Broker News

Saxo Bank: FX Volume Soars 27% to $130.5B in May

According to Saxo Bank’s trading metrics released on Wednesday, the bank experienced a 27% rebound in forex volume in May, with a recorded monthly volume of $130.5 billion. It comes after the bank recorded its lowest forex volume since December 2021 in April. Saxo Bank is a retail FX and CFDs brokerage based in Copenhagen.

According to Saxo Bank, the average daily trading volume increased by 12% compared to the previous month, reaching $5.7 billion. Although the new volume was more than the volume in April, which was $102.8 billion, it did not exceed $155.5 billion in March.

Saxo Bank trade volumes jump in May.

Despite several months of declining forex volumes, Saxo Bank saw a sudden increase in March, surpassing its past three-month low to reach $155.5 billion. In December, the volume decreased by 12% to $121.3 billion. In January, it decreased to $115.2 billion and dropped by an additional 4% to $110.8 billion the following month.

In May, there was a significant increase in trading volume for various asset classes at Saxo Bank. Commodities’ trading volume increased by 19% to $40.7 billion, fixed income by 12% to $7.6 billion, and equities rose by 31% to $228.2 billion.

In May, the trading volume increased by 28%, reaching $407 billion compared to the previous month’s $318.78 billion. Also, the average daily volume rose 11% to $17.7 billion, surpassing April’s $15.9 billion.

Saxo Bank Hits Record Highs

Saxo Bank has reported a strong financial performance, with their forex volume increasing at a time when their client assets have surpassed $100 billion – a five-fold rise in the last five years. The bank attributes its growth to its strategy of passing on the benefits of central bank rate hikes to its customers.

Australia’s securities regulator has identified Saxo Bank’s target market determinations (TMDs) for certain contract offerings to have deficiencies. According to a report by Finance Magnates, Saxo promptly addressed the concerns by amending the TMDs, and the orders were later revoked. Saxo Bank provides online trading platforms for stocks, bonds, currencies, and derivatives.

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