Around 174 broker companies operated in Denmark in 1996. “Midas Fondsmæglerselskab”, later Saxo Bank, was the first to receive the authorisation from the DFSA.
Saxo Bank office at Christian Ix's Gade (2nd floor)
Glimpse into Saxo Bank’s 20-year history of excellence
Saxo Bank's second milestone: Authorisation & online platform
Moving office and product offerings
In 1995, “Midas Fondsmæglerselskab”, later Saxo Bank, moved its office from Ny Østergade to a new one just around the corner at Christian Ix's Gade. Commuters and passersby witnessed employees enthusiastically carrying their office equipment to the new office. It was then that Saxo entered the online FX market with www.forextrading.com and an aggressive IT-based strategy. According to BIS (Bank for International Settlements), the daily FX turnover reached 1 million USD. A few months later, the website was among the most visited in the online banking industry. Saxo offered the following seven crosses:
- US Dollar versus Mark (USDDEM)
- US Dollar versus Swiss Franc (USDCHF)
- US Dollar versus Japanese Yen (USDJPY)
- British Pound to US dollar (GBPUSD)
- Deutsche Mark versus Swiss Franc (DEMCHF)
- Deutsche Mark versus Japanese Yen (DEMJPY)
- British Pound to Japanese Yen (GBPJPY)
Around 174 broker companies operated in Denmark in 1996. “Midas Fondsmæglerselskab”, later Saxo Bank, was the first to receive the authorisation from the Danish Financial Supervisory Authority. Although around 15 companies were licensed by the end of 1996, Saxo was the best by a mile. Success was the result of hard work and determination demonstrated by Saxo’s founders and dedicated employees. Former employees still recall long office hours when they were busy with identifying prospective clients, trading on behalf of customers, and brainstorming the best practices and approaches to improve the business. Relentless determination to cope with a mounting workload and a serious ambition to become the leading online investment Bank explains to a great extent the daily consumption of more than 500 cigarettes by a relatively small team that shared a tiny room they used for trading. Billows of smoke coming out of office windows made even late night partygoers aware of the company’s employees grafting hard! Smoking indoors was not prohibited in Denmark at that time. The company’s rising success was celebrated in great style by the management and employees at the nearby bar “El-Hjørnet”!
Kim & Lars set out to create the world’s leading trading platform
Following the authorisation, Saxo’s workforce grew from 10 to 30 dedicated employees. Saxo also expanded its product offerings to international clients. The company’s working language became English. It all happened because Kim & Lars knew how to “think differently” and were among the few entrepreneurs that dared to think big inside small digs.