⦿ Executive Snapshot

• What: Saxo is launching a premium service tier, Saxo Elite, in Singapore for accredited investors and active traders.
• Who: Saxo Bank, CMC Markets, J. Safra Sarasin, Mahesh Sethuraman (Saxo's Singapore CEO).
• Why it matters: The introduction of Saxo Elite signifies a strategic shift towards capturing the high-end trading market in Singapore, reinforcing the city's role as the operational hub for Saxo's Asia-Pacific business.

⦿ Key Developments

• Saxo Elite offers eligible clients a personal relationship manager, direct trading desk access, and a pricing structure based on trading activity.
• The service will be integrated into Saxo's existing platform, allowing clients to retain access to digital tools used by general retail clients.
• Saxo has been expanding its product offerings in Singapore, including standalone margin accounts introduced in December 2025 and fractional shares launched in June 2025.

⦿ Strategic Context

• The launch is a response to the increasing sophistication and demands of wealthier clients in Singapore, a market Saxo has identified as critical for growth.
• The establishment of Saxo Elite follows the closure of Saxo's offices in Hong Kong and Shanghai in 2024, marking a strategic pivot towards Singapore amid geopolitical changes.

⦿ Strategic Implications

• The introduction of Saxo Elite is likely to intensify competition among brokers targeting high-end clients in Singapore, as seen with recent moves by CMC Markets and Interactive Brokers.
• Long-term, this service may solidify Saxo's position as a leading broker in the Asia-Pacific region, catering to the needs of accredited investors with complex trading requirements.

⦿ Risks & Constraints

• Potential regulatory constraints could arise from the Monetary Authority of Singapore's caps on retail FX leverage, which may impact service offerings.
• Increased competition from other brokers like CMC Markets and Interactive Brokers could limit Saxo's market share and client acquisition in the premium segment.

⦿ Watchlist / Forward Signals

• Upcoming developments to watch include CMC Markets' multi-asset platform launch in Singapore and further product enhancements by Saxo.
• The success of Saxo Elite will be indicated by the number of clients qualifying for the service and their trading activity levels, which Saxo has not disclosed yet.