COPENHAGEN, Denmark, Feb. 23, 2007 (PRIME NEWSWIRE) -- Saxo Bank, an acknowledged leader in online access to the global capital markets, has become the first international bank to offer online trading access to the U.S. dollar-Russian ruble foreign exchange cross to all client segments.
This key enhancement to the bank's multi-product trading platform, the SaxoTrader, was done to allow institutional and private clients around the world to invest freely in the ruble and hedge currency risks in Russia.
The dollar-ruble cross marks the 160th currency to be launched on the award-winning Saxo Trader platform.
"We are delighted to enhance our foreign exchange offering with the dollar-ruble cross as a service to our increasing base of institutional Russian clients and to foreign investors around the world," says Lars Seier Christensen, co-founder and CEO of Saxo Bank. "In a market hungrier for diversified and competitive investment opportunities than ever before, interest in Russia and its growing economy has significantly increased over the past 12-18 months. The trend testifies strongly to Russia's key position in the global economy, and we are keen to continue developing and customizing our product and service offering on this market."
Emerging markets in Eastern Europe have been a consistent source of growth in Saxo Bank's partner activities and product suite.
"The introduction of the ruble cross to our trading system is proof positive of Russia's success on the road to complete convertibility of its national currency, and a sign of the growing recognition of the ruble on the international markets," says Vitaly Butbaev, head of Saxo Bank's Eastern European Institutional Desk.
Butbaev adds that introducing the ruble cross is an important step in the Bank's larger strategy to simplify access to interbank liquidity for investors and traders.
"We expect that this newest cross will be in demand among banks as well as corporate and private clients for investments, trading operations and hedging," he says.
About Saxo Bank A/S
Saxo Bank A/S is a modern investment bank specializing in online investments in the international Capital Markets. Saxo Bank enables clients to trade currencies, shares, CFD contracts, futures, options and other derivatives as well as portfolio management via our online trading platform -- SaxoTrader. SaxoTrader has been internally developed by Saxo Bank and is available to today's investor directly through Saxo Bank or through one of our global partnerships as an integral part of their own infrastructure. One of Saxo Bank's significant areas of business is White Labelling, which is the development of tailored versions of the online trading platform to other banks and brokerage houses. Saxo Bank has more than 70 White Label Partners and thousands of clients in 177 countries. The bank's website www.saxobank.com has approx. 65,000 visitors every day. Saxo Bank currently employs more than 800 employees from 45 different countries. The bank is headquartered in Denmark, with operating offices in London and Singapore, and an IT development center in St. Petersburg, Russia.