Saxo Bank, a Danish online broker, launched its new trading software, SaxoTraderPRO, for the Russian market today. It marks a move back to the Russia for Saxo Bank, who closed their Moscow office in 2016.

SaxoTraderPRO with clients in Denmark and the UK the first to be able to use the new platform. Clients in Russia will now also be able to access the software which operates using HTML5 technology. Saxo Bank is primarily targeting institutional and active investors, but other clients can use the software too.

Saxo Bank appeared to be pulling back from the Russian market after closing its Moscow office in 2016. The company has a white label agreement with Sberbank and it deals with its clients through other offices.

The company has also actively rejected pursuing the retail market in Russia. Even now its Russian business requires a $10,000 minimum deposit as the company continues to target professional and institutional investors.

An old face returns

Given SaxoTraderPRO’s focus on institutional investors, it seems unlikely the company is going to be targeting the retail market. Instead, the company looks set to maintain its targeting of institutional investors.

The introduction of SaxoTraderPRO comes less than a week after . The Velstand Capital founder was previously at the firm for 13 years and will rejoin the company as General Director of the Central and Eastern Europe division.

Butbaev previously headed up Saxo Bank’s Moscow office and has over a decade of experience working in Russia and the former Soviet states. Given the ongoing agreement between Saxo Bank and Sberbank, as well as the company’s focus on institutional investors, it is unclear as to whether this appointment is part of a broader strategy for the region or a desire to hire someone with significant expertise in the Eastern European markets.