Saxo Bank trading volumes dip 3% in May 2020
Copenhagen based FX and multi asset broker Saxo Bank has released its client trading volume figures for May 2020, indicating a second consecutive month of activity declines following March’s Covid-19 chaos-driven jump in volumes.
Overall, total trading volumes at Saxo Bank came in at $285 billion for May, 3% below April’s $303 billion. FX trading accounted for 56% of Saxo volumes, at $159 billion ($163 billion in April).
While May trading at Saxo was the company’s second-slowest month to date in 2020, overall activity is certainly up as compared to last year – volumes averaged $233 billion monthly in 2019, and $285 billion would have been Saxo’s best month of 2019.
Saxo Bank had seen volumes slow since China’s Geely Group took control of the company in 2018. Since, Geely has looked mainly to help Saxo grow its business in its home Chinese market and across the Far East. However most recently Saxo Bank took a major step to help grow its business in its own backyard, signing a deal earlier this month to white label its offering to five Danish banks.