Nice coverage yesterday in EuroMoney FXNews of Nordea hires Saxo ‘star’ to redevelop FX platform as Henrik Holst moves from Saxo to Nordea.
The move is part of the trend we highlighted a couple of years back, which has seen a migration of “e” talent from top-tier to regional banks, resulting in those top FX banks losing market share to regional banks who have upped their game and enhanced their own platforms.
Given Saxo’s focus on delivering excellent client workflow solutions, I am sure Henrik will engage with Nordea’s target client segments, to ensure he identifies and can deliver highly valued client workflow solutions, that will help differentiate Nordea’s new SDP platform.
reassuringly, Thomas Vinding, Nordea’s Head of e-Markets mentions
… e-trading elements of the new SDP are being developed by a separate part of the Nordea e-Markets team, with some parts of the trading components being developed in-house and others being built by third parties.
This is very important, as they must be clear about how much of the SDP stack is ‘strategic’ to the bank, and whether they have the ‘core competence’ to develop those components in-house or use a third-party to provide them.
This then enables clients to focus their own scarce internal resources where it can make the most impact, which in most cases is on back-end pricing/risk management, innovative workflow solutions and front end UX design.
Whilst we wait to see what Nordea’s new SDP will deliver, here are links to their current SDP platform at Nordea e-Markets.