LONDON and GENTOFTE, Denmark, Nov. 13, 2006 (PRIMEZONE) -- Saxo Bank has been crowned by FX Week magazine as the best bank in the world for FX trading for investors.
Results of FX Week Magazine's Best Banks survey have been tallied, with Saxo Bank catapulting to the top spot in the category Best Bank Overall for FX Investors. The gold-medal performance was a first for the Danish-based online investment bank after a ninth-place finish in last year's survey, which is sponsored annually by the global trade publication.
The survey measured Saxo Bank shoulder-to-shoulder alongside global tier-one banks that have long dominated the retail and institutional investor spaces.
In the subordinate categories, Saxo Bank took home top honors as Best Bank for Scandinavian Currencies for Investors and Best Bank for E-Trading for Investors. The bank finished among the top three worldwide for Best Bank for Spot FX for Investors and Best Bank for FX in the Eurozone, and turned in a top-five finish in the category Best Bank for Post Trade Services, Best Bank for Swiss Franc and Best Bank for EUR/USD for Investors.
Responding to news of the award, Saxo Bank vice-CEO Eric Frydenlund Michelsen said that while the unprecedented showing in the benchmark survey was a coup for the bank, it accurately reflected Saxo's vigorous commitment to serving FX investors around the world. He cited ongoing upgrades and modifications to the bank's signature online trading platform, SaxoTrader, and the rollout of new global offices in Singapore and London to better accommodate the needs of clients, partners and liquidity providers as signs of its commitment to serving the needs of FX traders in an increasingly competitive and borderless market.
"We are particularly heartened that the results of FX Week's Best Banks are culled from such detailed and precise polling of our colleagues and clients in the global currency markets," said Michelsen. "Thousands of market professionals have made their preference clear - for FX traders, there is no better bank on the planet with which to do business than Saxo Bank. This award is a mark of inestimable pride for us."
Results of the Best Banks awards were based upon surveys of 4,188 FX market professionals in August and September 2006, who were invited to nominate their preferred banks, brokers and vendors in 39 categories ranging from spot, forwards and options FX; major and emerging markets currency pairs etc. Final rankings were broken down according to total number of bank voters, as well as by corporate and investor clients.