Trading & Options · Profile from Trading and Options Research Companion
Saxo Bank
The Copenhagen online trading bank that Lars Seier Christensen and Kim Fournais founded in 1992 as the broker Midas Fondsmæglerselskab, with about $80,000 of capital (Wikipedia). It launched an internet FX platform in 1997, became a licensed bank and took the name Saxo Bank in 2001, and built its business on one multi-asset platform (SaxoTrader, later SaxoTraderGO and SaxoTraderPRO) sold both to its own clients and, under white label, to more than 120 banks and brokers by 2015 (Wikipedia). It is the closest European counterpart to Interactive Brokers: a technology-led broker that serves active traders across FX, CFDs, futures, listed options, stocks and bonds — but with a Danish banking licence and, for most of its history, a dealer's role in FX and CFDs. On 15 Jan 2015 the Swiss franc floor removal left its clients with negative balances and Saxo with a net loss of about DKK 700m (~$108m) (company), and with a dispute over its retroactive repricing of franc trades that ran through Danish courts to 2019. Ownership passed from the founders and TPG to China's Geely (control from 2018) and then to the Swiss private bank J. Safra Sarasin, which bought ~70–71% for about €1.1bn (agreed Mar 2025, completed 2 Mar 2026) and agreed in Jul 2026 to buy Fournais's remaining ~28.7% (press). In Jan 2026 Saxo accepted a DKK 313m administrative fine for anti-money-laundering failures (Danish FSA; Saxo, 23 Jan 2026).
At a glance
- Founded
- 1992, Copenhagen, as Midas Fondsmæglerselskab, by Lars Seier Christensen and Kim Fournais (~$80,000 initial capital — Wikipedia)
- Headquarters
- Hellerup (Copenhagen area), Denmark (from memory, verify)
- Ownership / structure
- Private Danish bank (Saxo Bank A/S). Owners: founders, TPG and others to 2017–18; Geely Financials Denmark largest shareholder 2018–2 Mar 2026 (Dec 2024: Geely 49.88%, Fournais 28.41%, Mandatum 19.83%, minorities 1.88% — Wikipedia); J. Safra Sarasin Group majority owner since 2 Mar 2026 (~70% agreed, "approximately 71%" at completion — Saxo release 2 Mar 2026; press); agreement to buy Fournais's ~28.7% (Jul 2026, subject to approval — verify completion)
- Leadership
- Kim Fournais, co-founder, CEO to 2 Mar 2026, then chairman; Lars Seier Christensen, co-founder and co-CEO, sold out in 2017–18; Daniel Belfer, CEO from 2 Mar 2026 (Saxo; press)
- Trading products
- FX spot, forwards and options; CFDs; futures and listed options; stocks and ETFs; bonds; crypto ETPs and crypto spot in some markets (verify); managed portfolios (SaxoSelect, 2016)
- Platforms
- MITS (1997), SaxoTrader, SaxoTraderGO (May 2015), SaxoTraderPRO, OpenAPI (Sep 2015) (Wikipedia)
- Scale (dated)
- 2016 operating revenue DKK 2.9bn, ~1,600 staff, 18 countries (Wikipedia). 2024: total income DKK 4,670m, net profit DKK 1,005m (2023: DKK 260m), ~1.3m clients, client assets DKK 853bn, total equity DKK 6,254m, capital ratio 29% (Saxo, 3 Mar 2025). 2025: revenue DKK 4,957m, net profit DKK 539m, 1.523m clients, client assets DKK 995bn, 2,427 employees (annual report via Wikipedia)
- Regulators
- Danish FSA (Finanstilsynet) as home regulator; branches and subsidiaries supervised by the UK FCA, French AMF, Dutch AFM (BinckBank), MAS (Singapore), Hong Kong SFC, ASIC and others; ESMA rules for EU retail CFDs (Shared facts)
- Moves in this profile
- Eight
- Signature moves (incl. failures and enforcement)
- Founding as Midas and the online FX platform (1992–97); the bank licence and white-label model (2001–); the Brørup Sparekasse retail-bank detour (2010–18); the Swiss franc shock and repricing (Jan 2015); Geely and Sampo take over (2017–18); BinckBank (2019); the Danish FSA crypto order and the AML fine (2023–26); the sale to J. Safra Sarasin (2025–26)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1992
Midas Founding and Online FX Platform
Founding / technology or infrastructure bet
2001
Bank Licence and White Label Model
Regulatory licence / market-structure and distribution bet
2010
Brorup Sparekasse Retail Bank Detour
Acquisition — later closing a strategy (sale)
2015
Swiss Franc Repricing and Client Losses
Loss, drawdown or blow-up response / regulatory, enforcement or legal action
2017
Geely and Sampo Takeover
Ownership change (sale of stakes; change of control)
2019
BinckBank Acquisition
Acquisition
2023
FSA Crypto Order and AML Fine
Regulatory, enforcement or legal action
2025
Sale to J Safra Sarasin
Acquisition, merger or IPO (sale of the firm)