In a press release, the bank said the opening of the Tokyo office is a strategic move by the Saxo Bank Group to ôstrengthen and expand its trading presence in the Asia-Pacific regionö.
Saxo Bank will reportedly focus on online financial business. Online FX traders in Japan account for close to $15 billion worth of daily transactions, the bank says, and approximately 80% of Saxo Bank GroupÆs Asia FX trading volume emanates from Japan.
Saxo BankÆs co-CEOs, Lars Seier Christensen and Kim Fournais, said the new Tokyo office brings growth potential to the Saxo Bank Group.
ôWe are excited about the opportunities presented by JapanÆs very dynamic online trading landscape. Japanese investors are technology-driven and there is growing demand for the online trading services offered by Saxo Bank."
The Tokyo office will be headed by Wataru Kojima, whose role will encompass the establishment and development of Saxo Bank Japan. Kojima brings considerable experience of the Japanese market, and a close relationship with Saxo BankÆs institutional clients in the region.
The Tokyo office will provide support to Saxo BankÆs institutional partners in Japan and will work closely with the bankÆs Asia-Pacific operations, Saxo Capital Markets which is headquartered in Singapore.
Saxo Bank started its partner business in Japan in 2002. Today, it has 11 partners in Japan that will benefit from local expertise and support. The partners use a customised version of SaxoTrader, the bankÆs online trading platform.
The Asia region accounted for 20% of Saxo Bank GroupÆs revenues in 2006; it is now approaching 30%. This figure is expected to double within the next five years, according to the press release.