Breaking: Senior Management of Saxo Bank Switzerland Parts Ways with the Company

Saxo Bank's Head of Communications, Kasper Elbjørn, has confirmed to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates' reporters that Saxo Bank Switzerland's senior executive team has parted ways with the firm. After seven years at the helm, the CEO Søren Mose left the firm on Tuesday alongside Chief Operating Officer (COO) Ian Keates.

Saxo Bank Switzerland’s Chief Financial Officer (CFO), Martin Beinhoff, will leave the company as soon as his replacement is appointed.

"The management of Saxo Bank Switzerland AG decided to resign following a strategic decision by the bank to move the servicing of institutional clients already contracted outside of Switzerland to London or Copenhagen," said Mr. Elbjørn.

The strategic change is in line with Saxo’s strategy to service institutional clients from a more centralised team who can better Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term the full resources of the Bank.

The Danish bank has yet to announce who the successors might be, with Tobias Strassle serving as interim chairman, most likely until a new management team is appointed.

With a big number of professional traders in the region, Switzerland has been a lucrative market for Saxo Bank, leading to one of the biggest acquisitions on the books of the Danish company.

The Swiss arm of Saxo Bank has been led by Søren Mose since the friendly takeover of Charles-Henri Sabet led Synthesis Bank in February 2008, after the approval of the Swiss and Danish banking authorities. Synthesis was officially renamed Saxo Bank Switzerland AG and is headquartered in Geneva with an office in Zürich.