Saxo Bank Posts 42% MoM Jump in March FX Volume
Saxo Bank, a Danish brokerage firm, has published its trading statistics for the month of March, showing a significant jump in forex and equities demand. The total monthly volume also jumped over 30 percent to $393.4 billion from the previous month’s $302.4 billion.
The brokerage, which is known for offering leveraged forex trading services, reported a total FX trading volume of $170.5 billion for March. It witnessed a month-on-month jump of more than 42 percent in this asset class as the FX volume for February remained $119.8 billion.
The average daily trading volume with forex instruments also went up to $7.4 billion from the previous month’s $6 billion, a solid monthly gain of 23.3 percent.
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The Trading Industry is Booming
The drag in the month was in line with the trend in the trading industry, which saw a dramatic increase in the trading demand. The forex volumes on Saxo last month were highest in the past twelve months but less than the record the broker achieved in March 2020.
Apart from forex, the equities demand also surged heavily last month with a total monthly trading volume of $175.8 billion, 27.7 percent higher than February. The daily trading average for equities came in at $7.6 billion, compared to the previous month’s $6.9 billion.
While fixed income instruments, comprising only a fraction of Saxo’s volumes, saw a decent surge in monthly volume with $8.3 billion, its daily average remained the same as in February. Additionally, commodities demand on Saxo surged marginally, but the daily average saw a monthly dip.
Saxo’s business saw tremendous growth last year. The group reported its annual financials for 2020 in February, showing a profit of DKK 750 million, which jumped from 2019’s DKK 40 million. Furthermore, the client assets on the platform surpassed DKK 500 billion.
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