Saxo Bank Outperforms the FX Industry

Saxo Bank has won recognition as the fastest growing FX Bank of the year at the annual Euromoney FX awards.

The award, for the US$100-250 billion a year client segment, was presented last night at finance magazine Euromoney's annual FX market awards dinner in London.

Founder and Co-CEO of Saxo Bank, Kim Fournais, attended the ceremony and said the award highlighted the bank's strong performance over the course of the year.

"It's great to win an award for being the fastest growing FX Bank in the fastest growing industry.

Saxo Bank is growing fast with profits soaring 78% in 2007. However, this is the first time we have received recognition of that growth" says Fournais. "This prize is very important to us, because it shows that we have the right product offering, at the right time and is evidence of the fact that our strategy and hard work is bearing fruit."

In addition to the prize, Saxo Bank moves to 23rd place in the overall Global Market Share Ranking. JPMorgan, Lehman Brothers and Dresdner Kleinwort also posted strong gains with Deutsche Bank once again taking out the title as the largest FX bank by volume.

Despite a year that was marked by the global credit crises and systemic banking problems, the global FX market continued to grow throughout 2007 with turnover increasing by US$50 trillion, from US$125 trillion in 2006 to US$175 trillion in 2007.

The award comes off the back of Saxo Bank's recently announcement that it has entered into a Memorandum of Understanding with Tricom Holdings Limited with a view to acquiring a 35 percent holding in the Sydney-based brokerage.

Fournais adds that Tricom's current expansion into New Zealand, Hong Kong and China is a perfect match with Saxo Bank's long-term objectives, to help clients achieve their financial goals, via offering first class prices, service and dependable human support, at close hand. However, he believes that technology ultimately will determine the winners of the FX industry.

"As spreads get tighter and tighter, it is going to be increasingly difficult to make a profit. Therefore, to stay ahead of the game, parties will need to have smarter trading systems, with increased scalability and less latency", says Fournais.

For almost 30 years Euromoney's annual FX survey has been widely regarded as the industry benchmark for the FX market. The award polling took place between 18 January and 29 February and tallied over 9,810 valid votes.




Quelle/ Source: Saxo Bank Outperforms the FX Industry