After a fairly strong April that saw Saxo Bank’s Copenhagen-based Retail FX and CFDs post its best month in four years, lower market volatility led to a 20% drop in trading volume at Saxo in May 2024.
Overall, multi-asset trading volumes at Saxo Bank totaled $388.1 billion in May, down 20% from $482.7 billion in April. The firm’s underlying forex trading volume was $79.6 billion for the month, the lowest level since the firm began publishing volume statistics in 2016.
For the first five months of 2024, Saxo Bank’s client volume averaged $396 billion per month, down 1% from the overall 2023 average of $399 billion.
Client trading volumes at Saxo Bank in May 2024 were as follows:
- FX trading fell 20% MoM to $79.6 billion.
- Shares fell 20% to $241.5 billion.
- Merchandise fell 20% to $56.8 billion.
- Fixed income trading rose 14% to $10.3 billion.
Saxo Bank is controlled by Chinese conglomerate Geely.