Released on: June 09, 2011, 1:14 pm
Author:
Saxo Bank
Industry: Financial
Markit, a leading, global financial information services company, has announced that Saxo Bank, the online trading and investment specialist, will begin to report its contract for difference (CFD) trades via Markit BOAT, the trade reporting platform, in September 2011.
Saxo Bank will become the first financial institution to report its CFD Single Stock trades on a voluntary basis, in a bid to bring greater transparency to this fast growing market.
Sophia Kandylaki, Director, Head of Markit BOAT at Markit, said: "We are excited that such a large player in the CFD market has decided to report its trades via Markit BOAT. We will be enhancing our platform to identify CFD trade reports with a unique trade flag. This will differentiate these trades from all other cash equity trades reported to our venue and support Saxo Bank's efforts to make this market more transparent."
Claus Nielsen, Head of Markets at Saxo Bank, said: "Saxo Bank has always been a leader and innovator when it comes to transparency and fairness in the trading arena. We are committed to set new standards and by taking an over the counter CFD product like CFDs, and publishing our execution to Markit BOAT, we will bring added value to our clients. This initiative makes the CFD product 100% comparable with the listed stocks traded at the exchange which will have a positive impact on the industry."
CFDs are over the counter (OTC) contracts between two parties in which the buyers pay the sellers the difference between the current value of an asset and its value at contract time. CFD trades do fall within the scope of the European Union’s Markets in Financial Instruments Directive (Mifid) but trades are not required to be reported to the market.
Markit BOAT gives users access to trade reports on an average of EUR 375 billion of OTC trades in equities every day. This is equivalent to approximately 70% of the daily volumes reported on all European OTC equity markets.
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About Markit:
Markit is a leading, global financial information services company with over 2,200
employees. The company provides independent data, valuations and trade processing
across all asset classes in order to enhance transparency, reduce risk and improve
operational efficiency. Its client base includes the most significant institutional
participants in the financial market place. More information can be found at www.markit.com.
About Saxo Bank:
Saxo Bank is a leading online trading and investment
specialist with a worldwide client base. The three specialised and fully integrated trading platforms;
the browser-based SaxoWebTrader, the downloadable SaxoTrader and the
SaxoMobileTrader application are available in over 20 languages. Saxo Asset
Management accommodates high-net worth private clients and institutional investors.
In 2010 Saxo Bank continued the diversification of its business with acquisitions of
Saxo-ETrade Bank, a specialist in online investment, and Brørup Sparekasse, a Danish
savings bank. The Saxo Bank Group is headquartered in Copenhagen with offices
throughout Europe, Asia, Middle East and Australia.
PR Contact:
Kasper Elbjorn
Vice President
Group Public Relations
Saxo Bank
40 Bank Street
Canary Wharf
London
E14 5DA
+45 3977 4300
www.saxobank.com