Saxo Bank, a Danish bank specialized in providing online trading services, said on Tuesday it will discontinue SaxoWebTrader, the web-based version of its in-house trading platform, in the third quarter of the year. The broker has also introduced to the SaxoTraderGO, its mobile trading platform, a new feature called NewsEdge, which represents a live news service compiled from numerous providers.
NewsEdge has replaced the previously-offered Dow Jones News Service. It consists of NewsEdge macro, corporate and equities news feeds, but users can also subscribe to news that are more relevant to their interests in one of the following markets – forex, futures, commodities, bonds, and central banks. NewsEdge also supports 11 regional news streams with coverage in local languages.
In order to use the service, traders can subscribe to additional NewsEdge feeds in the news services division of their accounts.
In addition, Saxo Bank has, as previously announced, introduced a new period overview report, which shows development of the value of a selected account or across all accounts. Traders can use the report to analyse broader, long-term trading trends by itemizing the profit and loss per traded instrument and cash bookings in the selected period. The broker has also added the following amendments to SaxoTraderGO:
- New Exposure Bar and Value Change charts – these new charts give a breakdown of traders’ exposure and value change in each asset class for the selected period and allows them to drill-down into the exposure and change in underlying securities. Short positions are shown as red negative values and long positions will be seen as green positive values.
– Margin Products – For margin products like CFDs Futures and FX the exposure is equal to the value of the underlying positions.
– Cash Positions – For cash products like stocks and bonds the exposure is equal to the market value of the position.
– Options Premiums – For Options the exposure is equal to the premium which can be both positive if long and negative if short.All values are converted into the currency of the select account.
– Exposure to underlying securities – The Exposure Chart also allows you to drill-down into the underlying securities by clicking on the bar for each asset class which shows your holdings at the end of the last trading day in the selected period.
Value Change Chart – shows the contribution to the account value for each asset class for the selected period and gives an overview of the same data shown in the period report. All values are converted into the currency of the selected account and positive contributions are shown in green and negative contributions in red.
– Underlying Security Contributions – The Value Change chart also allows you to drill-down into the contributions from underlying securities by clicking on the bar for each asset class. This shows the contribution for each security for the selected period and NOT over the full lifetime of the position.
– Cash activity – Cash activity is also itemized with its own bar and shows the net cash activity in the selected period
Saxo Bank’s trading platform offering consists of SaxoTrader, its most popular one, and SaxoTraderGO, the mobile version of the SaxoTrader, in addition to the SaxoWebTrader. SaxoTraderGO, available for web devices and such with Android and iOS operating systems, was launched in May 2015, and in November the same year the bank discontinued the other two trading platforms it operated at the time – the SaxoMobileTrader and SaxoTabletTrader. SaxoWebTrader was also intended to be discontinued by the end of 2015, but it is still functioning. Earlier this year, the bank said it is to decommission the web-based platform within months.
SaxoTraderGO is used, through a white label partnership, by more than 100 financial institutions across the globe. It provides Saxo Bank’s partners with access to the bank’s multi-asset trading and back office infrastructure through its own Open API. Within its first year of operation, the mobile platform’s growth exceeded the expectations.
Saxo Bank holds a banking license from Denmark’s Financial Supervisory Authority (FSA) and acts as a brokerage firm and a market maker, offering trading in more than 30,000 instruments, including forex, binary options, contracts for difference (CFDs), stocks, futures, and bonds. It works with retail and institutional clients alike.
The group operates 25 offices and has subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa. The Saxo Bank group also offers traditional banking services through its unit Saxo Privatbank.
Source: Saxo Bank