Saxo Bank Opens Abu Dhabi Office, Headed by New Hire, Filippo De Rosa
Earlier in the year it was reported that Saxo Bank was intending to expand its Middle East presence with the
Earlier in the year it was reported that Saxo Bank was intending to expand its Middle East presence with the launch of an office in Abu Dhabi, UAE. Today, the broker announced the official launch of the office. The local represtative office opens with a license granted to it from the UAE Central Bank, making Saxo Bank one of the few foreign-based firms to enter the market with local regulation.
According to Saxo Bank, the office will be headed by Filippo De Rosa, who comes to the position from having previously worked with Moody’s Analytics as an Assisting Director. The local Abu Dhabi branch falls under Saxo Bank’s larger Middle East operations, which is led by Jakob Beck Thomsen, CEO of Saxo Bank (Dubai) Ltd and Group Regional Head MENASA.
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In a joint statement, Kim Fournais and Lars Seier Christensen, co-Founders and co-CEO’s of Saxo Bank, said: “We are thrilled to be opening our second office in the UAE. We have seen operations expanding within the region rapidly since the opening of our first office in Dubai 5 years ago, and are delighted to be committing further to the Middle East and North Africa by entering Abu Dhabi.”
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will close within 1 year..guaranteed.
will close within 1 year..guaranteed.
… c’mon now. You should know by now nobody takes you seriously when you “guarantee” something in Finance. I’ll take the over.
… c’mon now. You should know by now nobody takes you seriously when you “guarantee” something in Finance. I’ll take the over.
Raju, the CB license gives Saxo or any firm who holds it a great opportunity to promote and solicit clients from the wider GCC market, Saudi is the hot topic these days with a number of CB licensed firms extending their capabilities, also Abu Dhabi is pitching itself as the new financial hub of the GCC, its aim is to create a DIFC like enterprise called the Abu Dhabi Global Market, i suspect a number of broker dealers, banks and financial institutions will be lining up to be a part of this network. I think thee will be a rise… Read more »
Raju, the CB license gives Saxo or any firm who holds it a great opportunity to promote and solicit clients from the wider GCC market, Saudi is the hot topic these days with a number of CB licensed firms extending their capabilities, also Abu Dhabi is pitching itself as the new financial hub of the GCC, its aim is to create a DIFC like enterprise called the Abu Dhabi Global Market, i suspect a number of broker dealers, banks and financial institutions will be lining up to be a part of this network. I think thee will be a rise… Read more »
Adil, You make a good point.
How can one get CB license? any consulting firm you recommend? You plan on take your brokerage their also?
Adil, You make a good point.
How can one get CB license? any consulting firm you recommend? You plan on take your brokerage their also?
Unconventional move by Saxo. A CB license holds massive value however I don’t understand why did they take an IB/local representative license rather than a full license. Also, with the attempt by DIFC in dubai opening up forex trading for license holders, yes with limitations, I am not sure how attractive an IB license in Abu Dhabi is. Saying all that Saxo is by far one of the most respected companies, and they definitely know what they are doing. My best guess is they just looking for big white labels including local banks and who knows maybe ADS starts using… Read more »
Unconventional move by Saxo. A CB license holds massive value however I don’t understand why did they take an IB/local representative license rather than a full license. Also, with the attempt by DIFC in dubai opening up forex trading for license holders, yes with limitations, I am not sure how attractive an IB license in Abu Dhabi is. Saying all that Saxo is by far one of the most respected companies, and they definitely know what they are doing. My best guess is they just looking for big white labels including local banks and who knows maybe ADS starts using… Read more »
The CB Rep Office allows them to deal with Retail and IB it back to Denmark. In DIFC they can only do HNW or Institutional.
The CB Rep Office allows them to deal with Retail and IB it back to Denmark. In DIFC they can only do HNW or Institutional.
EuroMoney poll shows 88% drop in Saxo bank FX market participation – 2008 to 2013. What are they doing ?
EuroMoney poll shows 88% drop in Saxo bank FX market participation – 2008 to 2013. What are they doing ?