Saxo Bank has promoted Kurt vom Scheidt as its newest Global Head of Foreign Exchange, following a successful stint at the broker, according to a Saxo Bank statement.
Mr. vom Scheidt began at Saxo back in 2008, having been based out of Singapore – since then he has been one of the driving forces in fostering the growth of FX Options, FX API and Prime Brokerage businesses. Despite the shift in roles, he will continue reporting to Claus Nielsen, Global Head of Markets at Saxo Bank.
Prior to joining Saxo in 2008, Mr. vom Scheidt worked in a number of senior level roles at GFI, Commerzbank and Deutsche Bank. In addition to the promotion of Mr. vom Scheidt, Saxo Bank has also solidified the role of Dan Larsen, an acting FX options and spot trader at Saxo Bank since 2007, who will now be tasked working with the FX Spot, Forwards and Options trading team in Copenhagen.
Alternatively, Jes Jorgensen has also been appointed as Saxo’s senior FX Options trader in Copenhagen. Mr. Jorgensen joins Saxo from Danske Bank, having worked as its Chief Dealer and head of the FX Options trading team. Finally, Saxo Bank has also revealed that Gustave Rieunier is leaving the Bank after five years as its Head of FX.
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According to Claus Nielsen, Head of Markets at Saxo Bank, in a recent statement on the appointment, “I would like to thank Gustave for his contribution over the years. I respect his decision to leave Denmark and we all wish him luck for the future. Kurt’s personal drive and ambition for the Bank will continue to drive our foreign exchange business, especially given the trend to electronification in the market and upcoming regulatory changes.
We are also proud to extend management responsibility to Dan Larsen, who has delivered solid trading performance for us over the years and, of course, we are pleased to have attracted an industry veteran like Jes to the team.”
“Despite our multi-asset offering, the foreign exchange business still accounts for approximately 60% of Saxo’s revenues. The new senior foreign exchange team reinforces Saxo Bank’s currency expertise accessed by our award-winning platforms, including the new, intuitive SaxoTraderGO, which brings together content, trading, account information and relationships within one, highly-accessible platform,” he added.
Last week, Saxo Bank made waves after announcing it would terminate its offering of the MT4 platform to retail clients and stop onboarding new clients. The move to abandon the dominant retail FX platform follows similar decisions made recently by Japanese brokers.