Following a fairly robust April which saw Copenhagen based Retail FX and CFDs broker Saxo Bank post its best month in over four years, lower market volatility led to a 20% decline in trading volumes at Saxo in May 2024.

Overall, multi-asset trading volumes at Saxo Bank totaled $388.1 billion in May, down 20% from April’s $482.7 billion. The company’s core FX trading volumes came in at $79.6 billion for the month, the lowest level they have been at since the company started publishing volume stats back in 2016.

For the first five months of 2024 Saxo Bank client volumes have averaged $396 billion monthly, down by 1% from 2023’s overall average of $399 billion.

Client trading volumes at Saxo Bank in May 2024 were as follows:

• FX trading down 20% MoM to $79.6 billion.
• Equities down 20% to $241.5 billion.
• Commodities down 20% to $56.8 billion.
• Fixed income trading up 14% to $10.3 billion.

Saxo Bank is controlled by China’s Geely Group.