Saxo Prime boosts forex market connectivity

Updated 17 January 2013
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Saxo Prime boosts forex market connectivity

Saxo Bank has announced the launch of Saxo Prime, its new FX Prime Brokerage solution, offering institutional clients direct market access (DMA) to major FX liquidity providers and venues worldwide.
Saxo Prime combines prime brokerage functionality from Saxo Bank with market-leading connectivity from MarketFactory, a provider of low latency algorithmic trading software and hosted co-location services.
Saxo Prime expands Saxo Bank’s product offering for asset managers, retail brokers and proprietary trading firms by offering FX DMA.
Saxo Direct, the API (Application Programming Interface) connectivity solution, provides access to Saxo Bank’s own high quality cross-asset liquidity.
Saxo Prime’s DMA functionality is built on MarketFactory’s FX Aggregator, providing a single Application Programming Interface (API) for normalized connectivity to major market making banks and Currency Electronic Communication Networks (ECN).
Saxo Bank’s clients are not exposed to changes, updates or access agreement across various feeds, and the API preserves the features of each venue, delivering continuous connectivity.
Lucian Lauerman, head of API Business at Saxo Bank, says: “With Saxo Prime and DMA, we enable our institutional clients to easily and efficiently tap into the major liquidity venues.”
Lauerman added: “Saxo Prime gives our clients direct access to the liquidity pools that power the FX markets, from a range of ECNs or to pools of tier one bank liquidity. MarketFactory is a leading provider of low latency connectivity in the FX space, with an excellent technical solution as well as an impressive track record of delivery. The team’s experience and dedication will help us further expand our state-of-the-art offering to our clients, and offer them unparalleled access to liquidity. Saxo Prime combines direct connectivity with access agreements and credit intermediation where needed, meaning a wider range of clients can directly and easily access these venues.”
Saxo Prime is available from January 23 for Saxo Bank’s institutional clients worldwide.


Qatar Airways confirms ‘substantial’ annual loss, blames row with regional neighbors

Updated 47 sec ago
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Qatar Airways confirms ‘substantial’ annual loss, blames row with regional neighbors

ANTALYA, Turkey: Qatar Airways made a “substantial” loss in its last financial year because of a regional dispute that has banned the airline from four Arab countries, its chief executive said on Wednesday without revealing the extent of the losses.
Qatar Airways has been blocked from flying to 18 cities in Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June when those countries cut ties with Qatar, accusing it of supporting terrorism. Doha denies the charges.
“We have increased our operating costs. We had to also take a hit on revenues so we don’t think that our results for the last financial year will be very good,” Chief Executive Akbar Al-Baker told reporters at the Eurasia Airshow in Antalya, Turkey.
“I don’t want to say the size of the loss but it was substantial.”
Other parts of the business were profitable though that was not enough to make up for the airline loss, Baker said.
Qatar Airways has several subsidiaries including airport ground handling services and catering units.
The airline had warned of the loss for several months.
The state-owned airline will need another eight weeks to finalize its books and make adjustments before it announces its financial results for the year to March 31, Baker said.
Qatar Airways made 1.97 billion Qatari riyals ($541 million) profit in its previous fiscal year.
Neighboring Saudi Arabia and the UAE were popular routes for Qatar Airways, which has also been banned from the airspace of the four boycotting states.