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Saxo revamps trading platform to be Mifid II ready

Saxo revamps trading platform to be Mifid II ready

Saxo Bank has launched a new multi-asset trading platform in Hong Kong and Singapore for active retail traders and institutional clients such as family offices, wealth managers and hedge funds.

The new product – SaxoTraderPRO - replaces the SaxoTrader platform.

It has been rejigged to address the post-trade reporting requirements of wealth managers under the European Union’s Markets in Financial Instruments Directive II, or Mifid II.

‘We made a big effort to improve that because they can slice and dice the performance as they see fit for the period they want,’ said Christian Hammer, head of platforms. ‘This is something we started building as part of MiFID II requirements as well.

‘Then we took the view that it has so much value for clients that we not only wanted to fulfil the MiFID requirement but also wanted to turn it into a good reporting tool for our clients,’ he told Citywire Asia.

The platform allows users to trade 35,000 financial instruments and generates performance overviews, including realised and unrealised profit and loss, drilling down into sectors, asset classes, instruments and time period. It also provides transparency for the different cost elements of a financial instrument.

Clients can trade exchange-traded funds, stocks, bonds, contracts for difference, forex, futures and options that can be cross margined from a single account.

Additionally, the new product provides portfolio reports and allows wealth managers to view consolidated accounts of a client.

Saxo is also offering a single dealer platform, which clients can access via the SaxoTraderPRO platform or its open REST-based application programming interface (API).

Hammer said that Saxo has signed the first white label agreement for the platform with a Hong Kong-based firm Valuable Capital, part of SINA Corporation. The Danish bank also provides banking-as-a-service to banks, brokers and financial technology companies in Asia.

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