Considering the fairly down figures we’ve witnessed so far for both retail and institutional FX platforms in May, Copenhagen-based Saxo Bank’s figure of $255 billion for the month seems fairly strong.
On an ADV basis, volumes were down 3.2% from $12.4 billion per day in April at Saxo Bank to $11.6 billion in May. The overall figure dropped 2% from $260 billion to $255 billion.
June is going to be a more interesting month for retail forex brokers. Saxo Bank, as we exclusively reported in both late May and early June, is cutting leverage allowed by its trading clients ahead of the June 23 Brexit vote, in anticipation of currency market volatility and possibly widening market spreads around the date of the referendum, especially if the perceived result is close.
Will greater volatility lead to greater volumes in June, or will that be muted by clients trading with less leverage? Stay tuned to LeapRate…
