# Saxo Bank

Saxo Bank is a Danish investment bank specializing in online trading and investment. Established in 1992 as a brokerage firm under the name Midas Fondsmæglerselskab (English: Midas Stockbroker Company) by Lars Seier Christensen and Kim Fournais, the company rebranded as Saxo Bank in 2001 upon obtaining its banking license. The bank provides access to a broad range of financial instruments, including Forex, stocks, CFDs, futures, funds, bonds, and futures spreads, through its proprietary online trading platforms.
Saxo Bank is headquartered in Copenhagen and operates through offices in financial centres such as London, Paris, Zürich, Dubai, Singapore, India, and Tokyo.
Saxo Bank A/S is privately owned. As of December 2024, its majority shareholder is Geely Financials Denmark A/S, a subsidiary of the Chinese Geely Group, holding a 49.88% stake.
In 2023, Saxo Bank reported an operating income of DKK 4.48 billion and surpassed a milestone of one million clients worldwide. The bank's average daily trading turnover is estimated at US$17.7 billion.

## History
### 1990s: Midas Fondsmæglerselskab

Lars Seier Christensen and Kim Fournais formed Midas Fondsmæglerselskab after meeting in London in the early 1990s. At the time, Christensen was a broker for Gerald Metals while Fournais worked at the now-defunct Lannung Bank. Both described their partnership as the meeting of business soulmates. The company's initial capital, as recounted by its founders, was approximately $80,000.
When the company acquired its license, the periodical Økonomisk Ugebrev [da] (Economic Weekly) began publishing an article series on sidegadevekslererne, the bucket shops of Denmark, and included Midas. In the autumn of 1996, Danish businessman Karsten Ree [de] accused Midas of misleading him into making fictitious investments through its wealth management services, resulting in losses exceeding DKK 800,000 in a single month. These allegations prompted a criminal investigation by the Director of Public Prosecutions, but Midas was ultimately cleared of all charges.

### 2000s

In 1997, Midas introduced its first internet-based product: a currency trading platform called MITS, which was later replaced by SaxoTrader. The company rebranded as Saxo Bank, taking its name from the Danish historian Saxo Grammaticus, to avoid confusion with an international Nigerian bank also named Mida. In 2001, Saxo Bank obtained its banking license. During this period, the company expanded its online presence and relocated to new headquarters in the Copenhagen suburb of Gentofte.
Saxo Bank began expanding its products and services in Europe in the early 2000s. In 2001, the bank launched its first white-label product in partnership with a Portuguese securities dealer. By September 2004, Saxo had introduced its first U.S. white-label product, and in 2006, it established a regional hub in Singapore.
In September 2007, Saxo Bank acquired its Swiss white-label client, Synthesis Bank. In May of the same year, it purchased the French brokerage Cambiste, later rebranded as Saxo Banque France. Following the launch of Citigroup's CitiFX Pro, an online foreign exchange trading platform developed by Saxo, in November 2008, the Bank would focus entirely on its institutional clients in the US. By 2009, the bank had opened new offices in Milan, Prague, and Dubai, bringing the total number of foreign sales offices to 13–14 by year-end, up from eight in the previous year.
The bank continued its growth through acquisitions and the creation of an asset management department In 2009, it acquired Sirius Kapitalforvaltning and purchased the full share capital of Capital Four Management Fondsmaeglerselskab A/S, along with a 51% stake in Global Evolution Fondsmaeglerselskab A/S.

### 2010s

In March 2010, Saxo Bank launched a new equity trading platform, enabling trades in over 11,000 stocks and other products listed on 23 major exchanges worldwide.
By July 2010, Saxo Bank reported a 13-fold increase in net profit, rising from DKK 41 million ($7 million) to DKK 551 million ($95 million). Over six months, the bank completed ten acquisitions and opened new IT development centers in India and Ukraine. Observers partly attributed this growth to a nearly 500% increase in trading turnover by Saxo Bank's largest partner, Citi, during the same period. The bank's half-year report confirmed these results, marking the first six months of 2010 as the most profitable period in its history.
In 2010, Saxo Bank also launched a new online platform in collaboration with Barclays Stockbrokers. Branded as "International Trader," it offered access to over 9,000 equities across 21 major global exchanges in 13 markets, along with securities research. The platform was actively promoted to the UK market, including Barclays' existing client base. In May 2011, Saxo Bank further announced a partnership with TD Waterhouse, the UK's leading execution-only broker, to provide an online derivatives trading platform for retail investors.
At the 2010 World Finance Foreign Exchange Awards, Saxo Bank was named "Best White Label Solution Provider," recognizing its long-standing focus on innovation in its white-label business. That same year, it also won the "Best Re-Labelling Platform" award from Profit & Loss magazine, based on a reader poll. According to Markit, Saxo Bank was the first financial institution to report its CFDs on Single Stock trades on a voluntary basis, in a bid to bring greater transparency to this fast growing market.
On 17 September 2010, Saxo Bank announced its plan to invest DKK 59 million in Brørup Sparekasse, a small Danish savings bank established in 1897 with seven branches. Following the investment, the bank was renamed Saxo Privatbank and began offering core banking services in Denmark. Brørup Sparekasse had faced significant financial difficulties in 2008 and 2009, primarily due to failed investments in unlisted bonds, which resulted in a pre-tax loss of DKK 74 million in 2009. Saxo Bank also committed to providing an additional capital contribution of at least DKK 150 million, contingent on the successful transformation of Brørup Sparekasse into a joint-stock company. Saxo Bank became the majority shareholder, holding 98.6% of the shares in the restructured institution. Saxo Privatbank operated branches in several Danish cities, including Brørup, Esbjerg, Fredericia, Hellerup, Kolding, Odense, Vejle and Århus. In April 2018, Alm. Brand Bank acquired Saxo Privatbank for DKK 360 million (~$60 million).
In January 2014, Saxo Bank introduced a beta version of a revised TradingFloor.com, repositioning a community portal as a multi-asset social trading platform that encouraged users to share information, tips, and strategies openly. According to the bank's founders, the platform aimed to improve accessibility to financial trading and serve those uninterested in direct interaction with bank representatives.
In May 2015, Saxo Bank launched SaxoTraderGO, a new multi-asset trading platform. In September 2015, Saxo Bank introduced OpenAPI, granting partners, clients, and external developers access to the bank's trading infrastructure for customization purposes. As of mid-2015, the platform featured over 30,000 financial products.
In early 2016, Saxo Bank launched SaxoSelect, a digital investment service that included portfolios built around iShares ETFs in cooperation with BlackRock, targeting long-term investors and managed based on BlackRock's research. Saxo Bank also introduced Trading Strategies, a copy trading service providing access to a range of strategies managed by various selected investors.
In 2017, Saxo operated in 18 countries, employed 1,600 people, and reported an operating revenue of DKK 2.9 billion ($457.46 million) in 2016.
On 2 October 2017, the Chinese carmaker Geely announced the plans to increase its stake in Saxo Bank to 51.5% if the deal were approved by regulators. Sampo Group was to acquire a 19.9% stake, while Kim Fournais, Saxo Bank's CEO, would retain his 25.7% stake. Those selling shares are Sinar Mas and TPG. The deal was completed in September 2018.

### 2020s

After abandoning a 2022 attempt to go public via a special purpose acquisition company (SPAC) at a targeted valuation of around €2 billion, Saxo later stated that a public listing was no longer on the immediate agenda, attributing the decision to unfavorable market conditions.
On 4 July 2023, the Danish Financial Supervisory Authority (FSA) issued a report instructing Saxo to liquidate its cryptocurrency holdings, stating that maintaining these assets on the bank's own account exceeds the legal scope for Danish financial institutions. The FSA did not specify a timeline. A Saxo spokesperson noted that the company would review the regulator's requirements and respond accordingly.
In February 2023, Saxo Singapore signed a strategic partnership with Guotai Junan Securities, a major Chinese bank. In November 2023, it announced a strategic partnership with HSBC. In 2023, Saxo reported reaching an important milestone – 1 mln clients globally. However, the bank's financial indicators have weakened: it reported its first semi-annual loss in several years during the second half of 2023, and 2023 ended with a 8.1% decline in net profits.
In April 2024, S&P Global Ratings awarded Saxo Bank an A- rating. In July 2024, Saxo hired Goldman Sachs as a financial advisеr to seek new owners for the shares held by Geely (just under 50%) and Mandatum (under 20%). By late October 2024, it became known that three major firms—Altor Equity Partners, Centerbridge Partners, and Interactive Brokers—had expressed interest in acquiring the shares, with preliminary bids reportedly submitted.
Despite reporting a 43% increase in its client base in 2024 and introducing a simplified platform along with the AutoInvest ETF investment feature, Saxo's trading metrics continued to deteriorate. Monthly trading volumes fell to US$371.6 billion in June 2024 — down 4% from the previous month—and core FX volumes reached a multi-year low of US$78.1 billion. In August 2024, Saxo announced the closure of its Hong Kong and Shanghai offices, citing geopolitical factors. The bank disclosed US$4.3 million in losses for its Hong Kong operations in 2023 and began off-boarding local clients and partners.
On March 10, 2025, J. Safra Sarasin Group agreed to buy 70% of Saxo Bank's shares from Geely Financials Denmark A/S and Mandatum Group.

## Profile
### Ownership

Saxo Bank A/S is a privately owned company. Since 2018, the majority shareholder of Saxo Bank A/S has been the company Geely Financials Denmark A/S, a subsidiary of Chinese Zhejiang Geely Holding Group Co., Ltd. As of December 2024, Geely holds 49.88% of the shares, Saxo Bank founder and CEO Kim Fournais holds 28.41%, and Mandatum, a nordic financial services group formerly part of Sampo Group, holds 19.83%. The remaining 1,88 percent shares are held by minority shareholders including a number of current and former employees.

### Business model

Saxo Bank offers solutions for both retail and institutional clients. Through its online platforms, retail and institutional clients have access to a range of financial instruments, including Forex, stocks, CFDs, futures, funds, bonds, and futures spreads.
Approximately half of Saxo Bank's business reportedly comes from partnerships with institutional trading partners. By 2015, over 120 financial institutions worldwide were using Saxo Bank’s platforms under white-label agreements. These partners include institutions such as Standard Bank, Old Mutual Wealth, Banco Carregosa [pt], and Banco Best, as well as regional entities like Sparekassen Vendsyssel [da], Sparekassen Thy, Middelfart Sparekasse [da], Frøs Sparekasse [da], and Jutlander Bank [da].

### Corporate headquarters and architecture

Saxo Bank is headquartered in Tuborg Havn in the northern outskirts of Copenhagen. The building, which received an RIBA International Award, was designed by Danish architects 3XN. The building was finished 4 years after winning an international competition back in 2004. The façade of the building is covered in diagonal white aluminium and blue glass patterns. In June 2010, the Danish business newspaper Borsen named the Saxo headquarters the "Kingdom's finest domicile."
Other Saxo Bank offices are located in Australia, China, the Czech Republic, Dubai, France, Greece, India, Italy, Japan, Netherlands, Singapore, Switzerland, Turkey, the United Kingdom, and the United States.

## Sponsorships

In mid-June 2008, Riis Cycling A/S announced that Saxo Bank had entered a three-year contract as title sponsor, with immediate effect, so the team entered the 2008 Tour de France as Team CSC Saxo Bank. Carlos Sastre won the Tour, and the team took the team classification. In 2009 and 2010, Andy Schleck finished the Tour in second place. When the bank signed the sponsorship agreement with Riis Cycling A/S, it noted that the team "has the international reach and name recognition that means we will be able to get our message our to most of our client groups around the globe. We love the sport, and believe that together we will be winners." It surprised everyone Lars Seier Christensen together with Bjarne Riis announced to the public on 3 August 2010 that Saxo Bank had extended its sponsorship of Riis Cycling for another year, and that Tour winner Alberto Contador had signed onto the team, with the aim of winning all Grand Tours (the Tour de France, the Giro d'Italia and the Vuelta a España) in one year. In 2013, Tinkoff Bank joined Saxo Bank as title sponsor. Following Bjarne Riis' sale of the team to Oleg Tinkov, Saxo Bank stopped its sponsorship as of 2016.
In January 2014, Saxo Bank announced it would be one the Lotus F1 team's sponsors this season, moving into motor racing. Saxo Bank told that it would use the Lotus team name in its marketing and also be able to host clients at Formula One races as a sponsor.
Saxo Bank has also sponsored reprints and distributed several books; including Ayn Rand's novel Atlas Shrugged, which the bank retranslated into Danish and distributed 10,000 copies (each new employee of the bank receives a copy). In May 2007, Saxo Bank donated one million DKK to the libertarian political party Ny Alliance (later renamed to the Liberal Alliance), co-CEO Lars Christensen later joined the party himself. Saxo Bank supported Liberal Alliance financially for several years, but stopped the contribution after the parliamentary election in 2015.

## Controversy
### 2008 Wikipedia whitewashing

In 2008, Saxo Bank admitted censoring its own Wikipedia article through an anonymous user to remove information it claimed was inaccurate. When confronted by the media, the bank acknowledged the action, stating that a "slightly more elegant solution" should have been pursued.

### 2010 allegations of misconduct

In July 2010, the Danish watchdog Danish FSA released a series of reports citing allegations that Saxo Bank had failed to adequately protect investor interests. These reports were based on complaints from former clients and led to an investigation into the bank's anti-money laundering protocols. The investigation was sparked by a wave of negative media coverage, with Danish newspapers Dagbladet Børsen and EPN publishing articles accusing Saxo of misconduct, as alleged by former employees and clients. One notable accusation came in May 2010 from a Lebanese investor, who claimed their company lost DKK 20 million in four months due to unstable pricing and system interruptions on SaxoTrader. Saxo Bank denied the allegations, asserting that SaxoTrader maintained 100% uptime. Earlier, in April 2010, a Portuguese financial institution accused Saxo Bank of manipulating stock and currency prices, alleging a loss of €10 million due to these practices. In response, the FSA commissioned an independent investigation to determine whether Saxo Bank's manual and electronic trading practices adhered to its stated policies, including its Best Execution Policy. The investigation, carried out by international consulting firm Oliver Wyman, reportedly cost Saxo Bank millions. The findings, delayed by two months, were finally published on 29 November 2010. The Oliver Wyman report concluded that Saxo Bank had not systematically mispriced manual orders or violated its trading policies. It also found no evidence of systematic unfair treatment of clients. As a result, the FSA decided not to pursue further action against Saxo Bank.
Simultaneously, in June 2010, Saxo Bank filed lawsuits against two former clients, accusing them of making false allegations. Although Saxo Bank was cleared of all allegations, the Danish newspaper Berlingske Tidende characterized the controversy as a bitter conflict between the bank's founders, former employees, and disaffected clients, likely rooted in personal grievances or financial disputes.

### 2011 DFSA Censure

On 20 March 2011, the Dubai Financial Services Authority (DFSA) issued a formal censure against Saxo Bank Dubai Limited (SBDL) for multiple failings in its client onboarding processes. The DFSA's findings highlighted significant lapses in compliance with regulatory standards.

### 2012 Australian ASIC reprimands

In 2012, the Australian Securities & Investments Commission (ASIC) reprimanded Saxo Bank for deficiencies in its risk management practices, just two days after the bank announced plans to expand its retail online trading operations in Australia. ASIC imposed additional licensing conditions on Saxo Bank's subsidiary, Saxo Capital Markets Australia, requiring the appointment of an independent expert to review its systems. The review aimed to address shortcomings in credit risk, client risk, and compliance risk management. ASIC Chairman Greg Medcraft stated that the additional conditions were necessary to ensure that risk management practices met the standards required by law. This action followed the sentencing of Russell Johnson, Director of Sonray Capital Markets—a white-label partner of Saxo Bank—to six and a half years in prison after his firm left debts totaling A$76 million.

### 2015 BBY Limited collapse

In June 2015, the stockbroker BBY appointed liquidators after failing to secure sufficient funds to meet its financial obligations. BBY had operated as a white-label partner of Saxo Bank, providing Foreign Exchange contracts and other financial products. Court proceedings revealed that BBY had unlawfully pooled an excessive amount of client funds with Saxo Bank, funds that should have been properly allocated to clients holding Equities and Exchange-Traded Contracts. This mismanagement highlighted significant lapses in oversight and raised questions about Saxo Bank's role in the improper handling of client assets.

### 2015 Controversy following Swiss franc cap removal

Following the Swiss National Bank's unexpected decision on 15 January 2015 to end to franc's cap against the euro, the EUR/CHF rate dropped well below 1.20. The next day, Saxo Bank retroactively adjusted the execution prices of orders placed on CHF currency pairs during the ensuing period of extremely low liquidity. Some clients, who had already closed positions on EUR/CHF and related instruments, incurred additional losses and accused Saxo Bank of unfair repricing and burdening them with higher negative balances.
On 23 January 2015, Saxo Bank announced that it might face a loss of up to DKK 700 million (around US$107 million) due to negative client balances it may not be able to collect. Less than a week later, the Danish Financial Supervisory Authority (FSA) requested a comprehensive report on the bank's actions before and after the incident. In February 2015 a group of over 20 Danish and foreign Saxo clients engaged legal counsel to explore a class-action lawsuit.
In July 2015, after reviewing Saxo Bank's conduct during the "Swiss event," the Danish FSA issued two reprimands related to insufficient disclosure of liquidity conditions and inadequate communication about the difficulties in executing orders. Although the regulator criticized these shortfalls, it did not find that the bank's approach to setting revised settlement prices or handling stop-loss orders breached best execution rules or unfairly favored Saxo Bank's interests. Saxo Bank maintained that the regulator's assessment confirmed its adherence to investor protection standards.
Litigation ensued in multiple jurisdictions. In May 2015, Saxo Singapore filed suit against 12 currency-trading clients, who subsequently countersued. In December 2016, the Danish Maritime and Commercial High Court sided with Saxo Bank in a case involving a Danish corporate client, recognizing that the bank's conduct aligned with its business terms and took place under extraordinary, illiquid market conditions that precluded execution at initial prices. However, in March 2017 the UK Financial Ombudsman Service found against Saxo Bank, mandating compensation for a client. In June 2018, the High Court of Eastern Denmark (Østre Landsret) ruled that Saxo Bank owed a former client US$320,000, having determined that on 15 January 2015 the bank applied wrongful price adjustments and debited the client's account improperly.

### 2025 AFM fine over BinckBank violations

In December 2024, the Netherlands Authority for the Financial Markets (AFM) imposed a €1.6 million fine on Saxo Bank for violations committed by BinckBank, which Saxo Bank acquired in 2019. The violations occurred between 1 January 2021 and 11 April 2023 and included failure to comply with asset segregation rules, insufficient control over business processes, and inadequate customer service. The AFM launched its investigation in 2022 following consumer complaints and a critical auditor report on BinckBank. Saxo Bank did not contest the penalties.