Saxo Bank volumes up 13% in June, FX flat
Copenhagen based multi-asset broker Saxo Bank pulled off a neat trick in June 2020. Although its client FX trading volumes were basically flat (ticking up 1.7%, actually), its overall reported trading volumes were up a healthy 13% over May.
That was thanks to robust performance in all other trading areas at Saxo, with Fixed Income ($6.8 billion, +45%), Commodities ($26.8 billion, +21%), and Equities ($127.0 billion, +28%) each reporting double digit percent volume gains.
As far as its claims to be a multi-asset broker and not just about FX, Saxo Bank certainly earned that description in June with FX accounting for just half (50.1%) of overall trading. In sheer numbers, Saxo’s good June report was driven mainly by equities thanks to high levels of equity market volatility in June (which looks like it is continuing into July) – monthly equity volumes at $127 billion topped the $100 billion mark at Saxo for the fourth time this year, and just the sixth time ever at the firm. FX volumes were $161.4 billion, as noted up 1.7%.
Saxo’s total June volumes of $322 billion should make its shareholders happy – by contrast, Saxo averaged just $233 billion in total monthly volumes in 2019. Saxo Bank is controlled by China’s Geely Group, which bought a majority interest in the company in 2018.