The Danish investment services provider Saxo Bank reported a 14.2% month-on-month increase in its monthly forex volumes for January 2016. According to the key operation metrics, published on Saxo’s website, the sum amounted to $258 billion. At the same time the average daily volume in January (ADV) grew by 31.6%, compared to December 2015, and reached $ 12.9 billion. The company clients deposited $ 10.79 billion as collateral for trading, which in spite the increased trade volume, was by 4.4% less than in December.
The strong January 2016 results, however, are not very impressive, compared to those of January 2015, which was a record month for that year. The data shows that year-on-year, the broker’s forex trading volume dropped by 14.6% and the ADV fell by 10.4%. In January 2015 the total volume reached $ 302 billion and the ADV – $ 14.4 billion, both figures being the highest of the year, in which the total trading volume reached a little over $ 2.69 trillion.
Earlier this week, one of Saxo Bank’s competitors – EXNESS reported a trading volume of $197.3 billion for January 2016 – by 9.3% higher than in the preceding month and by 6.8% stronger year-on-year. The total trading volume of EXNESS in 2015 reached nearly $ 2.37 trillion.
The other main competitors of Saxo Bank – Gain Capital Holdings and FXCM are yet to publish their January 2016 results.
Saxo Bank was founded in Copenhagen in 1992 as a brokerage firm under the name Midas Fondsmæglerselskab and changed it in 2001 when it got a banking license from the Danish Financial Supervisory Authority (FSA). Saxo Bank, however, does not offer traditional banking products. Instead it continues to work as a brokerage firm, providing online platforms (SaxoTraderGO and SaxoTrader) for trading in forex, stocks, CFDs, futures, funds, bonds and futures spreads. The minimum deposit is $10 000.