Saxo Capital Markets launches in South Africa
Saxo Capital Markets is launching its business in South Africa, providing online trading platforms for both private investors and institutional clients.
Saxo Capital Markets SA clients will access a range of financial instruments from FX, CFDs and ETFs, to Stocks, Futures and Options. Clients will be able to trade over 13,000 stocks in more than 30 international markets and exchanges, as well as see live prices and real-time conversations with professional traders.
The new unit will be run by joint country managers Brett McLaren and Richard North who have had a long relationship with Saxo Bank.
“Market uncertainties over the past three years have also created upsides in non-equity asset classes including forex and commodities,” said McLaren. “We are seeing a trend for South Africa’s investors, who have traditionally traded equities and warrants, moving towards multi-asset investing.”
He said the business would add resources as it grows and noted that the recent relaxation of South African exchange control is already helping investors tap into offshore markets.
Saxo Capital Markets SA is a subsidiary of Danish-based Saxo Bank. An EU-regulated investment bank founded in 1992, Saxo Bank announced its annual results on March 8. The Bank’s operating income increased 6% in 2011 to reach DKK 3.53 billion.
The Bank continued to invest in developing the business which meant that staff costs and administrative expenses increased 12%. Thus, net profit was DKK 618 million, down 4% from the previous record year.