Following the successful launch of SaxoTraderGO, Saxo’s new, intuitive, multi-asset trading platform, Saxo Capital Markets CY Ltd., a fully owned subsidiary of Saxo Bank, will cease its operations as a provider of retail MT4 solutions and its MT4 platform will be closed.
The entity, located in Cyprus, the hub of MT4 based brokers in the E.U., licensed and regulated by the Cyprus Securities and Exchange Commission, will stop on-boarding new clients with effect as from today.
Saxo Bank’s SaxoTraderGo platform represents a totally new dynamic in trading plaforms with its device-neutral functionality, a facet that LeapRate experienced in advance of its arrival on the market, reporting its launch last month live from Paris.
Matteo Cassina, Global Head of Sales, Products and Platforms, Saxo Bank A/S, said, “Today’s announcement is in line with Saxo Bank’s overarching strategy of focusing on the Bank’s core offering and our commitment to continuously improving our clients’ trading experience. With SaxoTraderGO, we have built and launched the world’s most intuitive and sophisticated multi-asset platform with a focus on usability. We believe this offering is superior and removes the need for clients to trade on an MT4 platform.
“SaxoTraderGO has already received outstanding reviews and our clients have fully embraced the platform. One week after the official launch of SaxoTraderGO, 35% of all Saxo’s unique trading platform users were trading on SaxoTraderGO. This early success has made our decision to close down the Cyprus based MT4 offering straightforward. Current clients of Saxo Capital Markets CY Ltd. will be offered the opportunity to continue their client relationship with Saxo Bank and they will be provided with access to the SaxoTraderGO platform.”
Neil Browning, Global Head of FX Sales, Saxo Bank A/S, added, “Saxo Bank will continue to offer MT4 liquidity solutions to institutional clients and brokers, either via an MT4 client account linked directly to a Saxo account or via various bridge solutions. For instance, asset managers who make use of MT4 as an execution channel will continue to benefit from Saxo’s back office platform and multi asset account structures. Saxo Bank will also continue to focus on providing our liquidity and prime brokerage solutions to retail brokers and providers in the global MT4 market from our pricing and aggregation centres in NY4, LD4 and TY3.”
Kasper Elbjoern, Head of Communications, declined to comment any further.
Photographs: Top Right: LeapRate’s Andrew Saks-McLeod with the SaxoTraderGo platform at its launch in Paris. Main: The device-neutral SaxoTraderGo platform.
For the official announcement from Saxo Bank, click here.