Source: Saxo Bank
Saxo Bank A/S, the leading online investment bank and E-Forex (FX) provider, announces today the official opening of its new Tokyo office, Saxo Bank Japan K. K.
The opening of the Tokyo office is a strategic move by the Saxo Bank Group to strengthen and expand its trading presence in the Asia Pacific region.
The Japanese financial market is undergoing major shifts as market players continue to search for new opportunities. This has spurred an increase in the number of technologically-savvy investors who have become better informed to make self-directed online trading decisions.
The market size of the Japanese online financial trading business is impressive. According to data from the Tokyo Foreign Exchange Market Committee, online FX traders in Japan account for close to US$15 billion worth of daily transactions. Approximately 80% of Saxo Bank Group's Asia FX trading volume emanates from Japan.
In a joint statement issued by Saxo Bank's co-CEOs, Lars Seier Christensen and Kim Fournais said that the new Tokyo office brings growth potential to the Saxo Bank Group.
"We are excited about the opportunities presented by Japan's very dynamic online trading landscape - Japanese investors are technology-driven and there is growing demand for the online trading services offered by Saxo Bank.
"We service customers in more than 180 countries with Saxo Bank's state-of-the-art technology, and strongly believe we will complement and enhance the local trading community."
The Tokyo office will be headed by Wataru Kojima, whose role will encompass the establishment and development of Saxo Bank Japan K.K. Kojima brings considerable experience of the Japanese market, and a close relationship with Saxo Bank's institutional clients in the region.
The Tokyo office will provide support to Saxo Bank's institutional partners in Japan and will work closely with Saxo Bank's Asia Pacific operations Saxo Capital Markets Pte Ltd. headquartered in Singapore.
Saxo Bank started its partner business in Japan in 2002. It established its first Japanese White Label Partner in 2004. Today, Saxo Bank has 11 White Label Partners in Japan that will benefit from local expertise and support.
"As the second largest economy in the world and a nation with a growing investor population, the opening of Saxo Bank Japan K. K. is a milestone for the Saxo Bank Group. It is an exciting time to enter the market, and the team at Saxo Bank Japan aims to secure a healthier share of the region's business, with Japan as the key contributing market," said Wataru Kojima.
The APAC region accounted for 20 percent of Saxo Bank Group's revenues in 2006; it is now approaching 30%. This figure is expected to double within the next five years.
The opening of Saxo Bank Japan K.K follows the recent planned acquisition of a 35 percent holding in Tricom, the Sydney based broking house and the acquisition of the French online brokerage, Cambiste. In November 2007, Citi, the leading US financial services company, chose Saxo Bank as its global partner for its online FX offering, CitiFX Pro, based on the SaxoTrader platform.