Saxo Capital Markets UK Limited, the UK subsidiary of Copenhagen based multi asset broker Saxo Bank, announced today that it has reduced the minimum spread for UK clients trading the UK100, the CFD index of the 100 largest UK listed companies by market capitalisation. Saxo offers spreads from as low as 0.8 basis points.
The reduction in spreads took effect in early July 2017 to coincide with the launch of a new account functionality on SaxoTraderGO for its UK clients, before a planned roll-out in other regions by the end of the year.
The new account section includes a performance overview which offers a detailed analysis of P/L, percentage of returns and the cash balance of selected accounts for a selected period. It further provides traders with a new analysis tool which allows them to analyse their P/L by trading product, specific segment or sector, in addition to offering a portfolio summary which gives an overview of current net holdings and historic holdings at the end of each day.
Commenting on the changes, Matteo Cassina, CEO, Saxo Capital Markets UK, said:
We are excited by the opportunity we see in the UK market. The changes we have introduced – from reducing spreads to increased platform functionality – reflect our commitment to offer the clients the tools and transparency which allow them to focus on performance. We do so by facilitating access to trading opportunities, with prudent leverage, and providing one of the most sophisticated trading platforms available to traders and investors alike.
This commitment aligns us further with our clients’ interests and goes hand in hand with regulatory moves to introduce greater transparency to trading, which will offer clients choice based on platform depth and access to trading instruments rather than leverage. We continuously strive to be a better partner to our clients and our message is clear – we are confident in our ability to compete on cost, but we do not believe it is in our clients’ interest to compete on offering clients excessive leverage and hence risk.
Since launching SaxoTraderGO in May 2015, Saxo has continuously added new instruments and functionality to its multi-device platform. Clients can trade over 35,000 instruments across different asset classes, and have access to tools and features which are aimed at providing clients with greater transparency, control and price improvement on every trade.
Recent additions include the implementation of Order Driven Execution for FX Spot, FX Forwards and CFDs, which provides a safer and more efficient way to fill client orders, as well as the addition of Nasdaq Nordic power products. Saxo further announced a new partnership with Autochartist to make automated technical analysis tools and live trade signals available across asset classes to its clients directly on the SaxoTraderGO platform.