Saxo Bank announced today that Kurt vom Scheidt has been appointed Global Head of Foreign Exchange at Saxo Bank.
Based in Singapore, Kurt vom Scheidt started at Saxo in 2008 and has been instrumental in successfully growing the FX Options, the FX API and Prime Brokerage businesses. He will continue to report to Claus Nielsen, Global Head of Markets.
Prior to Saxo, vom Scheidt held various roles with business management and IT responsibilities at GFI, Commerzbank and Deutsche Bank in London.
Other appointments include Dan Larsen, FX options and spot trader at Saxo Bank since 2007, will now assume responsibility for the FX Spot, Forwards and Options trading team in Copenhagen. Jes Jorgensen has also joined Saxo in Copenhagen as a senior FX Options trader. Jorgensen was previously at Danske Bank, where he was Chief Dealer and then headed the FX Options trading team where his responsibilities extended to product development and the implementation of a new pricing and risk management system.
At the same time, Saxo Bank said Gustave Rieunier is leaving the Bank after five years as the Head of FX.
Commenting on the changes, Claus Nielsen said: "I would like to thank Gustave for his contribution over the years. I respect his decision to leave Denmark and we all wish him luck for the future. Kurt's personal drive and ambition for the Bank will continue to drive our foreign exchange business, especially given the trend to electronification in the market and upcoming regulatory changes. We are also proud to extend management responsibility to Dan Larsen, who has delivered solid trading performance for us over the years and, of course, we are pleased to have attracted an industry veteran like Jes to the team.
"Despite our multi-asset offering, the foreign exchange business still accounts for approximately 60% of Saxo's revenues. The new senior foreign exchange team reinforces Saxo Bank's currency expertise accessed by our award-winning platforms including the new, intuitive SaxoTraderGO, which brings together content, trading, account information and relationships within one, highly-accessible platform."