Saxo Bank makes Japanese acquisition
02 July 2009 | 1186 views | 0
Source: Saxo Bank
Saxo Bank A/S, the online trading and investment specialist, announces today that it has launched its FX service in Japan with the acquisition of Astmax FX Co., Ltd. (Astmax FX). The purchase is approved by relevant regulatory bodies in Denmark and Japan.
Saxo Bank opened its Japan office in 2008 providing support to institutional clients. The acquisition and renaming of Astmax FX to Saxo Bank FX K.K. allows Saxo Bank to offer FX related products to the Japanese retail market under the Type 1 Financial Instrument Dealer license with the Japanese Financial Services Agency. Saxo Bank FX's client funds will be held in a separate trust bank account.
Wataru Kojima, Representative Director of Saxo Bank FX, said, "We are pleased to offer our award-winning platform, the SaxoTrader, to Japanese retail investors seeking a secure platform that provides them with the right tools to trade online confidently." Kojima added, "With Saxo Bank FX, investors will have access to over 155 FX crosses, state-of-the-art charting and analysis tools."
Saxo Bank FX's parent company, Saxo Bank A/S is a fully licensed and regulated European investment bank. It has won numerous awards such as FX Week's Best Bank for FX award and Best Retail Platform award by Profit and Loss magazine.
"Japan is a key financial center in Asia and Saxo Bank believes that there is room for growth in the Japanese market for online trading of FX and other financial products," said Kim Fournais, co-CEO of Saxo Bank. "The decision to offer FX services to Japanese retail investors gives Saxo Bank a stronger foothold into the Japanese market," continued Fournais.
Saxo Bank FX is supported by the headquarters in Copenhagen and the Asia headquarters, Saxo Capital Markets, based in Singapore.