FX Volumes rise MoM at Saxo Bank in July, but drop 20pct YoY

abdelaziz Fathi

Danish multi-asset brokerage, Saxo Bank has reported its monthly metrics for July 2021, having managed to hold on to the strong momentum seen last month due to a more volatile market trading atmosphere. However, the latest figures saw a sizable consolidation in key volumes segments, failing to overtake a number of recent highs seen in the first quarter.

Saxo Bank

During July 2021, Saxo Bank’s average daily FX volume came in at $5.1 billion, up 6.3 percent month-over-month from $4.8 billion reported in June. However, the ADV metric is lower by over 31 percent from the year’s peak set earlier in March at $7.4 billion.

Additionally, July’s ADV for last month was lower year-over-year, correlating to a fall of 19 percent relative to $6.3 billion in July 2020.

In terms of Saxo Bank’s total monthly FX volume for July 2021, it was reported at $111.9 billion, which is up 5 percent from $106.1 billion a month ago. Further, this figure corresponds to a yearly drop of 20 percent compared to $138.6 billion in 2020.

In terms of its equities business, Saxo Bank secured a climb for this segment after yielding a figure of $7.1 billion in July 2021, higher by 22 percent from the $5.8 billion reported in June. The ADV figure is also higher by 77 percent from $4.0 billion set back a year earlier.

Meanwhile, the increased volatility has not given Saxo extraordinary volumes in all products, with commodities and fixed income products lower month-over-month, but managed to best its 2020 equivalent.

Overall, Saxo Bank’s average daily volume across all asset classes was higher during July 2021, reported at $14.1 billion per day, up 9.3 percent month-over-month relative to $12.9 billion the month prior. Moreover, the figure was higher by 27 percent from $11.1 billion a year ago.

In the first half of 2021, Saxo Bank reported a record number of new clients, client assets, number of trades, growth in the equity trading business and operating income during the first six months of the year.

Read this next


Is the Bank of England facing another storm? Op-Ed by Stuart Cole, macro economist at Equiti Capital

An analysis and opinion editorial by Stuart Cole, macro economist at Equiti Capital, 3 October 2022 on what triggered the UK gilt market sell-off and is the Bank of England facing another storm?

Industry News

Kim Kardashian fined $1 million for touting EMAX tokens on social media

“Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”

Retail FX

INFINOX launches IX Exchange platform with +20,000 markets in UK

“The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential.”

Retail FX

Saxo issues gloomy report for Q4 2022 and beyond

Globalisation was the biggest driver behind low inflation over the past 30 years and instrumental for emerging markets and their equity markets. Globalisation in reverse will cause turmoil for trade surplus countries, put upward pressure on inflation and threaten the USD as the reserve currency.

Executive Moves

ICE appoints Caterina Caramaschi to oversee interest rates and equity derivatives

“As the head of a product set covering some of the biggest interest rate and equity derivative benchmarks, at a time when investor’s priorities are firmly focused on interest rate changes and the outlook for global economies, Caterina’s two decades of financial market experience, and the relationships cultivated during that, will be invaluable in developing these products to the benefit of our customers.”

Retail FX

Plus500 sponsors Chicago Bulls ahead of trading platform launch in United States

Plus500 has signed a major multi-year sponsorship deal to become an official global partner of iconic NBA team Chicago Bulls. 


Polygon.io adds stock options APIs to market data platform that includes FX and Crypto

Polygon.io has launched a new set of stock options APIs to its entirely self-serve real-time data APIs, which includes stocks, crypto, forex, and options APIs free to use.

Market News

What’s in store for markets this week!

After The UK government unveiled their top tax rate cut, setting fire to GBP Cross pairs, prompting an intensive sell-off on the cable


FinanceFeeds Podcast Ep. #7: Exness’s Elena Krutova shares how to recruit the best talent in FX

FinanceFeeds is delighted to announce the release of the FinanceFeeds Podcast’s seventh episode featuring Elena Krutova, Chief People Officer of Exness, the renowned FX and CFD broker headquartered in Cyprus.