Saxo Bank, the Danish online trading services provider released its trading metrics for March 2016. They showed that the broker’s monthly forex trading volumes have dropped, much like those of other major brokers, but the decrease was relatively small, compared to Monex’ plunge of 34%.
The most significant decrease was posted by Saxo Bank’s average daily volume (ADV), which dropped 10.6% – from $12.3 billion in February to $11 billion in March. It is also 3.5% less than in March 2015.
The other indicators have also decreased, but in the single-digit range. The total March 2016 trading volume of $254 billion was down 1.9%, compared to February. On a yearly basis, however, this past March the total trading volume was 1.6% higher than in the same month of the previous year.
In spite the decrease in the trading volumes, the March 2016 collateral deposits for trading of Saxo Bank’s clients posted a monthly increase of 6.3% and reached $11.64 billion. Compared to March 2015, they also rose – by 6.7%.
Saxo Bank’s total trading volume in February 2016 was the best in 12 months, reaching $259 billion. This was a 45% rise, compared to the same month of 2015.
Saxo Bank’s monthly metrics are in tune with the March 2016 declines reported by the major Japanese forex brokers Monex and GMO Click Securities and FX Prime. The major US forex brokers are yet to report their March metrics.
Saxo Bank, founded in Copenhagen in 1992, is a brokerage firm and a market maker. It holds a banking license from Denmark’s Financial Supervisory Authority (FSA). It offers trading in more than 30,000 instruments, including forex, binary options, CFDs, stocks, futures, and bonds through its proprietary online trading platforms SaxoTrader and SaxoTraderGO, which has versions for Android and iOS devices.