Saxo Bank’s FX Trading Vol Rebounds

Danish brokerage Saxo Bank has reported its monthly metrics for May 2020. It has managed to recover from the weak momentum seen last month due to a more volatile market trading atmosphere.

The latest figures, however, were a sizable consolidation in key volumes segments. It has failed to overtake a number of recent highs seen in March.

Gain Capital also reported mixed results in its trading metrics for May over the month.

During May 2020, Saxo Bank’s average daily FX volume came in at $7.6 billion. It was up seven percent month-over-month from $7.1 billion in April 2020.

April’s figure was the weakest since January. It totaled a nearly 38.0 percent drop from the year’s peak set earlier in March at $11.3 billion.

Moreover, May’s ADV for last month was also higher year-over-year. It was correlating to an increase of 21 percent relative to $6.3 billion in May 2019.

In terms of Saxo Bank’s total monthly FX volume in May 2020, it was reported at $158.7 billion. That was up to nine percent from $145.2 billion a year ago. However, this figure corresponds to a monthly drop of 3% compared to $163.0 billion in April 2020.

Volatility and Saxo Bank

The increased volatility, however, has not given Saxo extraordinary volumes in all products. That’s with commodities and fixed income products lower month-over-month, but equity bested its April equivalent.

Overall, the multi-asset Saxo Bank’s average daily volume across all asset classes was mildly higher during May 2020. It was reported at $13.6 billion per day, up 3% month-over-month relative to $13.2 billion the month prior. It was also higher by 14% from $11.9 billion a year ago.

Saxo Bank has been expanding its portfolio since 2019, most recently completing the acquisition of Dutch lender BinckBank. Now it owns nearly 98 percent of the online broker.