After posting its lowest forex volume since December 2021 in April, Saxo Bank in May saw a 27%
recovery with monthly volume reaching $130.5 billion. The Copenhagen-based
retail FX and CFDs brokerage disclosed these figures in its trading metrics for
April released on Wednesday.
According to Saxo Bank,
the new monthly volume came with a daily average of $5.7 billion, representing
a 12% gain over the prior month. However, while the new volume surpasses $102.8 billion posted in April, it fails to break above $155.5 billion from March.
Saxo Bank Volumes Jump in May
Saxo Bank’s latest forex
volume follows months of steady declines in volumes with a quick rise
in-between. In March, Saxo Bank beat a three-month consecutive decline in its
volumes, reaching $155.5 billion.
Specifically, the volume slid by 12% to $121.3
billion in December, further nosediving to $115.2 billion in January and sinking deeper by 4% to $110.8 billion in the subsequent month.
Meanwhile, trading activities across Saxo Bank’s other asset classes also shot up in May. Trading volume in commodities
rose 19% to $40.7 billion, equities by 31% to $228.2 billion and fixed income
by 12% to $7.6 billion.
Overall, trading volume strengthened by 28% to $407 billion in May,
rising from $318.78 billion in the prior month. In the same vein, average daily volume increased by 11% to $17.7 billion, beating April’s $15.9 billion.
Saxo Bank Marks Historic Milestone
Saxo Bank’s new forex volume comes at a time of strong financial performance. Late last month, the
company disclosed that its client assets have surpassed $100 billion, rising five-fold within five years. The Danish investment
bank and global financial services provider attributed the growth to its
distinctive strategy of promptly transferring the advantages of central bank
rate hikes to its customers.
However, Saxo Bank, which
offers platforms for online trading in stocks, bonds, currencies, and
derivatives, was recently flagged by Australia’s
securities regulator for deficiencies in its
target market determinations (TMDs) for some contracts for difference
offerings. Finance Magnates reported that Saxo quickly amended the TMDs to
address the financial watchdog’s concerns, and the orders were revoked.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
