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Saxo Bank, the leading Danish investment services provider and retail forex broker, announced it is launching its first truly digital trading solution for corporate and government bonds.
The new trading solution will be rolled out in October, as part of the broker’s multi-asset mobile trading platform SaxoTraderGO, which was recently enhanced and is due to fully replace the retiring SaxoWebTrader platform in end of September.
With the launch of the bond solution, Saxo Bank will offer its clients trading access to more than 5000 investment grade and high yield corporate and government bonds from across the world, in 20 different currencies. The new feature will be available both for institutional and retail clients.
Saxo Bank promises that its digital bond trading solution will be transparent, efficient, competitive and will be directed to an optimized dealer auction of up to 40 of the largest bond liquidity providers. Most trades will be done within seconds and will bring Saxo Bank’s clients cost savings with an average price improvement of 30 basis points for corporate bonds and 5-10 basis points for government bonds.
“It is hard to imagine a market which is more ripe for disruption than the bond market. Watching a bond trader trade over the phone, at a time when the internet has touched almost every area of financial markets, not to mention our lives, is a clear call for disruption,” said Kim Fournais CEO and co-founder of Saxo Bank. “Investors need to ask themselves if they want to continue to trade based on an indicative price from a single bank or if they want to get the best price available from more than 40 global bonds providers, including some of the largest global banks.”
“I am proud that the next step in Saxo Bank’s history of democratizing trading and investment is to truly digitize bond trading, said Simon Fasdal, Head of Fixed Income Trading at Saxo Bank. “Many providers who have attempted to address the issue of electronic bond trading have failed because they took the wrong approach by trying to copy equity style trading into a fragmented market and ignoring issues with liquidity and indicative prices. Others have stuck to a manual work stream, despite a digital frontend, and not really taken the step to a full digital value chain. We have engineered a front end that will present clients with a trading experience which is similar to that which they are accustomed to in equity trading, offering speed of execution and transparency, and the technology to cope with the much more complex nature of fragmented bond markets in a simple manner.”
Saxo Bank, founded in Copenhagen in 1992, is a brokerage firm and a market maker. It holds a banking license from Denmark’s Financial Supervisory Authority (FSA). It offers trading in more than 30,000 instruments, including forex, binary options, CFDs, stocks, futures, and bonds through its proprietary online trading platforms SaxoTrader and SaxoTraderGO, which has versions for Android and iOS devices.