Saxo launches first piece of FX hardware
Saxo Bank, the Danish online FX broker, has launched its first piece of hardware in a bid to enhance the speed and usability of its dealing platform for more active FX traders.
In a first for the retail space, Saxo is sending select clients its own trading keypad to integrate with SaxoTrader, its online trading platform. Although a lot of the development of FX trading technology is based on mobile applications, Alan Plaugmann, head of technology at Saxo, tells EuromoneyFXNews there is still a substantial, more active client base that trades on their desktop.
Plaugmann says the decision to supply the hardware is a response to requests the bank received from its regional client base, especially in Latin America, southeast Asia and France.
|Keypad designed for active traders|
“It’s a very efficient and fast way to access the market for the more active segments of our clients,” he says. “It is simply there for the active trader, and those who want to access the market very quickly and efficiently to have on their desktop.” Saxo says the more active segment of its client base, which includes small and medium-sized asset managers, have two main drivers when they trade FX: usability and speed to market.
“One does very naturally go with the other,” says Plaugmann. “For those who are sitting in front of their screens all day long, they will be looking for that added edge, and that added ease of usability that they will find from using a keypad like this.”
The design of the device, which Saxo says has an “institutional flavour”, was driven by feedback from Saxo’s own FX trading desk.
It includes four pre-defined “hot” keys, with the most popular currency crosses and six programmable keys available for other instruments. Clients can trade directly from the keypad, and switch account, select amount and acknowledge trade confirmations without using a mouse.