SINGAPORE, Oct. 5, 2011 /PRNewswire-Asia/ -- Saxo Capital Markets' parent company, Saxo Bank, the online trading and investment specialist, today announced the opening of a new representative office in Moscow in order to respond to growing demand by Russia's sophisticated investor base.
The opening of the Moscow office is a strategic move by the Saxo Bank Group to strengthen and expand its position as a leading provider of online trading and investment solutions. The office will act as a broker boutique offering Russian investors a broad list of exchanges and instruments available through Saxo Bank's award winning trading platform.
There have been promising developments in Russia this year, with retail sales growth accelerating in August reaching 7.8% year on year (y/y). Unemployment declined whilst real wage growth picked up to 3.9% y/y which has filtered through to every segment from discount to luxury. Consumers' increasing maturity and sophistication has increased the HNW sector of the market and thus stimulated their risk appetite and desire for better returns, which fits Saxo Bank's investor profile.
The Moscow office will be headed by newly appointed COO Igor Dombrovan, who says:
"Sustainable success is driven by customer focus, and the new representative office will enable us to have greater access to clients in Russia. The Russian retail market has demonstrated solid growth rates over the last several years, making the sector one of the most actively developing markets in the economy. This has been fuelled by growth in the overall economy, growing consumption and an increasingly organised marketplace. The new office will enable us to further support and educate this growing market with its highly sophisticated investor base."
Kim Fournais and Lars Seier Christensen, co-founders and CEOs of Saxo Bank, said in a joint statement:
"While opening an office in Moscow is a strategic decision to support our European expansion and growth strategy, it has always been a priority for Saxo Bank. Russia has always been a good market for Saxo Bank because Russian clients are highly sophisticated investors. The new office will enable us to provide a more comprehensive on-the-ground service to clients and potential clients in the region."
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About Saxo Capital Markets
Saxo Capital Markets Pte Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the online trading and investment specialist. It serves as the Asia Pacific headquarters and holds a Capital Markets Services license from the Monetary Authority of Singapore. Saxo Capital Markets also holds a Commodity Broker licence from The International Enterprise Singapore.
Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms.
SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
Saxo Bank is headquartered in Copenhagen with regional offices in Singapore, Hong Kong, Milan, Madrid, London, Dubai, Amsterdam, Tokyo, Athens, Zurich, Prague and Paris. Saxo also operates representative offices in Sydney, and now, Moscow.
Saxo's position as an established FX house and its leading role in the foreign exchange market has been recognised by the industry's leading reviews. In 2011, the Saxo Bank Group picked up six awards at the Euromoney annual FX survey for the following categories: Best Improved Overall Market Share by Volume ($10bn - $25bn) and ($5bn - $10bn), Best Speed of Execution, Best Research and Analytics, Best Effective Risk Management and Execution Strategies and Best Integrated Workflow and Compliance Solutions. Saxo Bank was also named "Best Forex Broker in Northern Europe" and "Best White Label Solution Provider" in the World Finance Foreign Exchange Awards 2011.
For more information, please visit www.saxomarkets.com.sg
Media contacts:
Saxo Capital Markets Pte Ltd
Celeste Fong
Tel: +65 6303-7713
Email: [email protected]
SOURCE　Saxo Capital Markets Pte Ltd