Continuing a parade of very strong volume reports from leading retail forex brokers around the world for the month of November, Copenhagen-based multi-asset broker Saxo Bank has reported another strong month with November volumes coming in at $344 billion, or average daily volumes of $15.6 billion.
The $344 billion figure, up 29% MoM over October, was Saxo Bank’s best month for forex trading volumes since October 2014’s $392 billion and was one of Saxo Bank’s best months ever (see chart below).
Saxo Bank’s report follows similarly strong volume reports for other leading global forex brokers in November including FXCM ($353 billion, +16%), Forex.com ($257 billion, +35%), and Exness ($212 billion,+2%).
Driving the strong volumes, of course, was heightened volatility in the currency markets in the weeks following the US election and its surprise result, which saw a quick knee-jerk risk-off reaction quickly reverse itself. The day after the US election, November 9, was a day of record FX trading volumes at a number of leading institutional eFX venues.