After two VERY slow weeks with literally no news this week starts with a bang!
Microsoft and Saxo Bank just announced their plans to launch MSN Trader, an online platform for individual traders to capitalise on investors’ increasing desire to take control of their finances. This represents a HUGE opportunity for Saxo Bank which will now have a much bigger White Label than Citi. Saxo this way gets access to a huge pool of new potential clients and coupled with the Microsoft brand skies are the limit.
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Microsoft and Saxo Bank will on Wednesday launch MSN Trader, which they said would allow individual investors to trade 11,000 shares on 23 exchanges globally “in combination with functionalities which were previously available to professional investors only”. MSN Trader will appear on Microsoft’s MSN Money website, which claims over 500,000 monthly visitors. The trading system will be Saxo’s existing WebTrader system.
In addition to equities, MSN Trader will offer FX options, over 7,000 CFDs, futures, exchange-traded funds and bonds. MSN Trader will start operating in the UK in November and France is next. The average commission at XO firms is £14 per trade. MSN Trader will charge £8 per trade.
The platform will be presented at the World Money Show in London this week.