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Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab, by Lars Seier Christensen, Kim Fournais and Marc Hauschildt. Saxo Bank is headquartered in Copenhagen, but also has offices in financial centres such as London, Paris, Zurich, Dubai, Singapore and Tokyo. Saxo Bank is known for its success in online trading and investment and has received a number of awards. Domestically the bank is also known for its two founders who are often outspoken on Danish politics.
Revenue reached DKK 3,006 million in 2014 delivering a net income of DKK 381. It has a staff of 1600. Saxo Bank has launched several White Label partnerships with banks such as Standard Bank, Old Mutual Wealth, Banco Carregosa and Banco Best. Saxo Bank is privately held with co-founders Kim Fournais and Lars Seier Christensen holding majority stakes. Saxo Bank describes itself as a facilator in financial markets.
For trading in listed equities, liquidity is provided through connectivity to the world’s major stock exchanges. For online margin trading in non-listed products, the bank obtains liquidity from more than 15 large banks. Lars Seier Christensen and Kim Fournais formed Midas Fondsmæglerselskab after meeting in London in the early 1990s. Christensen was working as a broker for Gerald Metals at the time while Fournais worked at the now defunct Lannung Bank.
The two said that they both felt like they had found their business soul mate. When the company acquired its license, the periodical Økonomisk Ugebrev, Economic Weekly began publishing an article series on sidegadevekslererne, the bucket shops of Denmark, and included Midas. The company subsequently underwent a criminal investigation by the Director of Public Prosecutions but was cleared of all charges. The company renamed to Saxo Bank, named after the Danish Saxo Grammaticus, because there was already a Nigerian bank called Mida operating at an international level. Saxo Bank launched its products and services in Europe during the early 2000s. In 2001, its first White Label solution was launched with a Portuguese securities dealer.