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.”

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