Saxo Bank launches online news service Saxo TV
Multi-asset trading provider Saxo Bank has announced the launch of Saxo TV, an online service that aims to give traders on-demand analysis of news affecting the financial markets.
The initiative is led by former Bloomberg TV news anchor Owen Thomas (pictured).
The service will be integrated with TradingFloor.com, Saxo’s social investment community site, and is part of a substantial redesign of TradingFloor expected to take place over the next few months. Thomas says the service will aim to provide a brief analysis of market events rather than breaking news.
“We can’t compete with the likes of CNBC, Bloomberg or the big news organisations for breaking news. What we will be doing is looking at an event that happens or is about to happen, and we’ll be constantly asking why it happened, what happens next, what it means for the markets and what it means for your investments,” says Thomas.
As well as Bloomberg, Thomas has also previously worked at broadcasters CNN and BBC World News. Based at the bank’s headquarters in Copenhagen, he will be joined by presenters Lea Jakobiak from Sky News and Sara Walker, also from Bloomberg. According to Thomas, Saxo TV will consist of a range of videos covering trade-related events, all of which will only be roughly one minute long.
“When was the last time you clicked on a video that was four or five minutes long? Some videos on other sites can run for eight or nine minutes – nobody has the time for that. On Saxo TV, the absolute maximum length of report is around 1:20. That’s much more effective, because people will watch all the way through,” he says.
Saxo Bank told FX Week earlier this year that it was refocusing on electronic trading, an area it considers its core competency, after a drop in profits in 2012 forced it to cut 266 jobs across its business. The bank has, however, continued to wield a competitive advantage through its innovative use of technology, something Thomas says is reflected in this latest initiative.
“The future of news is not somebody sitting behind a desk reading pre-prepared bulletins at a time that suits them. The way people are consuming news is changing, and Saxo Bank is the first organisation to really seize that bull by the horns,” he says.
This article was first published on FX Week