Saxo Bank, a Danish bank specialized in providing online trading services, said on Wednesday it has struck a strategic partnership with EFG Hermes, a leading financial services provider in the Arab World, to integrate its proprietary mobile trading platform SaxoTraderGO with EFG Hermes One, a newly-developed online trading platform.
The strategic partnership will grant clients of the two companies one-click access to financial instruments in both multiple Middle East and North Africa (MENA) markets as well as global exchanges. EFG Hermes One will be made available to MENA investors in December 2016. The platform will enable users to trade multiple asset classes from a single client account.
Users of the platform will gain access to the research services of the two banks. On one hand, the platform will provide access to Saxo Bank’s insights on international markets. It will also incorporate One Intelligence, a real-time service provided by EFG Hermes, which includes video briefings, weekly checkpoints and real-time access to market data. The EFG Hermes research solutions cover about 60% of the MENA region’s aggregate market capitalization.
“EFG Hermes One gives clients intelligence every trading day to shape their strategies as well as weekly checkpoints to help them prepare for the week ahead. Research and execution blend seamlessly in EFG Hermes One: Clients can monitor watch lists and trade directly from their research screens — and access intelligence from their trading screens,” said Ahmed Shams, head of research at EFG Hermes.
The partnership between the Danish forex bank and the Egyptian investment bank is expected to continue with more joint products and services delivered in the future.
“In launching EFG Hermes One in partnership with Saxo Bank, our clients will gain access to trade global markets on the industry’s most intuitive multi-asset trade platform,” noted EFG Hermes Group Chief Executive Officer Karim Awad. “The launch is the first step in a partnership that will see us expand our brokerage product offering, including those developed in partnership with Saxo Bank, to compelling new markets as we continue our transformation into a financial services corporation with access to MENA and frontier markets.”
The launch of the EFG Hermes One platform and the planned new solutions will help Saxo Bank and EFG Hermes to further solidify their market positions in the MENA region.
“MENA is a market with many interesting trading opportunities and by integrating Saxo Bank’s multi-asset, award-winning platform with EFG Hermes’ regional offering and reach, we are levelling the playing field and enabling a wide range of investors and traders to access a broad range of investment opportunities by equipping them with the latest trading and analytical tools,” said Saxo Bank CEO and co-founder Kim Fournais.
EFG Hermes was founded in 1984 in Egypt and its operations span across six countries in the MENA region. Its offering includes investment banking, asset management, securities brokerage, research and private equity services.
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 also offers traditional banking services through its unit Saxo Privatbank. The group works with retail and institutional clients alike via 25 offices and has subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa.
Saxo Bank’s trading platform offering consists of in-house built SaxoTrader and SaxoTraderGO, its mobile version that keeps gaining momentum.