Danish bank Nordea has attracted top talent for its foreign exchange trading desk in Copenhagen. Pierre Magnussen is joining the company as a senior FX dealer. He is returning to Denmark after spending the last three years as an FX Trader at UBS in Zurich.
Magnussen has previously worked in a variety of positions at two Copenhagen based giants – Saxo Bank and CFH. His experience in market making of G10 currencies brings him to one of the most popular banks in the Nordic and the Baltic regions.
Nordea’s Venture into eFX
Nordea ventured strongly into eFX when its Markets division rolled out e-Markets Nexus in 2016. The company’s eFX trading product was designed to retain its clients within the firm’s own trading environment with advanced multi-device trading software.
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Unlike many of its peers, the company realised early on that it needs to provide its clients with a convenient multi-platform solution to retain business. Nordea opened access for its customers to more active trading with added availability of forwards and swaps in addition to spot FX trading.
While Nordea has been at the forefront of automation with AI, the company is not shy about investing in new talent, particularly during times of significant FX volatility. The recent rise was triggered by a set of challenging circumstances across the EMFX spectrum.
With the rapid growth in trading volumes for the industry, particularly in the first half of the year, a commitment of additional resources fits in with the cycle. Rising interest rates typically precede period of heightened volatility in foreign exchange. While Nordea is not among the biggest players in the industry, its regional footprint in the Nordics is significant.
The Nordic bank, currently headquartered in Sweden has committed to moving to Helsinki after a spat with the Bank of Sweden. The company currently serves over 11 million private and 700,000 active corporate customers. The group is also famous for its internet bank, which houses more than 5.9 million online customers.