April 21, 2011: Is Saxo Bank worth $3 billion?

An interesting news item surfaced on Bloomberg yesterday, quoting an article in Danish newspaper Borsen, that unnamed US private equity firms were close to buying a 33% stake in Saxo Bank for 5 billion DKK (approximately $975 million) – valuing Saxo Bank at nearly $3 billion!

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March 17, 2011: Saxo Bank releases volume information for the first time

And the figures are much lower than previously estimated

With the recent issuing of its 2010 Annual Report, Saxo Bank has, for the first time, given us a glimpse at its monthly trading volume figures. Saxo reported that its average monthly trading volume in the second half of 2010 was $232 billion (DKK 1.3 trillion), down about 17% from $278 billion (DKK 1.7 trillion) in the first half of the year.

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April 6, 2011: LMAX CEO Robin Osmond leaves the company

Recent news that LMAX CEO Robin Osmond is leaving the company, less than half a year after LMAX launched service, is further indication that it is not easy to break into the online retail Forex industry. Despite being backed by the money and web-centric knowledge of online gaming leader Betfair (as well as investor Goldman Sachs), LMAX took a lot more time and more money – an estimated £25 million – to get to market than expected, and apparently the results in terms of volume buildup have not been stellar. Interestingly, its CEO leaving did not make LMAX’s own Press Centre page. (Apparently other news about LMAX winning some award for its trading platform, launching a smartphone trading app, and appointing a new legal and compliance officer were more newsworthy! So much for transparency.)

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