Saxo Bank FX volumes down 6% MoM in December 2020
After reporting slowing trading volumes over much of the second half of the year, Copenhagen based Retail FX broker Saxo Bank ended 2020 with a further reduction in December activity. Overall trading volumes for December came in at $254.2 billion at Saxo Bank, down 6.1% from November’s $270.7 billion.
All asset classes at Saxo saw a decline during the last month of 2020: Equities -16.5%, Commodities -17.1%, and Fixed Income -33.3%; but the month was somewhat saved by the company’s core FX trading volumes, which were up 8.9% from November, as heightened volatility in the currency markets as the USD declined in value brought FX traders to the fore.
2020 was very much a tale of two halves at Saxo Bank. During the first six months of the year overall trading volumes averaged $328 billion monthly; but in the second half of the year, $278 billion.
Actual client trading figures at Saxo Bank in December 2020 by asset type were:
- Equities $91.8 billion (-16.5%)
- Commodities $28.1 billion (-17.1%)
- Fixed Income $6.2 billion (-33.3%)
- FX $128.1 billion (+8.9%)
Saxo Bank is controlled by China’s Geely Group, which bought a majority interest in the company in 2018.