Saxo Becomes a ‘Systematically Important’ Danish Bank

<p>Saxo Bank announced today (Monday) that it has been officially designated as a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA). Saxo has become Denmark's ninth such institution.
</p><p>Saxo Is a Systemically Important Financial Institution
</p><p>The SIFIs are Danish companies playing a significant role in the country's financial system and are critical to financial stability. These companies have to follow stringent capital requirements.
</p><p>"We are proud to have built <a href="https://www.financemagnates.com/tag/saxo-bank/">Saxo Bank </a>into a solid institution over the past 30 years," said Kim Fournais, Saxo's Founder and CEO. "We have done this by focusing on servicing our clients and partners well – and having had success doing so, we have now been designated as a Systemically Important Financial Institution by the Danish FSA."
</p><p>"It does come with an increased responsibility as Saxo Bank will adhere to even stricter regulatory and capital requirements, which we welcome. We look forward to further strengthening our position as a trusted and vital player in the financial industry, driving positive change, and shaping the future of investing."
</p><p>Growing Demand for Saxo's Services
</p><p>Headquartered in Denmark, Saxo has a larger global presence. On top of that, it operates a well-known brokerage brand and is a significant player in the trading industry.
</p><p>The Danish company is planning to go public in Europe. Last year, it inked a deal with a blank-check company for the public listing on Euronext Amsterdam. However, the <a href="https://www.financemagnates.com/forex/breaking-saxo-bank-terminates-spac-deal-ending-public-listing-ambitions/">deal was terminated</a> last December, citing the "timing [was] not optimal." the CEO, Fournais stated, adding that the company is keeping its options to become public open, <a href="https://www.financemagnates.com/">Finance Magnates</a> reported earlier.</p><p>Saxo generated DKK 711 million last year in profit despite the figure <a href="https://www.financemagnates.com/institutional-forex/lower-trading-bites-6-into-saxo-banks-profit-in-2022/">declining 6 percent</a>. Its trading-related and interest earnings dropped by 2 percent to about DKK 4.4 billion.
</p><p>Meanwhile, the demand for Saxo's services is growing this year. As the company officially revealed, the number of <a href="https://www.financemagnates.com/forex/one-million-and-counting-saxo-banks-client-base-hits-record-high/">Saxo's clients surpassed one million</a> earlier this month. Further, the <a href="https://www.financemagnates.com/forex/saxo-banks-client-assets-surpass-100b-quintuple-in-5-years/">client asset</a> on the platform crossed $100 million last month.</p>

This article was written by Arnab Shome at www.financemagnates.com.