Saxo Bank’s FX volumes rise 24% in January 2022

abdelaziz Fathi

FX trading through Danish multi-asset brokerage Saxo Bank rose to $108 billion in January 2022 compared to the previous month, as political events globally maintained investors’ interest in foreign exchange markets.

Saxo Bank’s clients traded worth $5.2 billion daily in January, up 24 percent month-over-month compared to $5.2 billion in December 2021. Saxo’s FX ADV for last month was, however, lower year-over-year, correlating to a drop of 12 percent relative to $5.9 billion in January 2021.

Saxo Bank’s total monthly FX volume last month was up 14 percent from $95 billion in December. However, this figure also corresponds to a yearly drop of 8.5 percent when compared to $118 billion a year earlier.

Furthermore, the increased volatility has given Saxo extraordinary volumes in all products, with commodities and fixed income higher month-over-month, and equity bested its 2021 equivalent.

Overall, Saxo Bank’s average daily volume across all asset classes was higher during January 2022, reported at $20.9 billion per day, up 33 percent month-over-month relative to $15.7 billion the month prior. Moreover, the figure was higher by 48 percent from $14.1 billion a year ago.

Saxo Bank extends its geographic footprint

Saxo Bank has expanded its cryptocurrency contracts-for-difference (CFDs) offering, most recently with the addition of nine new Crypto FX pairs to its TradingView product suite.

The introduction of new instruments adds to Saxo Bank’s rapidly expanding suite of cryptos, following strong demand from clients over the past few months.

The company has been quickly shoring up its offerings with more altcoins. While May 2021 marked the launch of its Crypto FX service and a gradual embrace of crypto products, the latest expansions have been fueled by consistent demand for more diverse options.

Earlier in October, the subsidiary of Saxo bank has obtained a Hong Kong asset management licence from the Securities and Futures Commission (SFC). The move comes nearly three years after China auto-maker Zhejiang Geely became Saxo’s majority shareholder, which signalled the Danish bank’s ambitions to further expand its business into Asia.

Leveraging its fintech background, Saxo Markets plans to tap into its presence in the Chinese market to provide a viable alternative to traditional asset management. Having secured a type 4 licence, which allows it to offer securities investment, the company mainly targets investors who are looking for a more personalised option at a lower fee threshold.

Read this next

Retail FX

Spotware rolls out Manager’s API for cTrader brokers

Spotware Systems, a technology provider for the electronic trading industry, has released its new Manager’s API for Brokers, providing powerful tools for server-server integration.

Metaverse Gaming NFT

Dubai Museum taps Binance to jump onto NFT bandwagon

Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few weeks ago, is joining forces with Binance NFT to roll out a range of digital products on blockchain.

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets

Crypto.com enables Shopify merchants to accept crypto payments

Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

<