo Markets from HSBC Global Banking & Markets, where he was Programme Director for Business Transformation. Prior to that, he was Global Risk COO at Barclays.

Saxo Bank has appointed Simon O’Malley as the new Chief Financial Officer and Board Member of its subsidiary, Saxo Markets UK, starting July 26.

Based in London, Mr. O’Malley will be reporting to Charles White-Thomson, CEO of Saxo Markets UK, where he will support the business’ growth in the UK market.

Bringing over 20 years’ experience within the financial services industry, Mr. O’Malley joins the online multi-asset trading and investment specialist after having worked at several global banks.

He joins Saxo Markets from HSBC Global Banking & Markets, where he was Programme Director for Business Transformation. Prior to that, he was Global Risk COO at Barclays.

Simon O’Malley, Chief Financial Officer at Saxo Bank, said: “With a record number of new active clients onboarded during 2020 it’s an exciting time to be joining Saxo Markets, as a leading online investment and trading community. I look forward to working with the team to support its rapid growth and help the business realise its ambitions.”

Charles White-Thomson, CEO of Saxo Markets, commented: “I am very pleased that Simon will be joining Saxo Markets as a Board Member and as Chief Financial Officer. He brings significant breadth and experience and will be a key part of the team that is tasked to deliver on our growth ambitions as Saxo continues to further broaden its relevance to more people especially within the investor segment.”

Saxo Markets announced this week the launch of its crypto FX offering, initially available in Singapore and Australia. Trading of Bitcoin, Ethereum and Litecoin will be available against the euro, yen and US dollar from a single margin account.

They can trade and hedge both long and short exposure in the three major cryptocurrencies, which will be in the form of derivatives and not physical coins.

Due to the volatile nature of the instruments, retail investors can trade on 60 per cent margin, while accredited investors can trade on 40 or 50 percent margin.

The new offering complements its existing range of over 30 different cryptocurrency trackers and exchange-traded notes (ETNs), which year-to-date have seen trading volumes exceed the entire turnover for the whole of 2020 – a year in which volumes grew 130 percent.

Stanislav Kostyukhin, Commercial Owner – Trader segment, commented: “Saxo Bank has developed a unique proposition which gives our clients access to the growing crypto space in a flexible, secure and hassle-free manner from a single fully-licensed account without the need to use wallets or cold storage solutions. The offering sits at the intersection of traditional finance and crypto, which is where we see the market evolving as it draws the attention of retail traders and financial institutions.

“We set out to deliver a product which offers the security and ease of use associated with more mature asset classes, coupled with the volatility and dynamics of Bitcoin, Ethereum, and Litecoin – giving clients the opportunity to trade both long and short in the thriving crypto market”, he added.

“Crypto FX achieves this by building on our 30 years experience as a leading firm in trading and investing, combining the traditional qualities of a currency pair alongside the exciting possibilities of a cryptocurrency.”

Read this next

Digital Assets

Bybit exits UK market ahead of regulatory changes

Bybit is suspending its cryptocurrency services for users in the United Kingdom due to impending regulations from the country’s Financial Conduct Authority (FCA).

Digital Assets

Binance argues SEC trampled authority set by Congress

Binance, Binance.US, and Changpeng Zhao have jointly filed to dismiss a lawsuit brought by the Securities and Exchange Commission (SEC) in June.


Oscar Asly replaces Rasha Gad as CEO of M4Markets Dubai

Seychelles-regulated brokerage firm M4Markets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Retail FX

Capital Index UK reports mitigated loss despite revenue drop

FCA-regulated brokerage firm Capital Index (UK) Limited has released its annual financial report for the year 2022.

Digital Assets

Mike Novogratz’s Galaxy Digital expands in Europe

Galaxy Digital, the New York-based cryptocurrency financial services company founded by Mike Novogratz, is expanding its presence in Europe by appointing Leon Marshall as its first European CEO.

Metaverse Gaming NFT

Turingum Partners with MarketAcross to Drive Web3 Adoption in Global and Japanese Markets

Global blockchain PR leader MarketAcross joins forces with Japanese Web3 specialist Turingum to mutually expand its market reach, aiming to fortify Turingum’s worldwide footprint and MarketAcross’s presence in the lucrative Japanese blockchain landscape.

Digital Assets

Binance to delist all stablecoins in Europe next year

During a public hearing with the European Banking Authority (EBA), an executive from Binance said that the exchange could ultimately delist stablecoins from its European platforms by June 30, 2024.

Industry News

“Unconscionable conduct”: ASIC fines National Australia Bank $2.1m for overcharging customers

NAB faces a $2.1 million penalty for unconscionable conduct, as the Federal Court rules the bank knowingly overcharged customers, and took over two years to rectify the situation.