Microsoft Enters Retail Forex. Launches MSN Trader with Saxo Bank
According to Computer Weekly Microsoft will be launching MSN Trader for the benefit of retail traders here in the UK on Wednesday, pasting a white label version of Saxo Bank's WebTrader platform into MSN Money:
The joint initiative will be expanded across Europe. MSN Trader is intended to capitalise on investors' increasing desire to take control of their finances in the wake of the global credit crisis, according to the Financial Times.
MSN Trader will enable individual investors to trade on 23 exchanges around the world from 10 November.
Yesterday the BBC reported that Microsoft CEO Steve Ballmer is selling a significant proportion of his holding in Microsoft:
Microsoft chief executive Steve Ballmer has sold $1.3bn (£800m) worth of shares in the firm, the first time he has sold its stock in seven years.
According to Mr. Ballmer:
Even though this is a personal financial matter, I want to be clear about this to avoid any confusion.
Mr Ballmer went on to say that the sale of shares was made to diversify his investments and help his year-end tax planning, and he was:
Fully committed to Microsoft and its success.
Do you suppose the timing of the two announcements is purely coincidental? Do you suppose Steve has grown bored with "buy" and hold, and is instead going to try his hand at forex trading using Microsoft's interesting new (ad)venture to assist him?
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Comments on Microsoft Enters Retail Forex. Launches MSN Trader with Saxo Bank
Whoops. More haste less speed! Title and first paragraph duly amended. FT link added.
Computer Weekly didn't make the point, but I've just read the FT's small print carefully. The "23 exchanges" include lots of shares, but apparently no currencies just yet. Can forex be far behind though? CFDs and FX options are on the roadmap.
Actually I was right first time. I've just received confirmation from Microsoft that the phrase "will offer" does in fact mean "will offer forex at Wednesday's launch"!
The FT link stays, but the title is now put back as it was originally.
It looks as though when MSN Trader opens for business here in the UK tomorrow it's going to look remarkably similar to Saxo's current WebTrader platform, which offers FX, futures, equities, ETFs, CFDs and FX options.