Saxo Bank's operating income up 61% on 2007
COPENHAGEN - Saxo Bank's operating income rose 2.5 billion Danish kroner ($447 million) in 2008 - 61% up on 2007 - aided by foreign exchange volatility and traders moving into currency trading from other asset classes.
"FX is a growing investment area in the retail space right now, with very consistent growth of new business, whereas other asset classes are unattractive and equity markets are down," said Lars Seier, the bank's co-chief executive officer, based in Copenhagen. "Also, FX volatility
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