Saxo Bank wins Best Margin Sector Platform in Profit & Loss FoXy awards
Saxo Bank, the online multi-asset trading and investment specialist, today announces that it has been awarded Best Margin Sector Platform in the Profit & Loss FoXy Awards. The win recognises Saxo’s continued use of technology and innovation to deliver fair outcomes to its clients and was determined by reader votes.
Saxo has made a number of investments in its FX offering over the past year, including the launch of SaxoTraderPRO, the embodiment of next generation multi-asset trading for institutional investors, active traders and smaller retail clients.
Additional enhancements include the introduction of a new FX pricing plan, with trading spreads from 0.1 pip, plus competitive commission with volume based discounts. The new pricing plan is completely transparent, allowing clients to see the same trading spread and price, and further reinforces Saxo’s ongoing commitment to deliver best execution for its clients by empowering them to take control of their trading.
In addition, to protect clients from being stopped out early, Saxo replaced the underlying feed used to trigger Stop orders from its own price feed to an independent ECN price feed that provides a broader, firm set of liquidity, where prices are more consistently present both in good times and in disorderly or illiquid markets. Saxo also now routes all Stop orders externally to be filled against ECN liquidity as a first priority.
Saxo has also worked closely with its trading partners over the past year to promote fair markets and encourage competition based on principles of transparency and integrity, which are crucial to the safety and stability of FX markets. As a member of the Bank of England’s FX Joint Standing Committee, Saxo Bank was a key contributor to the FX Global Code of Conduct and was one of the first financial institutions to sign the Statement of Commitment to the Code in June 2017.
In recognition of the importance of a well functioning and safe FX market, earlier this year Saxo Bank showed support for ESMA’S decision to place caps on leverage, considering them fair and proportionate, adding that the caps would ensure a more level playing field among providers offering margin trading, and lead to greater focus on price, product and service.
Commenting on the win, Saxo’s Global Head of Foreign Exchange, Kurt vom Scheidt said, “We are proud that Saxo has been recognised by Profit & Loss in this prestigious award. This win is further evidence of our continued commitment to democratise trading and investing for clients, by harnessing technology and innovation to provide the highest quality services and execution to our clients. We look forward to building on that momentum in the year ahead.”