As we reported back in March 2012 Saxo Bank marked Turkey as one of its most important targets on its expansion plans. Lars Seier Christensen, Saxo Bank’s co-founder and co-CEO, was in Istanbul to announce the opening of the local branch while the rumour had it that Saxo was working on acquiring a local broker.
Saxo finally completed the acquisition of Değer Menkul Değerler, a small local broker with securities license (now owns 89.5% of the company), will rename it to Saxo Capital Markets Menkul Değerler A.S. and will soon start ramping up its local operations.
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Turkey recently enacted forex regulation leading to massive exodus of brokers from this very large market. About 11 local brokers have since received the new forex license and several more are pending.