Breaking: Saxo Bank Closes Cyprus Office

Saxo Bank is closing its office in Limassol, the company has confirmed to Finance Magnates. Clients of the firm from Central and Eastern Europe (CEE) and the Middle East and North Africa (MENA) will continue to receive services from Prague, Dubai and Copenhagen.

Saxo Bank opened its Cyprus office five years ago and initially set up a subsidiary which focused closely on retail FX clients via an MT4 offering. In 2015 the company renounced its CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term license and wound down its MT4 business. Since then the Danish brokerage focused its retail operations solely on its SaxoTraderGO and SaxoTrader platforms.

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Back in 2015 Saxo Bank decided to retain its operational presence in Cyprus, with the company’s operations focusing on providing support to its growing client base from the CEE and MENA regions.

Saxo Bank will continue to be on-boarding a portion of its European clients via the company’s Danish Financial Services Authority regulated company Saxo Bank A/S - the group also maintains licenses in the UK, France, and Switzerland.

Commenting on the move, the company's Global Head of Sales Matteo Cassina said: “The ongoing digitisation of our business has allowed us to evolve our organisational structure and therefore we have decided to close our office in Cyprus in line with our strategy of reducing cost and complexity in the Group."

"Clients which have to date been serviced through the Hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term office of Limassol will now be serviced through our offices in Prague, Dubai and Copenhagen and will have access to the same level of service, expertise and range of language capabilities as before,” Cassina added.