The retail trading sector has certainly become more competitive with passing time and the volumes have also dropped in the current year. In such a situation, many brokers have started to offer institutional products. Earlier, FXCM and GAIN Capital declared that the institutional divisions that they run are areas of optimism for them. Now, Saxo Bank, an online investment and multi-asset trading specialist, has also announced the volume related information on its Saxo Direct Product. This is a cross asset API solution for its institutional clients.
The monthly forex trades done through the API has increased by 600% in this year, if compared to that of 2011. The Cash Equities volume and CFD have also increased by 650% during this time period. The active client numbers also saw a significant rise, as mentioned by Saxo officials. They added that the new clients who started using Saxo API service are mostly asset managers and retail aggregators. However, the Saxo officials didn’t divulge any further information on the clients and exact volume numbers.
The direct API channel run by Saxo mainly leverages on the company’s expertise that has been gained through the relationship management done with the liquidity providers over the years. The tool uses several of Saxo’s metrics, tools and other equipment to generate feeds and provide the clients with high quality liquidity services which can be customized as well. The channel connects to its clients’ forex trading engines and order management systems following the FIX protocol. Through this single API, one can trade on CFDs, Stocks, Futures, CFD DMA and forex market. The API also supports connectivity for different popular forex trading platforms such as MetaTrader 4.
Lucian Lauerman, who is heading the API Business Department of Saxo Bank, stated that 2012 has been a year when Saxo Direct has seen magnificent growth. He added that their investment of substantial resources to build connectivity and relationships with several asset managers, retail aggregators and technical facilitators have definitely paid off. He commented that the company will continue to add new functionalities to Saxo Direct to ensure that it becomes a market-leading solution.
Apart from Saxo Direct, Saxo Bank runs several online trading platforms such as SaxoTrader, SaxoWebTrader and SaxoMobileTrader. More than 20 different languages are supported through these platforms. Professional fund and portfolio management service is also provided by Saxo Bank.