Refco and Saxo forge online trading pact
21 July 2003 | 3748 views | 0
Copenhagen's Saxo bank is to add financial futures to its SaxoTrader online dealing platform, under a reciprocal white labelling deal with Refco Overseas in London (Rol).
Refco will operate the multi-product Saxo trading system under its own branding as Refco Market Access. The platform provides online trading and execution of futures, foreign exchange (spot, forward and options), cash equities and CFDs. The system also offers access to real-time news and includes a charting and technical analysis application.
Rol says the decision to partner with Saxo signals another phase of its expansion into online trading. Nigel Watts, head of investor services, Rol, comments: "We like the real-time prices and execution capabilities, the multi-product platform and the access to Saxo capital markets analysis as well as the ability to provide our own."
As part of the deal, Saxo expands its coverage by adding direct access to the key financial futures markets via ROL's network and infrastructure. The bank says it plans to add global fixed income trading by the end of the year under another similar white labelling arrangement.
Kim Fournais, Co-CEO, Saxo Bank, says: "We have been working with Refco to coordinate our systems to make this happen. Their strength in futures and our FX, CFD and Options focus complement each other."