Saxo starts the new year on a flying note, a solid increase appears to be turning the trend
A stark rebound in Saxo Bank’s volume metrics for the month of January – that’s what we are seeing from the company’s announcement on their website. Overall monthly volumes were higher than January by almost 30%, totaling $304 billion. Rising overall FX markets volatility appears to be translating directly to January volume metrics so far. We are keenly awaiting more numbers today.
While the number is still way below a year ago, it is a nice rebound month-on-month as Saxo Bank has reported declines for the most part of the second half of 2013. The main heavyweights of the industry are yet to report, but with these and Moscow Exchange’s numbers already up, we are set for a list of interesting volume releases in the next couple of days.
It would be curious to know how is Saxo Bank’s new social trading feature is contributing to rising volumes. Probably not much last month, but copy trading is one of the key themes of 2014, as it was last year. With several companies making things challenging in the space we will keep an eye out for a social trading market leader.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.