After a few forays in Australia as a financier and platform provider for failed trading houses like Tricom and Sonray, Danish bank Saxo has decided to ramp up its business in Australia and has now opened a direct office in Sydney.
On January 30th Saxo Capital Markets announced the launch of its retail division in Australia offering Australian investors and traders the opportunity to trade numerous asset classes across award-winning online trading platforms.
Saxo Capital Markets (Australia) Pty Ltd is a wholly-owned subsidiary of Saxo Bank A/S. It holds an Australian Financial Services Licence 280372 and is regulated by the Australian Securities & Investments Commission.
We are told that Saxo Capital Markets (Australia) Pty Ltd will offer traders sophisticated trading platforms such as SaxoTrader and SaxoWebTrader, permitting the trading of foreign exchange, CFDs and stocks with live streaming prices and fast execution.
In a media statement released yesterday, the bank which has headquarters in Denmark announced the launch of its Australian operation. The company provides clients with access to over 160 foreign exchange crosses, more than 13,000 shares from 25 major exchanges and some140 Futures contracts from over 19 exchanges.
SCM Australia’s CEO Anthony Griffin commented “In Australia, we will be adopting the standard Saxo business model that has been successfully implemented in over 20 countries and bringing our award-winning platforms to the market.” He believes that the company has the services and competitive offering to transform the online trading market in Australia.
In the media release, SCM said that it had recently completed the acquisition of Logos Commodities Pty Ltd, the holding company of Commodity Broking Services Pty Ltd.
Saxo Bank was founded in 1992. Saxo Bank’s trading platforms have defined the company’s success in the online trading space for over 10 years. Since launching the SaxoTrader in 1998, Saxo Bank has improved its platforms to meet the ever-evolving needs of traders and investors in a continuously changing industry. The Group has expanded overseas since 2006 and now has operations in more than 20 countries including major financial centres such as Tokyo, Singapore, Hong Kong, London, Zurich, Dubai, and Paris.
Editor Comment: This is all well but Saxo Bank is not exactly cheap for dealing in CFDs; just yesterday I received notification of additional revisions in their financing and margin rates!