Saxo Bank has hired Mario Camara as head of Saxo Dubai and Anwaar Ahmed as head of institutional business development for MENA, as it looks to build out its presence in the region.
In a statement issued today Saxo Bank ...
Saxo Bank will launch a new order driven execution model for FX products and CFDs on commodities and indices in November.
The new order type will allow Saxo to more actively manage the liquidity available to clients and the firm says it is “empowering” its clients, enabling them to take control of their trading. “In addition to offering executable prices, the new order model will include further enhancements to clients’ ability to have greater control and transparency over their orders,” the firm says.
Saxo Bank is increasing margin requirements on certain FX pairs, equity and fixed income products ahead of next month’s US election.
Saxo says that it will implement margin changes on products expected to be affected by the outcome of the election such as some single equity, index and fixed income CFDs, and certain FX pairs.
This includes taking most major FX pairs up to 2-3% with RUB and MXN going to 10% and 15%, respectively, while the minimum margin requirement on CFD indices will be 4% based on market volatility and liquidity leading up to and through the election.
With the immediate market risk of the US elections having diminished, Saxo Bank has returned its margin requirements to normal levels, with the exception of GBP pairs.
Saxo raised margin requirements ahead of the US election to try and ensure that its clients were appropriately leveraged going into what it expected could be a significant market event.
It raised the requirements on most major FX pairs up to 2%-3%, with MXN and RUB going to 15% and 10%, respectively. Claus Nielsen, head of markets at Saxo, comments:
Saxo Bank is boosting its FX prime brokerage solution with the addition of a cross-collateralisation facility between PrimeXM sites in New York, London and Tokyo where it provides FX direct market access.
The facility will enable the firm’s prime clients with global liquidity needs to further optimise their collateral by synchronising balances and exposures across the three primary global FX locations.
Saxo says the cross-collateralisation facility is a natural step in the evolution of the service which will help its clients avoid over allocation of capital by giving them the ability to use a single pool of collateral across the three major global FX sites, while maintaining a pre-trade credit check per site.