Copenhagen-based multi-asset broker Saxo Bank has reported another strong month, with October FX trading volumes coming in at $266 billion, flat month-over-month from September’s $266 billion figure. Average daily volumes were actually slightly up over September, at $12.6 billion ADV versus $12.1 billion.
September was Saxo Bank’s best trading volumes month in nearly two years.
Clients’ collateral deposits for trading were slightly lower, down to $13.01 billion from $13.17 billion in September.
Saxo Bank’s strong October results are fairly impressive given what we have seen elsewhere at leading Retail Forex brokers. Gain Capital Holdings Inc (NYSE:GCAP) retail unit Forex.com saw its lowest trading volumes since 2013 during October. Exness reported volumes off 4% in the month.
And, we believe that November will see a significant improvement in volumes at Saxo Bank and in the industry generally, thanks to the post-US election volatility in currency and equity markets. Institutional eFX venues Hotspot FX and FastMatch had one of their best days (and weeks) ever following the election and Trump’s surprise victory.