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16/06/2008: Saxo Strengthens China Reach Via Hkex
London and Copenhagen, 16 June 2008 – Saxo Bank is now offering trading on the Hong Kong Stock Exchange (HKEx), otherwise known as the Hang Seng Index. With the new data feed arrangement, Saxo Bank, the online investment bank, lets SaxoTrader users from around the world trade all 201 counters of the Hang Seng Composite Index listed stocks. These include all the constituents in the popular Hang Seng Index (HSI) and the China Enterprises Index (HSCEI), as well as direct market access contracts for difference (DMA CFDs), on one of Asia’s largest stock exchanges.
The addition of the HKEx underscores Saxo Bank Group’s primary strategies of strengthening its already extensive product offering of tradable assets and market presence in Asia. With net profit of HKEx almost doubling to HK$1.65 billion and revenue up 63% to HK$2.3 billion, Hong Kong is set to continue its position as a major player in Asia.
The HSI is one of the best known Asian indices, and is widely used by fund managers as a performance benchmark for the region. The HSCEI represents 42 of the largest and most traded Chinese based companies on the HKEx. Included in the HSCI are some of the world’s largest companies like PetroChina, China Mobile, CNOOB and Bank of China.
“Hong Kong is a major financial centre, with political stability, high levels of liquidity and a strong banking sector,” said Kevin Ashby, Chairman and CEO (Asia Pacific) of Saxo Capital Markets, a subsidiary of Saxo Bank A/S. “It has also long been the recognized gateway to China. Commonly looked to as a platform for exposure to some of the fastest growing economies of the world, the HKEx enables investors to capitalize on opportunities surrounding major events like the upcoming Beijing Olympics.”
The strength of China’s emerging economy is leading to feverish trading across the globe, as investors hunt for opportunities in resilient markets like China. The HKEx has more than 1,200 companies listed, including 100 mainland China companies. There are also 1,800 mainland-backed enterprises. China’s primary economic relationship with Hong Kong is especially pronounced in the financial sector, and the opportunities for tapping onto these brisk markets are already prevalent and extensive.
“All indicators point to a very dynamic online trading environment in Asia, and the needs of retail and institutional investors grow in tandem with the development of the markets in this region. We expect investors to increasingly use the HKEx as a route to benefit from a wider diversification to China,” added Mr. Ashby.
The Asia Pacific region currently accounts for a third of Saxo Bank’s revenue and new business, and Saxo Capital Markets expects this to double in the next five years. The Tokyo, Singapore and Australian Stock Exchanges are the three other major Asia Pacific exchanges currently available on the SaxoTrader.