Fintech firm Saxo Bank has today launched its new professional trading platform, as it attempts to increase its market share around the world.
Saxo Trader Pro, which is aimed at sophisticated individual and institutional traders, will provide a more complex platform than the trading apps and sites used by retail investors but at a fraction of the cost of those traditionally favoured by the large financial institutions.
It allows clients to trade a number of financial instruments, ranging from stocks to futures to contracts for differences (CFDs), but Saxo has also taken the revamp as an opportunity to improve functionality and ensure it fully complies with regulation.
“Risk management is important to our clients so we have done a lot to enhance that, like the ability to set alerts if the market moves against you and adding an account shield to close your positions should your portfolio value go below a certain threshold,” said Saxo’s head of platforms Christian Hammer.
As the European markets watchdog last week moved to limit the services firms like Saxo can offer to retail clients, by banning or limiting the trading of certain instruments, the firm believes it can be a winner due to the emphasis it is already placing on sophisticated clients and institutions.
Meanwhile the platform's new reporting suite, which allows investors to see the profit and loss of each investment position as well as how much was paid in financing, how much was paid in brokerage commission, how much was received in dividends and so on, was designed with Mifid II's "best execution" rule in mind. This places a requirement on fund mangers and other investors to be able to show they got the best price possible for their end client.
Saxo's UK chief executive, Andrew Edwards, added that he expected to see “great traction” from the new platform in the UK where Saxo already has scale.
The firm hopes its new platform will also help it increase revenues through white label partnerships, such as its recently announced deal with Hong Kong’s Valuable Capital.