Saxo Bank to open up in South Africa

After reporting solid 2011 results and performing the first fx mobile trade while BASE jumping in South Africa, Saxo Bank will open

After reporting solid 2011 results and performing the first fx mobile trade while BASE jumping in South Africa, Saxo Bank will open its first office in the region.

Our sources in South Africa tell us that Saxo Bank will use this weekend’s Cape Argus Pick n Pay Cycle Tour, an annual cycle race hosted in Cape Town, to launch its new office in South Africa. The new office in Johannesburg will officially be launched the following Tuesday, March 13th, by co-founder Lars Seier Christensen. Saxo Capital Markets South Africa will be managed by Joint Country Managers Brett McLaren and Richard North.

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Updated with the official statement:

SAXO CAPITAL MARKETS LAUNCHES IN SOUTH AFRICA

Johannesburg, 13 March, 2012 – In response to South Africa’s increasing demand for investment opportunities Saxo Capital Markets South Africa today announced that it has launched in the region.

Saxo Capital Markets SA provides a suite of online trading platforms to enable efficient and reliable trading solutions to both private investors and institutional clients. Through Saxo Capital Markets SA clients can access a diverse range of financial instruments; from FX, CFDs and ETFs, to Stocks, Futures and Options. Clients can trade over 13,000 stocks in more than 30 international markets and exchanges. Clients will also be able to access value-added services such as live prices and real-time conversations with professional traders.

Saxo Capital Markets SA will be managed by Joint Country Managers, Brett McLaren and Richard North who have had a long relationship with Saxo Bank.

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Brett McLaren, Joint Country Manager of Saxo Capital Markets SA, said:

“Saxo Capital Markets SA will meet the growing trading demands in South Africa for multi-asset online trading as the needs of investors in South Africa continue to diversify in tandem with the changing market dynamics in the region. Never before has it been easier for South African investors to access global liquidity in a wide variety of asset classes and markets than it is now.

“Market uncertainties over the past three years have also created upsides in non-equity asset classes including forex and commodities. We are seeing a trend for South Africa’s investors, who have traditionally traded equities and warrants, moving towards multi-asset investing.

“Saxo Capital Markets’ launch in South Africa is aligned with its strategic roadmap in the region, and we intend to add resources as the business grows,” McLaren concluded.

The award-winning online trading platform, SaxoTrader, is designed to meet the varying needs and demands of the modern financial investor and trader – whether experienced or new to the markets. The recent relaxation of South African exchange control is already helping investors tap into offshore markets.

Saxo Capital Markets SA is a subsidiary of Danish-based Saxo Bank. An EU-regulated investment bank founded in 1992, Saxo Bank announced its annual results on 8 March. The Bank’s operating income increased 6% in 2011 to reach DKK 3.53 billion. The Bank continued to invest in developing the business which meant that staff costs and administrative expenses increased 12%. Thus, net profit was DKK 618 million, down 4% from the previous record year.

Saxo Bank’s co-founder, Lars Seier Christensen, joined Saxo Capital Markets SA when the new Johannesburg office was launched.

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