The rating agency updates Saxo's rating from BBB due to the solid profitability.
A- is one of the seven highest ratings awarded by S&P.
The
Denmark-based Saxo Bank has been awarded an “A-“ long-term issuer credit rating
by S&P Global Ratings, marking an upgrade from its previous “BBB” rating.
According to
the company, the stable outlook accompanying the rating is a testament to its “solid
operating profitability, robust capitalization, and effective risk management
practices.”
Saxo Bank Secures A-
Credit Rating from S&P Global Ratings
The credit
rating upgrade follows Saxo Bank's designation as a Systemically
Important Financial Institution (SIFI) last year. The bank has taken proactive
steps to enhance its financial resilience and align with regulatory
requirements for SIFIs, including increasing its resolvability and bolstering
its subordinated debt buffers.
"This
rating upgrade by S&P Global Ratings serves as a testament to our
unwavering commitment to financial resilience and prudent risk management,”
said, Søren Kyhl, the Deputy CEO & COO of Saxo Bank.
According
to S&P Global Ratings definitions, an “A-“ credit rating on the global
scale indicates that an obligor has strong capacity to meet its financial
commitments but is somewhat more susceptible to adverse economic conditions and
changes in circumstances than compared to obligors in higher-rated categories.
“We are
pleased that our enhanced credit rating reflects our efforts to further bolster
our financial robustness, which is in alignment with our designation as a SIFI,”
Kyhl concluded.
The rating change comes after Saxo Bank published its financial report for 2023 a month ago. The report showed an increase in the number of investors to 1.15 million and an operating income of DKK 4.48 billion, which modestly rose from DKK 4.45 billion reported the previous year.
How S&P Ratings Work?
S&P
ratings provide a relative ranking of overall creditworthiness. They assess the ability and willingness of debt issuers, such as corporations or governments, to
meet their financial commitments in full and on time.
Ratings may
be changed, suspended or withdrawn at any time as the issuer's financial
situation evolves. S&P publishes annual default and transition studies
showing the performance of their ratings over time.
S&P
uses letter scales to provide a common, transparent language for comparing
creditworthiness:
Long-term
credit ratings range from AAA (highest) to D (default)
Ratings
from AA to CCC may have + or - signs to show relative standing
Short-term
ratings range from A-1 (highest) to D
There are
also special-purpose ratings for things like funds, using different symbols.
Saxo’s New COO and Lower FX
Demand
In late March, Saxo announced the appointment of Tara Tyan as its new Chief
Operating Officer (COO) for the MENA region. Tyan, who has been with the company for approximately
six years, was promoted internally to this key leadership position.
With a
wealth of experience in the forex and CFDs industry, Tyan brings valuable
expertise to her new COO role. Before joining Saxo Bank, she held various
positions at prominent brokers. In June 2013, Tyan began her career in the
industry as a Regional Marketing Manager at Easy Forex, where she spent a year
honing her skills. She later served as the Global Events Manager at FXPro for
ten months and as a Senior Marketing Manager at Equiti for six months.
Tyan's
appointment comes at a time when Saxo Bank is experiencing fluctuations in its
monthly forex trading volumes. According to a recent report by Finance
Magnates, the bank's forex trading volume on its platform decreased significantly in February, dropping to $92.4 billion from $106.7 billion in the
previous month. This represents a month-over-month decline of 15.4 percent.
Notably,
February marked the first time in two years that Saxo Bank's overall monthly
forex volume fell below the $100 billion threshold. The last time the company
recorded a lower monthly forex volume was in December 2021, when it posted
$95.7 billion.
The
Denmark-based Saxo Bank has been awarded an “A-“ long-term issuer credit rating
by S&P Global Ratings, marking an upgrade from its previous “BBB” rating.
According to
the company, the stable outlook accompanying the rating is a testament to its “solid
operating profitability, robust capitalization, and effective risk management
practices.”
Saxo Bank Secures A-
Credit Rating from S&P Global Ratings
The credit
rating upgrade follows Saxo Bank's designation as a Systemically
Important Financial Institution (SIFI) last year. The bank has taken proactive
steps to enhance its financial resilience and align with regulatory
requirements for SIFIs, including increasing its resolvability and bolstering
its subordinated debt buffers.
"This
rating upgrade by S&P Global Ratings serves as a testament to our
unwavering commitment to financial resilience and prudent risk management,”
said, Søren Kyhl, the Deputy CEO & COO of Saxo Bank.
According
to S&P Global Ratings definitions, an “A-“ credit rating on the global
scale indicates that an obligor has strong capacity to meet its financial
commitments but is somewhat more susceptible to adverse economic conditions and
changes in circumstances than compared to obligors in higher-rated categories.
“We are
pleased that our enhanced credit rating reflects our efforts to further bolster
our financial robustness, which is in alignment with our designation as a SIFI,”
Kyhl concluded.
The rating change comes after Saxo Bank published its financial report for 2023 a month ago. The report showed an increase in the number of investors to 1.15 million and an operating income of DKK 4.48 billion, which modestly rose from DKK 4.45 billion reported the previous year.
How S&P Ratings Work?
S&P
ratings provide a relative ranking of overall creditworthiness. They assess the ability and willingness of debt issuers, such as corporations or governments, to
meet their financial commitments in full and on time.
Ratings may
be changed, suspended or withdrawn at any time as the issuer's financial
situation evolves. S&P publishes annual default and transition studies
showing the performance of their ratings over time.
S&P
uses letter scales to provide a common, transparent language for comparing
creditworthiness:
Long-term
credit ratings range from AAA (highest) to D (default)
Ratings
from AA to CCC may have + or - signs to show relative standing
Short-term
ratings range from A-1 (highest) to D
There are
also special-purpose ratings for things like funds, using different symbols.
Saxo’s New COO and Lower FX
Demand
In late March, Saxo announced the appointment of Tara Tyan as its new Chief
Operating Officer (COO) for the MENA region. Tyan, who has been with the company for approximately
six years, was promoted internally to this key leadership position.
With a
wealth of experience in the forex and CFDs industry, Tyan brings valuable
expertise to her new COO role. Before joining Saxo Bank, she held various
positions at prominent brokers. In June 2013, Tyan began her career in the
industry as a Regional Marketing Manager at Easy Forex, where she spent a year
honing her skills. She later served as the Global Events Manager at FXPro for
ten months and as a Senior Marketing Manager at Equiti for six months.
Tyan's
appointment comes at a time when Saxo Bank is experiencing fluctuations in its
monthly forex trading volumes. According to a recent report by Finance
Magnates, the bank's forex trading volume on its platform decreased significantly in February, dropping to $92.4 billion from $106.7 billion in the
previous month. This represents a month-over-month decline of 15.4 percent.
Notably,
February marked the first time in two years that Saxo Bank's overall monthly
forex volume fell below the $100 billion threshold. The last time the company
recorded a lower monthly forex volume was in December 2021, when it posted
$95.7 billion.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
TradingView Adds Spread Betting to Its Platform via Spreadex Integration
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
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Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa