SINGAPORE, Nov. 8, 2006 (PRIMEZONE) -- Saxo Capital Markets Pte Ltd. commemorates its grand opening with a formal ceremony at the subsidiary's headquarters at 3 Church Street in the heart of Singapore's financial district.
"Proximity to clients, partners and liquidity providers was a huge driver in our decision to open in Singapore. Investing in a subsidiary here is a demonstration of our commitment to better accommodating the needs of existing clients and partners in this region, a statement of our faith in the Far East market's potential -- and a seal on our belief that Singapore is the absolute best site from which to serve this market," says Kevin Ashby, Chairman and CEO of Saxo Capital Markets Pte Ltd., who will steer the company's business activities and future strategy in the region.
Prior to the opening of the new venture, the Asia-Pacific region was the source of 20 percent of Saxo Bank's revenues and 30 percent of its new business. According to Saxo Bank co-CEO Lars Seier Christensen, the Bank expects to scale that figure sizably by dint of active presence in the region.
"We have a reputation as a global leader in FX, but we are keen to showcase our capabilities as a multi-product facilitator for retail and institutional clients alike," says Christensen. "The Asia-Pacific client base is knowledgeable, technologically sophisticated and receptive to information on investment instruments, including, but not limited to, FX, CFD's and other derivatives. The future of online trading is self-directed, eager to diversify, and ready to learn and Saxo Bank's value proposition is uniquely suited to Asian investors in that kind of environment."