In anticipation of issuing its August volume figures, Saxo Bank has announced the launch of a new ‘Transparency Page’. Stating its “commitment to increased transparency within the financial industry”, the bank has begun to publicly display its monthly volumes and retail assets under management. While, providing volume statistics to third parties in the past, this is Saxo Bank’s first time that they are integrating the figures within their company financial pages.
The figures currently contain volume data through July, which Forex Magnates posted about in August. New information is the client asset figures, where retail deposits hit a record $6.83 billion in July, rising nearly 10% since the end of January. The deposit growth follows a similar trend in 2012, where the firm announced client assets rising, even as volumes were declining. The retail figures suggest that Saxo Bank continues to have success in appealing to high net worth individuals, which has led the firm to achieve industry leading average account size. A prime part of the firm’s ability to source large accounts, is due to its image of a safe and reliable bank. The current transparency page launch is therefore, aimed at strengthening their image.
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Commenting publicly on the new page, Didier Abbato, Global Product Manager at Saxo Bank stated, “We pride ourselves on being leaders and innovators when it comes to transparency within the financial services industry, which is vital, due to the issues that the industry has faced in the past. We continually strive to develop and put in place new ways to improve the amount of information available to our clients. By undertaking such initiatives we continue to gain legitimacy and improve our reputation in the market.”