To bolster global online trading and execution services, Saxo Bank has officially joined the FairXchange’s ecosystem. In this collaboration, FairXchange is providing Saxo Bank with its liquidity management platform, Horizon, as the financial institution aims to further optimize its operations in the dynamic Foreign Exchange (FX) markets.
Saxo Bank Forges Strategic Alliance with FairXchange
FairXchange, a data science firm specializing in FX markets, emphasizes the importance of ensuring trading in the FX space is commercially sustainable for all participants, including both buy-side and sell-side entities.
The partnership with Saxo Bank highlighted the commitment to fostering data-driven dialogue with Liquidity Providers (LPs) and optimizing liquidity for the benefit of both the bank and its clients.
Guy Hopkins, the CEO and Founder of FairXchange, expressed enthusiasm about welcoming Saxo Bank to the network, emphasizing the bank's early adoption of data-driven dialogue with LPs and their deep understanding of collaboration with liquidity partners. He stated: "We are delighted to help them continue in that spirit of collaboration, working with them to help them maximize opportunities for them, their LPs, and their clients."
James Dewdney-Herbert at Saxo commented: “The relationship with FairXchange is already off to a very strong start. Since we went live with FairXchange we have already noted a material uplift in engagement from our trusted liquidity partners, leading to greater profitability both for them and for us, ultimately resulting in better liquidity for our clients.”
Saxo Bank, founded in 1992 in Copenhagen, Denmark, has been a trailblazer in making global financial markets accessible to a broader audience. With the launch of one of the first online trading platforms in Europe in 1998, the bank has consistently provided professional-grade tools and facilitated easy access to global financial markets for investors worldwide.
Saxo Bank joins FairXchange's data-driven ecosystem of LPs -
— The Industry Spread (@industryspread) January 16, 2024
“The relationship with FairXchange is already off to a very strong start. Since we went live with FairXchange we have already noted a material uplift in engagement from our trusted liquidity partners, leading to gr... pic.twitter.com/VBRCLba3NK
Forex Trading Soars: 13.6% Monthly Surge in December
Saxo Bank reported a month-over-month increase of 13.6% in forex trading volume for December of the previous year, reaching $13.8 billion, the highest since March, as highlighted by Finance Magnates. The average daily volume for FX rose to $6.4 billion, up from the previous month's $5.4 billion, showing a year-over-year increase of 16.3%. Despite a drop of 11.1% compared to December 2022, the overall monthly volume at Saxo increased 1.8% to $369.5 billion, driven by heightened demand for forex.
