Saxo Bank has recently partnered with FairXchange, a data science company specialising in Foreign Exchange (FX) markets, to enhance its online trading and execution services. This collaboration sees FairXchange providing its liquidity management platform, Horizon, to Saxo Bank to help optimise its FX market operations.
FairXchange focuses on ensuring FX trading remains commercially viable for all parties, both on the buy-side and sell-side. The partnership underscores both entities’ commitment to leveraging data-driven insights in their engagement with Liquidity Providers (LPs) and improving liquidity to Saxo Bank’s and its clients’ advantage.
Guy Hopkins, CEO and Founder of FairXchange welcomed Saxo Bank to their network. He praised Saxo Bank’s proactive approach in adopting data-driven interactions with LPs and its comprehensive approach to collaborating with liquidity partners.
Hopkins remarked, “We are excited to assist them in maintaining this collaborative spirit, aiding their efforts to optimise opportunities for themselves, their LPs, and their clients.”
James Dewdney-Herbert from Saxo Bank commented on the promising start of their relationship with FairXchange, noting an immediate improvement in engagement from their trusted liquidity partners since implementing FairXchange’s solutions. This has increased profitability for Saxo Bank and its partners, benefiting their clients with better liquidity.
Established in 1992 in Copenhagen, Denmark, Saxo Bank has pioneered democratised access to global financial markets. It launched one of Europe’s first online trading platforms in 1998, consistently offering professional-grade tools and facilitating easy access to global markets for investors worldwide.
Saxo Bank saw a significant 13.6% month-over-month increase in forex trading volume in December of 2023, reaching $13.8 billion – its highest since March. The average daily FX volume increased to $6.4 billion from $5.4 billion the previous month, marking a year-over-year growth of 16.3%. Despite a year-over-year decrease of 11.1%, Saxo Bank’s total monthly volume grew by 1.8% to $369.5 billion, spurred by a rising demand in forex trading.