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.

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