Saxo Bank’s FX Volumes Rise 10% in October 2019

FX trading through Danish multi-asset brokerage Saxo Bank rose to $141.2 billion in October 2019 compared to previous month, as political events globally maintained investors’ interest in foreign exchange markets.

Saxo Bank’s clients traded worth $6.1 billion daily in October, up nine percent month-over-month compared with $5.6 billion in September 2019. Saxo’s FX ADV for last month was, however, sharply lower year-over-year, correlating to a drop of 25 percent relative to $8.2 billion in October 2018.

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Saxo Bank’s total monthly FX volume in October 2019 was reported at $141 billion, up 19 percent from $118.6 billion in the month prior. However, this figure also corresponds to a significant yearly drop when compared to $188.6 billion in September 2019.

Furthermore, the increased volatility has not given Saxo extraordinary volumes in all products, with commodities and fixed income lower month-over-month, but equity bested its September equivalent.

A busy year for Saxo

Overall, Saxo Bank’s average daily volume across all asset classes was mildly higher during October 2019, reported at $10.8 billion per day, up two percent month-over-month relative to $10.6 billion the month prior. It was also lower by 21 percent from $13.8 billion a year ago.

We reported on the Danish broker last month when the Danish Supreme Court, one of the country’s two ‎‎high courts, had decided in favour of the Saxo Bank in the latest lawsuit stemming from the SNB’s Black Swan.‎

In ‎January 2015, the Swiss National Bank’s surprise decision to remove the ‎Swiss franc’s euro peg has left brokers and their clients on treacherous ‎ground.‎ Saxo was already left with a capital hole after losing as much as $107 ‎‎million when the Swiss National Bank abandoned its exchange-rate cap on ‎‎the franc.‎

Saxo Bank has been expanding its portfolio in 2019, most recently it has completed the acquisition of Dutch lender BinckBank and now owns nearly 98 percent in the online broker. Saxo said that their similar geographic footprint, products and customer bases meant the merger made sense and would also many efficiencies.

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