Saxo Bank’s May Forex Volume Hits Historic Low

Saxo Bank’s May forex volume saw a significant downturn, with its foreign exchange (FX) trading volume plummeting to $79.6 billion. This marks the lowest monthly figure since the platform disclosed its trading metrics in 2016. This represents a 19.8 percent drop from April’s volume of $99.3 billion and is even lower than the previous low of $85.1 billion in March.

Daily average trading volumes for forex instruments also significantly declined, falling to $3.5 billion in May from $4.5 billion in April and $5.7 billion in May 2023. On a year-over-year basis, the forex volume decreased by 39 percent, highlighting a substantial decline in trading activity.

The downturn was not limited to forex; Saxo Bank’s equities trading volume fell to $241.5 billion in May, a significant drop from April’s peak of $303.7 billion. Despite this monthly decline, equities trading volume saw a 57 percent year-over-year increase, indicating strong growth compared to last year.

Saxo Bank’s May Forex Volume Hits Historic Low

Commodities trading on Saxo also mirrored the broader trend, with volumes decreasing to $56.8 billion in May from $70.7 billion in April. In contrast, the monthly volume for commodities was $40.7 billion a year ago, showing some long-term growth despite the recent decline.

Fixed-income instruments were the only category to buck the downward trend, with their volume rising to $10.3 billion in May from $9 billion in April. Saxo also offers cryptocurrency contracts for differences (CFDs) in some Asia-Pacific markets, though it does not regularly publish volumes for these instruments. Despite declining trading volume, Saxo Bank’s client assets reached a record high of DKK 800 billion (approximately $116.1 billion). This milestone reflects the deposits of over 1.2 million clients worldwide.

In other developments, Saxo Bank announced several key management changes. Andrew Bresler assumes the position of the new UK CEO, while Casper Solbakken becomes the Global Head of Commercial Offering and Experience. Furthermore, Stig Christensen rises to Chief Commercial Officer after the merger of the bank’s global sales and SXO units.

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• Saxo Bank provides a premier multi-asset trading platform.
• Over 70,000 tradable instruments are available, including forex, stocks, and bonds.
• Also, the platform features exceptional research capabilities.
• Traders benefit from an extensive toolkit and premium features.
• Saxo Bank delivers a comprehensive and immersive trading experience.

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