Description
Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab (English: Midas Stockbroker Company), by Lars Seier Christensen, Kim Fournais, and Marc Hauschildt.
The name was changed to Saxo when the company obtained a banking license in 2001. Saxo offers trading through its online platforms in Forex, stocks, CFDs, futures, funds, bonds, and futures spreads. The company functions as an online broker with a bank license, without offering traditional banking products. According to Saxo, roughly half of its activities are derived from partnerships with institutional trading partners. More than 100 financial institutions globally service their end clients with Saxo Bank's platforms on a white-label basis
Saxo Bank is headquartered in Copenhagen, but also has offices in financial centres such as London, Paris, Zürich, Dubai, Singapore, India, and Tokyo. According to the bank, it has clients in 180 countries, and has a daily average turnover of approximately US$12 billion.
Saxo Bank is known for its success in online trading and investment and has received a number of awards. Domestically the bank is also known for its two founders who are often outspoken on Danish politics. Revenue reached DKK 3,006 million in 2014 delivering a net income of DKK 381.2 million. It has a staff of 1600.
Saxo Bank has launched several white-label partnerships with banks such as Standard Bank, Old Mutual Wealth, Banco Carregosa and Banco Best.
