Saxo Bank has won recognition as the fastest growing FX Bank of the yearat the annual Euromoney FX awards.
The award, for the $100-250 billion a year client segment, was presented last night at finance magazine Euromoney’s annual FX market awards dinner in London.
Founder and Co-CEO of Saxo Bank, Kim Fournais, attended the ceremony andsays the award highlighted the bank’s strong performance over the course of the year.
“Saxo Bank is growing fast with profits soaring 78% in 2007. However, thisis the first time we have received recognition of that growth. This prize is very important to us, because it shows that we have the right product offering, at the right time and is evidence of the fact that our strategy and hard work is bearing fruit,” says Fournais.
In addition to the prize, Saxo Bank moves to 23rd place in the overallGlobal Market Share Ranking. JPMorgan, Lehman Brothers and Dresdner Kleinwort also posted strong gains with Deutsche Bank once again taking out the title as the largest FX bank by volume.
Despite a year that was marked by the global credit crises and systemicbanking problems, the global FX market continued to grow throughout 2007 with turnover increasing by $50 trillion, from $125 trillion in 2006 to $175 trillion in 2007.
The award comes off the back of Saxo Bank’s recently announcement that ithas entered into a Memorandum of Understanding with Tricom Holdings Limited with a view to acquiring a 35% holding in the Sydney-based brokerage.
Tricom’s current expansion into New Zealand, Hong Kong and China is a perfect match with Saxo Bank’s long-term objectives, to help clients achieve their financial goals.
“As spreads get tighter and tighter, it is going to be increasinglydifficult to make a profit. Therefore, to stay ahead of the game, partieswill need to have smarter trading systems, with increased scalability andless latency”, says Fournais.