Saxo Bank has expanded the functionality of its flagship platform, SaxoTraderGO, targeting contracts-for-difference (CFDs) spreads. In particular, the group’s UK subsidiary Saxo Capital Markets UK has deployed new P/L management and portfolio management capabilities. This will also coincide with a reduced minimum spread for domestic clients trading select CFD indexes.
The latest spread reduction will target the UK100, which currently operates as an aggregated CFD index of the largest hundred UK-listed companies by market capitalization. The UK100 is one of the group’s most utilized indices and one of the most widely-traded CFDs across a number of retail brokerages. UK100 covers the largest and most known companies traded on the London Stock Exchange (LSE).
Given the widespread activity of the index at multiple brokerages, Saxo Capital Markets is aiming to underpin its competition with a new reduction that will now support spreads as low as 0.8 basis points. The newly reduced spread already took effect earlier this month, coinciding with freshly deployed account functionality for UK clients.
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More specifically, SaxoTraderGO is deploying a new account section that looks to support P/L management, cash balance analysis, and other portfolio summary features. The efforts also echo a growing need for investor transparency, helped in large part by recurrent and upcoming shifts in regulations policing the global FX and CFD industry. While initially targeting UK clients, SaxoTraderGo will see the aforementioned attributes adapted to other regions in H2 2017.
Since launching back in mid-2015, SaxoTraderGO has developed into the group’s marquee trading platform, supporting a range of asset classes and instruments. Boasting an open API, the platform has since kindled continuous updates, new usability, and expanded features over its two-year lifespan. Its latest efforts build on multiple other updates to the platform this year, including new capabilities for view-only users and profile viewing, among others.
Matteo Cassina, CEO, Saxo Capital Markets UK, commented: “We are excited by the opportunity we see in the UK market. The changes we have introduced – from reducing spreads to increased platform functionality – reflect our commitment to offer the clients the tools and transparency, which allow them to focus on performance.”
“We do so by facilitating access to trading opportunities, with prudent leverage, and providing one of the most sophisticated trading platforms available to traders and investors alike. This commitment aligns us further with our clients’ interests and goes hand in hand with regulatory moves to introduce greater transparency to trading, which will offer clients choice based on platform depth and access to trading instruments rather than leverage.”
“We continuously strive to be a better partner to our clients and our message is clear – we are confident in our ability to compete on cost, but we do not believe it is in our clients’ interest to compete on offering clients excessive leverage and hence risk,” he added.